HCI Group, Inc. (HCI)

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
ARGO	58	Argo Group Interna	1,127	-	-	-	-	-	0.38
GODIGIT.NS	59	Go Digit General I	1,118	65.35	65.35	60.24	60.24	58.91	64.50
PRA	60	ProAssurance Corpo	1,099	36.58	36.58	14.94	14.94	68.34	27.02
EG7.IR	61	FBD Holdings plc	1,092	4.35	4.35	10.88	9.94	0.41	0.37
SLDE	62	Slide Insurance Ho	1,047	4.15	4.15	1.15	1.15	0.94	1.19
DGICA	63	Donegal Group Inc.	988	6.88	6.23	4.99	4.55	5.53	4.70
HRTG	64	Heritage Insurance	842	5.21	3.46	1.44	1.05	1.17	1.02
HCI	65	HCI Group, Inc.	817	10.73	7.38	3.93	2.85	3.40	2.88
PLMR	66	Palomar Holdings,	776	17.71	11.35	13.24	8.38	11.18	8.43
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

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	7.70	7.01	5.45	3.64
Full Range Median Multiple	10.95	9.47	8.18	7.66	5.58	4.88
Industry Multiple	17.08	15.74	11.74	11.07	14.40	9.90
Market Implied Multiple	9.84	6.76	3.35	2.43	2.90	2.46
Company (HCI) Multiple	10.73	7.38	3.93	2.85	3.40	2.88
(*) Net Income / EBITDA / Revenue	204	297	314	432	362	427
Winsorized Enterprise Value	N/A	N/A	2,414	3,030	1,974	1,556
Full Range Median Enterprise Value	N/A	N/A	2,566	3,308	2,023	2,087
(-) Net Debt	-956	-956	-956	-956	-956	-956
Winsorized Equity Value	2,045	2,695	3,370	3,986	2,930	2,512
Full Range Median Equity Value	2,233	2,810	3,522	4,264	2,978	3,043
(/) Shares Outstanding	11	11	11	11	11	11
Winsorized Fair Value	$179.42	$236.41	$295.61	$349.64	$257.04	$220.33
Full Range Median Fair Value	$195.84	$246.52	$308.94	$374.05	$261.26	$266.96
Current Price	$175.95	$175.95	$175.95	$175.95	$175.95	$175.95
Upside / Downside	1.97%	34.36%	68.01%	98.72%	46.09%	25.22%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$125.59	$165.49	$206.92	$244.75	$179.93	$154.23
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	Don’t Buy