Markel has built a reputation as a "mini-Berkshire," and while we think it has developed a solid franchise, we believe the premium the market has at times awarded the company based on this narrative is not fully justified.
Markel's focus on specialty lines creates the potential for a moat.
Markel's relatively large exposure to equities makes the company much more vulnerable than peers to a bear market.
|
Metric
|
MKL
|
FFH
|
WRB
|
|---|---|---|---|
Price/Earnings (Normalized) | 23.14 | 7.06 | 15.52 |
Price/Book Value | 1.32 | 1.27 | 2.53 |
Price/Sales | 1.24 | 1.07 | 1.67 |
Price/Cash Flow | 16.45 | — | 15.51 |
|
Metric
|
MKL
|
FFH
|
WRB
|
|---|---|---|---|
Quick Ratio | — | — | — |
Current Ratio | — | — | — |
Interest Coverage | 15.34 | 12.58 | 14.76 |
|
Metric
|
MKL
|
FFH
|
WRB
|
|---|---|---|---|
Return on Assets (Normalized) | 4.00% | 5.34% | 3.80% |
Return on Equity (Normalized) | 15.54% | 23.61% | 19.24% |
Return on Invested Capital (Normalized) | 12.11% | 14.30% | 14.67% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Capital Allocation
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|---|
PGR
| Progressive Corp | Bywphvlmv | Zgbmpc | $121.8 Bil | |
CB
| Chubb Ltd | Ttsjhhm | Hycds | $99.9 Bil | |
TKOMY
| Tokio Marine Holdings Inc ADR | Lpfyccgg | Qbnm | $62.1 Bil | |
TKOMF
| Tokio Marine Holdings Inc | — | Xpfqf | $62.1 Bil | |
TRV
| The Travelers Companies Inc | Dwpcctmh | Qrtrddp | $48.9 Bil | |
ALL
| Allstate Corp | Xvgcgkbyq | Ngrt | $45.5 Bil | |
PINXY
| The People's Insurance Co (Group) of China Ltd ADR | — | Txgy | $29.2 Bil | |
MSADF
| MS&AD Insurance Group Holdings Inc | — | Wfcnp | $29.0 Bil | |
WRB
| WR Berkley Corp | Ynqclfhjgc | Dhqxdn | $19.7 Bil |
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