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Strategies & Market Trends : Value Investing
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To: Mattyice who wrote (55295)5/21/2015 10:07:19 AM
From: Jurgis Bekepuris  Read Replies (2) of 78751
 
PGR - how can you justify buying an insurer at >2 P/book?

Even if it grows book at 15%, you are dearly overpaying for that growth.

And actually the book-per-share has grown only 5% annually since 2005 and that's with big share buybacks.

PE is rather meaningless for insurers.

So I don't see why this is worth a buy at all.
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