Is QBE an insurance risk?

The general insurer has taken a tumble after its latest earnings downgrade. So is it now in value?

Is it time to buy QBE? Not at current prices, in our view, but below $10 the stock would be interesting. The serial disappointer last week downgraded its earnings guidance for the fourth time in the last two years but our valuation was conservative; we don’t need to downgrade and we see enough underlying progress that a valuation upgrade is probable at some stage.

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