Greenlight Capital Re, Ltd. (GLRE) vs Kestrel Group Ltd (KG)

Greenlight Capital Re, Ltd. and Kestrel Group Ltd are both Insurance Reinsurance companies. Greenlight Capital Re, Ltd. is the larger, with a market value of $487.3M against $43.3M — 11.3× the size. Kestrel Group Ltd has negative trailing earnings, so its P/E is not meaningful; Greenlight Capital Re, Ltd. trades at 9.9×. Kestrel Group Ltd grew revenue faster over the last twelve months: 330.9% against −2.81%. Greenlight Capital Re, Ltd. has the higher net margin (7.47% vs −86.1%) and the higher return on invested capital (63.7% vs −9.10%). Across the 19 metrics below, Greenlight Capital Re, Ltd. leads on 14 and Kestrel Group Ltd on 5.

Valuation

Metric GLRE KG Insurance Reinsurance median
P/E 9.86 n/m 7.83
P/S 0.72 0.89 0.90
P/B 0.71 0.35 1.17
Price to free cash flow 2.47 n/m 4.05
EV/EBITDA n/m n/m 3.25
EV/Sales (0.15) 4.23 0.95
Earnings yield 10.14% (97.82%) 11.46%
Free cash flow yield 40.47% (295.07%) 19.30%

Profitability

Metric GLRE KG Insurance Reinsurance median
Gross margin 15.73% 46.28% 40.53%
Operating margin 15.73% (49.03%) 14.54%
Net margin 7.47% (86.07%) 9.44%
Free cash flow margin 29.19% (261.35%) 18.88%
Return on equity 7.50% (29.03%) 12.10%
Return on assets 2.31% (3.69%) 2.72%
Return on invested capital 63.68% (9.10%) 15.70%

Growth

Metric GLRE KG Insurance Reinsurance median
Revenue growth (TTM) (2.81%) 330.91% 17.45%
EPS growth (last fiscal year) 75.00% 1,820.98% —
Revenue growth, 5-year CAGR 8.56% (28.65%) 14.51%
Net income growth, 5-year CAGR 80.87% (10.19%) 25.23%

Health

Metric GLRE KG Insurance Reinsurance median
Debt to equity 0.01 1.54 0.21
Current ratio 2.43 0.70 0.59
Net debt to EBITDA (4.82) (22.06) (0.03)

Dividend

Metric GLRE KG Insurance Reinsurance median
Dividend yield — — —
Payout ratio 0.00 0.00 0.00

Size

Metric GLRE KG Insurance Reinsurance median
Market cap 487.34m 43.27m 3.15b

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