Dai-ichi Life Holdings Inc
8750: XTKS (JPN)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
¥6,894.00 | Mvzlk | Gvshjmhf |
Acquisition of Pet Insurer at Substantial Premium Doesn’t Affect Our FVE for Dai-Ichi Life
We maintain our fair value estimate of JPY 2,500 for Dai-Ichi Life Holdings, equivalent to 0.36 times embedded value and 7% above the current share price, after it announced a deal to buy iPet Holdings, the second-largest insurer in Japan focused on pet insurance, for JPY 39 billion, or 4.7 times iPet’s book value including the after-tax value of catastrophe loss reserves and price fluctuation reserves and excluding goodwill.