Added to YB: 2025-11-28
Pitch date: 2025-11-27
TSU.TO [bullish]
Trisura Group Ltd.
+2.57%
current return
Author Info
Aurelion Research is a research analyst with a passion for markets, specializing in high‑conviction ideas across shipping, offshore drilling, and thematic equity research. Sign up for the newsletter.
Company Info
Trisura Group Ltd., a specialty insurance company, operates in the surety, warranty, corporate insurance, and program and fronting businesses in Canada and the United States.
Market Cap
CAD 1.9B
Pitch Price
CAD 40.52
Price Target
89.30 (+118%)
Dividend
N/A
EV/EBITDA
9.01
P/E
13.14
EV/Sales
0.59
Sector
Insurance
Category
value
An Insurance Re-Rating That Has Yet to Begin
TSU.TO: Specialty insurer w/ 16.4% ROE, mid-80s CR, compounding BVPS at high-teens pace. Canada (50% underwriting income) provides stable base; U.S. Programs (65% GPW) scales via capital-light fronting model earning 9% fees. 2023 issues resolved, platform maturing. Investment income rising $67M→$92M by 2026 on higher yields. EPS $2.80→$5.25 (2024-30E), BVPS $16.44→$26 (2024-27E). Trades 12x fwd P/E vs 17x hist avg, 1.4x BV vs 2.5x avg despite improved fundamentals. 11 analysts avg PT $53 (+33%). Risks: macro exposure, MGA partner quality, expense trajectory. Valuation gap closing as execution continues.
Read full article (17 min)