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Strategies & Market Trends : Value Investing
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To: Jurgis Bekepuris who wrote (42699)5/18/2011 12:05:53 AM
From: Spekulatius  Read Replies (2) of 78748
 
Jurgis, Delta is mostly life insurance which is a different sort of risk than re-insurance business. For diverification purposes, I like to own some of both. I am in fact coat-tailing Einhorn but I came to my own conclusions why I like it.

1) Good track record with risk management (note the miniscule exposure to PIG debt)
2) Spinoff situation
3) Large discount to embedded value (~32Euro/share)
4) High dividend yield with a chance for further increases
5) High market share in Benelux
6) Hidden value in asset management operation and niche banking.

I sure can buy a dinky life insurance company like KCLI and NWLI but in both cases, the companies are very small, dividend yields are miniscule and management is entrenched, so change is not very likely. I believe Delta Lloyd should perform better because of above factors. My target would be 80% of Embedded value, which would be 26 Euro. I believe that Einhorn has done his homework, he is very good at analyzing financial companies.
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