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Helios Underwriting (AIM: HUW)

Last close As at 21/11/2024

GBP1.88

— 0.00 (0.00%)

Market capitalisation

GBP135m

Helios Underwriting was established in 2007 primarily to provide investors with a limited liability direct investment into the Lloyd’s insurance market. It is an AIM-quoted holding company, providing underwriting exposure across a diversified portfolio of selected Lloyd’s syndicates.

While Lloyd’s delivered record H1 results (for H124) of £4.9bn, premium growth has started to slow (4.4% vs 21.9% in H123). This may be signalling an imminent turn in the hard underwriting cycle we have seen in the past three years. Near-term combined ratios may recede from 17-year lows as premium increases moderate while natural catastrophe claims persist. Positive claims tailwinds and healthy investment returns could support a soft landing.

Latest Insights

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Financials | Update

Helios Underwriting — Strategic shift from growth to consolidation

Financials | Update

Helios Underwriting — Delivery into a strong underwriting cycle

Financials | Flash note

Helios Underwriting — Healthy FY23 beat supports strong outlook

Financials | Update

Helios Underwriting — Strong share price on supportive fundamentals
Lloyd’s Building
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Sector

Financials

Equity Analyst

Marius Strydom

Marius Strydom

Analyst

Key Management

  • Arthur Manners

    FD

  • Michael Wade

    Chairman

Balance Sheet

Forecast net debt (£m)

5.8

Forecast gearing ratio (%)

4

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.3 5.3 19.8
Relative 3.5 8.7 10.6
52 week high/low 190.0p/135.5p

Financials

Helios Underwriting has been a successful aggregator of Lloyd’s of London (Lloyd’s) syndicate capacity into an improving underwriting environment over recent years. Following a management change, it has shifted its strategic focus away from capacity growth to cost and capital efficiencies, as well as shareholder distributions. This positions it well for margin expansion, even as combined ratios face downwards pressure as the underwriting cycle starts turning. Helios has effectively dealt with share overhangs via strategic share buybacks.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 148.1 (5.2) (5.2) (3.1) N/A N/A
2023A 214.9 22.1 22.1 20.8 9.0 13.8
2024E 324.2 26.4 26.4 26.2 7.2 14.9
2025E 410.9 36.4 36.4 36.6 5.1 4.0

Research

Update

Financials

Helios Underwriting — Delivery into a strong underwriting cycle

Flash note

Financials

Helios Underwriting — Healthy FY23 beat supports strong outlook

Financials

Update

Helios Underwriting — Strategic shift from growth to consolidation

Thematics

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