Kingsway: Weak Q4 2023 Results And The Valuation Looks Stretched (Rating Downgrade) [Seeking Alpha]
Kingsway Financial Services, Inc. (DE) (KFS)
US:NYSE Investor Relations:
kingsway-financial.com/investor-relations
Company Research
Source: Seeking Alpha
I expect the adjusted EBITDA run-rate for the operating companies to surpass $20 million for 2024. However, Kingsway is starting to look expensive, as it has rarely traded above 30x EV/EBITDA for long periods of time in the past year. Microcap Review members get exclusive access to our real-world portfolio. See all our investments here » Investment thesis I've been following Kingsway Financial Services ( NYSE: KFS ) closely and I've written two articles about the company on SA. The latest of them was in October 2023 and back then I said that new acquisitions under the KSx platform should still improve the company's EV/EBITDA ratio. I think this could be a good time to revisit Kingsway considering the company released its Q4 2023 financial results on March 5. In my view, they were underwhelming as the adjusted EBITDA run-rate for the operating companies of the group remained below my $20 million estimate. The performance of new acquisitions has been disappointing and I'm cut
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KFS
News
- Kingsway Announces Fireside Chat With Will Thorndike at Its Investor Day at the New York Stock Exchange on Monday, May 20, 2024 [Yahoo! Finance]Yahoo! Finance
- Kingsway Announces Fireside Chat With Will Thorndike at Its Investor Day at the New York Stock Exchange on Monday, May 20, 2024Accesswire
- Favourable Signals For Kingsway Financial Services: Numerous Insiders Acquired Stock [Yahoo! Finance]Yahoo! Finance
- Kingsway to Host Investor Day at the New York Stock Exchange on Monday, May 20, 2024 [Yahoo! Finance]Yahoo! Finance
- Kingsway to Host Investor Day at the New York Stock Exchange on Monday, May 20, 2024Accesswire
KFS
Sec Filings
- 4/16/24 - Form 4
- 4/16/24 - Form 4
- 4/10/24 - Form ARS
- KFS's page on the SEC website