Hagerty, Inc. (HGTY)

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
TURSG.IS	47	Türkiye Sigorta A	1,768	5.29	2.99	4.14	2.07	3.61	2.34
000400.KS	48	Lotte Non - Life I	1,640	15.90	15.90	1.85	1.05	2.72	12.05
HMN	49	Horace Mann Educat	1,602	10.81	10.13	8.57	7.92	7.98	10.40
LDA.MC	50	Línea Directa Ase	1,582	15.17	15.17	13.49	13.49	1.38	1.68
UVE	51	Universal Insuranc	1,581	5.99	5.99	2.14	2.14	1.70	2.22
ROOT	52	Root, Inc.	1,447	34.51	34.51	16.57	16.57	-	26.60
WESR.TA	53	Wesure Global Tech	1,427	7.58	7.58	1.46	1.46	0.95	2.41
HGTY	54	Hagerty, Inc.	1,360	26.74	26.74	6.25	6.25	6.84	7.72
UFCS	55	United Fire Group,	1,353	6.96	6.96	3.38	3.38	2.78	3.89
SKWD	56	Skyward Specialty	1,338	12.93	12.93	9.39	9.39	7.37	9.90
SAFT	57	Safety Insurance G	1,223	11.94	12.58	8.54	8.92	7.10	9.20
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.19	8.85	6.34	5.65	2.72	2.41
Full Range Median Multiple	11.38	11.35	8.56	8.42	2.78	3.89
Industry Multiple	16.97	16.80	11.20	10.90	12.63	11.61
Market Implied Multiple	28.14	28.14	6.65	6.65	7.28	8.22
Company (HGTY) Multiple	26.74	26.74	6.25	6.25	6.84	7.72
(*) Net Income / EBITDA / Revenue	43	43	150	150	137	122
Winsorized Enterprise Value	N/A	N/A	953	849	374	293
Full Range Median Enterprise Value	N/A	N/A	1,286	1,265	381	473
(-) Net Debt	-219	-219	-219	-219	-219	-219
Winsorized Equity Value	398	383	1,172	1,068	593	512
Full Range Median Equity Value	493	492	1,505	1,484	600	692
(/) Shares Outstanding	96	96	96	96	96	96
Winsorized Fair Value	$4.14	$3.99	$12.18	$11.10	$6.16	$5.32
Full Range Median Fair Value	$5.12	$5.11	$15.65	$15.44	$6.24	$7.19
Current Price	$12.67	$12.67	$12.67	$12.67	$12.67	$12.67
Upside / Downside	-67.33%	-68.54%	-3.84%	-12.38%	-51.37%	-57.99%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$2.90	$2.79	$8.53	$7.77	$4.31	$3.73
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy