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Fly News Breaks for June 16, 2016
CB
Jun 16, 2016 | 07:28 EDT
Atlantic Equities analyst John Heagerty downgraded Chubb to Underweight saying ROE of approximately 10% and modest BVPS growth of 6-7% pa does not merit a premium valuation. Heagerty's believes there is downside risks to investment returns given record low bond yields and believes a more appropriate multiple of 1.1x book value, or a valuation of $115, is warranted and not the current premium of 1.2x.