Good question. So where available, I used the Fortegra unadjusted numbers. You can find the IPO prospectus that provides 2020-2022 figures. Then I was able to find 2008-2013 figures from the original listing. So in other years, use Tiptree adj figures or my guestimates.
Thanks for the response. New to finance, so learning about the prospectus was super useful. To get that 127 12M historical, did you take their 2023 earnings, grow it at previous CAGR, and then add 6 months of (documented) 2023 earnings and 6 months of (projected) 2024 earnings?
Good question. So where available, I used the Fortegra unadjusted numbers. You can find the IPO prospectus that provides 2020-2022 figures. Then I was able to find 2008-2013 figures from the original listing. So in other years, use Tiptree adj figures or my guestimates.
Thanks for the response. New to finance, so learning about the prospectus was super useful. To get that 127 12M historical, did you take their 2023 earnings, grow it at previous CAGR, and then add 6 months of (documented) 2023 earnings and 6 months of (projected) 2024 earnings?
That is based on the Tiptree disclosure about Fortegra - so 12M ending March 2024.
Did your analysis of historical earnings for Fortegra use TipTree's adjusted earnings metric, or did you get rid of those adjustments?