White Mountains Insurance Group Ltd

Finance
Property-Casualty Insurers
www.whitemountains.com

Earnings Score
Moat Score

Market Cap $5.03B
PE 8
Debt $544.90M
Cash $346.00M
EV $5.23B
FCF $NaN

Earnings

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Sales & Net Margins

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Earnings	$640.00M
EBIT	$765.20M
ROE	12%
ROA	7%
Equity	$5.26B
Growth Stability	-114%
PE	7.86
PEG	0.42
PB	0.96
P/S	1.92
Price/Cash	0.07
Debt/Equity	0.1
Net Margins	19%
Gross Margins	99%
Op. Margins	29%
Earnings CAGR	4%
Sales Growth YoY	61%
Sales Growth QoQ	112%
Sales CAGR	12%
Equity CAGR	1%
Earnings Stability	0.04
Earnings Growth YoY	825%
Earnings Growth QoQ	-518%

Earnings CAGR 5Y	19%
Sales CAGR 5Y	31%
Equity CAGR 5Y	9%
Earnings CAGR 3Y	55%
Sales CAGR 3Y	55%
Equity CAGR 3Y	15%
Market Cap	$5.03B
Revenue	$2.62B
Dividend Yield	0%
Payout Ratio	0%
Assets	$10.34B
Total Debt	$544.90M
Cash	$346.00M
Shares Outstanding	2.53M
EV	5.23B
Earnings Score	6%
Moat Score	90%
Gross Profit	$2.59B
Shares Growth 3y	-7%
Equity Growth QoQ	8%
Equity Growth YoY	26%

Assets & ROA

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Stockholders Equity & ROE

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White Mountains Insurance Group Ltd is a financial service holding company with primary business interests in property and casualty insurance and reinsurance. Business activity of the firm is operated through HG Global/BAM, NSM, Kudu, and Other Operations. The NSM segment consists of specialty property and casualty insurance. The HG Global/BAM segment offers insurance on municipal bonds issued to finance public purposes. The Kudu segment provides capital solutions for boutique asset managers for a variety of purposes including generational ownership transfers, management buyouts, acquisition and growth finance and legacy partner liquidity. The Other Operations segment provides investment management services of assets under management.

SEC Filings

Direct access to White Mountains Insurance Group Ltd (WTM) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 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 White Mountains Insurance Group Ltd compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of White Mountains Insurance Group Ltd compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 4%

Stability 4%

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White Mountains Insurance Group Ltd Discounted Cash Flow

Fully customizable DCF calculator online for White Mountains Insurance Group Ltd.

Years

Calculation mode

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
DCF		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Value	$0

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	12%	15%	30%	159%	-52%	42%	56%	-34%	62%	23%	19%
ROA	-	2%	-0%	0%	-5%	11%	14%	-4%	-2%	7%	7%
ROE	-	6%	11%	17%	-7%	12%	17%	-9%	18%	11%	12%

Good Net Margins (18.93%)

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.

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-	-
Debt over Equity	0.16	0.1	0.08	0.01	0.07	0.09	0.1	0.19	0.15	0.13	0.1
Growth Stability	-	-	-	100%	-45%	100%	100%	-114%	100%	100%	-114%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.1)

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

Bad Graham’s Stability (-114%)

The company has a bad stability in its earnings, which is a sign of a bad 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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-28%	-25%	-73%	-1%	142%	32%	-20%	23%	87%	31%
Earnings YoY growth	-	-4%	48%	44%	-132%	-297%	76%	-149%	-321%	-30%	19%
Equity YoY growth	-	-4%	-14%	-7%	-19%	15%	20%	-5%	6%	16%	9%
FCF YoY growth	-	-	-	-	-	-	-	-	-	-	-