Screened 2026-09-07 · the tape above runs as of 22:12 UTC · 11 Sep · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markdown label.
International General Insurance Holdings Ltd. holds its Markdown at $27.04. The statistical read favours the sellers, held for 3 days.
As held on the ledger · 2026-09-07
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 3 days
Price at the screen
$27.04
Valuation
10.86 trailing · 8.79 forward price to earnings
Values screen
FAIL· score 30.0
Beta
0.13
The Workings
Five Screens, Shown in Full
Does not pass. Prohibited keyword in sector/industry: insurance
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Prohibited keyword in sector/industry: insurance
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-07 screen. The gold marker is the market price at the same screen. A 18.3% margin of safety to the base estimate.
Third-party analyst targets: 2 covering, consensus None. The average target sits +15% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-07 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Insurance name trips the ethical screen outright
Picture a Jordan-based underwriter stitching together specialty covers across the Middle East, Africa and Latin America. Revenue is already slipping 3 percent, yet the firm still prints a 24 percent profit margin and 19 percent ROE while trading at just 8.9 times forward earnings. On the surface it looks like the sort of value that might tempt a bargain hunter.
We pass for one simple reason. The holding fails our ethical screen because the entire insurance sector sits on the prohibited list. No amount of cheap valuation or analyst enthusiasm, even a strong-buy call with a 31 dollar median target, overrides that hard stop.
The real danger is that low multiples in financials often mask hidden claims volatility and currency swings in emerging markets. A margin of safety on paper can vanish quickly when the next loss event arrives. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to Jordan and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
IGIC trades on Nasdaq (the company is based in Jordan). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-09-01Markdown · changed$26.57-4.7%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 4.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (2 analysts) rates it none, with a mean price target of $30.
2026-08-02Markup · changed$27.89+11.1%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 11.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (2 analysts) rates it none, with a mean price target of $30.
2026-07-18Distribution$25.11+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 16%. Our forward projection puts the odds of a 10% gain over the next month near 29%. The street (2 analysts) rates it none, with a mean price target of $30.
2026-07-03Distribution$25.11+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Distribution$25.11Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
