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Conduit Holdings Ltd
(LSE:CRE)
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Rating:79Outperform
Price Target:
547.00 p
▲(20.62% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by strong financial quality (minimal leverage, solid and consistent cash generation) and very attractive valuation (low P/E and high dividend yield). Offsetting these positives are only neutral technical conditions (slightly negative MACD with otherwise flat momentum) and the observed decline in profitability since 2023.
Positive Factors
Conservative balance sheet and growing equity
Extremely low leverage reduces refinancing and solvency risk, giving Conduit greater resilience when underwriting results are pressured. Growing equity also supports additional underwriting capacity and provides a stronger capital base for absorbing losses or pursuing profitable opportunities.
Negative Factors
Material profitability deterioration
The sharp margin decline means additional revenue is producing substantially less profit than it did in 2023. If this lower profitability persists, it could reduce retained earnings growth, weaken returns on capital, and constrain the benefits of continued premium expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet and growing equity
Extremely low leverage reduces refinancing and solvency risk, giving Conduit greater resilience when underwriting results are pressured. Growing equity also supports additional underwriting capacity and provides a stronger capital base for absorbing losses or pursuing profitable opportunities.
Read all positive factors
Conduit Holdings Ltd (CRE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£646.75M
Dividend Yield6.1%
Average Volume (3M)516.40K
Price to Earnings (P/E)4.3
Beta (1Y)1.06
Revenue Growth3.56%
EPS Growth1364.70%
CountryUK
Employees68
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)1.36
Shares Outstanding155,754,560
10 Day Avg. Volume254,474
30 Day Avg. Volume516,403
Financial Highlights & Ratios
PEG Ratio-1.13
Price to Book (P/B)0.75
Price to Sales (P/S)0.98
P/FCF Ratio2.27
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£539.60Price Target Upside18.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.92
Revenue Forecast (FY)£1.16B
Conduit Holdings Ltd Business Overview & Revenue Model
Company Description
Conduit Holdings Limited, through its subsidiary, provides reinsurance products and services in the United States, Europe, and worldwide. It operates in three divisions: Property, Casualty, and Specialty. The company offers property catastrophe an...
How the Company Makes Money
Conduit Holdings primarily makes money by underwriting insurance and reinsurance policies and retaining a portion of the risk in exchange for premiums. Its core revenue stream is premium income earned when it writes coverage for clients (in insura...
Conduit Holdings Ltd Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
86
Very Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.01B | 836.30M | 746.30M | 602.30M | 311.80M | 190.60M |
| Gross Profit | 711.55M | 786.40M | 746.30M | 594.10M | 311.80M | 131.50M |
| EBITDA | 212.74M | 119.10M | 127.90M | 192.70M | -36.10M | -41.40M |
| Net Income | 210.57M | 116.80M | 125.60M | 190.80M | -43.90M | -42.00M |
Balance Sheet | ||||||
| Total Assets | 2.49B | 2.33B | 1.91B | 1.50B | 1.57B | 1.33B |
| Cash, Cash Equivalents and Short-Term Investments | 297.64M | 339.20M | 313.20M | 199.80M | 112.90M | 67.50M |
| Total Debt | 402.08K | 800.00K | 1.60M | 2.30M | 2.40M | 2.90M |
| Total Liabilities | 1.36B | 1.22B | 855.00M | 508.80M | 754.00M | 353.60M |
| Stockholders Equity | 1.13B | 1.10B | 1.05B | 987.40M | 814.40M | 981.20M |
Cash Flow | ||||||
| Free Cash Flow | 471.89M | 361.60M | 406.60M | 308.70M | 202.90M | 47.30M |
| Operating Cash Flow | 471.89M | 361.60M | 407.30M | 309.40M | 203.20M | 48.70M |
| Investing Cash Flow | -286.69M | -269.20M | -219.70M | -148.70M | -77.90M | -1.01B |
| Financing Cash Flow | -106.57M | -75.70M | -69.70M | -73.80M | -79.80M | -30.00M |
Conduit Holdings Ltd Technical Analysis
Negative
453.50
Price Trends
452.75
Negative
443.44
Negative
426.02
Positive
Market Momentum
-2.19
Positive
42.24
Neutral
10.53
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CRE, the sentiment is Negative. The current price of 453.5 is above the 20-day moving average (MA) of 447.15, above the 50-day MA of 452.75, and above the 200-day MA of 426.02, indicating a neutral trend. The MACD of -2.19 indicates Positive momentum. The RSI at 42.24 is Neutral, neither overbought nor oversold. The STOCH value of 10.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:CRE.
Conduit Holdings Ltd Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | £718.92M | 12.43 | 42.37% | 6.07% | 18.94% | 66.50% | |
79 Outperform | £646.75M | 4.32 | 18.89% | 6.10% | 3.56% | 1364.70% | |
77 Outperform | £861.31M | 8.35 | 11.59% | 6.72% | 37.81% | 83.65% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | £170.76M | 17.72 | 8.74% | 6.88% | -20.90% | -41.22% | |
61 Neutral | £225.42M | 97.33 | 1.65% | 5.68% | 5.83% | -76.72% | |
51 Neutral | £566.39M | -6.69 | -4.07% | 8.88% | -11.82% | 14.34% |
* Financial Sector Average
GB:CRE
Conduit Holdings Ltd
438.50
119.71
37.55%
GB:CBG
Close Brothers Group
378.80
-40.00
-9.55%
GB:BRK
Brooks Macdonald
1,460.00
-193.51
-11.70%
GB:JUP
Jupiter Fund Management Plc
174.00
32.60
23.05%
GB:LIO
Liontrust Asset Management
276.00
-15.86
-5.43%
GB:POLR
Polar Capital Holdings
758.00
218.40
40.47%
Conduit Holdings Ltd Corporate Events
Regulatory Filings and Compliance
Conduit CEO Restructures Stake in Bed and SIPP Share Deal
Neutral
Sep 22, 2026
Conduit Holdings has disclosed a director dealing involving chief executive Neil Eckert and his closely associated person, Nicola Eckert, in a Bed and SIPP transaction executed on 21 September 2026. Neil Eckert sold 43,958 common shares at £4...
Business Operations and StrategyExecutive/Board Changes
Conduit Holdings names Christian Dunleavy as CEO as trading stays on track
Positive
Sep 8, 2026
Conduit Holdings has announced a planned leadership transition, with founder and current CEO Neil Eckert set to step down as chief executive and executive director on 1 March 2027. He will be succeeded by reinsurance industry veteran Christian Dun...
Business Operations and StrategyExecutive/Board Changes
Conduit Holdings Names New CFO as Founding Finance Chief Retires
Positive
Aug 18, 2026
Conduit Holdings Limited, the London-listed parent of Bermuda-based multi-line reinsurer Conduit Re, has announced a planned change in its senior finance leadership. The business, which benefits from strong regulatory licensing and A.M. Best ratin...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Conduit Holdings Delivers Strong First-Half Results Amid Softening Reinsurance Market
Positive
Jul 29, 2026
Conduit Holdings reported an undiscounted combined ratio of 92.6% and a 7.8% return on equity for the six months to 30 June 2026, supported by a markedly more benign catastrophe environment and disciplined underwriting. Gross premiums written dipp...
Business Operations and StrategyFinancial Disclosures
Conduit Holdings sets July date for 2026 interim results and investor presentations
Neutral
Jul 17, 2026
Conduit Holdings Limited has scheduled the release of its interim financial results for the six months to 30 June 2026 on 29 July, with management hosting a webcast and conference call for analysts and institutional investors at midday U.K. time. ...
Stock BuybackRegulatory Filings and Compliance
Conduit Holdings Updates Share Buyback and Voting Rights After June Repurchases
Positive
Jun 30, 2026
Conduit Holdings Limited, parent of Bermuda-based Conduit Re, operates a multi-line reinsurance platform with global reach and is regulated as a Class 4 insurer by the Bermuda Monetary Authority. The group benefits from A.M. Best financial strengt...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Conduit Holdings Expands Share Buyback, Updates Voting Rights
Positive
Jun 23, 2026
Conduit Holdings has continued executing its previously announced share buyback programme, purchasing 86,616 common shares on the London Stock Exchange between 18 and 19 June 2026 through broker Panmure Liberum. The transactions, conducted at volu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.