Enact Holdings, Inc. (ACT)

Industry: Insurance - Specialty Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
TIPT	7	Tiptree Inc.	2,050	14.24	14.24	1.61	1.61	2.31	2.23
LRE.L	8	Lancashire Holding	1,528	8.53	6.36	-	-	1.15	0.66
TSU.TO	9	Trisura Group Ltd.	1,430	17.07	12.46	11.78	8.58	10.22	8.89
TRUP	10	Trupanion, Inc.	1,400	120.60	120.60	39.46	26.22	77.83	258.81
PROT.OL	11	Protector Forsikri	1,347	15.45	9.68	12.36	7.78	10.11	7.78
ESNT	12	Essent Group Ltd.	1,308	9.05	8.23	7.20	6.53	7.87	6.85
RDN	13	Radian Group Inc.	1,263	8.61	8.03	6.68	6.12	7.64	7.47
ACT	14	Enact Holdings, In	1,225	8.44	7.89	6.38	5.66	6.79	6.38
MTG	15	MGIC Investment Co	1,216	8.63	7.86	6.26	5.83	6.63	5.96
AGO	16	Assured Guaranty L	954	10.30	10.02	6.71	6.33	7.67	7.35
EIG	17	Employers Holdings	905	16.32	17.45	-19.70	-21.41	-	-21.48
PROS	18	ProSight Global, I	810	11.37	11.37	1.35	1.35	1.46	1.72
GMA.AX	19	Helia Group Limite	702	3.14	3.14	1.95	1.95	1.31	1.54
NMIH	20	NMI Holdings, Inc.	692	7.79	6.66	6.15	5.28	6.58	5.66
JRVR	21	James River Group	647	-	-	-	-	1.54	-
6139.KL	22	Syarikat Takaful M	624	7.15	6.98	3.26	3.05	2.74	3.00

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.84	8.13	6.20	5.56	4.66	5.66
Full Range Median Multiple	9.67	8.95	6.47	5.98	6.60	5.96
Industry Multiple	18.45	17.36	8.73	6.72	10.36	24.46
Market Implied Multiple	8.86	8.27	6.69	5.93	7.12	6.69
Company (ACT) Multiple	8.44	7.89	6.38	5.66	6.79	6.38
(*) Net Income / EBITDA / Revenue	660	706	893	1,007	839	894
Winsorized Enterprise Value	N/A	N/A	5,540	5,597	3,910	5,059
Full Range Median Enterprise Value	N/A	N/A	5,781	6,021	5,542	5,331
(-) Net Debt	131	131	131	131	131	131
Winsorized Equity Value	5,833	5,744	5,409	5,466	3,780	4,928
Full Range Median Equity Value	6,383	6,325	5,650	5,890	5,412	5,200
(/) Shares Outstanding	150	150	150	150	150	150
Winsorized Fair Value	$38.90	$38.31	$36.07	$36.46	$25.21	$32.87
Full Range Median Fair Value	$42.57	$42.18	$37.68	$39.28	$36.09	$34.68
Current Price	$38.98	$38.98	$38.98	$38.98	$38.98	$38.98
Upside / Downside	-0.19%	-1.72%	-7.45%	-6.48%	-35.33%	-15.68%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$27.23	$26.82	$25.25	$25.52	$17.65	$23.01
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy