Third Point Re TPRE

June 13, 2015 - 3:48pm EST by

member

						2015	2016
Price:		14.54		EPS		0	0
Shares Out. (in M):		110		P/E		0	0
Market Cap (in $M):		1,599		P/FCF		0	0
Net Debt (in $M):		115		EBIT		0	0
TEV (in $M):		1,749		TEV/EBIT		0	0

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9	member 12/12/18 2:33PM Re: Thoughts on this now? 8
You're probably right but I haven't looked at it in a couple of years. view available tags
8	member 12/11/18 5:12PM Thoughts on this now?
Interesting that both TPRE and GLRE trade at around the same multiple of book value now (~0.6x). One would think TPRE should trade meaningfully higher given the far better investment returns over the past few... login to read the rest 3 view available tags
6	member 6/16/15 4:46PM Re: Raison d'etre 2
Utah: There are plenty of externally managed vehicles out there. One can make an argument that they deserve a discount due to incentive misalignment. Personally I think people can often overstate that case. In form an... login to read the rest view available tags
5	member 6/16/15 3:35PM Responses
Drew: TPRE does have a key man provision; here is the language from the 10-K: We may also terminate either investment management agreement upon the death, long-term disability or retirement of Daniel S. Loeb, or the... login to read the rest view available tags
2	member 6/15/15 3:25PM Raison d'etre
Isn't there something inherently odd about buying stock in a company whose sole reason for existing is to enhance the value of the founder's main business? I've never bought Greenlight Re for this reason. Just view available tags
1	member 6/15/15 10:46AM key man clause?
If/when Dan Loeb is no longer able to actively manage the fund, what happens to TPRE? If investors aren't able to liquidate at NAV, how much risk is there that it trades at a sizeable... login to read the rest -1 view available tags

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