The Globe and Mail reports in its Tuesday, Oct. 3, edition that Fairfax Financial Holdings is a non-tech stock that has outperformed this year. The Globe's guest columnist Gordon Pape writes Fairfax is one of the largest property-casualty insurers and reinsurers in North America. Chief executive officer Prem Watsa is often called the "Warren Buffett of Canada." Apart from its insurance operations, Fairfax owns positions in a number of non-insurance businesses, such as Stelco Holdings, BlackBerry, Resolute Forest Products and Golf Town.
The stock has been rising steadily for the past year and is now well past the $1,000-a-share mark -- a level few Canadian companies ever achieve.
The company's second quarter results saw a huge improvement over the same quarter in 2022, when it reported a loss of $32-million (U.S.).
Book value per basic share, which Mr. Watsa considers to be the key measure of a company's financial performance, increased to $834.28, up 10.8 per cent (adjusted for a $10-(U.S.)-a-share dividend paid in the first quarter) from $762.28 (U.S.) as of last Dec. 31. The Globe reported on Aug. 9 that National Bank Financial rated Fairfax "outperform" when it was worth $1,103.44 (Canadian).
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