-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：我們將WRB的12個月目標價下調3美元至72美元，基於2026年每股營運收益4.65美元的預測，其估值相當於15.5倍市盈率；基於2027年每股營運收益5.05美元的預測，其估值相當於14.3倍市盈率，均高於三年同倍率（14.12）和平均同倍WRB第一季每股營運收益（不計投資損益）為1.30美元，高於去年同期的1.05美元，也高於我們先前1.09美元的預期和市場普遍預期的1.14美元。我們讚賞WRB 2025年淨保費營收成長6.2%，此成長速度可能超過許多同業公司，但WRB的保費收入成長率已大幅放緩（第一季同比成長1.3%）。 WRB的核保模式非常簡便，公司可以將核保資本分配到承保狀況最佳的領域。管理層曾樂觀地認為公司能夠保持這一競爭優勢，但第一季的保費收入趨勢表明，WRB實現高於同業的營收成長率可能面臨巨大挑戰。這可能會對股價構成壓力，並可能危及其相對於同業的保費估值。
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