Financials
FP Partner ($730m M/Cap, listed in Sep 22) is growing fast with 9-month operating profit +40% y/y and likely to comfortably beat full year forecasts. PER is 19x 11/24E assuming another +10% y/y growth, though based on the present growth rate, estimates will also need to be guided upwards. As one of the largest insurance sales agencies, FP Partner is benefiting from Japan’s shift from direct insurance product sales by individual insurance companies towards the agency model that dominates in the US.
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- 24 November, 2023