Conduit Holdings slips as CEO announces retirement
ReutersMar 31, 2025 9:19 AM
Bermuda-based Conduit Holdings CRE.L falls 9.1% to 321.5p, lowest since October 2022
CEO Trevor Carvey to step down and retire with effect from 11 April
Executive Chairman Neil Eckert to take over as interim CEO with immediate effect
Peel Hunt says, "We view this as an unfortunate turn of events following a tough six months for the firm, which has been exposed to higher natural catastrophe losses than we anticipated, most recently the impact of the LA Wildfires"
Cuts PT from 620p to 570p
Adds stock currently undervalued and trading at 60% of projected 2025 Net Asset Value without considering any debt
As of last close, CRE down ~25% this year
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