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Platinum Underwriters Holdings Ltd.
PTP : NYSE : Financial

$62.16 | %
Today's Range: 60.46 - 62.49
Avg. Daily Volume: 161,100
04/17/14 - 4:01 PM ET

Financial Analysis


PLATINUM UNDERWRITERS HLDG's gross profit margin for the fourth quarter of its fiscal year 2013 has significantly decreased when compared to the same period a year ago. Sales and net income have dropped, however the growth has outpaced the average competitor within the industry.

During the same period, stockholders' equity ("net worth") has decreased by 7.80% from the same quarter last year.

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Income Statement Q4 FY13 Q4 FY12
Net Sales ($mil)166.37185.49
EBITDA ($mil)66.38141.58
EBIT ($mil)64.15141.04
Net Income ($mil)48.62121.55


Balance Sheet Q4 FY13 Q4 FY12
Cash & Equiv. ($mil)1574.861978.35
Total Assets ($mil)3923.894333.3
Total Debt ($mil)250.0250.0
Equity ($mil)1746.711894.53


Profitability Q4 FY13 Q4 FY12
Gross Profit Margin39.976.33
EBITDA Margin39.8976.32
Operating Margin38.5676.04
Sales Turnover0.170.17
Return on Assets5.697.55
Return on Equity12.7817.27
Debt Q4 FY13 Q4 FY12
Current Ratio0.00.0
Debt/Capital0.130.12
Interest Expense4.784.78
Interest Coverage13.4129.52


Share Data Q4 FY13 Q4 FY12
Shares outstanding (mil)28.1432.72
Div / share0.080.08
EPS1.713.67
Book value / share62.0757.9
Institutional Own % n/a n/a
Avg Daily Volume150581.0139029.0

Valuation


BUY. This stock's P/E ratio indicates a discount compared to an average of 15.84 for the Insurance industry and a significant discount compared to the S&P 500 average of 18.29. Conducting a second comparison, its price-to-book ratio of 0.96 indicates a significant discount versus the S&P 500 average of 2.52 and a discount versus the industry average of 1.41. The price-to-sales ratio is well above both the S&P 500 average and the industry average, indicating a premium. Upon assessment of these and other key valuation criteria, PLATINUM UNDERWRITERS HLDG proves to trade at a discount to investment alternatives within the industry.


Price/Earnings
1 2 3 4 5
premium   discount
  Price/Cash Flow
1 2 3 4 5
premium   discount
PTP 8.18 Peers 15.84   PTP NM Peers 10.49

Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations.

PTP is trading at a significant discount to its peers.

 

Neutral. The P/CF ratio, a stock’s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures.

PTP's P/CF is negative making the measure meaningless.

 
Price/Projected
Earnings
1 2 3 4 5
premium   discount
  Price to
Earnings/Growth
1 2 3 4 5
premium   discount
PTP 12.99 Peers 12.30   PTP NM Peers 0.87

Average. An average price-to-projected earnings ratio can signify an industry neutral stock price and average future growth expectations.

PTP is trading at a valuation on par with its peers.

 

Neutral. The PEG ratio is the stock’s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples.

PTP's negative PEG ratio makes this valuation measure meaningless.

 
Price/Book
1 2 3 4 5
premium   discount
  Earnings Growth
1 2 3 4 5
lower   higher
PTP 0.96 Peers 1.41   PTP -24.82 Peers 66.29

Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet.

PTP is trading at a significant discount to its peers.

 

Lower. Elevated earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios.

However, PTP is expected to significantly trail its peers on the basis of its earnings growth rate.

 
Price/Sales
1 2 3 4 5
premium   discount
  Sales Growth
1 2 3 4 5
premium   discount
PTP 2.57 Peers 1.18   PTP -13.45 Peers 0.40

Premium. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales.

PTP is trading at a significant premium to its industry.

 

Lower. A sales growth rate that trails the industry implies that a company is losing market share.

PTP significantly trails its peers on the basis of sales growth

 

 

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