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Kenya RE is trading at 0.62x NAV while Pan Africa trades at 1.6x NAV (even after the recent rally). Jubilee trades at 1.4x NAV. Kenya RE has more properties than CIC will ever have, have a more secure business- compulsory cessions, Jubilee is Jubilee while Pan Africa is the largest life business - what you want to be buying. SO how do you justify a multiple of 1.9x NAV for a newly listed insurance company? Price to Earnings multiple for insurers is misleading, they can sell shares or property and book profit. You look at the Book multiples which is what you are buying.
@Kausha
How are you getting CIC NAV to be 1.9x
You are dividing what over what (use 2011 financials)