What changed
$CB — Calculates the cost basis of cost basis.
🎯 Q1 FY26 | Rev $15B | EPS $6.82 vs $6.61 🟢
💡 Consensus expects steady P&C underwriting and modest investment income growth. The Q1 beat was driven by strong underwriting margins (combined ratio ~86%) and higher net investment income, but the market may be underestimating the sustainability of elevated catastrophe losses and reserve releases.
🏢 Business Quality: 8/10 | Valuation: fair
📉 Reward/Risk: Upside 8% to $350 (1.5x book) vs downside 10% to $290 (1.25x book). Ratio ~0.8:1.
🔮 Catalyst: Q2 earnings (late July): watch combined ratio and premium growth. Failure signal: combined ratio above 90% or premium growth below 5%.
💰 Entry: Current price $325.47 is near fair value. Attractive entry below $310 (1.3x book).
Also in play: $COIN $MSTR $HOOD $SQ $RIOT $MARA