Helios Underwriting (Helios) is set to benefit from strong cash generation as its syndicate investments start distributing dividends relating to very profitable business written since 2022. Under its new IFRS accounting standard, it is classified as an investment company, and we forecast strong dividend income of £19.9m in FY25, growing to £37.6m in FY26. The cash from syndicates could be used to pay down debt and fund shareholder distributions on top of the recent £7.3m tender offer. We forecast EPS of 33.4p in FY25, up 30.3% on a restated FY24 base, and healthy growth of 18.6% to 39.6p in FY26 before a softer underwriting cycle moderates the outlook. We increase our valuation to 277p per share, which is an 12% premium to net asset value (NAV) and 33% ahead of the current share price.Den vollständigen Artikel lesen ...
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