Enstar Group Limited
ESGR
pitch
long
Akash Yap
Thesis
Enstar is an attractive opportunity to acquire a stake in a unique reinsurance business that has delivered excess returns. The current price of $267 per share is undervalued compared to an estimated worth of $400 to $500 per share, primarily due to its complex nature that deters most investors. The management team is capable and aligned with shareholders, having compounded book value per share at 15-20% CAGR over 20 years.
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