Thoughts from the Road: A Focus on Execution For the Remainder of the Year

研报英文原文证据摘录

Thoughts from the Road: A Focus on Execution For the Remainder of the Year

C O M PA N Y N O T E

J u n e 2 6 , 2 0 2 6

Goosehead Insurance, Inc. (GSHD) Overweight

CONCLUSION PRICE: US$43.97

We are maintaining our Overweight rating on GSHD following investor meetings with TARGET: US$52.00

management. Our meetings largely affirmed our investment thesis: We believe investors Our $52 PT is based on a discounted 10-year

will look forward to the second half of 2026 when a combination of continued new business projection of forward earnings applying a P/E of

sales efforts and improving customer retention should allow GSHD to accelerate its revenue ~17x and discounted 12%.

growth moderately.

Paul Newsome, CFA, CPCU

Managing Director, Piper Sandler & Co.

• At the same time, we think improving revenue growth will reduce concerns that 312 281-3445, paul.newsome@psc.com

AI will have any near-term impact on revenue growth. Our view remains – and is Cam Bianchi

consistent with most managements with whom we speak – that AI will have more of an Research Analyst, Piper Sandler & Co.

evolutionary impact on insurance distribution versus a revolutionary impact. Similar to 612 456-9841, cam.bianchi@psc.com

what happened with the creation of the internet, we see AI as moving the entire industry Changes Previous Current

toward direction channel distribution in personal lines with the traditional career agency Rating — Overweight

system continuing to lose share. We see the independent agency channel continuing Price Tgt — US$52.00

to do what it has done for many decades – holding share – as it fills the need for FY26E EPS — US$2.23

sophisticated insurance sales that will likely always require the hand-holding of a human FY27E EPS — US$2.70

being. Market Cap. (mil) US$1,611.1