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RBC Capital lifts price target on Conduit Holdings
(Sharecast News) - RBC Capital Markets lifted its price target on Conduit Holdings on Friday to 650p from 575p and reiterated its 'outperform' rating. It said the business is showing signs of maturity with an underlying return on equity of around 15% in 2023.
"We expect this to improve to around 17% over 2024e-26e on undiscounted combined ratios in the low-80s," RBC said.
"As it continues to build a track record, we expect the shares to re-rate, while also noting that the Bermudian tax change is less of an overhang now."
The bank said that further re-rating upside should come from delivery of higher returns on equity, possibly closer to the 20% mark of peers, "but understandably its balance sheet and expectations are being prudently managed".
It said the shares still screen as cheap at 0.9x 2024e book.
At 1315 GMT, the stock was up 1.7% at 506p.
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