The market doesn't appreciate the insurer's improvement, and we think the shares are cheap.
Moats and management make the difference.
We maintain our fair value estimate for the narrow-moat company.
While strong year-over-year results were largely due to comparisons against the lowest point of the pandemic, we see some positive signs even after adjusting for this.
We will maintain our fair value estimate and wide moat rating.
Processed transactions in the quarter were up 8% year over year.
We think much of Cash App’s recent success has come from Square’s efforts to build out ancillary services on the platform, and this could provide another tie-in.
Visa’s fiscal first-quarter results mirrored results from peer Mastercard in many respects, although on the whole it appears Visa is outperforming a bit at the moment. We will maintain our $194 fair value estimate and wide moat rating.
The impact of the pandemic on electronic payment providers has been far from even.
The company finished the fiscal year roughly in line with our expectations, and we will maintain our fair value estimate and wide moat rating.
We plan on maintaining our fair value estimate and wide moat rating.
We're still ambivalent about recent M&A, though.
The pandemic has led to major declines for payment networks, but we maintain our fair value estimate and wide moat rating for this company.
We remain comfortable with our full-year projections for Visa, and will maintain our $166 fair value estimate and wide moat rating.
Losses look manageable, and this could be a good time to buy.
The wide-moat company saw only a partial effect from the COVID-19 crisis in the first quarter results.
We are maintaining our fair value estimate for this wide-moat firm despite the impact COVID-19 will have on the company's near-term growth.
We will maintain our fair value estimate and wide-moat rating.
Results are a continuation of current trends.
We think it should trade closer to book value than its current deep discount.
This combination will help the company exploit some key trends.
We like the Global Payments/TSYS merger the best. Here's why.
We're maintaining our fair value estimate for the wide-moat firm.
Hurricanes and other disasters resulted in $1.5 billion in catastrophe losses for the insurer.
AIG needs only a modest improvement to be materially undervalued.
AIG's new management team should help bring the firm's subpar returns closer to peers.
We expect limited losses within our coverage and will maintain our fair value estimates and moat ratings for all the P&C insurers we cover.
Experian, Equifax, and TransUnion can profitably expand in multiple directions.
The company is sustaining its strong growth trajectory, but we think the current market price is overly rich.
Experian, Equifax, and TransUnion have weathered the aftermath of Equifax's security breach, and we see a secular opportunity for the industry.
The new CEO's background inspires confidence that he can fix issues.
Technologies like vehicle monitoring are impacting auto insurers today, but fully driverless cars are too far away to create problems.
Richard Smith's retirement isn't surprising, but his experience could've been useful as the company resolves its data-breach issues.
We expect reinsurers to feel the biggest impact and see Travelers and Berkshire Hathaway as attractive today.
Because of the limited presence of national primary carriers in the homeowners market in Florida, the biggest industry impact of large privately insured losses could be in reinsurance.
We are reducing our fair value estimate, however.
Although the estimates of total losses remain in flux, we don’t expect any material changes to our fair value estimates for property-casualty insurers.
We are maintaining our fair value estimate amid the bid by Pershing Square to add directors to the ADP board.
Brian Duperreault will be the firm's next CEO, and here's why we like the choice.
Some financial sector firms could see valuations rise by over a third, while others would see minimal impact.
CEO Peter Hancock's resignation is unlikely to lead to any radical strategic shifts for this no-moat firm.
The company's recent reinsurance deal with Berkshire Hathaway should reduce some uncertainty going forward.
The market’s view of the insurer’s turnaround efforts is too skeptical.
We've lowered our long-term growth forecast for the company after the election of Donald Trump.
Some may be skeptical of the firm's turnaround efforts, but we still see plenty of opportunities to improve the business.
Some of Trump's proposals raise considerable near-term event risk for the money transfer industry.
Markel has developed a strong reputation as a mini-Berkshire, but the resulting premium on its share price is unwarranted.
Markel's 'mini-Berkshire' premium is unwarranted, and W.R. Berkley is a better choice.
Three CEOs stand out when it comes to creating value for shareholders.
The combination of two moaty franchises will create a large-cap outperformer.