Ryan Specialty Holdings, Inc. (RYAN)

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
FNF	1	Fidelity National	13,717	14.07	13.55	-20.27	-18.34	-29.54	-32.40
0HIN.L	2	Assurant, Inc.	12,569	12.97	11.32	9.41	8.51	9.98	11.21
FAF	3	First American Fin	7,080	13.79	14.59	3.71	3.72	3.78	6.17
HAPV3.SA	4	Hapvida Participa�	5,598	-	-	8.49	7.30	29.05	13.91
RYAN	5	Ryan Specialty Hol	2,949	104.24	104.24	11.91	11.91	17.08	17.53
JUST.L	6	Just Group plc	2,275	8.93	8.08	7.87	8.87	6.94	12.28
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.67	8.95	6.71	6.33	7.29	7.10
Full Range Median Multiple	11.63	9.85	7.20	6.53	7.65	7.41
Industry Multiple	19.34	18.06	9.84	7.93	13.43	25.43
Market Implied Multiple	95.22	95.22	11.22	11.22	16.08	16.50
Company (RYAN) Multiple	104.24	104.24	11.91	11.91	17.08	17.53
(*) Net Income / EBITDA / Revenue	69	69	892	892	623	606
Winsorized Enterprise Value	N/A	N/A	5,987	5,653	4,539	4,305
Full Range Median Enterprise Value	N/A	N/A	6,428	5,823	4,765	4,492
(-) Net Debt	3,422	3,422	3,422	3,422	3,422	3,422
Winsorized Equity Value	669	619	2,565	2,231	1,117	883
Full Range Median Equity Value	805	681	3,007	2,402	1,343	1,071
(/) Shares Outstanding	128	128	128	128	128	128
Winsorized Fair Value	$5.23	$4.84	$20.05	$17.44	$8.73	$6.91
Full Range Median Fair Value	$6.29	$5.33	$23.50	$18.77	$10.50	$8.37
Current Price	$51.48	$51.48	$51.48	$51.48	$51.48	$51.48
Upside / Downside	-89.84%	-90.60%	-61.05%	-66.13%	-83.04%	-86.59%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.66	$3.39	$14.03	$12.21	$6.11	$4.83
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy