American Coastal Insurance Corporation (ACIC)

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
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	-	-	-	-	-	-
2832.TW	83	Taiwan Fire & Mari	225	11.48	10.41	7.06	6.35	6.01	6.59

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.08	10.41	7.06	6.73	5.36	3.05
Full Range Median Multiple	11.48	11.08	7.70	7.01	5.69	6.46
Industry Multiple	18.40	23.01	9.72	11.29	8.55	10.85
Market Implied Multiple	6.32	6.32	2.49	2.49	1.96	2.89
Company (ACIC) Multiple	6.50	6.50	2.61	2.61	2.05	3.02
(*) Net Income / EBITDA / Revenue	85	85	133	133	169	115
Winsorized Enterprise Value	N/A	N/A	941	897	909	351
Full Range Median Enterprise Value	N/A	N/A	1,025	934	964	743
(-) Net Debt	-207	-207	-207	-207	-207	-207
Winsorized Equity Value	944	887	1,148	1,103	1,115	557
Full Range Median Equity Value	979	944	1,232	1,141	1,171	950
(/) Shares Outstanding	49	49	49	49	49	49
Winsorized Fair Value	$19.41	$18.24	$23.58	$22.67	$22.92	$11.45
Full Range Median Fair Value	$20.11	$19.41	$25.32	$23.45	$24.06	$19.52
Current Price	$11.07	$11.07	$11.07	$11.07	$11.07	$11.07
Upside / Downside	75.30%	64.74%	113.03%	104.80%	107.06%	3.44%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$13.58	$12.77	$16.51	$15.87	$16.05	$8.02
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	Don’t Buy