1Q26 - Modest EPS Beat With Strong Underlying Trends; FY 2026E Guidance Raised

研报英文原文证据摘录

1Q26 - Modest EPS Beat With Strong Underlying Trends; FY 2026E Guidance Raised

TD Cowen Accelerant Holdings

Global Research May 13, 2026

VALUATION METHODOLOGY AND RISKS

Valuation Methodology

Insurance Brokerage:

The primary methodology we use to value the insurance brokerage sector is forward price /

earnings multiples, though we also consider discounted cash flow analysis as a secondary

method to support our valuation targets. For P/E, we typically take a sum-of-the-parts

approach, applying different target multiples to earnings from brokerage, consulting and

fiduciary / pension income, largely based on peer valuations, but also informed by company-

specific factors (e.g., growth outlook, track record, FCF conversion, etc). Insurance brokers tend

to trade at premiums to insurance underwriters, given minimal underwriting risk, higher FCF

generation and modest balance sheet intensity. In general, companies with higher earnings

contributions from brokerage tend to trade at higher multiples than those with more consulting-

driven earnings, all else equal.

We make investment recommendations on certain early stage, pre-revenue companies based

upon an assessment of their business model, technology, probability of market success,

and the potential market opportunity, balanced by an assessment of applicable risks. Such

companies may not be assigned a price target.

Investment Risks

Key risks for the insurance brokerage sector include: a slowdown in commercial lines P&C

price increases (which would pressure organic growth in brokerage); falling GDP growth / a

recession (which would lower organic growth prospects, most notably in consulting); increased

competition / disintermediation; and adverse regulatory developments.

Risks To The Price Target