Hagerty, Inc.

Finance
Specialty Insurers
www.hagerty.com

Earnings Score
Moat Score
Safety Score

Market Cap $3.08B
PE 39
Debt $107.07M
Cash $232.85M
EV $2.96B
FCF $155.68M

Earnings

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Sales & Net Margins

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Earnings	$78.30M
EBIT	$93.68M
ROE	15%
ROA	5%
FCF	$155.68M
Equity	$523.51M
Growth Stability	1
PE	39.37
PEG	3.86
PB	5.89
P/FCF	19.8
P/S	2.57
Price/Cash	0.08
Debt/Equity	0.2
Debt/FCF	0.69
Net Margins	7%
Op. Margins	8%
Earnings CAGR	10%
Sales Growth YoY	19%
Sales Growth QoQ	-10%
Sales CAGR	21%
FCF CAGR	76%
Equity CAGR	231%
Earnings Stability	-0.57
Earnings Growth YoY	-7%
Earnings Growth QoQ	-56%

Earnings CAGR 5Y	10%
Sales CAGR 5Y	21%
FCF CAGR 5Y	76%
Equity CAGR 5Y	231%
Earnings CAGR 3Y	25%
Sales CAGR 3Y	25%
FCF CAGR 3Y	152%
Equity CAGR 3Y	22%
Market Cap	$3.08B
Revenue	$1.20B
Assets	$1.71B
Total Debt	$107.07M
Cash	$232.85M
Shares Outstanding	345.21M
EV	2.96B
Earnings Score	6%
Moat Score	82%
Safety Score	97%
Final Score	62%
Working Capital	-57.04M
Current Ratio	0.94
Shares Growth 3y	1%
Equity Growth QoQ	-0%
Equity Growth YoY	28%

Assets & ROA

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Stockholders Equity & ROE

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Hagerty Inc is a provider of specialty automotive insurance. It offers insurance for cars, boats, trucks, motorcycles, tractors, motorsports and others. Substantial revenue is derived from Commission and fees. Geographically it serves Europe, Canada and the United States.

SEC Filings

Direct access to Hagerty, Inc. (HGTY) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Hagerty, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Hagerty, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 10%

Stability -57%

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Hagerty, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Hagerty, Inc..

Years

Calculation mode

= $215B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$156M	$274M	$482M	$848M	$1.5B	$2.6B	$4.6B	$8.1B	$14B	$25B	$44B	$442B
DCF		$249M	$398M	$637M	$1B	$1.6B	$2.6B	$4.2B	$6.7B	$11B	$17B	$170B
Value	$215B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	2%	-10%	-3%	3%	7%	7%
ROA	-	-1%	1%	3%	5%	5%
ROE	-	19%	-7%	7%	15%	15%

Bad Net Margins (6.53%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-126.26	9.89	1.29	0.69	0.69
Debt over Equity	0.61	-0.43	0.29	0.34	0.2	0.2
Growth Stability	-	-	-	-	-	1

Good Debt/FCF ratio (0.69)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.2)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	24%	27%	27%	20%	21%
Earnings YoY growth	-	-711%	-61%	-218%	178%	10%
Equity YoY growth	-	-375%	-214%	12%	28%	231%
FCF YoY growth	-	-102%	-1K%	880%	45%	76%