Intrinsic value of Greenlight Capital Re Cl A - GLRE

Previous Close

$22.50

  Intrinsic Value

$176.15

stock screener

  Rating & Target

str. buy

+683%

  Value-price divergence*

+721%

Previous close

$22.50

 
Intrinsic value

$176.15

 
Up/down potential

+683%

 
Rating

str. buy

 
Value-price divergence*

+721%

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

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

We calculate the intrinsic value of GLRE 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 0.8

 

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, %
  308.39
  46.90
  42.71
  38.94
  35.55
  32.49
  29.74
  27.27
  25.04
  23.04
  21.23
  19.61
  18.15
  16.83
  15.65
  14.59
  13.63
  12.76
  11.99
  11.29
  10.66
  10.09
  9.58
  9.13
  8.71
  8.34
  8.01
  7.71
  7.44
  7.19
  6.97
Revenue, $m
  0
  858
  1,224
  1,701
  2,306
  3,055
  3,963
  5,044
  6,307
  7,760
  9,408
  11,253
  13,295
  15,533
  17,964
  20,584
  23,389
  26,374
  29,536
  32,870
  36,374
  40,045
  43,884
  47,889
  52,061
  56,404
  60,921
  65,617
  70,496
  75,567
  80,837
Variable operating expenses, $m
 
  548
  782
  1,087
  1,473
  1,952
  2,533
  3,223
  4,030
  4,959
  6,012
  7,190
  8,495
  9,925
  11,479
  13,153
  14,945
  16,853
  18,873
  21,004
  23,243
  25,589
  28,042
  30,601
  33,267
  36,042
  38,929
  41,929
  45,047
  48,287
  51,655
Fixed operating expenses, $m
 
  384
  394
  404
  414
  424
  435
  446
  457
  468
  480
  492
  504
  517
  530
  543
  557
  571
  585
  599
  614
  630
  646
  662
  678
  695
  713
  730
  749
  767
  787
Total operating expenses, $m
  541
  932
  1,176
  1,491
  1,887
  2,376
  2,968
  3,669
  4,487
  5,427
  6,492
  7,682
  8,999
  10,442
  12,009
  13,696
  15,502
  17,424
  19,458
  21,603
  23,857
  26,219
  28,688
  31,263
  33,945
  36,737
  39,642
  42,659
  45,796
  49,054
  52,442
Operating income, $m
  43
  -75
  48
  210
  418
  679
  996
  1,375
  1,820
  2,333
  2,916
  3,570
  4,295
  5,090
  5,955
  6,888
  7,887
  8,950
  10,077
  11,267
  12,516
  13,827
  15,196
  16,626
  18,116
  19,667
  21,280
  22,957
  24,700
  26,512
  28,395
EBITDA, $m
  43
  -75
  48
  211
  419
  679
  997
  1,376
  1,821
  2,335
  2,918
  3,572
  4,298
  5,093
  5,959
  6,892
  7,891
  8,956
  10,083
  11,273
  12,524
  13,835
  15,205
  16,636
  18,126
  19,678
  21,292
  22,970
  24,715
  26,527
  28,412
Interest expense (income), $m
  8
  0
  29
  69
  120
  185
  265
  363
  479
  615
  771
  948
  1,146
  1,365
  1,605
  1,867
  2,148
  2,449
  2,770
  3,109
  3,467
  3,844
  4,238
  4,650
  5,080
  5,529
  5,995
  6,480
  6,984
  7,508
  8,053
Earnings before tax, $m
  47
  -75
  19
  141
  298
  494
  730
  1,012
  1,341
  1,718
  2,145
  2,622
  3,149
  3,725
  4,350
  5,021
  5,739
  6,501
  7,308
  8,157
  9,049
  9,983
  10,958
  11,976
  13,035
  14,138
  15,285
  16,477
  17,716
  19,004
  20,342
Tax expense, $m
  0
  0
  5
  38
  81
  133
  197
  273
  362
  464
  579
  708
  850
  1,006
  1,174
  1,356
  1,549
  1,755
  1,973
  2,202
  2,443
  2,695
  2,959
  3,233
  3,520
  3,817
  4,127
  4,449
  4,783
  5,131
  5,492
Net income, $m
  45
  -75
  14
  103
  218
  360
  533
  739
  979
  1,254
  1,566
  1,914
  2,299
  2,719
  3,175
  3,665
  4,189
  4,746
  5,335
  5,955
  6,606
  7,287
  8,000
  8,742
  9,516
  10,321
  11,158
  12,028
  12,933
  13,873
  14,850

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
  2,665
  3,917
  5,590
  7,767
  10,528
  13,949
  18,097
  23,032
  28,800
  35,434
  42,958
  51,381
  60,706
  70,926
  82,026
  93,990
  106,797
  120,429
  134,866
  150,091
  166,091
  182,856
  200,382
  218,669
  237,723
  257,555
  278,180
  299,620
  321,901
  345,054
  369,117
Adjusted assets (=assets-cash), $m
  2,665
  3,917
  5,590
  7,767
  10,528
  13,949
  18,097
  23,032
  28,800
  35,434
  42,958
  51,381
  60,706
  70,926
  82,026
  93,990
  106,797
  120,429
  134,866
  150,091
  166,091
  182,856
  200,382
  218,669
  237,723
  257,555
  278,180
  299,620
  321,901
  345,054
  369,117
Revenue / Adjusted assets
  0.000
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
Average production assets, $m
  1
  2
  2
  3
  5
  6
  8
  10
  13
  16
  19
  23
  27
  31
  36
  41
  47
  53
  59
  66
  73
  80
  88
  96
  104
  113
  122
  131
  141
  151
  162
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
  0
  841
  1,966
  3,429
  5,284
  7,583
  10,370
  13,687
  17,562
  22,021
  27,077
  32,737
  39,004
  45,871
  53,330
  61,370
  69,977
  79,137
  88,839
  99,070
  109,822
  121,088
  132,866
  145,155
  157,959
  171,286
  185,146
  199,553
  214,526
  230,086
  246,256
Total liabilities, $m
  1,790
  2,632
  3,757
  5,220
  7,075
  9,374
  12,161
  15,478
  19,353
  23,812
  28,868
  34,528
  40,795
  47,662
  55,121
  63,161
  71,768
  80,928
  90,630
  100,861
  111,613
  122,879
  134,657
  146,946
  159,750
  173,077
  186,937
  201,344
  216,317
  231,877
  248,047
Total equity, $m
  874
  1,285
  1,834
  2,548
  3,453
  4,575
  5,936
  7,555
  9,446
  11,622
  14,090
  16,853
  19,912
  23,264
  26,904
  30,829
  35,030
  39,501
  44,236
  49,230
  54,478
  59,977
  65,725
  71,724
  77,973
  84,478
  91,243
  98,275
  105,583
  113,178
  121,070
Total liabilities and equity, $m
  2,664
  3,917
  5,591
  7,768
  10,528
  13,949
  18,097
  23,033
  28,799
  35,434
  42,958
  51,381
  60,707
  70,926
  82,025
  93,990
  106,798
  120,429
  134,866
  150,091
  166,091
  182,856
  200,382
  218,670
  237,723
  257,555
  278,180
  299,619
  321,900
  345,055
  369,117
Debt-to-equity ratio
  0.000
  0.650
  1.070
  1.350
  1.530
  1.660
  1.750
  1.810
  1.860
  1.890
  1.920
  1.940
  1.960
  1.970
  1.980
  1.990
  2.000
  2.000
  2.010
  2.010
  2.020
  2.020
  2.020
  2.020
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
  2.030
Adjusted equity ratio
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  -75
  14
  103
  218
  360
  533
  739
  979
  1,254
  1,566
  1,914
  2,299
  2,719
  3,175
  3,665
  4,189
  4,746
  5,335
  5,955
  6,606
  7,287
  8,000
  8,742
  9,516
  10,321
  11,158
  12,028
  12,933
  13,873
  14,850
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
Funds from operations, $m
  -126
  -75
  14
  104
  218
  361
  534
  740
  980
  1,256
  1,568
  1,917
  2,302
  2,723
  3,179
  3,669
  4,194
  4,751
  5,341
  5,961
  6,613
  7,295
  8,008
  8,752
  9,526
  10,332
  11,170
  12,041
  12,947
  13,888
  14,866
Change in working capital, $m
  -90
  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
  -36
  -75
  14
  104
  218
  361
  534
  740
  980
  1,256
  1,568
  1,917
  2,302
  2,723
  3,179
  3,669
  4,194
  4,751
  5,341
  5,961
  6,613
  7,295
  8,008
  8,752
  9,526
  10,332
  11,170
  12,041
  12,947
  13,888
  14,866
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
New CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
Cash from investing activities, $m
  -30
  -1
  -1
  -1
  -1
  -1
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -11
  -13
  -14
  -14
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -26
Free cash flow, $m
  -66
  -75
  13
  102
  217
  359
  532
  737
  977
  1,252
  1,563
  1,911
  2,295
  2,715
  3,171
  3,661
  4,184
  4,741
  5,329
  5,949
  6,599
  7,281
  7,993
  8,735
  9,508
  10,313
  11,150
  12,020
  12,924
  13,864
  14,840
Issuance/(repayment) of debt, $m
  0
  841
  1,124
  1,463
  1,855
  2,299
  2,788
  3,316
  3,876
  4,458
  5,056
  5,661
  6,266
  6,867
  7,459
  8,040
  8,607
  9,161
  9,701
  10,231
  10,752
  11,266
  11,778
  12,289
  12,804
  13,327
  13,860
  14,408
  14,973
  15,559
  16,170
Issuance/(repurchase) of shares, $m
  0
  486
  535
  611
  688
  762
  827
  880
  913
  922
  902
  849
  760
  632
  466
  259
  12
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  0
  1,327
  1,659
  2,074
  2,543
  3,061
  3,615
  4,196
  4,789
  5,380
  5,958
  6,510
  7,026
  7,499
  7,925
  8,299
  8,619
  9,161
  9,701
  10,231
  10,752
  11,266
  11,778
  12,289
  12,804
  13,327
  13,860
  14,408
  14,973
  15,559
  16,170
Total cash flow (excl. dividends), $m
  -72
  1,252
  1,672
  2,176
  2,760
  3,419
  4,147
  4,933
  5,765
  6,632
  7,521
  8,421
  9,321
  10,215
  11,096
  11,959
  12,803
  13,901
  15,030
  16,180
  17,351
  18,547
  19,770
  21,024
  22,313
  23,640
  25,010
  26,427
  27,897
  29,423
  31,011
Retained Cash Flow (-), $m
  -49
  -486
  -549
  -714
  -906
  -1,122
  -1,361
  -1,619
  -1,892
  -2,176
  -2,468
  -2,763
  -3,059
  -3,352
  -3,641
  -3,924
  -4,201
  -4,471
  -4,735
  -4,994
  -5,248
  -5,499
  -5,749
  -5,998
  -6,250
  -6,505
  -6,765
  -7,032
  -7,308
  -7,594
  -7,893
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
 
  766
  1,124
  1,462
  1,854
  2,297
  2,786
  3,314
  3,873
  4,456
  5,053
  5,657
  6,263
  6,863
  7,455
  8,035
  8,602
  9,430
  10,295
  11,186
  12,103
  13,048
  14,022
  15,026
  16,063
  17,135
  18,245
  19,395
  20,589
  21,829
  23,118
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
 
  735
  1,029
  1,272
  1,527
  1,781
  2,022
  2,239
  2,421
  2,560
  2,649
  2,687
  2,673
  2,610
  2,503
  2,359
  2,186
  2,052
  1,896
  1,722
  1,538
  1,350
  1,163
  985
  818
  667
  532
  416
  319
  238
  174
Current shareholders' claim on cash, %
  100
  63.3
  44.1
  32.7
  25.5
  20.7
  17.4
  15.1
  13.4
  12.2
  11.3
  10.6
  10.1
  9.8
  9.6
  9.5
  9.5
  9.5
  9.5
  9.5
  9.5
  9.5
  9.5
  9.5
  9.5
  9.5
  9.5
  9.5
  9.5
  9.5
  9.5

Greenlight Capital Re, Ltd. is a holding company. The Company analyzes its underwriting operations using two categories: frequency business, which is characterized as contracts containing a number of small losses emanating from multiple events, and severity business, which is characterized as contracts with the potential for significant losses emanating from one event or multiple events. It conducts its reinsurance operations through two licensed and regulated reinsurance entities: Greenlight Reinsurance, Ltd. (Greenlight Re), based in the Cayman Islands, and Greenlight Reinsurance Ireland, Ltd. (GRIL), based in Ireland. Greenlight Re is engaged in writing property and casualty reinsurance business, as well as long term business, such as life insurance, long term disability and long term care, among others. GRIL is a non-life reinsurance undertaking. Verdant Holding Company, Ltd. makes strategic investments in a select group of property and casualty insurers, and general agents.

FINANCIAL RATIOS  of  Greenlight Capital Re Cl A (GLRE)

Valuation Ratios
P/E Ratio 18.7
Price to Sales 1.4
Price to Book 1
Price to Tangible Book
Price to Cash Flow -23.4
Price to Free Cash Flow -23.4
Growth Rates
Sales Growth Rate 308.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 7
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. -1.5%
Return On Total Capital 5.3%
Ret/ On T. Cap. - 3 Yr. Avg. -5.8%
Return On Equity 5.3%
Return On Equity - 3 Yr. Avg. -5.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 9.4%
EBITDA Margin - 3 Yr. Avg. -60.1%
Operating Margin 7.4%
Oper. Margin - 3 Yr. Avg. -63.3%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. -67.2%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. -65.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.2%
Payout Ratio 0%

GLRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GLRE stock intrinsic value calculation we used $584 million for the last fiscal year's total revenue generated by Greenlight Capital Re Cl A. The default revenue input number comes from 2016 income statement of Greenlight Capital Re Cl A. 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 GLRE stock valuation model: a) initial revenue growth rate of 46.9% 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 GLRE is calculated based on our internal credit rating of Greenlight Capital Re Cl A, 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 Greenlight Capital Re Cl A.
    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 GLRE stock the variable cost ratio is equal to 63.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $375 million in the base year in the intrinsic value calculation for GLRE 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 3.5% for Greenlight Capital Re Cl A.

Corporate tax rate of 27% is the nominal tax rate for Greenlight Capital Re Cl A. 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 GLRE 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 GLRE are equal to 0.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Greenlight Capital Re Cl A 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 GLRE 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 - $874 million for Greenlight Capital Re Cl A - 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 37.173 million for Greenlight Capital Re Cl A 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 Greenlight Capital Re Cl A at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
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MHLD Maiden Holding 8.35 41.76  str.buy

COMPANY NEWS

▶ [$$] Einhorn's Greenlight Capital Cuts GM Stake, Exits Time Warner   [Aug-14-17 05:54PM  The Wall Street Journal]
▶ For Troubled Toshiba, Auditor Decision Is Key   [Aug-09-17 11:00AM  Bloomberg]
▶ Greenlight Capital Re reports 2Q loss   [Jul-31-17 10:27PM  Associated Press]
▶ Inside Einhorns Greenlight Capitals Top Holdings   [Jul-20-17 11:27AM  Market Realist]
▶ Western Digital CEO in Japan to make peace with Toshiba   [Jul-18-17 04:43PM  American City Business Journals]
▶ Einhorns Greenlight Fund Drops 2.3% in First Half   [Jun-30-17 06:31PM  Bloomberg]
▶ [$$] David Einhorn caught in the Hexagon   [Jun-15-17 12:46AM  Financial Times]
▶ [$$] Hedge funds will live to short another day   [Jun-14-17 12:33PM  Financial Times]
▶ GM Shareholders Reject Proposal to Divide Shares Into Two Classes   [Jun-07-17 12:18AM  The Wall Street Journal]
▶ GM Shareholders Reject Activist's Proposal to Divide Shares   [11:04AM  The Wall Street Journal]
▶ [$$] Einhorn Bulks Up on GM, Buys Micron, Dumps Yelp   [Jun-05-17 11:23PM  Barrons.com]
▶ David Einhorn on GM Value, Tesla Profit, Apple   [Jun-02-17 10:37AM  Bloomberg Video]
▶ Einhorn's GM Director Battle Dealt Second Major Blow   [May-27-17 04:58PM  TheStreet.com]
▶ Metric Explains Why Einhorn Is Moving on GM   [May-24-17 05:35PM  TheStreet.com]
▶ Hey GM Investors! Put a Big Red Circle Around June 6   [May-12-17 12:11PM  Barrons.com]
▶ David Einhorn's GM timing is terrible   [May-11-17 02:05PM  Business Insider]
▶ Einhorn Amps Up the Pressure on Tesla and GM   [May-08-17 01:27PM  Bloomberg Video]
▶ Greenlight Capital Re posts 1Q profit   [May-02-17 07:21PM  Associated Press]
Financial statements of GLRE
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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