Indequity: Nano-Cap Niche Insurer

Adrian Saville presented his in-depth investment thesis on Indequity (JSE: IDQ) at Best Ideas 2017.

Nano-cap niche insurer Indequity, a specialized short-term insurer, provides market-leading short-term insurance products to the professional and affluent private client markets and business insurance. While enjoying strong growth in top-line and bottom-line numbers in recent years, the business boasts robust margins, healthy cash flow, and an average return on assets in excess of 30% per annum. While liquidity is modest, the investment case is compelling, bolstered by a recent equity raise that will see the company employ the larger balance sheet in its established high-margin, high-capital efficiency environment.

About the instructor:

Adrian Saville has been involved in the investment management industry since 1994, when he formed an investment vehicle which later led him to establish BayHill Capital Advisors (in 1998), the forerunner to Cannon Asset Managers. Adrian is an executive director and Chief Investment Officer of Cannon Asset Managers. He has experience in managing all of the major asset classes, including equities, bonds, property, cash and derivative instruments. Adrian’s qualifications include a Bachelor of Arts (Honours) degree (cum laude) and M.Com (cum laude) from the University of Natal. He completed his PhD (Econ) at the University of Natal in 1997, for which he was awarded the Economics Society of South Africa’s Founders Medal. He is a UNESCO laureate and a matriculant of Linacre College (Oxford). Alongside his career in asset management, Adrian holds a Visiting Professorship in Economics and Finance at the Gordon Institute of Business Science. He has published widely in peer-reviewed journals and books, and is a member of the Investment Analysts Society and Economics Society of South Africa. Adrian is married to Kerry; they have a daughter, Sydney-Bo, and son, Saxon. Adrian claims that fatherhood is the most rewarding investment he has ever experienced.

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