Intrinsic value of AXIS Capital Holdings - AXS

Previous Close

$50.39

  Intrinsic Value

$214.35

stock screener

  Rating & Target

str. buy

+325%

Previous close

$50.39

 
Intrinsic value

$214.35

 
Up/down potential

+325%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as AXS.

We calculate the intrinsic value of AXS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.07
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  0
  4,266
  4,510
  4,765
  5,031
  5,309
  5,599
  5,903
  6,221
  6,553
  6,901
  7,265
  7,647
  8,046
  8,465
  8,904
  9,364
  9,846
  10,351
  10,881
  11,437
  12,020
  12,631
  13,273
  13,946
  14,652
  15,393
  16,171
  16,987
  17,843
  18,742
Variable operating expenses, $m
 
  747
  789
  834
  880
  929
  980
  1,033
  1,089
  1,147
  1,208
  1,271
  1,338
  1,408
  1,481
  1,558
  1,639
  1,723
  1,811
  1,904
  2,001
  2,103
  2,210
  2,323
  2,441
  2,564
  2,694
  2,830
  2,973
  3,123
  3,280
Fixed operating expenses, $m
 
  3,019
  3,094
  3,171
  3,251
  3,332
  3,415
  3,501
  3,588
  3,678
  3,770
  3,864
  3,961
  4,060
  4,161
  4,265
  4,372
  4,481
  4,593
  4,708
  4,826
  4,946
  5,070
  5,197
  5,327
  5,460
  5,596
  5,736
  5,880
  6,027
  6,177
Total operating expenses, $m
  3,580
  3,766
  3,883
  4,005
  4,131
  4,261
  4,395
  4,534
  4,677
  4,825
  4,978
  5,135
  5,299
  5,468
  5,642
  5,823
  6,011
  6,204
  6,404
  6,612
  6,827
  7,049
  7,280
  7,520
  7,768
  8,024
  8,290
  8,566
  8,853
  9,150
  9,457
Operating income, $m
  452
  501
  627
  759
  900
  1,048
  1,204
  1,369
  1,544
  1,728
  1,923
  2,130
  2,348
  2,579
  2,822
  3,080
  3,353
  3,642
  3,946
  4,269
  4,610
  4,970
  5,351
  5,753
  6,179
  6,628
  7,103
  7,605
  8,134
  8,694
  9,285
EBITDA, $m
  477
  519
  645
  779
  921
  1,070
  1,227
  1,394
  1,570
  1,756
  1,952
  2,160
  2,380
  2,612
  2,858
  3,118
  3,392
  3,683
  3,990
  4,315
  4,658
  5,020
  5,404
  5,809
  6,237
  6,690
  7,168
  7,673
  8,206
  8,769
  9,364
Interest expense (income), $m
  49
  49
  89
  132
  177
  224
  273
  325
  378
  434
  493
  554
  619
  686
  757
  831
  908
  989
  1,074
  1,164
  1,257
  1,355
  1,458
  1,566
  1,679
  1,798
  1,923
  2,054
  2,191
  2,335
  2,486
Earnings before tax, $m
  522
  452
  537
  627
  722
  823
  931
  1,045
  1,165
  1,294
  1,430
  1,575
  1,729
  1,892
  2,066
  2,250
  2,445
  2,652
  2,872
  3,105
  3,353
  3,615
  3,893
  4,187
  4,499
  4,830
  5,180
  5,551
  5,943
  6,359
  6,799
Tax expense, $m
  7
  122
  145
  169
  195
  222
  251
  282
  315
  349
  386
  425
  467
  511
  558
  607
  660
  716
  775
  838
  905
  976
  1,051
  1,131
  1,215
  1,304
  1,399
  1,499
  1,605
  1,717
  1,836
Net income, $m
  513
  330
  392
  458
  527
  601
  679
  762
  851
  945
  1,044
  1,150
  1,262
  1,381
  1,508
  1,642
  1,785
  1,936
  2,097
  2,267
  2,447
  2,639
  2,842
  3,057
  3,284
  3,526
  3,781
  4,052
  4,339
  4,642
  4,963

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  20,814
  21,989
  23,247
  24,560
  25,931
  27,364
  28,861
  30,427
  32,065
  33,778
  35,572
  37,450
  39,416
  41,476
  43,634
  45,896
  48,266
  50,751
  53,356
  56,088
  58,953
  61,958
  65,110
  68,417
  71,886
  75,526
  79,346
  83,354
  87,561
  91,976
  96,609
Adjusted assets (=assets-cash), $m
  20,814
  21,989
  23,247
  24,560
  25,931
  27,364
  28,861
  30,427
  32,065
  33,778
  35,572
  37,450
  39,416
  41,476
  43,634
  45,896
  48,266
  50,751
  53,356
  56,088
  58,953
  61,958
  65,110
  68,417
  71,886
  75,526
  79,346
  83,354
  87,561
  91,976
  96,609
Revenue / Adjusted assets
  0.000
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
  0.194
Average production assets, $m
  86
  90
  95
  100
  106
  111
  118
  124
  131
  138
  145
  153
  161
  169
  178
  187
  197
  207
  217
  229
  240
  252
  265
  279
  293
  308
  323
  340
  357
  375
  394
Working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  993
  1,821
  2,700
  3,618
  4,577
  5,578
  6,625
  7,719
  8,864
  10,062
  11,316
  12,628
  14,003
  15,443
  16,951
  18,532
  20,189
  21,926
  23,747
  25,657
  27,659
  29,760
  31,963
  34,274
  36,700
  39,244
  41,914
  44,716
  47,656
  50,742
  53,981
Total liabilities, $m
  14,541
  15,370
  16,249
  17,167
  18,126
  19,127
  20,174
  21,268
  22,413
  23,611
  24,865
  26,177
  27,552
  28,992
  30,500
  32,081
  33,738
  35,475
  37,296
  39,206
  41,208
  43,309
  45,512
  47,823
  50,249
  52,793
  55,463
  58,265
  61,205
  64,291
  67,530
Total equity, $m
  6,272
  6,619
  6,997
  7,392
  7,805
  8,236
  8,687
  9,158
  9,651
  10,167
  10,707
  11,272
  11,864
  12,484
  13,134
  13,815
  14,528
  15,276
  16,060
  16,882
  17,745
  18,649
  19,598
  20,593
  21,638
  22,733
  23,883
  25,090
  26,356
  27,685
  29,079
Total liabilities and equity, $m
  20,813
  21,989
  23,246
  24,559
  25,931
  27,363
  28,861
  30,426
  32,064
  33,778
  35,572
  37,449
  39,416
  41,476
  43,634
  45,896
  48,266
  50,751
  53,356
  56,088
  58,953
  61,958
  65,110
  68,416
  71,887
  75,526
  79,346
  83,355
  87,561
  91,976
  96,609
Debt-to-equity ratio
  0.158
  0.280
  0.390
  0.490
  0.590
  0.680
  0.760
  0.840
  0.920
  0.990
  1.060
  1.120
  1.180
  1.240
  1.290
  1.340
  1.390
  1.440
  1.480
  1.520
  1.560
  1.600
  1.630
  1.660
  1.700
  1.730
  1.750
  1.780
  1.810
  1.830
  1.860
Adjusted equity ratio
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  513
  330
  392
  458
  527
  601
  679
  762
  851
  945
  1,044
  1,150
  1,262
  1,381
  1,508
  1,642
  1,785
  1,936
  2,097
  2,267
  2,447
  2,639
  2,842
  3,057
  3,284
  3,526
  3,781
  4,052
  4,339
  4,642
  4,963
Depreciation, amort., depletion, $m
  25
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  46
  48
  50
  53
  56
  59
  62
  65
  68
  71
  75
  79
Funds from operations, $m
  100
  348
  411
  478
  548
  623
  703
  787
  877
  972
  1,073
  1,180
  1,294
  1,415
  1,544
  1,680
  1,824
  1,977
  2,140
  2,313
  2,495
  2,689
  2,895
  3,112
  3,343
  3,587
  3,846
  4,120
  4,410
  4,717
  5,042
Change in working capital, $m
  -307
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  407
  348
  411
  478
  548
  623
  703
  787
  877
  972
  1,073
  1,180
  1,294
  1,415
  1,544
  1,680
  1,824
  1,977
  2,140
  2,313
  2,495
  2,689
  2,895
  3,112
  3,343
  3,587
  3,846
  4,120
  4,410
  4,717
  5,042
Maintenance CAPEX, $m
  0
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
New CAPEX, $m
  -27
  -4
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
Cash from investing activities, $m
  -144
  -21
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -43
  -45
  -47
  -49
  -52
  -54
  -58
  -60
  -63
  -66
  -70
  -74
  -78
  -81
  -85
  -89
  -94
Free cash flow, $m
  263
  327
  388
  453
  523
  596
  674
  757
  845
  939
  1,038
  1,144
  1,256
  1,375
  1,501
  1,635
  1,777
  1,928
  2,088
  2,258
  2,438
  2,629
  2,831
  3,046
  3,273
  3,514
  3,769
  4,039
  4,325
  4,628
  4,948
Issuance/(repayment) of debt, $m
  0
  828
  879
  918
  958
  1,001
  1,047
  1,094
  1,145
  1,198
  1,254
  1,313
  1,375
  1,440
  1,509
  1,581
  1,657
  1,737
  1,821
  1,910
  2,003
  2,100
  2,203
  2,311
  2,425
  2,544
  2,670
  2,802
  2,940
  3,086
  3,239
Issuance/(repurchase) of shares, $m
  -29
  17
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -30
  845
  879
  918
  958
  1,001
  1,047
  1,094
  1,145
  1,198
  1,254
  1,313
  1,375
  1,440
  1,509
  1,581
  1,657
  1,737
  1,821
  1,910
  2,003
  2,100
  2,203
  2,311
  2,425
  2,544
  2,670
  2,802
  2,940
  3,086
  3,239
Total cash flow (excl. dividends), $m
  223
  1,172
  1,267
  1,371
  1,481
  1,598
  1,721
  1,852
  1,990
  2,137
  2,292
  2,456
  2,630
  2,815
  3,009
  3,216
  3,434
  3,665
  3,909
  4,168
  4,441
  4,729
  5,035
  5,357
  5,698
  6,058
  6,439
  6,841
  7,265
  7,713
  8,187
Retained Cash Flow (-), $m
  -405
  -347
  -379
  -395
  -413
  -431
  -451
  -471
  -493
  -516
  -540
  -565
  -592
  -620
  -650
  -681
  -713
  -748
  -784
  -822
  -862
  -905
  -949
  -995
  -1,044
  -1,096
  -1,150
  -1,207
  -1,266
  -1,329
  -1,395
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  825
  889
  976
  1,068
  1,167
  1,270
  1,381
  1,497
  1,621
  1,752
  1,891
  2,038
  2,195
  2,360
  2,535
  2,721
  2,917
  3,125
  3,345
  3,578
  3,825
  4,086
  4,362
  4,654
  4,963
  5,289
  5,634
  5,999
  6,385
  6,792
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  791
  814
  849
  880
  904
  922
  933
  936
  931
  919
  898
  870
  834
  792
  744
  691
  635
  576
  515
  455
  396
  339
  286
  237
  193
  154
  121
  93
  70
  51
Current shareholders' claim on cash, %
  100
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6

AXIS Capital Holdings Limited is a holding company. The Company provides a range of specialty (re)insurance, through subsidiaries and branch networks- based in Bermuda, the United States, Canada, Europe and Singapore. Its business consists of two global underwriting platforms: AXIS Insurance and AXIS Re. Its segments include Insurance and Reinsurance. The insurance segment operates through offices in Bermuda, the United States, Canada, Europe, Singapore and the Middle East. Its reinsurance segment operates through offices in Bermuda, the United States, Switzerland, Singapore, Brazil and Canada. The business lines in its insurance segment include property, marine, terrorism, aviation, credit and political risk, professional lines, liability, and accident and health. The business lines in its Reinsurance segment include catastrophe; property; professional lines; credit and surety; motor; liability; agriculture; engineering, and marine and other.

FINANCIAL RATIOS  of  AXIS Capital Holdings (AXS)

Valuation Ratios
P/E Ratio 8.5
Price to Sales 1.1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow 11.5
Growth Rates
Sales Growth Rate -4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.6%
Cap. Spend. - 3 Yr. Gr. Rate 2.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 15.8%
Total Debt to Equity 15.8%
Interest Coverage 12
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 8.5%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 14.8%
EBITDA Margin - 3 Yr. Avg. 17.7%
Operating Margin 11.2%
Oper. Margin - 3 Yr. Avg. 14.5%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 15.8%
Net Profit Margin 12.7%
Net Profit Margin - 3 Yr. Avg. 15.5%
Effective Tax Rate 1.3%
Eff/ Tax Rate - 3 Yr. Avg. 1.6%
Payout Ratio 33.5%

AXS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AXS stock intrinsic value calculation we used $4032 million for the last fiscal year's total revenue generated by AXIS Capital Holdings. The default revenue input number comes from 2016 income statement of AXIS Capital Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AXS stock valuation model: a) initial revenue growth rate of 5.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for AXS is calculated based on our internal credit rating of AXIS Capital Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of AXIS Capital Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AXS stock the variable cost ratio is equal to 17.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2945 million in the base year in the intrinsic value calculation for AXS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.9% for AXIS Capital Holdings.

Corporate tax rate of 27% is the nominal tax rate for AXIS Capital Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AXS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AXS are equal to 2.1%.

Life of production assets of 3.4 years is the average useful life of capital assets used in AXIS Capital Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AXS is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $6272 million for AXIS Capital Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 83.366 million for AXIS Capital Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of AXIS Capital Holdings at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ Axis Capital reports 4Q loss   [05:03AM  Associated Press]
▶ AXIS Capital Reports Fourth Quarter 2017 Results   [Feb-07-18 07:34PM  Business Wire]
▶ AXIS Capital Announces Finality on Legacy Novae Business   [Jan-29-18 07:00AM  Business Wire]
▶ Stocks That Fell to 3-Year Lows in the Week of Jan. 26   [Jan-28-18 09:19AM  GuruFocus.com]
▶ AXIS Capital Aligns its Lloyds Managing Agency Platforms   [Jan-08-18 12:00PM  Business Wire]
▶ New Strong Sell Stocks for January 4th   [Jan-04-18 05:52AM  Zacks]
▶ New Strong Sell Stocks for December 27th   [Dec-27-17 09:32AM  Zacks]
▶ Stocks That Fell to 3-Year Lows in the Week of Dec. 22   [Dec-22-17 08:07PM  GuruFocus.com]
▶ AXIS Capital Launches Offering of Senior Notes   [Nov-27-17 03:27PM  Business Wire]
▶ Is AXIS Capital Holdings Limited (AXS) Undervalued?   [Nov-09-17 08:05PM  Simply Wall St.]
▶ Axis Capital reports 3Q loss   [Oct-25-17 07:09PM  Associated Press]
▶ AXIS Names Steve Arora as Reinsurance CEO   [Oct-23-17 09:00AM  Business Wire]
▶ AXIS Capital Completes Acquisition of Novae   [05:30AM  Business Wire]
▶ EU mergers and takeovers (Oct 6)   [Oct-06-17 08:50AM  Reuters]
▶ Insurers: A Once-in-a-100-Year Loss?   [Sep-06-17 02:19PM  Barrons.com]
▶ AXIS Capital Offer for Novae Accepted   [09:06AM  Business Wire]
▶ AXIS Capital Announces Final Offer for Novae   [05:00PM  Business Wire]
▶ Axis Capital beats 2Q profit forecasts   [12:01AM  Associated Press]
▶ AXIS Capital Reports Second Quarter 2017 Results   [Jul-26-17 04:15PM  Business Wire]
▶ AXIS Capital Approved to Launch Lloyds Managing Agency   [Jul-14-17 08:30AM  Business Wire]
Financial statements of AXS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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