SLDE
Slide Insurance Holdings, Inc. Common Stock
$28.50
Banks, Insurers & Asset Managers
85%
P/Tangible Book × ROE Quality
Moderate
·
Conviction
Fair Value
Trading 23.0% below fair value
You pay
$28.50
Bear
$34.82
Fair
$37.02
Bull
$48.12
Bear
$34.82
+22.2%
ROTCE 20.0% → 4.00x TBV
Fair
$37.02
+29.9%
ROTCE 25.0% → 4.00x TBV
Bull
$48.12
+68.9%
ROTCE 30.0% → 4.00x TBV
Adjust Assumptions
43.7%
6.0%
Key Value Driver
ROTCE (43.7%) vs. cost of equity (6.0%)
Implied Market Multiple
3.27x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (5 analysts)
$25.00
Divergence from AlphaVal
48%
Summary
With ROTCE of 43.7% vs. 6.0% cost of equity, fair P/TBV is 4.00x on $8.70 tangible book, implying $37.02 per share.
Warnings
Traditional cash flow models don't work well for banks — lending activity distorts how much cash the business actually generates.
Common valuation shortcuts don't apply here — for banks, interest payments are a core business cost, not overhead.
Wall Street's average price target is $25.00 (from 5 analysts). Our estimate is 48% above the consensus -- consider that gap carefully.
Key Risks
- Book value quality matters as much as level — check loan loss reserves
- Interest rate sensitivity creates non-linear earnings surprises
- Insurance reserving is actuarial, not financial — errors emerge slowly