It’s been a good week for Watford Holdings Ltd. (NASDAQ:WTRE) shareholders, because the company has just released its latest yearly results, and the shares gained 7.1% to US$23.66. Sales of US$687m surpassed estimates by 9.6%, although statutory earnings per share missed badly, coming in 24% below expectations at US$2.00 per share. Analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. We’ve gathered the most recent statutory forecasts to see whether analysts have changed their earnings models, following these results.View our latest analysis for Watford HoldingsFollowing the recent earnings report, the consensus fromdual analysts covering Watford Holdings expects revenues of US$598.3m in 2020, implying an uncomfortable 13% decline in sales compared to the last 12 months. Statutory earnings per share are expected to leap 83% to US$3.67. Before this earnings report, analysts had been forecasting revenues of US$614.1m and earnings per share (EPS) of US$3.50 in 2020. If anything, analysts look to have become slightly more optimistic overall; while they decreased their revenue forecasts, EPS predictions increased and ultimately earnings are more important.Analysts have cut their price target 5.2% to US$30.33 per share, suggesting that the declining revenue was a more crucial indicator than the expected improvement in earnings.Zooming out to look at the bigger picture now, one of the ways we can make sense of these forecasts is to see how they measure up both against past performance, and against industry growth estimates. These estimates imply that sales are expected to slow, with a forecast revenue decline of 13% a significant reduction from annual growth of 15% over the last five years. Compare this with our data, which suggests that other companies in the same market are, in aggregate, expected to see their revenue grow 2.1% next year. It’s pretty clear that Watford Holdings’s revenues are expected to perform substantially worse than the wider market.The most important thing to take away from this is that analysts upgraded their earnings per share estimates, suggesting that there has been a clear increase in optimism towards Watford Holdings following these results. On the negative side, they also downgraded their revenue estimates, and forecasts imply revenues will perform worse than the wider market. Still, earnings per share are more important to value creation for shareholders. Analysts also downgraded their price target, suggesting that the latest news has led analysts to become more pessimistic about the intrinsic value of the business.Even so, the longer term trajectory of the business is much more important for the value creation of shareholders. We have analyst estimates for Watford Holdings going out as far as 2021, and you can see them free on our platform here.You can also see whether Watford Holdings is carrying too much debt, and whether its balance sheet is healthy, for free on our platform here.