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Federated National Holding Company Message Board

  • runbaldheadrun runbaldheadrun Aug 8, 2013 7:08 PM Flag

    Another nice quarter!

    Revenues up a ton....new policies up a ton. The huge increase in policies in the quarter led to a big increase in expenses, like commissions, that are one time. But with these same number of policies going forward, the numbers will just get bigger an bigger and bigger.

    I think pretty soon FNHC will be breaking the .50 eps/mark. Considering the huge increase in policies, it could get a lot higher, maybe .75 eps/quarter in one year.

    Couldnt listen to the entire call yet, but they did say they are continuing to grow policies at the same pace, if not more. Gaining market share off their competitors.

    Because FNHC is growing a faster pace then any of its pears, it deserves a higher p/e.

    And FNHC is still the cheapest Florida insurer on a price to book value basis.

    Good luck everyone.

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    • Hi run and matsky....yes, indeed, a nice quarter, excellent increase in most measures year over year.

      I would only point out that the earnings, however, only increased 10% over Q. 1 2013. In 2011, Q 2 over Q 1 was a 100% increase; In 2012, it was a 40% increase. Someone on these boards had predicted earnings of up to .50 in Q. 2.

      With earnings of .32, that's 10% over Q. 1 of .29. Nice, but not spectacular. Figuring very conservatively, if Q 3 earnings come in at 10% over Q. 2, and Q. 4 comes in 10% over Q. 3, then we end up with 2013 earnings at a total of $1.35. At a PE of 10, that's a potential share price of $13.50....with PE of 12, the share price could be $16.25.

      So, we should all be happy....but let us be patient. -Scott

 
FNHC
24.81Nov 21 4:00 PMEST

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