MeritValue

International General Insurance Holdings Ltd.

IGICdata completeness 88%9 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

International General Insurance Holdings Ltd. earns about 30% on invested capital, far above its ~9% cost of capital, and has bought back 4% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $28.05 and $111.07 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$350.4M1$393.2M2$499.2M3$539M3$516.9M3
Net income$46.8M4$89.2M5$118.2M6$135.2M6$127.2M6
Operating cash flow$175.3M7$154.9M8$196.6M9$209.5M9$108.1M9
Capital expenditure$2.38M10$1.28M10$3.25M10$6.63M11$944,00011
Free cash flow (derived)$172.9M7$153.6M8$193.4M9$202.8M9$107.2M9
Total debt—————
Cash & equivalents$242.1M12$122.1M13$177M14$155.2M15$186.2M15
Diluted shares45.5M45.7M43.5M44.7M43.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$162.62
your share of equity
Profit it earned you last year
$29.12
Free cash flow it threw off
$24.55
Debt you’d be carrying
—

10 shares is a claim on $162.62 of net worth that earned you $29.12 and generated $24.55 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
30% avg · 5y
FY21 34%FY22 31%FY23 33%FY24 26%FY25 24%

It earned about 30% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $28.05 and $111.07 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$111.07
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth8.0%
  • fcfBase$193.4M
DCF · Growth Exit 5Y
$93.35
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth8.0%
  • fcfBase$193.4M
Earnings Power Value
$28.05
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$118.2M
  • growthAssumed0.0%
Graham Number
$32.52
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years8.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $93.35
The three cases
Bear0.0%$67.53
Base8.0%$93.35
Bull13.0%$113.67

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 8.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001213900-24-031166 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001794338-25-000022 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001794338-26-000012 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-031166 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001794338-25-000022 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001794338-26-000012 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-031166 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001794338-25-000022 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001794338-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-031166 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2024-12-31 · accession 0001794338-26-000012 (PaymentsToAcquireProductiveAssets)
  12. 20-F · period ending 2021-12-31 · accession 0001794338-25-000022 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 20-F · period ending 2022-12-31 · accession 0001213900-24-031166 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2023-12-31 · accession 0001794338-25-000022 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2024-12-31 · accession 0001794338-26-000012 (CashAndCashEquivalentsAtCarryingValue)