Siriuspoint Ltd
SPNT带内预期 · 温和2 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2025-12-31- 营收增速
- +23.1%
- 净利率
- 14.3%
- ROE
- 18.6%
- FCF 利润率
- —
估值 · 价值带
处于合理价值区间
零增长底
$19
中枢 IV
$20
乐观上沿
$25
Siriuspoint Ltd（SPNT）：保守价值带 $19–$25 / 股（零增长底到增速封顶的乐观上沿），中枢约 $20。今日价格落在这条带内（价格 $25 截至 2026-07-20）。
中间是主读数；右侧上沿是同一套保守假设下的乐观档，不是绝对上限。
营收增 4%（历史增长与基本面上限的较小值，受护城河封顶） · 护城河 0 年 · 折现 10.5% · 零增长下行 $19
价格截至 2026-07-20 · yahoo · DGS10 4.6% @ 2026-07-20.
方法与数字
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
保守内在价值带（零增长底到增速封顶的 DCF）加一道有形资产地板 — 非投资建议、非买卖信号、亦非目标价。
所有者盈利 DCF $13.43 – $24.69 · Greenwald 零增长 $19.31 · 零增长基准 $19.31 · 重置 $19.31
护城河 商品化 · 终值占现值 48% · 所有者盈利收益率 6% 对 10Y 4.6%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
年份：2025, 2024, 2023, 2022, 2021
Buffett owner-earnings value$13.20 – $16.14 / 股
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
年份：2025, 2024, 2023, 2022, 2021
v1 简化：Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Financial issuer (bank/insurer): net debt / owner earnings does not describe a deposit-funded balance sheet, so no leverage premium is applied here; leverage is instead handled by the reliability gate.
重置价值 = 有形净资产 $2.35B = $19.31 / 股. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
护城河读数：Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
增长价值被闸至零 — 无护城河或 ROIIC ≤ WACC，故不计入增长价值。
窗口 FY 2025, 2024, 2023, 2022, 2021 · 贴现带 9%–11% · 正常化税率 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · 股数 diluted.
所有者盈利 DCF：增长 g₁ 4% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.10%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-07-20). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 8.0%；公司过去营收年增 22.8%。
低于它自己做到过的。
粗略地说，现价要它按历史营收增速再增长约 4 年，才刚好撑得起。
SEC 13F · 持有人
持有该证券的超级投资者
2 位持有 · 合计 $208.7M · 本季 +0 新建 / -0 清仓
- 市值$204.3M权重（上季→本季）3.5% → 3.7% ▲
- 市值$4.3M权重（上季→本季）2.4% → 2.9% ▲
SEC 13F · 说明
文字说明
文字说明
Siriuspoint Ltd（SPNT）被 Compounder 追踪的 2 位超级投资者持有，合计申报市值 $208.7M。仓位最大的是 Donald Smith，占其组合 3.7%。
按市值，其他主要持有人包括 Paul Isaac（占其组合 2.9%）。
最近一个季度，追踪范围内有 0 位新建 SPNT 仓位，1 位加仓，0 位减仓，0 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-03-31 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
SEC 13F · 共持信号
他们还共同持有
持有 Siriuspoint Ltd（SPNT）的这些人还共同重仓 →
SPNT 现价不低于保守价值带。 看当前击球区股票
数据来源· SEC EDGAR 13F 截至 2026-03-31 · 2026-05-14 提交
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
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