Risk Reward Update

研报英文原文证据摘录

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M

Update

August 7, 2026 08:40 PM GMT

Morgan Stanley & Co. LLC

TWFG, Inc. | North America

Bob Jian Huang

Equity Analyst

Risk Reward Update

TWFG, Inc. (TWFG.O, TWFG US)

What’s Changed

TWFG, Inc. (TWFG.O)

From

To

Price Target

$23.00

$26.00

Bull Case

$34.00

$38.00

Base Case

$23.00

$26.00

Bear Case

$11.00

$12.00

Updated Components

EPS

Bull Base Bear Scenarios

Risk Reward for TWFG, Inc. (TWFG.O) has been updated

Insurance - Property & Casualty | United States of

America

Stock Rating

Industry View

Price target

Shr price, close (Aug 6, 2026)

52-Week Range

Fiscal Year Ending

EPS ($)**

Prior EPS ($)**

Equal-weight

Attractive

$26.00

$28.56

$31.07-16.56

12/25 12/26e 12/27e 12/28e

0.88

1.15

1.00

1.15

1.08

1.30

1.22

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Reason for change

We update our model to incorporate the latest 2Q26 results and management

commentary from the earnings call. We slightly increase our written premiums,

organic growth, and revenue, based on updated guidance. Our 2026e/2027e EPS

change by ~14%/7%, to $1.15/$1.15. We adjust our PT to $26/share, as we mark our

peer multiples to the market, and our PT implies a 19.2x 2027e EV/EBITDA

valuation.

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companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.