Conduit Holdings slips as CEO announces retirement

Conduit Holdings

31/03/2025 10:19

** Bermuda-based Conduit Holdings CRE.L falls 9.1% to 321.5p, lowest since October 2022

** CEO Trevor Carvey to step down and retire with effect from 11 April

** Executive Chairman Neil Eckert to take over as interim CEO with immediate effect

** Peel Hunt says, "We view this as an unfortunate turn of events following a tough six months for the firm, which has been exposed to higher natural catastrophe losses than we anticipated, most recently the impact of the LA Wildfires"

** Cuts PT from 620p to 570p

** Adds stock currently undervalued and trading at 60% of projected 2025 Net Asset Value without considering any debt

** As of last close, CRE down ~25% this year

 (Reporting by Rupali Chaudhary in Bengaluru)

 ((Rupali.Chaudhary@thomsonreuters.com))