Intrinsic value of AXIS Capital Holdings - AXS

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$64.50

  Intrinsic Value

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  Value-price divergence*

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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 5.8

 

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
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  0
  4,129
  4,239
  4,361
  4,497
  4,645
  4,806
  4,980
  5,167
  5,367
  5,581
  5,810
  6,053
  6,311
  6,585
  6,875
  7,182
  7,507
  7,849
  8,211
  8,593
  8,995
  9,420
  9,866
  10,337
  10,832
  11,354
  11,903
  12,480
  13,087
  13,725
Variable operating expenses, $m
 
  723
  742
  763
  787
  813
  841
  871
  904
  939
  977
  1,017
  1,059
  1,104
  1,152
  1,203
  1,257
  1,314
  1,374
  1,437
  1,504
  1,574
  1,648
  1,727
  1,809
  1,896
  1,987
  2,083
  2,184
  2,290
  2,402
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
  3,742
  3,836
  3,934
  4,038
  4,145
  4,256
  4,372
  4,492
  4,617
  4,747
  4,881
  5,020
  5,164
  5,313
  5,468
  5,629
  5,795
  5,967
  6,145
  6,330
  6,520
  6,718
  6,924
  7,136
  7,356
  7,583
  7,819
  8,064
  8,317
  8,579
Operating income, $m
  452
  388
  403
  427
  459
  500
  549
  607
  674
  750
  835
  929
  1,033
  1,147
  1,271
  1,407
  1,553
  1,712
  1,883
  2,066
  2,263
  2,475
  2,701
  2,943
  3,201
  3,477
  3,771
  4,083
  4,416
  4,770
  5,146
EBITDA, $m
  477
  405
  421
  445
  478
  519
  570
  628
  696
  773
  858
  953
  1,058
  1,174
  1,299
  1,436
  1,584
  1,743
  1,916
  2,101
  2,300
  2,513
  2,741
  2,985
  3,245
  3,522
  3,818
  4,133
  4,468
  4,825
  5,203
Interest expense (income), $m
  49
  49
  65
  84
  106
  130
  156
  185
  215
  248
  284
  322
  362
  405
  450
  499
  550
  604
  661
  722
  786
  853
  924
  999
  1,078
  1,161
  1,249
  1,341
  1,438
  1,539
  1,647
Earnings before tax, $m
  522
  339
  338
  342
  353
  370
  393
  423
  459
  502
  551
  608
  671
  742
  821
  908
  1,003
  1,108
  1,221
  1,344
  1,478
  1,622
  1,777
  1,944
  2,123
  2,316
  2,522
  2,743
  2,979
  3,230
  3,499
Tax expense, $m
  7
  92
  91
  92
  95
  100
  106
  114
  124
  135
  149
  164
  181
  200
  222
  245
  271
  299
  330
  363
  399
  438
  480
  525
  573
  625
  681
  741
  804
  872
  945
Net income, $m
  513
  247
  247
  250
  258
  270
  287
  309
  335
  366
  402
  444
  490
  542
  599
  663
  733
  809
  891
  981
  1,079
  1,184
  1,297
  1,419
  1,550
  1,691
  1,841
  2,002
  2,174
  2,358
  2,554

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
  21,282
  21,848
  22,481
  23,179
  23,942
  24,772
  25,668
  26,632
  27,666
  28,770
  29,948
  31,201
  32,532
  33,944
  35,439
  37,021
  38,694
  40,461
  42,326
  44,294
  46,368
  48,555
  50,858
  53,284
  55,838
  58,525
  61,353
  64,328
  67,457
  70,747
Adjusted assets (=assets-cash), $m
  20,814
  21,282
  21,848
  22,481
  23,179
  23,942
  24,772
  25,668
  26,632
  27,666
  28,770
  29,948
  31,201
  32,532
  33,944
  35,439
  37,021
  38,694
  40,461
  42,326
  44,294
  46,368
  48,555
  50,858
  53,284
  55,838
  58,525
  61,353
  64,328
  67,457
  70,747
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
  87
  89
  92
  94
  98
  101
  105
  108
  113
  117
  122
  127
  133
  138
  144
  151
  158
  165
  172
  180
  189
  198
  207
  217
  227
  238
  250
  262
  275
  288
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
  1,327
  1,723
  2,165
  2,653
  3,187
  3,766
  4,393
  5,067
  5,789
  6,561
  7,385
  8,261
  9,191
  10,178
  11,223
  12,329
  13,498
  14,733
  16,037
  17,412
  18,862
  20,391
  22,001
  23,696
  25,481
  27,360
  29,337
  31,416
  33,603
  35,903
Total liabilities, $m
  14,541
  14,876
  15,272
  15,714
  16,202
  16,736
  17,315
  17,942
  18,616
  19,338
  20,110
  20,934
  21,810
  22,740
  23,727
  24,772
  25,878
  27,047
  28,282
  29,586
  30,961
  32,411
  33,940
  35,550
  37,245
  39,030
  40,909
  42,886
  44,965
  47,152
  49,452
Total equity, $m
  6,272
  6,406
  6,576
  6,767
  6,977
  7,207
  7,456
  7,726
  8,016
  8,327
  8,660
  9,014
  9,392
  9,792
  10,217
  10,667
  11,143
  11,647
  12,179
  12,740
  13,332
  13,957
  14,615
  15,308
  16,038
  16,807
  17,616
  18,467
  19,363
  20,305
  21,295
Total liabilities and equity, $m
  20,813
  21,282
  21,848
  22,481
  23,179
  23,943
  24,771
  25,668
  26,632
  27,665
  28,770
  29,948
  31,202
  32,532
  33,944
  35,439
  37,021
  38,694
  40,461
  42,326
  44,293
  46,368
  48,555
  50,858
  53,283
  55,837
  58,525
  61,353
  64,328
  67,457
  70,747
Debt-to-equity ratio
  0.158
  0.210
  0.260
  0.320
  0.380
  0.440
  0.510
  0.570
  0.630
  0.700
  0.760
  0.820
  0.880
  0.940
  1.000
  1.050
  1.110
  1.160
  1.210
  1.260
  1.310
  1.350
  1.400
  1.440
  1.480
  1.520
  1.550
  1.590
  1.620
  1.650
  1.690
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
  247
  247
  250
  258
  270
  287
  309
  335
  366
  402
  444
  490
  542
  599
  663
  733
  809
  891
  981
  1,079
  1,184
  1,297
  1,419
  1,550
  1,691
  1,841
  2,002
  2,174
  2,358
  2,554
Depreciation, amort., depletion, $m
  25
  17
  18
  18
  19
  20
  20
  21
  22
  23
  23
  24
  25
  27
  28
  29
  30
  32
  33
  34
  36
  38
  40
  41
  43
  45
  48
  50
  52
  55
  58
Funds from operations, $m
  100
  265
  264
  268
  277
  290
  307
  330
  357
  389
  426
  468
  515
  568
  627
  692
  763
  840
  924
  1,016
  1,115
  1,222
  1,337
  1,461
  1,593
  1,736
  1,889
  2,052
  2,227
  2,413
  2,612
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
  264
  264
  268
  277
  290
  307
  330
  357
  389
  426
  468
  515
  568
  627
  692
  763
  840
  924
  1,016
  1,115
  1,222
  1,337
  1,461
  1,593
  1,736
  1,889
  2,052
  2,227
  2,413
  2,612
Maintenance CAPEX, $m
  0
  -17
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -40
  -41
  -43
  -45
  -48
  -50
  -52
  -55
New CAPEX, $m
  -27
  -1
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
Cash from investing activities, $m
  -144
  -18
  -19
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -28
  -29
  -30
  -33
  -34
  -35
  -37
  -39
  -41
  -42
  -44
  -47
  -49
  -51
  -53
  -56
  -60
  -62
  -65
  -68
Free cash flow, $m
  263
  246
  245
  248
  255
  268
  284
  306
  332
  363
  399
  440
  486
  538
  595
  658
  727
  803
  886
  975
  1,072
  1,177
  1,290
  1,412
  1,542
  1,682
  1,832
  1,993
  2,165
  2,348
  2,544
Issuance/(repayment) of debt, $m
  0
  334
  396
  442
  488
  534
  580
  627
  674
  722
  772
  823
  876
  930
  987
  1,045
  1,106
  1,169
  1,235
  1,304
  1,375
  1,450
  1,528
  1,610
  1,696
  1,785
  1,879
  1,977
  2,079
  2,187
  2,300
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
  334
  396
  442
  488
  534
  580
  627
  674
  722
  772
  823
  876
  930
  987
  1,045
  1,106
  1,169
  1,235
  1,304
  1,375
  1,450
  1,528
  1,610
  1,696
  1,785
  1,879
  1,977
  2,079
  2,187
  2,300
Total cash flow (excl. dividends), $m
  223
  580
  640
  690
  743
  801
  864
  932
  1,006
  1,085
  1,171
  1,263
  1,362
  1,468
  1,582
  1,703
  1,833
  1,972
  2,121
  2,279
  2,448
  2,627
  2,818
  3,022
  3,238
  3,467
  3,711
  3,970
  4,244
  4,535
  4,844
Retained Cash Flow (-), $m
  -405
  -134
  -170
  -190
  -210
  -230
  -250
  -270
  -290
  -311
  -332
  -354
  -377
  -401
  -425
  -450
  -476
  -503
  -532
  -561
  -592
  -624
  -658
  -693
  -730
  -769
  -809
  -851
  -895
  -942
  -990
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
 
  446
  470
  499
  533
  571
  615
  663
  716
  774
  838
  908
  985
  1,067
  1,157
  1,253
  1,357
  1,469
  1,589
  1,718
  1,855
  2,003
  2,160
  2,328
  2,508
  2,699
  2,902
  3,118
  3,349
  3,593
  3,853
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
 
  428
  430
  435
  439
  443
  446
  448
  447
  445
  440
  431
  420
  406
  388
  368
  345
  320
  293
  264
  236
  207
  179
  153
  128
  105
  85
  67
  52
  39
  29
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, through its subsidiaries, provides various specialty insurance and reinsurance products worldwide. It operates through two segments, Insurance and Reinsurance. The Insurance segment offers property insurance for commercial buildings, residential premises, construction projects, and onshore energy installations; marine insurance covering offshore energy, cargo, liability, recreational marine, fine art, specie, hull, and war; and terrorism, aviation, credit and political risk, and liability insurance. It also provides professional lines insurance that cover directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, medical malpractice, and other financial insurance related coverages for commercial enterprises, financial institutions, and not-for-profit organizations. In addition, this segment offers accidental death, travel, and specialty health products for employer and affinity groups, as well as accident and health reinsurance for catastrophic or per life events through wholesale and retail brokers, managing general agents, and underwriters. The Reinsurance segment offers reinsurance to insurance companies, including catastrophe; property reinsurance covering property damage and related losses resulting from natural and man-made perils; professional lines; credit and surety; and motor reinsurance providing coverage for motor liability and property damages. This segment also provides coverage to insurers of standard casualty, excess and surplus casualty, and specialty casualty program businesses; agriculture; coverage for various types of construction risks and risks related to erection, testing, and commissioning of machinery and plants during the construction stage; marine, aviation, and personal accident reinsurance; and derivative based risk management products. The company was founded in 2001 and is headquartered in Pembroke, Bermuda.

FINANCIAL RATIOS  of  AXIS Capital Holdings (AXS)

Valuation Ratios
P/E Ratio 10.9
Price to Sales 1.4
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 14.7
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 2.4% 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 89.397 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 $5.8 billion.


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COMPANY NEWS

▶ 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]
▶ Insuring Your Portfolio With Insurance Stocks   [11:00AM  at Insider Monkey]
▶ [$$] Axis Capital Operating Earnings Fall   [04:42PM  at The Wall Street Journal]
▶ AXIS Capital Promotes Conrad D. Brooks to General Counsel   [Dec-13-16 04:15PM  GlobeNewswire]
▶ AXIS Capital Announces Acquisition of Aviabel   [Nov-28-16 04:30PM  Business Wire]
Stock chart of AXS Financial statements of AXS Annual reports 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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