Helios Underwriting PLC (HUW) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Helios Underwriting PLC stock £2.25, price £2.53, that is 10.9% below the price, quality 60 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range £1.02 – £2.70 · fair‑value band £2.08 – £2.58 · the £2.53 price screens above the £2.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Helios Underwriting plc, together with its subsidiaries, provides a limited liability investment for its shareholders in the Lloyd's insurance market in the United Kingdom. The company participates in the Lloyd's insurance market through a portfolio of Lloyd's syndicates.
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Its portfolio includes property, casualty, marine, cyber, and aviation, as well as reinsurance products. The company was formerly known as Hampden Underwriting Plc and changed its name to Helios Underwriting Plc in January 2014.
Helios Underwriting plc was incorporated in 2006 and is based in London, the United Kingdom.
Stock analysis
Helios Underwriting PLC (HUW) currently trades at £2.53, while our model-based Fair Value estimate is £2.25, 11% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of £3.46 per share, and 2 of the 6 models we run sit above the £2.53 price.
Bear case: the Dividend Discount group reads lowest at £1.08, and 4 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: £2.08 (bear) to £2.58 (bull), the price of £2.53 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Financial Services sector.
Helios Underwriting PLC reported revenue of £1.3M in FY2025 versus £70.6M in FY2021, a compound −63.1%/yr. Reported net income was £20.5M in FY2025.
Key figures
Market cap £182M Micro · P/E ratio 6.8 · P/S ratio 4.23 · EPS (TTM) £0.3700 · Dividend yield 2.8% · Net margin 63.1% · Return on equity 15.3% · Return on assets (EBIT) 4.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at −11%, HUW screens cheaper than that median.
Fair Value models
Bear£2.08Fair Value £2.25Bull£2.58
Price £2.53 · Downside -10.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (£0.2573 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+19.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.2%
Dividend (yield on the price)2.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.16.2% vs 12.7%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−3% → 1,759%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 11.7%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +4.0% a year for the price.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Insurance - Diversified · 73 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−10.9% · Above median
Profitability
Return on equity (12 months)15.3% · Above median
Return on assets8.3% · Top 25%
Net margin (12 months)63.1% · Top 25%
Operating margin (12 months)82.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)235.3% · Top 25%
Dividend yield (12 months)2.8% · Below median
Balance sheet
Debt / equity0.30× · Above median
Valuation Multiplesvs Insurance - Diversified median · lower = cheaper
P/E (12 months)6.8× · Cheapest 25%
P/B1.01× · Cheapest 25%
P/S (12 months)4.23× · Priciest 25%
Price / free cash flow (fiscal year)9.9× · Cheaper than median
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Is Helios Underwriting PLC (HUW) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of £2.25 versus a price of £2.53, about 11% lower (overvalued).
What is the fair value of HUW?
Our model-based fair value for Helios Underwriting PLC is £2.25 (as of Nov 7, 2026), built from audited fundamentals. The current price: £2.53.
What is the quality score of HUW?
Helios Underwriting PLC has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Helios Underwriting PLC (HUW)?
Our model-based price target is the fair value of £2.25 (as of Nov 7, 2026) from 6 valuation models. Cautious scenario £2.08, optimistic scenario £2.58. It is a calculation from audited fundamentals, not an analyst target.
What is the Helios Underwriting PLC stock forecast for 2026?
Our models put fair value at £2.25, about 11% lower versus a price of £2.53 (overvalued). Cautious scenario £2.08, optimistic scenario £2.58. The calculation is refreshed regularly with new filings.
Does Helios Underwriting PLC pay a dividend?
Helios Underwriting PLC currently shows a dividend yield of 2.77% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Helios Underwriting PLC (HUW) and when is the ex-dividend date?
Helios Underwriting PLC pays a dividend of £0.07 per share a year, a dividend yield of 2.8%. The last ex-dividend date was Jun 4, 2026. A dividend has been paid every year since 2021. The payout ratio is 18.9% of earnings. Free cash flow covers the dividend 3.76 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Helios Underwriting PLC (HUW)?
For today's price to be fair in a discounted-cash-flow model, Helios Underwriting PLC would have to grow free cash flow by +6.4 % per year for five years (discount rate 13.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -52.2 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of HUW use?
Our models discount Helios Underwriting PLC at 13.3 %: a base by market capitalisation (micro), country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Helios Underwriting PLC that is +6.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.3 %) and the same formula as our fair value.
How much growth has Helios Underwriting PLC (HUW) delivered so far?
Over the past 5 years revenue at Helios Underwriting PLC grew -52.2 % a year. The price currently implies free-cash-flow growth of +6.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Helios Underwriting PLC (HUW) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Helios Underwriting PLC (+6.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Helios Underwriting PLC (HUW)?
The free-cash-flow yield on the price is 10.09 %: that much free cash flow Helios Underwriting PLC produces per unit of market value. When it exceeds the discount rate of our models (13.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Helios Underwriting PLC (HUW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Helios Underwriting PLC it is £2.25 per share (as of Nov 7, 2026), against a price of £2.53. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Helios Underwriting PLC stock overvalued or undervalued in 2026?
As of Nov 7, 2026, HUW trades above its calculated fair value: price £2.53, fair value £2.25, a gap of about −11% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HUW?
No. The price is what the market pays today (£2.53); the fair value is what the company's own numbers justify (£2.25). For Helios Underwriting PLC the two are £0.2750 per share apart. That gap is exactly why we show both numbers side by side.
How much is Helios Underwriting PLC worth?
The market values Helios Underwriting PLC at about £182M (market capitalisation, as of Nov 7, 2026). Per share that is £2.53; our models calculate a fair value of £2.25 per share.
What do the bullish and bearish scenarios say about HUW?
Our models span a range for Helios Underwriting PLC: cautious scenario £2.08, base £2.25, optimistic £2.58 per share (as of Nov 7, 2026, price £2.53). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HUW?
Helios Underwriting PLC trades at a price-to-earnings ratio of 6.8 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £2.25 is built from several models across several years. Other multiples: PEG 1.4, P/B 1.0, P/S 4.2, EV/EBITDA 7.7.
What is the PEG ratio of HUW?
The PEG ratio of Helios Underwriting PLC is 1.38 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Helios Underwriting PLC (HUW)?
Balance-sheet figures for Helios Underwriting PLC (as of Nov 7, 2026): return on equity 15.3%, debt of 0.30 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is HUW from its 52-week high?
Helios Underwriting PLC trades at £2.53, about 6% below its 52-week high of £2.70 and 34% above the low of £1.88 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of £2.25 is for.
Which stocks are comparable to Helios Underwriting PLC?
From the same area (Financial Services) we also value Allianz SE, Zurich Insurance Group, AXA SA, Assicurazioni Generali S.p.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Helios Underwriting PLC stock attractive at the current price?
The data as of Nov 7, 2026: price £2.53, calculated fair value £2.25 (−11%), Quality Score 60/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HUW calculated?
We run Helios Underwriting PLC through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of £2.25 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Helios Underwriting PLC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Helios Underwriting PLC (HUW)?
The closing price on Nov 9, 2026 was £2.53. Our model-based fair value is £2.25, about 11% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Helios Underwriting PLC right now?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Helios Underwriting PLC (HUW) come from?
Earnings per share at Helios Underwriting PLC grew +5.6 % a year from 2013 to 2024. Broken into its drivers: revenue per share +0.4 %, EBIT margin +11.3 %, tax rate −2.0 %, residual (interest, one-offs) −3.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Helios Underwriting PLC
How large is the market capitalisation of Helios Underwriting PLC (HUW)?
The market capitalisation of Helios Underwriting PLC is £182M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Helios Underwriting PLC (HUW)?
The price-to-sales ratio of Helios Underwriting PLC is 4.23 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Helios Underwriting PLC (HUW)?
Earnings per share at Helios Underwriting PLC are £0.3700 (price ÷ EPS = P/E 6.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Helios Underwriting PLC (HUW)?
The dividend yield of Helios Underwriting PLC is 2.8% (payout 18.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Helios Underwriting PLC (HUW)?
The net margin of Helios Underwriting PLC is 63.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Helios Underwriting PLC (HUW)?
The return on equity (ROE) of Helios Underwriting PLC is 15.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Helios Underwriting PLC (HUW)?
On an EBIT basis the return on assets of Helios Underwriting PLC is 4.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Helios Underwriting PLC (HUW)?
The operating margin of Helios Underwriting PLC is 82.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Helios Underwriting PLC (HUW)?
Revenue at Helios Underwriting PLC is growing +235% versus a year earlier (3y avg −79.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Helios Underwriting PLC (HUW)?
Earnings per share at Helios Underwriting PLC are growing +158% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Helios Underwriting PLC (HUW) carry?
The net debt of Helios Underwriting PLC is £25.3M (fiscal year 2025, ≈ 1.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026