WallStSmart

Greenlight Capital Re Ltd (GLRE)vsKestrel Group, Ltd. (KG)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Greenlight Capital Re Ltd generates 2018% more annual revenue ($721.31M vs $34.05M). KG leads profitability with a 137.2% profit margin vs 10.4%. KG trades at a lower P/E of 1.1x. GLRE earns a higher WallStSmart Score of 70/100 (B-).

GLRE

Strong Buy

70

out of 100

Grade: B-

Growth: 6.7Profit: 6.0Value: 8.7Quality: 6.8
Piotroski: 6/9

KG

Buy

62

out of 100

Grade: C+

Growth: 4.0Profit: 6.5Value: 8.3Quality: 6.0
Piotroski: 6/9Altman Z: -155.06
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

GLREUndervalued (+5.6%)

Margin of Safety

+5.6%

Fair Value

$14.76

Current Price

$17.06

$2.30 discount

UndervaluedFair: $14.76Overvalued
KGUndervalued (+79.7%)

Margin of Safety

+79.7%

Fair Value

$59.36

Current Price

$10.96

$48.39 discount

UndervaluedFair: $59.36Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

GLRE5 strengths · Avg: 9.6/10
P/E RatioValuation
7.4x10/10

Attractively priced relative to earnings

Price/BookValuation
0.8x10/10

Reasonable price relative to book value

Revenue GrowthGrowth
39.7%10/10

Revenue surging 39.7% year-over-year

Debt/EquityHealth
0.0510/10

Conservative balance sheet, low leverage

Operating MarginProfitability
24.3%8/10

Strong operational efficiency at 24.3%

KG4 strengths · Avg: 10.0/10
P/E RatioValuation
1.1x10/10

Attractively priced relative to earnings

Price/BookValuation
0.7x10/10

Reasonable price relative to book value

Return on EquityProfitability
74.6%10/10

Every $100 of equity generates 75 in profit

Profit MarginProfitability
137.2%10/10

Keeps 137 of every $100 in revenue as profit

Areas to Watch

GLRE3 concerns · Avg: 3.0/10
PEG RatioValuation
1.694/10

Expensive relative to growth rate

Market CapQuality
$546.83M3/10

Smaller company, higher risk/reward

EPS GrowthGrowth
-95.8%2/10

Earnings declined 95.8%

KG4 concerns · Avg: 3.0/10
EPS GrowthGrowth
0.0%4/10

0.0% earnings growth

Market CapQuality
$76.26M3/10

Smaller company, higher risk/reward

Debt/EquityHealth
1.213/10

Elevated debt levels

Free Cash FlowQuality
$-67.67M2/10

Negative free cash flow — burning cash

Comparative Analysis Report

WallStSmart Research

Bull Case : GLRE

The strongest argument for GLRE centers on P/E Ratio, Price/Book, Revenue Growth. Revenue growth of 39.7% demonstrates continued momentum.

Bull Case : KG

The strongest argument for KG centers on P/E Ratio, Price/Book, Return on Equity. Profitability is solid with margins at 137.2% and operating margin at -28.7%.

Bear Case : GLRE

The primary concerns for GLRE are PEG Ratio, Market Cap, EPS Growth.

Bear Case : KG

The primary concerns for KG are EPS Growth, Market Cap, Debt/Equity.

Key Dynamics to Monitor

GLRE profiles as a growth stock while KG is a mature play — different risk/reward profiles.

GLRE is growing revenue faster at 39.7% — sustainability is the question.

GLRE generates stronger free cash flow (100M), providing more financial flexibility.

Monitor INSURANCE - REINSURANCE industry trends, competitive dynamics, and regulatory changes.

Bottom Line

GLRE scores higher overall (70/100 vs 62/100) and 39.7% revenue growth. KG offers better value entry with a 79.7% margin of safety. Both earn "Strong Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Greenlight Capital Re Ltd

FINANCIAL SERVICES · INSURANCE - REINSURANCE · USA

Greenlight Capital Re, Ltd., is a worldwide property and casualty reinsurance company. The company is headquartered in Grand Cayman, the Cayman Islands.

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Kestrel Group, Ltd.

FINANCIAL SERVICES · INSURANCE - REINSURANCE · USA

Kestrel Group Ltd engages in providing fronting services to insurance program managers, MGAs, reinsurers, and reinsurance brokers. The company is headquartered in Hamilton, Bermuda.

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