Steadfast float soars

Insurance broker Steadfast began its listed life with a roar on Friday. Its share price rose 24% from the float price of $1.15 to close at $1.42. But managing director, Robert Kelly, and chairman Frank O’Halloran shouldn’t get too comfortable. The hard work is ahead as Steadfast transitions from being a simple buying group to a listed business attempting to integrate over 50 insurance broking businesses purchased at float (for more details see Hail the insurance middleman from 22 Jul 13 (Subscribe – $1.20)). Success, or otherwise, in that process will drive long-term shareholder returns. We’ll update the situation in more detail...

Insurance broker Steadfast began its listed life with a roar on Friday. Its share price rose 24% from the float price of $1.15 to close at $1.42. But managing director, Robert Kelly, and chairman Frank O’Halloran shouldn’t get too comfortable. The hard work is ahead as Steadfast transitions from being a simple buying group to a listed business attempting to integrate over 50 insurance broking businesses purchased at float (for more details see Hail the insurance middleman from 22 Jul 13 (Subscribe – $1.20)). Success, or otherwise, in that process will drive long-term shareholder returns. We’ll update the situation in more detail following the results later this month but with the share price now well above our Buy price of $1.20 we’re downgrading a notch to HOLD.

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