Ben Jones

Equity analyst. Founder of Ben Jones Investments

[Ben Jones @BenJonesInvest]

Our AAZ FY 2025 earnings report can be found free here: https://t.co/f7GaInHni1

Our AAZ deep dive can be found free here: https://t.co/W0fYlQ8K6B

[Ben Jones @BenJonesInvest]

Anglo Asian Mining $AAZ.L reports FY 2025 results:

Revenue +208%
Net income $18m vs $18m loss in 2024

2 new mines operational: Gilar & Demirli

2026 expected revenue >$300m with net income >$100m

3 new mines to develop over next 5 years continuing growth over the medium term

[Ben Jones @BenJonesInvest]

Our Chubb Q1 26 earnings report can be found free on our website: https://t.co/oHCaduhTN9

[Ben Jones @BenJonesInvest]

$CB reported solid Q1 26 results

Net premium earned +12.1%
Combined ratio 84.0%
EPS +79% (+13.5% adjusted for Q1 25 cat losses)

Low combined ratio across all lines suggests broad underwriting discipline. Growth continuing despite rates softening. Looks cheap at 12x earnings

[Ben Jones @BenJonesInvest]

Our full IBKR Q1 2026 report can be accessed free on our website: https://t.co/njKfWSpgXE

[Ben Jones @BenJonesInvest]

$IBKR posted another strong earnings. IBKR demonstrate their ability to consistently beat competitors on price, rates and product offering as they become increasingly dominant in the low-touch broker market.

Client accounts +31%
Revenue +17%
Net income +22%
Op margin 77%

[Ben Jones @BenJonesInvest]

Our Persimmon 2025 earnings report can be found free on our website: https://t.co/31Qe2ToBHO

[Ben Jones @BenJonesInvest]

$PSN.L 2025 earnings

Completions +11.6%
Operating income +14.9%
Net income + 7.1%

Forecast growth in completions and margin improvement for 2026

Forward p/e 11.2x
BV 1.1x

0 debt and landbank with 7 years worth of build

UK structural housing deficit

Looks cheap

[Ben Jones @BenJonesInvest]

Our free IGI 2025 earnings report can be found here: https://t.co/UiH0Zli01k

[Ben Jones @BenJonesInvest]

$IGIC priced as if they won't grow premiums or generate any underwriting income again. For a company that has grown premiums earned at a 10% CAGR since 2010 and has an average combined ratio of 87% over the same period, the market seems off.

Looks much too cheap

[Ben Jones @BenJonesInvest]

Our $GRBK 2025 earnings report can be found free here: https://t.co/plRKUbJNeV

[Ben Jones @BenJonesInvest]

$GRBK 2025 earnings

Completions +4.2%
Earnings -18.1%
Operating margin 19.5%

Strong balance sheet, industry high margins and looks cheap even with further margin contraction as ASP stalls

[Ben Jones @BenJonesInvest]

Our $EG 2025 earnings report can be found free here: https://t.co/kwk36GT0kA

[Ben Jones @BenJonesInvest]

$EG 2025 earnings:

Premiums earned +2.5%
NI +15.9%
Combined ratio 98.6%

Thesis is simple: market cap is $13.7bn, book value is $15.5bn and EG earns >$2bn per year from investment income. EG could make $0 through core (re)insurance business each year, and still be undervalued.

[Ben Jones @BenJonesInvest]

Our full Chubb 2025 earnings review can be found free here: https://t.co/FcdJrIbbdD

[Ben Jones @BenJonesInvest]

$CB reported record 2025 results.

Net premium earned +6.4%
Combined ratio 85.7%
EPS +13.1%

Low combined ratio across all lines suggests broad underwriting discipline. Growth continuing despite rates softening.

Looks cheap at 12x earnings

[Ben Jones @BenJonesInvest]

Our Evolution 2025 earnings report can be found free here: https://t.co/ThF69aFEDZ

[Ben Jones @BenJonesInvest]

$EVO growth stalled in 2025

Revenue +0%
Operating income -5%

PE 10x prices no future growth

Online casino grew at 24% CAGR over last 5 yrs and Evolution remains market leader

Stricter regulation hampers short-term growth but raises barrier to entry and widens moat

[Ben Jones @BenJonesInvest]

Difficult to externally verify the measures taken to combat cyber-attacks in Asia and growth in Europe remains uncertain following ring-fencing. North America and Latam are bright spots.

[Ben Jones @BenJonesInvest]

Our $MHO 2025 earnings report can be found for free here: https://t.co/308jwwPxTE

[Ben Jones @BenJonesInvest]

$MHO reports in-line earnings for 2025

Completions -1.5%
ASP -0.8%
Operating margin 11.5%

Given scope for moderate completion growth and long-run 11% operating margin, $MHO looks cheap at 8x earnings. Strong BS with 0 net debt