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Montpelier Re Holdings Ltd. Message Board

  • bermudawatch1 bermudawatch1 Jul 17, 2003 6:11 PM Flag

    Article: "The Byrne Indentity"

    Here's another great article about Jack Byrne - MRH's chairman from Bermuda's Royal Gazette newspaper...


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    • Earnings are the 24th. We will see.

    • I like your handle. I'm a ENH investor and saw your reply on the AXS board.
      I looked up the profiles and found the following comparisons.
      MRH price to book is 1.47 while ENH is 1.35.
      MRH last qtr earnings was a negative 2% of street estimate, while ENH was positive 31.7%
      MRH growth projected this yr. is 63.1% while ENH is 109.8%.
      MRH has 7 brokers covering with 2 strong buys and 5 holds, while ENH has 6 brokers with 2 at strong buy, 2 at buy and 2 at hold.
      MRH rating on a 1 to 5 scale being 1 buy & 5 sell has MRH @ 2.3 last week and 2.4 this wk while ENH is rated at 2.0 both weeks.
      Over last six months MRH has been being sold by insiders selling 22.5% of their holding and Institutions selling 1.18 million shares while ENH insider bought 667K shares and Institutions bought 23mil shares.
      Now I know that today saw both stocks dip but the above is still relative in comparison.
      Also likely the newness of ENH IPO probably accounts for the buying activity with ENH.
      It appears to me that these young companies mature rather quickly with hudge significant growth coming out of the gate as their experienced management transfer their old business into the newly formed companys.
      MRH performance does look good though I would have hoped with their earnings that the market would have rewarded thier stk price well into the forties by now.
      Makes me wonder if these type companys profits are held and viewed at a greater risk because of thier unknown future liabilities that are paid out of thier retained profit pool.
      Maybe 10 PE is a fair value for profits with future liabilities.
      This type insurance investment is all new to me and Id like to pick your brains or anyone elses on how to determine an under valued price in this Bermuda group of what appears to be gold mines. The street is not dumb, so what could I possibly see that the street hasn't already evaluated and valued.
      No pump and Dump please - just eyes wide open and your honest opinions on why these stock prices aren't higher.
      If I knew how to transfer this message over to the ENH and AXS boards I would do it for greater exposure and experienced replys.

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