For the first half of 2024, we think Admiral (ADM) has reported very good results.
The business has grown its total customers numbers by 8.2% since the end of last year to 10.5 million. A lot of that growth has been driven by UK motor.
The combination of higher customer numbers and rise in premiums the business established over the last few years, has resulted in over a 30% rise in insurance revenue, and a similar rise in profit before tax.
That PBT performance of £309.8 million over the interim places the business well against our £496.3 million full-year forecast.
Along with the 77.5p of earnings per share, Admiral has declared a 71p per share dividend, made up of 65% of pre-tax profit, plus a special dividend of 19.7p per share.
Return on equity has risen from 39% to 45% half on half.
We maintain our £30.70 per share Fair Value and our Narrow Economic Moat.
Key Morningstar Metrics For Admiral Shares
• Morningstar Fair Value Estimate: £30.70
• Morningstar Rating: ★★★
• Morningstar Economic Moat Rating: Narrow
• Morningstar Uncertainty Rating: Low
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