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Helios Underwriting (AIM: HUW)

Last close As at 02/07/2024

GBP1.73

▲ 1.00 (0.58%)

Market capitalisation

GBP126m

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.

Lloyd’s released record results with FY23 earnings of £10.7bn (equal to the sum of the preceding decade), on the back of historically high premium increases. Near-term combined ratios may recede from the 17-year FY23 low in a benign large claims (natural catastrophe) environment but should remain attractive, with higher interest rates continuing to boost investment income.

Latest Insights

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Financials | Flash note

Helios Underwriting — Healthy FY23 beat supports strong outlook

Financials | Update

Helios Underwriting — Strong share price on supportive fundamentals

Financials | Update

Helios Underwriting — Huge capacity increase follows capital restructure

Financials | Update

Helios Underwriting — Interim results deliver long-awaited upswing
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)

17.9

Forecast gearing ratio (%)

13

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.5 (6.9) (2.9)
Relative 2.8 (10.2) (12.3)
52 week high/low 186.0p/115.0p

Financials

Helios Underwriting is a successful aggregator of Lloyd’s of London (Lloyd’s) syndicate capacity, recently surpassing £500m after a successful capital restructure. Strong earnings growth outlook is driven by huge capacity increases into a hard underwriting cycle. The strategy of managing a portfolio of capacity at Lloyd’s will continue, reflecting the development of the underwriting cycle, leading to portfolio value extraction and enhancing shareholder yields via dividends and share buybacks. Share price pressure from overhangs may continue to create an opportunity for Helios and shareholders to add to or build positions at attractive levels.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 70.6 (1.9) (1.9) (0.8) N/A N/A
2022A 148.3 (5.2) (5.2) (4.9) N/A N/A
2023E 213.0 14.9 14.9 14.5 11.9 9.9
2024E 332.1 25.8 25.8 25.7 6.7 10.9

Research

Update

Financials

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

Update

Financials

Helios Underwriting — Huge capacity increase follows capital restructure

Financials

Flash note

Helios Underwriting — Healthy FY23 beat supports strong outlook

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