# Sabre Insurance: Shares Halved Since COVID, But Not Cheap Enough

### Company Update (SBRE LN) (Downgrade to Neutral)

## Highlights

Sabre shares are at 7.4x 2019 EPS and 11.3x 2021 EPS

The sector’s 2022 earnings downturn was exceptional and cyclical

EPS can double this year and be back at 2021 level by 2024

At 135.6p, we see 35% upside (13.6% p.a.) by end of 2025

But this is not attractive enough and we have long-term concerns

## Introduction

We revisit our investment case on Sabre…