Intrinsic value of AXIS Capital Holdings - AXS

Previous Close

$57.90

  Intrinsic Value

$2.32

stock screener

  Rating & Target

str. sell

-96%

Previous close

$57.90

 
Intrinsic value

$2.32

 
Up/down potential

-96%

 
Rating

str. sell

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
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
Revenue, $m
  0
  5,262
  5,980
  6,744
  7,553
  8,407
  9,304
  10,244
  11,226
  12,251
  13,320
  14,431
  15,588
  16,790
  18,039
  19,337
  20,686
  22,089
  23,547
  25,063
  26,641
  28,284
  29,996
  31,779
  33,638
  35,578
  37,602
  39,715
  41,923
  44,230
  46,641
Variable operating expenses, $m
 
  4,653
  5,274
  5,935
  6,635
  7,374
  8,150
  8,963
  9,813
  10,700
  11,624
  12,486
  13,487
  14,527
  15,608
  16,731
  17,898
  19,112
  20,373
  21,685
  23,051
  24,472
  25,953
  27,496
  29,105
  30,783
  32,534
  34,363
  36,273
  38,269
  40,355
Fixed operating expenses, $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
Total operating expenses, $m
  3,580
  4,653
  5,274
  5,935
  6,635
  7,374
  8,150
  8,963
  9,813
  10,700
  11,624
  12,486
  13,487
  14,527
  15,608
  16,731
  17,898
  19,112
  20,373
  21,685
  23,051
  24,472
  25,953
  27,496
  29,105
  30,783
  32,534
  34,363
  36,273
  38,269
  40,355
Operating income, $m
  452
  609
  706
  809
  918
  1,033
  1,154
  1,281
  1,413
  1,551
  1,695
  1,945
  2,101
  2,263
  2,431
  2,606
  2,788
  2,977
  3,174
  3,378
  3,591
  3,812
  4,043
  4,283
  4,534
  4,795
  5,068
  5,353
  5,650
  5,961
  6,286
EBITDA, $m
  477
  3,410
  3,875
  4,370
  4,894
  5,447
  6,029
  6,638
  7,274
  7,939
  8,631
  9,351
  10,101
  10,879
  11,689
  12,530
  13,404
  14,313
  15,258
  16,240
  17,263
  18,328
  19,437
  20,592
  21,797
  23,054
  24,365
  25,735
  27,165
  28,660
  30,222
Interest expense (income), $m
  49
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
  798
Earnings before tax, $m
  522
  -189
  -92
  11
  120
  235
  356
  482
  615
  753
  897
  1,147
  1,303
  1,465
  1,633
  1,808
  1,990
  2,179
  2,375
  2,580
  2,792
  3,014
  3,244
  3,485
  3,735
  3,997
  4,270
  4,554
  4,852
  5,163
  5,488
Tax expense, $m
  7
  0
  0
  3
  32
  63
  96
  130
  166
  203
  242
  310
  352
  395
  441
  488
  537
  588
  641
  696
  754
  814
  876
  941
  1,009
  1,079
  1,153
  1,230
  1,310
  1,394
  1,482
Net income, $m
  513
  -189
  -92
  8
  87
  171
  260
  352
  449
  550
  655
  837
  951
  1,069
  1,192
  1,320
  1,452
  1,590
  1,734
  1,883
  2,038
  2,200
  2,368
  2,544
  2,727
  2,918
  3,117
  3,325
  3,542
  3,769
  4,006

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
  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
Adjusted assets (=assets-cash), $m
  20,814
  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
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  86
  27,007
  30,691
  34,612
  38,764
  43,144
  47,747
  52,570
  57,613
  62,874
  68,356
  74,062
  79,997
  86,166
  92,576
  99,238
  106,162
  113,358
  120,841
  128,624
  136,724
  145,156
  153,938
  163,090
  172,633
  182,586
  192,974
  203,819
  215,148
  226,987
  239,362
Working capital, $m
  0
  -21,844
  -24,824
  -27,995
  -31,354
  -34,897
  -38,620
  -42,521
  -46,600
  -50,856
  -55,290
  -59,905
  -64,705
  -69,695
  -74,880
  -80,269
  -85,869
  -91,690
  -97,742
  -104,037
  -110,588
  -117,409
  -124,512
  -131,915
  -139,633
  -147,684
  -156,086
  -164,859
  -174,022
  -183,597
  -193,607
Total debt, $m
  993
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
  14,784
Total liabilities, $m
  14,541
  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 equity, $m
  6,272
  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 liabilities and equity, $m
  20,813
  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
Debt-to-equity ratio
  0.158
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.301
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  513
  -189
  -92
  8
  87
  171
  260
  352
  449
  550
  655
  837
  951
  1,069
  1,192
  1,320
  1,452
  1,590
  1,734
  1,883
  2,038
  2,200
  2,368
  2,544
  2,727
  2,918
  3,117
  3,325
  3,542
  3,769
  4,006
Depreciation, amort., depletion, $m
  25
  2,801
  3,169
  3,561
  3,976
  4,414
  4,875
  5,357
  5,861
  6,387
  6,936
  7,406
  8,000
  8,617
  9,258
  9,924
  10,616
  11,336
  12,084
  12,862
  13,672
  14,516
  15,394
  16,309
  17,263
  18,259
  19,297
  20,382
  21,515
  22,699
  23,936
Funds from operations, $m
  100
  2,612
  3,077
  3,569
  4,064
  4,586
  5,134
  5,709
  6,310
  6,937
  7,590
  8,243
  8,951
  9,686
  10,450
  11,244
  12,069
  12,926
  13,818
  14,746
  15,711
  16,716
  17,762
  18,853
  19,990
  21,176
  22,414
  23,707
  25,057
  26,467
  27,942
Change in working capital, $m
  -307
  -2,783
  -2,980
  -3,172
  -3,359
  -3,543
  -3,723
  -3,901
  -4,079
  -4,256
  -4,434
  -4,615
  -4,800
  -4,990
  -5,185
  -5,389
  -5,600
  -5,821
  -6,052
  -6,295
  -6,551
  -6,820
  -7,104
  -7,403
  -7,718
  -8,051
  -8,402
  -8,772
  -9,163
  -9,575
  -10,010
Cash from operations, $m
  407
  5,395
  6,056
  6,740
  7,423
  8,128
  8,857
  9,610
  10,389
  11,193
  12,025
  12,859
  13,750
  14,675
  15,635
  16,632
  17,669
  18,747
  19,870
  21,041
  22,262
  23,536
  24,866
  26,256
  27,708
  29,227
  30,816
  32,479
  34,220
  36,043
  37,952
Maintenance CAPEX, $m
  0
  -2,356
  -2,701
  -3,069
  -3,461
  -3,876
  -4,314
  -4,775
  -5,257
  -5,761
  -6,287
  -6,836
  -7,406
  -8,000
  -8,617
  -9,258
  -9,924
  -10,616
  -11,336
  -12,084
  -12,862
  -13,672
  -14,516
  -15,394
  -16,309
  -17,263
  -18,259
  -19,297
  -20,382
  -21,515
  -22,699
New CAPEX, $m
  -27
  -3,442
  -3,684
  -3,921
  -4,153
  -4,380
  -4,603
  -4,823
  -5,042
  -5,261
  -5,482
  -5,706
  -5,934
  -6,169
  -6,411
  -6,662
  -6,923
  -7,197
  -7,483
  -7,783
  -8,099
  -8,432
  -8,783
  -9,152
  -9,542
  -9,954
  -10,388
  -10,846
  -11,329
  -11,838
  -12,376
Cash from investing activities, $m
  -144
  -5,798
  -6,385
  -6,990
  -7,614
  -8,256
  -8,917
  -9,598
  -10,299
  -11,022
  -11,769
  -12,542
  -13,340
  -14,169
  -15,028
  -15,920
  -16,847
  -17,813
  -18,819
  -19,867
  -20,961
  -22,104
  -23,299
  -24,546
  -25,851
  -27,217
  -28,647
  -30,143
  -31,711
  -33,353
  -35,075
Free cash flow, $m
  263
  -404
  -328
  -250
  -191
  -128
  -60
  12
  89
  170
  255
  317
  410
  507
  608
  712
  821
  934
  1,052
  1,174
  1,300
  1,431
  1,568
  1,710
  1,857
  2,010
  2,170
  2,336
  2,509
  2,690
  2,878
Issuance/(repayment) of debt, $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
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
  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 cash flow (excl. dividends), $m
  223
  -404
  -328
  -250
  -191
  -128
  -60
  12
  89
  170
  255
  317
  410
  507
  608
  712
  821
  934
  1,052
  1,174
  1,300
  1,431
  1,568
  1,710
  1,857
  2,010
  2,170
  2,336
  2,509
  2,690
  2,878
Retained Cash Flow (-), $m
  -405
  -189
  -92
  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
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
  28
  31
  34
  37
  40
  43
  47
  50
  54
  58
  62
  66
  71
  75
  80
  85
  90
  95
  101
  107
  113
  119
  126
  133
Cash available for distribution, $m
 
  -189
  -92
  0
  0
  0
  0
  12
  89
  170
  255
  317
  410
  507
  608
  712
  821
  934
  1,052
  1,174
  1,300
  1,431
  1,568
  1,710
  1,857
  2,010
  2,170
  2,336
  2,509
  2,690
  2,878
Discount rate, %
 
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.84
  17.69
  18.57
  19.50
  20.47
  21.50
  22.57
  23.70
  24.88
  26.13
  27.44
  28.81
  30.25
  31.76
  33.35
  35.02
  36.77
  38.60
  40.53
  42.56
  44.69
  46.92
PV of cash for distribution, $m
 
  -170
  -74
  0
  0
  0
  0
  5
  27
  42
  50
  49
  48
  45
  40
  34
  27
  21
  16
  12
  8
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
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 9.8
Price to Sales 1.2
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 12.3
Price to Free Cash Flow 13.2
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 $4592 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 14.6% 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 11.4%, 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 88.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 5.4% 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 0.3%.

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 513.2%.

Life of production assets of 10 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 -415.1%. 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 - $0 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 84 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 $4.9 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Real Estate Notebook: Beltline looking to add segment; Office rents keep climbing   [Jul-13-18 05:00AM  American City Business Journals]
▶ Insurer Axis to anchor 2nd Avalon office building in Alpharetta, Ga. (Photos)   [Jul-11-18 07:12AM  American City Business Journals]
▶ Top Ranked Income Stocks to Buy for June 26th   [Jun-26-18 07:27AM  Zacks]
▶ AXIS Re Strengthens Commitment to Future Market Leadership   [May-31-18 09:00AM  Business Wire]
▶ Axis Capital: 1Q Earnings Snapshot   [05:06AM  Associated Press]
▶ AXIS Re Names Megan Thomas as Chief Underwriting Officer   [Apr-18-18 09:00AM  Business Wire]
▶ AXIS Launches Cyber Center of Excellence   [Apr-16-18 08:00AM  Business Wire]
▶ Best Dividend Paying Stocks   [Mar-03-18 08:02AM  Simply Wall St.]
▶ 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]
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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