Intrinsic value of AXIS Capital Holdings - AXS

Previous Close

$57.25

  Intrinsic Value

$139.21

stock screener

  Rating & Target

str. buy

+143%

  Value-price divergence*

+8%

Previous close

$57.25

 
Intrinsic value

$139.21

 
Up/down potential

+143%

 
Rating

str. buy

 
Value-price divergence*

+8%

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.8

 

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
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  0
  4,173
  4,325
  4,489
  4,665
  4,852
  5,051
  5,264
  5,489
  5,728
  5,981
  6,249
  6,532
  6,831
  7,147
  7,479
  7,830
  8,200
  8,590
  9,000
  9,431
  9,886
  10,364
  10,867
  11,396
  11,952
  12,536
  13,151
  13,797
  14,476
  15,190
Variable operating expenses, $m
 
  730
  757
  786
  816
  849
  884
  921
  961
  1,002
  1,047
  1,094
  1,143
  1,195
  1,251
  1,309
  1,370
  1,435
  1,503
  1,575
  1,650
  1,730
  1,814
  1,902
  1,994
  2,092
  2,194
  2,301
  2,415
  2,533
  2,658
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
  3,749
  3,851
  3,957
  4,067
  4,181
  4,299
  4,422
  4,549
  4,680
  4,817
  4,958
  5,104
  5,255
  5,412
  5,574
  5,742
  5,916
  6,096
  6,283
  6,476
  6,676
  6,884
  7,099
  7,321
  7,552
  7,790
  8,037
  8,295
  8,560
  8,835
Operating income, $m
  452
  424
  474
  532
  598
  671
  752
  842
  940
  1,048
  1,165
  1,291
  1,428
  1,576
  1,735
  1,905
  2,088
  2,284
  2,493
  2,717
  2,955
  3,209
  3,480
  3,768
  4,075
  4,400
  4,746
  5,113
  5,503
  5,916
  6,354
EBITDA, $m
  477
  442
  493
  551
  617
  691
  773
  864
  963
  1,072
  1,190
  1,318
  1,456
  1,605
  1,765
  1,937
  2,121
  2,318
  2,529
  2,754
  2,995
  3,251
  3,524
  3,814
  4,123
  4,451
  4,799
  5,169
  5,561
  5,977
  6,418
Interest expense (income), $m
  49
  49
  73
  100
  129
  160
  193
  228
  265
  305
  347
  392
  439
  489
  542
  598
  657
  719
  784
  853
  925
  1,001
  1,081
  1,166
  1,255
  1,348
  1,446
  1,549
  1,658
  1,772
  1,892
Earnings before tax, $m
  522
  376
  402
  432
  469
  511
  559
  614
  675
  743
  817
  899
  989
  1,087
  1,193
  1,307
  1,432
  1,565
  1,709
  1,864
  2,030
  2,208
  2,399
  2,602
  2,820
  3,052
  3,300
  3,564
  3,845
  4,144
  4,462
Tax expense, $m
  7
  101
  108
  117
  127
  138
  151
  166
  182
  201
  221
  243
  267
  293
  322
  353
  387
  423
  462
  503
  548
  596
  648
  703
  761
  824
  891
  962
  1,038
  1,119
  1,205
Net income, $m
  513
  274
  293
  316
  342
  373
  408
  448
  493
  542
  597
  656
  722
  793
  871
  954
  1,045
  1,143
  1,248
  1,361
  1,482
  1,612
  1,751
  1,900
  2,059
  2,228
  2,409
  2,602
  2,807
  3,025
  3,258

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
  21,511
  22,296
  23,140
  24,044
  25,010
  26,038
  27,133
  28,295
  29,527
  30,832
  32,212
  33,671
  35,212
  36,838
  38,554
  40,362
  42,268
  44,276
  46,390
  48,615
  50,958
  53,422
  56,014
  58,740
  61,607
  64,621
  67,789
  71,120
  74,620
  78,298
Adjusted assets (=assets-cash), $m
  20,814
  21,511
  22,296
  23,140
  24,044
  25,010
  26,038
  27,133
  28,295
  29,527
  30,832
  32,212
  33,671
  35,212
  36,838
  38,554
  40,362
  42,268
  44,276
  46,390
  48,615
  50,958
  53,422
  56,014
  58,740
  61,607
  64,621
  67,789
  71,120
  74,620
  78,298
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
  88
  91
  94
  98
  102
  106
  111
  115
  120
  126
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  208
  218
  228
  239
  251
  263
  276
  290
  304
  319
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
  1,487
  2,036
  2,626
  3,258
  3,933
  4,652
  5,417
  6,229
  7,090
  8,002
  8,967
  9,987
  11,064
  12,201
  13,400
  14,664
  15,996
  17,400
  18,878
  20,433
  22,070
  23,793
  25,605
  27,510
  29,514
  31,621
  33,836
  36,164
  38,610
  41,181
Total liabilities, $m
  14,541
  15,036
  15,585
  16,175
  16,807
  17,482
  18,201
  18,966
  19,778
  20,639
  21,551
  22,516
  23,536
  24,613
  25,750
  26,949
  28,213
  29,545
  30,949
  32,427
  33,982
  35,619
  37,342
  39,154
  41,059
  43,063
  45,170
  47,385
  49,713
  52,159
  54,730
Total equity, $m
  6,272
  6,475
  6,711
  6,965
  7,237
  7,528
  7,838
  8,167
  8,517
  8,888
  9,280
  9,696
  10,135
  10,599
  11,088
  11,605
  12,149
  12,723
  13,327
  13,963
  14,633
  15,338
  16,080
  16,860
  17,681
  18,544
  19,451
  20,405
  21,407
  22,461
  23,568
Total liabilities and equity, $m
  20,813
  21,511
  22,296
  23,140
  24,044
  25,010
  26,039
  27,133
  28,295
  29,527
  30,831
  32,212
  33,671
  35,212
  36,838
  38,554
  40,362
  42,268
  44,276
  46,390
  48,615
  50,957
  53,422
  56,014
  58,740
  61,607
  64,621
  67,790
  71,120
  74,620
  78,298
Debt-to-equity ratio
  0.158
  0.230
  0.300
  0.380
  0.450
  0.520
  0.590
  0.660
  0.730
  0.800
  0.860
  0.920
  0.990
  1.040
  1.100
  1.150
  1.210
  1.260
  1.310
  1.350
  1.400
  1.440
  1.480
  1.520
  1.560
  1.590
  1.630
  1.660
  1.690
  1.720
  1.750
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
  274
  293
  316
  342
  373
  408
  448
  493
  542
  597
  656
  722
  793
  871
  954
  1,045
  1,143
  1,248
  1,361
  1,482
  1,612
  1,751
  1,900
  2,059
  2,228
  2,409
  2,602
  2,807
  3,025
  3,258
Depreciation, amort., depletion, $m
  25
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
Funds from operations, $m
  100
  292
  311
  334
  362
  394
  430
  470
  516
  566
  622
  683
  749
  822
  901
  986
  1,078
  1,177
  1,284
  1,399
  1,522
  1,653
  1,795
  1,945
  2,106
  2,278
  2,462
  2,657
  2,865
  3,086
  3,321
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
  292
  311
  334
  362
  394
  430
  470
  516
  566
  622
  683
  749
  822
  901
  986
  1,078
  1,177
  1,284
  1,399
  1,522
  1,653
  1,795
  1,945
  2,106
  2,278
  2,462
  2,657
  2,865
  3,086
  3,321
Maintenance CAPEX, $m
  0
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
New CAPEX, $m
  -27
  -2
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
Cash from investing activities, $m
  -144
  -19
  -21
  -21
  -23
  -24
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -36
  -37
  -38
  -41
  -42
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -62
  -66
  -69
  -72
  -76
Free cash flow, $m
  263
  273
  291
  313
  339
  370
  405
  445
  489
  538
  592
  652
  717
  788
  865
  949
  1,039
  1,136
  1,241
  1,354
  1,475
  1,604
  1,743
  1,891
  2,050
  2,219
  2,399
  2,591
  2,796
  3,014
  3,246
Issuance/(repayment) of debt, $m
  0
  494
  549
  590
  632
  675
  719
  765
  812
  861
  912
  965
  1,020
  1,077
  1,137
  1,199
  1,264
  1,332
  1,403
  1,478
  1,556
  1,637
  1,723
  1,812
  1,906
  2,004
  2,107
  2,215
  2,328
  2,447
  2,571
Issuance/(repurchase) of shares, $m
  -29
  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 financing (excl. dividends), $m  
  -30
  494
  549
  590
  632
  675
  719
  765
  812
  861
  912
  965
  1,020
  1,077
  1,137
  1,199
  1,264
  1,332
  1,403
  1,478
  1,556
  1,637
  1,723
  1,812
  1,906
  2,004
  2,107
  2,215
  2,328
  2,447
  2,571
Total cash flow (excl. dividends), $m
  223
  767
  839
  903
  971
  1,045
  1,124
  1,210
  1,301
  1,399
  1,504
  1,617
  1,737
  1,865
  2,002
  2,148
  2,303
  2,469
  2,645
  2,832
  3,030
  3,241
  3,466
  3,703
  3,955
  4,223
  4,506
  4,806
  5,124
  5,460
  5,817
Retained Cash Flow (-), $m
  -405
  -203
  -236
  -254
  -272
  -291
  -310
  -329
  -350
  -371
  -393
  -415
  -439
  -464
  -490
  -516
  -544
  -574
  -604
  -636
  -670
  -705
  -742
  -780
  -821
  -863
  -907
  -954
  -1,002
  -1,054
  -1,107
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
 
  564
  603
  649
  699
  754
  815
  880
  951
  1,028
  1,112
  1,201
  1,298
  1,401
  1,513
  1,632
  1,759
  1,895
  2,040
  2,195
  2,361
  2,536
  2,724
  2,923
  3,135
  3,360
  3,599
  3,852
  4,122
  4,407
  4,709
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
 
  541
  552
  565
  576
  585
  591
  595
  595
  591
  583
  571
  554
  533
  508
  479
  447
  412
  376
  338
  300
  262
  226
  192
  160
  131
  105
  83
  64
  48
  35
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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 9.6
Price to Sales 1.2
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow 13
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 3.5% 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 83.838 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 $4.8 billion.

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COMPANY NEWS

▶ 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]
▶ AXIS Capital Launches Global Day of Giving Rally   [Jul-11-17 08:00AM  Business Wire]
▶ [$$] Axis Capital to buy UK insurer Novae for Ā£468m   [Jul-05-17 07:21PM  Financial Times]
▶ Reinsurance Companies: What You Need to Know   [Jun-14-17 01:06PM  Motley Fool]
▶ Axis Capital misses 1Q profit forecasts   [Apr-26-17 06:50PM  Associated Press]
▶ Low volatility vs. growth: Where to put your money   [Mar-14-17 03:50PM  CNBC Videos]
▶ Insuring Your Portfolio With Insurance Stocks   [Mar-08-17 11:00AM  Insider Monkey]
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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