Hagerty, Inc. (HGTY) vs White Mountains Insurance Group, Ltd. (WTM)

Hagerty, Inc. and White Mountains Insurance Group, Ltd. are both Insurance Property & Casualty companies. Hagerty, Inc. and White Mountains Insurance Group, Ltd. are of similar size ($4.8B and $4.7B). White Mountains Insurance Group, Ltd. trades at the lower P/E: 4.6× against 84.8×. White Mountains Insurance Group, Ltd. grew revenue faster over the last twelve months: 55.5% against 3.75%. White Mountains Insurance Group, Ltd. has the higher net margin (29.3% vs 1.25%) and the higher return on invested capital (13.4% vs 0.00%). Across the 22 metrics below, White Mountains Insurance Group, Ltd. leads on 12 and Hagerty, Inc. on 10.

Valuation

Metric HGTY WTM Insurance Property & Casualty median
P/E 84.81 4.62 10.29
P/S 0.98 1.28 1.17
P/B 2.13 0.80 1.83
Price to free cash flow 4.96 12.62 7.48
EV/EBITDA 2.03 3.54 7.49
EV/Sales 0.32 1.49 1.13
Earnings yield 1.18% 21.66% 9.50%
Free cash flow yield 20.16% 7.93% 13.29%

Profitability

Metric HGTY WTM Insurance Property & Casualty median
Gross margin 100.00% 59.35% 41.16%
Operating margin 13.39% 40.83% 15.09%
Net margin 1.25% 29.29% 11.51%
Free cash flow margin 19.68% 10.13% 17.59%
Return on equity 2.88% 19.58% 18.19%
Return on assets 0.84% 8.77% 3.74%
Return on invested capital 0.00% 13.42% 12.06%

Growth

Metric HGTY WTM Insurance Property & Casualty median
Revenue growth (TTM) 3.75% 55.45% 8.69%
EPS growth (last fiscal year) 270.00% 379.05% —
Revenue growth, 5-year CAGR 23.86% 33.06% 9.23%
Net income growth, 5-year CAGR 32.47% 9.32% 10.09%

Health

Metric HGTY WTM Insurance Property & Casualty median
Debt to equity 0.40 0.15 0.25
Current ratio 1.53 0.56 0.42
Net debt to EBITDA (3.42) 0.41 0.08

Dividend

Metric HGTY WTM Insurance Property & Casualty median
Dividend yield — 0.06% 2.79%
Payout ratio 0.00 0.01 0.27

Size

Metric HGTY WTM Insurance Property & Casualty median
Market cap 4.67b 4.84b 2.44b

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