This week I executed a slightly more capital intensive investment plan than previous weeks thanks to some extra income.

I tried to take advantage of the correction in $PLMR (-2,76%) (my bet for Growth in the insurance sector) and the fall after the capital increase of $AMP (+3,18%) (my speculative bet less and less speculative), as well as giving more weight to the company with the most solid and sustainable dividend in my portfolio, $G (-0,54%) .

The other investments, in Sabre, Allianz and Ping An, are simply the result of a dynamic DCA plan that I have already pre-established based on the evolution of their price compared to the last purchase.

And we have already exceeded €1,000 in portfolio value!

--

This week, I carried out a slightly more capital-intensive investment plan than in previous weeks, thanks to some extra income.

I took the opportunity to buy into the correction of Palomar Holdings (my growth bet within the insurance sector) and the drop following the capital increase of Amper (my speculative pick, becoming less speculative over time), as well as to give more weight to Generali, the company with the most solid and consistent dividend in the portfolio.

The rest of the investments - in Sabre, Allianz, and Ping An - simply follow a dynamic DCA strategy I have pre-established, based on how their prices evolve relative to my previous purchase.

And with this, we've already passed €1,000 in total portfolio value!

$LMND (-1,58%)

History:

$LMND (-1,58%) is an insurance company that was founded as a public benefit corporation and has its headquarters in New York and its European branch in Amsterdam. Lemonade has been traded as a public company on the New York Stock Exchange since July 2020.

$LMND (-1,58%) Insurance was founded in 2015 by Daniel Schreiber and Shai Wininger with the goal of revolutionizing the insurance industry through technology. The company started by providing home insurance and relies heavily on artificial intelligence and chatbots for claims processing and customer service.

$LMND (-1,58%) has experienced rapid expansion, including an IPO in 2020 and expansion into Germany

business model:

Lemonade, Inc. offers renters, homeowners, auto, pet and life insurance.

Current market capitalization 3 billion

The company's full-stack, artificial intelligence-powered insurance carriers in the United States and European Union replace brokers and bureaucracy with bots and machine learning. The company's digital substrate enables it to integrate marketing and onboarding with underwriting and claims processing, and to collect and utilize data.

Its technology includes Data Advantage,

AI Maya, AI Jim, CX.AI, Forensic Graph, Blender and Cooper.

AI Maya, the onboarding and customer experience bot, uses natural language to assist customers in the onboarding process.

AI Jim, the claims reporting bot, receives the customer's first claim and pays the claimant or rejects the claim without human intervention.

The company offers pet insurance policies that cover diagnoses, procedures, medication, accidents or illnesses. Even the basic pet insurance covers blood tests, urinalysis, laboratory tests and CT scans.

What is the Lemonade $LMND (-1,58%)
Giveback?

Giveback is at the heart of Lemonade. This core element of the business model enables customers to use their Lemonade insurance policies to support causes that are close to their hearts.

Since 2017, Lemonade has $LMND (-1,58%) donated over 10 million US dollars to help build new homes, provide clean water, improve education, promote animal rights and much more.

Here's how it works:

When a customer purchases a $LMND (-1,58%) renters, homeowners, auto or pet insurance, charges a flat fee to cover $LMND (-1,58%) a flat fee to support and grow the business. A portion of the premiums goes towards claims settlement and the balance goes directly to one of their Giveback Partners - non-profit organizations selected by our customers.

$LMND (-1,58%) is a non-profit corporation:

$LMND (-1,58%) is a Public Benefit Corporation and a certified B Corp, which means they are legally committed to making a positive social impact. B Corp certification is awarded to companies that demonstrate that they balance profit and purpose while putting people and the planet at the center.

Every three years, they undergo a comprehensive assessment of their entire organization.

Number of employees: 1 258 (end of 2024)

Profitability:

$LMND (-1,58%) Approaching a turning point, possibly offering a promising investment opportunity.

Profitability increases with size, as costs do not rise due to additional premiums, as is normally the case with conventional insurance companies.

Management expects EBITDA profitability in 2026 and net profit profitability in 2027.

They see an extremely clear path to profitability:

They also have a clear path to profitability :

- Loss ratio from 92% to 73

- Net profit margin -123% to -20.2%

- Continued increase in sales growth rates

Growth:

Growth is currently still controlled, but the real growth is yet to come, with sales growth rates continuing to rise in the last two quarters.

They have been able to achieve these growth rates without an expansive expansion (both in existing and additional potential states) of automobile insurance, which represents a huge opportunity for $LMND (-1,58%) represents a huge opportunity.

Car insurance

$LMND (-1,58%) currently has around 2.3 million customers who use renters, pet and other insurance products. These customers use $LMND (-1,58%) for one reason: favorable price and convenience.

The share of car insurance is currently still very small and has a lot of room for expansion, so if we were to assume that only 30% of them become car insurance customers with an average annual turnover of USD 1,800, that would be an additional USD 1.24 billion in turnover per year ... just by cross-selling 30% (without any other new customers)

Pet insurance:

The pet insurance market was a $5 billion market in the US last year. It is expected to reach 6 billion dollars in 2025 and 15.7 billion dollars by 2030, growing by 22% annually.

$LMND (-1,58%) - Total annual premiums recently surpassed the $1 billion mark. So if you were to capture 50% of the pet insurance market, premiums would increase eightfold in just five years (800% assuming the projected growth above)

Trupanion (green line) has a 25% market share today. $LMND (blue line) is around 5%.

However, the search trend will continue to have a positive effect for $LMND (-1,58%) especially as it is only just beginning to expand further into all states. (This also applies to the other insurance segments)

Opportunities/long-term potential:

I think the future possibilities and opportunities for $LMND (-1,58%) a supposedly boring industry are enormous.

The insurance market has one of the largest TAMs of all.

The global insurance market was worth around USD 8 trillion in 2024. The USA and China are the largest insurance markets worldwide, with the USA leading the way with a market share of around 45% and China with around 10%.

• Slight international expansion (online)
• Product expansion (additional lines)
• Enormous cross-selling potential
• Decreasing dependence on reinsurance
• Simple and fast premium calculation, conclusion and claims settlement (through AI)
• Already tested/calculated in-house: https://www.lemonade.com
• 10-fold sales opportunity

$ALV (-0,75%)
$MUV2 (-1,37%) , $HNR1 (-1,21%) , $PGR (-2,64%) , $GEC , $ALL (-3,82%) , $AIG (-3,61%) , $UNH (+1,39%) , $CVS (-0,19%) , $UQA (-0,33%) , $G (-0,54%) , $VIG (+0,17%)

At the end of March 2025, I made the decision to begin my journey through the winding roads of investment. And as a novice investor, I did it hand in hand with a sector familiar to me: insurance.

For that reason, about 75% of my portfolio belongs to the sector.

My strong bet today is $2318 (-1,03%) a solid company affected by circumstances external to its activity. A $MAP (-0,05%) special affection and together with $ALV (-0,75%) stabilizers. $G (-0,54%) It underpins the portfolio and stabilizes it. $PHNX (-0,1%) distributes generous dividends without harming its business, and $SBRE (-1,81%) has a beastly potential, with a unique business.

Mostly Continental European companies, two British and one Chinese. The first four are general insurance companies with a strong focus on Property & Casualty. Phoenix Group is focused on life insurance and Sabre on premium motor insurance with strong underwriting of motorcycles.

Outside of insurance, an ETF in the defense and security sector such as $IVDF (+0,12%) as well as the Spanish $AMP (+3,18%) which is also closely linked to defense and security and has come out of a difficult situation on the right track.

My plan? To invest around 50€ per week in these stocks through a dynamic investment plan in Trade Republic. Each week I will vary the portion of investment I allocate to each position according to its evolution.

We'll see!

Analyst updates, 29.11.

⬆️⬆️⬆️

- BOFA raises the price target for SIEMENS ENERGY from EUR 48 to EUR 52. Neutral. $ENR (-2,06%)

- GOLDMAN raises the target price for DEUTSCHE TELEKOM from EUR 37 to EUR 39. Buy. $DTE (-0,27%)

- BERENBERG raises the price target for PFIZER from USD 27 to USD 29. Hold. $PFE (+0,95%)

- JPMORGAN raises the target price for JUST EAT TAKEAWAY from GBP 14.15 to GBP 16.02. Overweight. $TKWY (+0,1%)

- WARBURG RESEARCH raises the target price for RATIONAL from EUR 800 to EUR 810. Hold. $RAA (+2,88%)

- BOFA upgrades SCHNEIDER ELECTRIC from Underperform to Neutral and raises target price from 175 EUR to 255 EUR. $SU (+0,39%)

- BOFA raises the price target for NORDEX from 17.90 EUR to 19.30 EUR. Buy. $NDX1 (+2,29%)

- BERENBERG raises the target price for ZALANDO from EUR 29.70 to EUR 38. Buy. $ZAL (+1,04%)

- WARBURG RESEARCH upgrades WACKER NEUSON from Hold to Buy. Target price EUR 17. $WAC (-0,21%)

- WARBURG RESEARCH raises the price target for ALZCHEM from EUR 75 to EUR 77.50. Buy. $ACT (-1,66%)

- ODDO BHF upgrades NORMA GROUP from Neutral to Outperform. Target price EUR 18.10. $NOEJ (+0%)

- BOFA raises the price target for KNORR-BREMSE from EUR 68 to EUR 70. Underperform. $KBX (+0,23%)

- BOFA upgrades ABB to Buy. $ABBNY (+0,51%)

- BOFA upgrades KION from Neutral to Buy and raises target price from EUR 39.50 to EUR 48.50. $KGX (+3,86%)

- BOFA upgrades JUNGHEINRICH from Underperform to Neutral and raises target price from EUR 24 to EUR 26. $JUN3 (+2,57%)

- BERENBERG raises the price target for GLOBAL FASHION GROUP from EUR 0.23 to EUR 0.27. Hold. $GFG (-1,16%)

- HSBC raises the price target for DEUTSCHE BÖRSE from EUR 230 to EUR 236. Buy. $DB1 (-0,24%)

⬇️⬇️⬇️

- KEPLER CHEUVREUX lowers the price target for HUGO BOSS from EUR 59 to EUR 41. Buy. $BOSS (-0,14%)

- BOFA downgrades GENERALI from Neutral to Underperform and raises target price from EUR 26 to EUR 27. $G (-0,54%)

- DEUTSCHE BANK RESEARCH lowers the price target for L'OREAL from EUR 335 to EUR 280. Sell. $OR (-0,16%)

- BOFA lowers the target price for BAE SYSTEMS from GBP 13.75 to GBP 12.40. Underperform. $BA. (+0,81%)

- BERENBERG lowers the price target for ALLGEIER from EUR 22 to EUR 19. Buy. $0RQZ

⬆️⬆️⬆️

- UBS raises its price target for NVIDIA from USD 150 to USD 185. Buy. $NVDA (-3,33%)

- METZLER raises the price target for MUNICH RE from EUR 535 to EUR 543. Buy. $MUV2 (-1,37%)

- GOLDMAN lowers the target price for NOVO NORDISK from DKK 1040 to DKK 1025. Buy. $NOVO B (-2,31%)

- GOLDMAN upgrades MTU from Neutral to Buy and raises target price from EUR 276 to EUR 400. $MTX (-1,48%)

- GOLDMAN upgrades BASF from Neutral to Buy and raises target price from EUR 45 to EUR 53. $BAS (-0,2%)

- DEUTSCHE BANK RESEARCH raises the price target for FRESENIUS SE from EUR 42 to EUR 44. Buy. $FRE (-0,78%)

- DEUTSCHE BANK RESEARCH raises the price target for EMBRACER from SEK 24 to SEK 28. Hold. $TH9A

- DEUTSCHE BANK RESEARCH raises the price target for AMADEUS IT from EUR 62 to EUR 65. Hold. $AMS (+0,61%)

- DEUTSCHE BANK RESEARCH raises the price target for NEMETSCHEK from EUR 85 to EUR 100. Hold. $NEM (+0,35%)

- WARBURG RESEARCH raises the price target for DÜRR from EUR 32 to EUR 33. Buy. $DURYY (-5,07%)

- HAUCK AUFHÄUSER IB upgrades CANCOM from Hold to Buy. Target price EUR 32. $COK (+0,44%)

- ODDO BHF upgrades GENERALI to Neutral. Target price EUR 26.10. $G (-0,54%)

- METZLER raises the price target for HEIDELBERG MATERIALS from EUR 131 to EUR 138. Buy. $HEI (-0,06%)

- BERENBERG raises the price target for FLATEXDEGIRO from EUR 16 to EUR 18. Buy. $FTK (-0,87%)

- BERENBERG raises the price target for FREENET from EUR 29 to EUR 32. Buy. $FNTN (-0,14%)

- JPMORGAN raises the target price for HEIDELBERG MATERIALS from EUR 108 to EUR 149. Overweight. $HEI (-0,06%)

⬇️⬇️⬇️

- UBS lowers the price target for MUNICH RE from EUR 560 to EUR 540. Buy. $MUV2 (-1,37%)

- ODDO BHF downgrades MODERNA to Outperform. Target price USD 86. $MRNA (+3,23%)

- UBS downgrades VALE from Buy to Neutral and lowers target price from USD 14 to USD 11.50. $VALE (+0,79%)

- DZ BANK lowers target price for DEUTZ from EUR 6.80 to EUR 5.80. Buy. $DEZ (+1,27%)

- DZ BANK lowers the price target for BECHTLE from EUR 51 to EUR 45. Buy. $BC8 (-0,45%)

- BERENBERG lowers the target price for ESTEE LAUDER from USD 87 to USD 76. Hold. $EL (+0,53%)

- RBC lowers the target price for ASOS from GBP 4.60 to GBP 4. Sector Perform. $ASC (+3,09%)

- RBC lowers the price target for EVOTEC from EUR 12 to EUR 11.60. Outperform. $EVT (+1,26%)

- RBC lowers the price target for VESTAS from DKK 222 to DKK 156. Outperform. $VWS (+0,76%)

- BERENBERG lowers the price target for SUSS MICROTEC from EUR 80 to EUR 75. Buy. $SMHN (+3,6%)

- JEFFERIES downgrades NEL from Hold to Underperform and lowers target price from NOK 5.50 to NOK 3. $NEL (+1,05%)

- RBC lowers the price target for BMW from EUR 81 to EUR 80. Sector Perform. $BMW (-0,07%)

- JEFFERIES lowers the price target for KNAUS TABBERT from EUR 26 to EUR 20. Hold. $KTA (+0,54%)

Analyst updates, 04.11.

⬆️⬆️⬆️

- BERENBERG raises the target price for SHELL from GBP 31 to GBP 31.50. Buy. | $SHEL (-1,48%)

- BERENBERG raises the price target for MTU from EUR 270 to EUR 350. Buy. | $MTX (-1,48%)

- BRYAN GARNIER raises the price target for HELLOFRESH from EUR 8.50 to EUR 10. Neutral. | $HFG (-0,36%)

- DEUTSCHE BANK RESEARCH raises the price target for SCOUT24 from EUR 84 to EUR 92. Buy. | $G24 (-0,54%)

- DEUTSCHE BANK RESEARCH raises the price target for SANTANDER from EUR 5.75 to EUR 5.80. Buy. | $SAN (-1,15%)

- RBC raises the target price for NEXT PLC from GBP 105 to GBP 108. Sector Perform. | $NXT (+2,78%)

- UBS raises the price target for CHEVRON from USD 192 to USD 194. Buy. | $CVX (-3,05%)

⬇️⬇️⬇️

- UBS lowers the price target for BERKSHIRE HATHAWAY from USD 806.724 to USD 796.021. Buy. | $BRK.B (-1,93%)

- CITIGROUP lowers the price target for STMICRO from EUR 36 to EUR 30. Buy. | $STMPA (+0,74%)

- JPMORGAN lowers the price target for ASM INTERNATIONAL from EUR 806 to EUR 716. Overweight. | $ASM (+2,05%)

- RBC downgrades CARL ZEISS MEDITEC from Outperform to Sector-Perform and lowers target price from EUR 85 to EUR 70. | $AFX (-1,35%)

- WARBURG RESEARCH lowers the price target for KION from EUR 65 to EUR 58. Buy. | $KGX (+3,86%)

- ODDO BHF downgrades JENOPTIK from Neutral to Outperform and lowers target price from EUR 32 to EUR 30. | $JEN (+0,43%)

- ODDO BHF lowers the price target for AIXTRON from EUR 22 to EUR 21. Outperform. | $AIXA (+1,72%)

- ODDO BHF lowers the price target for FIELMANN from EUR 45.70 to EUR 44.60. Neutral. | $FIE (+0,55%)

- HAUCK AUFHÄUSER IB lowers the price target for KNORR-BREMSE from 65.50 EUR to 63.60 EUR. Sell. | $KBX (+0,23%)

- GOLDMAN downgrades STANDARD CHARTERED to Neutral. Target price GBP 9.37. | $STAN (+0,31%)

- GOLDMAN lowers the price target for GENERALI from EUR 31.50 to EUR 30.50. Buy. | $G (-0,54%)

- GOLDMAN lowers the price target for PHILIPS from EUR 35 to EUR 32. Buy. | $PHIA (+0,13%)