Ategrity Specialty Holdings LLC (ASIC)

Industry: Insurance - Property & Casualty 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
2850.TW	67	Shinkong Insurance	679	10.95	9.47	5.72	4.96	5.63	5.07
LMND	68	Lemonade, Inc.	659	-	-	-	-	-	-
TWR.AX	69	Tower Limited	581	4.67	3.38	4.09	4.09	0.45	0.54
BOW	70	Bowhead Specialty	519	16.87	16.87	8.94	8.94	8.32	9.38
MTI.BK	71	Muang Thai Insuran	460	10.03	9.08	7.70	7.01	6.52	7.03
GBLI	72	Global Indemnity G	442	14.73	11.12	8.18	7.66	5.36	6.46
8715.T	73	Anicom Holdings, I	419	24.51	23.21	11.10	11.04	-	2.58
ASIC	74	Ategrity Specialty	377	16.02	16.02	11.81	11.81	6.71	11.95
ACIC	75	American Coastal I	328	6.50	6.50	2.61	2.61	2.05	3.02
AYUD.BK	76	Allianz Ayudhya Ca	321	5.70	3.63	4.43	2.91	3.64	2.90
NODK	77	NI Holdings, Inc.	298	103.45	175.04	41.92	66.47	-	77.05
SJOVA.IC	78	Sjóvá-Almennar t	287	14.66	13.31	11.13	10.58	43.99	10.69
AII	79	American Integrity	276	5.03	5.03	2.98	2.98	3.92	3.05
LBRA.TA	80	Libra Insurance Co	263	11.08	11.08	6.73	6.73	0.62	0.93
UIHC	81	United Insurance H	249	0.93	0.93	0.24	0.24	-	1.86
FNHC	82	FedNat Holding Com	248	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.03	9.08	5.72	4.96	3.92	3.02
Full Range Median Multiple	10.95	9.47	6.73	6.73	4.64	3.05
Industry Multiple	17.62	22.20	8.90	10.48	8.05	10.04
Market Implied Multiple	14.63	14.63	10.74	10.74	6.10	10.86
Company (ASIC) Multiple	16.02	16.02	11.81	11.81	6.71	11.95
(*) Net Income / EBITDA / Revenue	54	54	70	70	123	69
Winsorized Enterprise Value	N/A	N/A	400	347	483	209
Full Range Median Enterprise Value	N/A	N/A	470	470	571	211
(-) Net Debt	-34	-34	-34	-34	-34	-34
Winsorized Equity Value	538	488	434	381	517	243
Full Range Median Equity Value	588	509	505	505	606	245
(/) Shares Outstanding	44	44	44	44	44	44
Winsorized Fair Value	$12.38	$11.21	$9.98	$8.76	$11.88	$5.59
Full Range Median Fair Value	$13.51	$11.69	$11.60	$11.60	$13.92	$5.63
Current Price	$18.05	$18.05	$18.05	$18.05	$18.05	$18.05
Upside / Downside	-31.43%	-37.89%	-44.72%	-51.48%	-34.19%	-69.02%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$8.66	$7.85	$6.98	$6.13	$8.32	$3.91
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy