Arch Capital Group Ltd (ACGL) is undervalued and Aegon Ltd (AEG) is fairly valued.
Against our estimates of intrinsic value, ACGL trades at the wider discount: a margin of safety of +46%, against +3% for AEG.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 19.9% return on equity justifies, blended with earnings, values the shares at $174.68; the price of $94.95 is 46% below that value.
Leak Score 100/100 on 3 of 12 signals
Book value at 1.16x, the multiple a 10.6% return on equity justifies, blended with earnings, values the shares at $9.24; the price of $8.95 is 3% below that value.
Leak Score 27/100 on 3 of 12 signals
| Metric | ACGL | AEG |
|---|---|---|
| Verdict | Undervalued | Fairly valued |
| Price | $94.95 | $8.95 |
| Intrinsic value | $174.68 | $9.24 |
| Margin of safety | +46% | +3% |
| Leak Score | 100/100 (3/12) | 27/100 (3/12) |
| Market cap | $32.4B | $13.2B |
| Revenue growth, 5 years | 18.4% | 7.4% |
| Operating margin | 25.1% | 2.5% |
| Net margin | 25.0% | 3.9% |
| Return on equity | 19.9% | 10.6% |
| Debt to equity | 0.18 | 0.43 |
| P/E | 7.4x | 11.9x |
| Forward P/E | 9.7x | 7.7x |
| P/B | 1.4x | 1.3x |
| Dividend yield | 0.2% | 5.6% |