Intrinsic value of Greenlight Capital Re Cl A - GLRE

Previous Close

$18.05

  Intrinsic Value

$160.08

stock screener

  Rating & Target

str. buy

+787%

Previous close

$18.05

 
Intrinsic value

$160.08

 
Up/down potential

+787%

 
Rating

str. buy

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

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

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, %
  308.39
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  0
  934
  1,444
  2,159
  3,133
  4,420
  6,076
  8,156
  10,709
  13,780
  17,405
  21,613
  26,424
  31,850
  37,895
  44,558
  51,831
  59,705
  68,167
  77,203
  86,799
  96,943
  107,624
  118,834
  130,569
  142,825
  155,606
  168,916
  182,764
  197,163
  212,129
Variable operating expenses, $m
 
  597
  922
  1,380
  2,002
  2,824
  3,883
  5,211
  6,843
  8,805
  11,122
  13,811
  16,885
  20,352
  24,215
  28,472
  33,120
  38,152
  43,559
  49,333
  55,464
  61,946
  68,772
  75,935
  83,433
  91,265
  99,432
  107,937
  116,786
  125,987
  135,550
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
  981
  1,316
  1,784
  2,416
  3,248
  4,318
  5,657
  7,300
  9,273
  11,602
  14,303
  17,389
  20,869
  24,745
  29,015
  33,677
  38,723
  44,144
  49,932
  56,078
  62,576
  69,418
  76,597
  84,111
  91,960
  100,145
  108,667
  117,535
  126,754
  136,337
Operating income, $m
  43
  -47
  127
  376
  717
  1,171
  1,759
  2,498
  3,409
  4,506
  5,803
  7,310
  9,035
  10,981
  13,150
  15,542
  18,154
  20,983
  24,023
  27,271
  30,720
  34,366
  38,207
  42,237
  46,457
  50,865
  55,461
  60,248
  65,229
  70,408
  75,792
EBITDA, $m
  43
  -47
  127
  376
  718
  1,172
  1,760
  2,500
  3,411
  4,509
  5,807
  7,315
  9,040
  10,987
  13,158
  15,551
  18,165
  20,995
  24,037
  27,286
  30,737
  34,386
  38,228
  42,261
  46,483
  50,893
  55,492
  60,282
  65,266
  70,448
  75,834
Interest expense (income), $m
  8
  0
  38
  92
  169
  274
  412
  590
  813
  1,087
  1,417
  1,807
  2,258
  2,775
  3,358
  4,007
  4,723
  5,504
  6,350
  7,258
  8,229
  9,259
  10,349
  11,496
  12,700
  13,960
  15,276
  16,649
  18,078
  19,566
  21,112
Earnings before tax, $m
  47
  -47
  90
  283
  548
  897
  1,347
  1,909
  2,596
  3,419
  4,386
  5,504
  6,776
  8,206
  9,792
  11,535
  13,432
  15,479
  17,674
  20,012
  22,491
  25,107
  27,858
  30,742
  33,757
  36,905
  40,185
  43,599
  47,151
  50,843
  54,680
Tax expense, $m
  0
  0
  24
  76
  148
  242
  364
  515
  701
  923
  1,184
  1,486
  1,830
  2,216
  2,644
  3,114
  3,627
  4,179
  4,772
  5,403
  6,073
  6,779
  7,522
  8,300
  9,114
  9,964
  10,850
  11,772
  12,731
  13,728
  14,764
Net income, $m
  45
  -47
  65
  207
  400
  655
  983
  1,393
  1,895
  2,496
  3,202
  4,018
  4,947
  5,990
  7,148
  8,421
  9,805
  11,300
  12,902
  14,609
  16,419
  18,328
  20,336
  22,441
  24,643
  26,940
  29,335
  31,827
  34,420
  37,115
  39,916

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
  4,267
  6,592
  9,858
  14,304
  20,181
  27,744
  37,241
  48,899
  62,921
  79,475
  98,690
  120,657
  145,433
  173,036
  203,460
  236,673
  272,627
  311,265
  352,524
  396,342
  442,661
  491,434
  542,622
  596,204
  652,171
  710,530
  771,306
  834,539
  900,288
  968,625
Adjusted assets (=assets-cash), $m
  2,665
  4,267
  6,592
  9,858
  14,304
  20,181
  27,744
  37,241
  48,899
  62,921
  79,475
  98,690
  120,657
  145,433
  173,036
  203,460
  236,673
  272,627
  311,265
  352,524
  396,342
  442,661
  491,434
  542,622
  596,204
  652,171
  710,530
  771,306
  834,539
  900,288
  968,625
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
  3
  4
  6
  9
  12
  16
  21
  28
  35
  43
  53
  64
  76
  89
  104
  119
  136
  154
  174
  194
  215
  238
  261
  286
  311
  338
  366
  394
  424
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
  1,076
  2,639
  4,834
  7,821
  11,770
  16,853
  23,235
  31,069
  40,492
  51,616
  64,528
  79,291
  95,940
  114,489
  134,934
  157,253
  181,415
  207,379
  235,105
  264,551
  295,677
  328,452
  362,851
  398,858
  436,468
  475,685
  516,527
  559,020
  603,202
  649,125
Total liabilities, $m
  1,790
  2,867
  4,430
  6,625
  9,612
  13,561
  18,644
  25,026
  32,860
  42,283
  53,407
  66,319
  81,082
  97,731
  116,280
  136,725
  159,044
  183,206
  209,170
  236,896
  266,342
  297,468
  330,243
  364,642
  400,649
  438,259
  477,476
  518,318
  560,811
  604,993
  650,916
Total equity, $m
  874
  1,399
  2,162
  3,234
  4,692
  6,619
  9,100
  12,215
  16,039
  20,638
  26,068
  32,370
  39,576
  47,702
  56,756
  66,735
  77,629
  89,422
  102,095
  115,628
  130,000
  145,193
  161,190
  177,980
  195,555
  213,912
  233,054
  252,988
  273,729
  295,294
  317,709
Total liabilities and equity, $m
  2,664
  4,266
  6,592
  9,859
  14,304
  20,180
  27,744
  37,241
  48,899
  62,921
  79,475
  98,689
  120,658
  145,433
  173,036
  203,460
  236,673
  272,628
  311,265
  352,524
  396,342
  442,661
  491,433
  542,622
  596,204
  652,171
  710,530
  771,306
  834,540
  900,287
  968,625
Debt-to-equity ratio
  0.000
  0.770
  1.220
  1.490
  1.670
  1.780
  1.850
  1.900
  1.940
  1.960
  1.980
  1.990
  2.000
  2.010
  2.020
  2.020
  2.030
  2.030
  2.030
  2.030
  2.040
  2.040
  2.040
  2.040
  2.040
  2.040
  2.040
  2.040
  2.040
  2.040
  2.040
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
  -47
  65
  207
  400
  655
  983
  1,393
  1,895
  2,496
  3,202
  4,018
  4,947
  5,990
  7,148
  8,421
  9,805
  11,300
  12,902
  14,609
  16,419
  18,328
  20,336
  22,441
  24,643
  26,940
  29,335
  31,827
  34,420
  37,115
  39,916
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  5
  6
  8
  9
  10
  12
  14
  15
  17
  19
  22
  24
  26
  29
  31
  34
  37
  39
  42
Funds from operations, $m
  -126
  -47
  66
  207
  400
  656
  984
  1,395
  1,897
  2,498
  3,205
  4,022
  4,952
  5,996
  7,156
  8,430
  9,816
  11,312
  12,916
  14,625
  16,436
  18,348
  20,358
  22,465
  24,669
  26,969
  29,366
  31,861
  34,457
  37,155
  39,959
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
  -47
  66
  207
  400
  656
  984
  1,395
  1,897
  2,498
  3,205
  4,022
  4,952
  5,996
  7,156
  8,430
  9,816
  11,312
  12,916
  14,625
  16,436
  18,348
  20,358
  22,465
  24,669
  26,969
  29,366
  31,861
  34,457
  37,155
  39,959
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -6
  -8
  -9
  -10
  -12
  -14
  -15
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -34
  -37
  -39
New CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -30
Cash from investing activities, $m
  -30
  -1
  -1
  -1
  -2
  -4
  -4
  -5
  -7
  -8
  -10
  -11
  -14
  -16
  -18
  -21
  -24
  -26
  -29
  -32
  -34
  -37
  -40
  -44
  -47
  -51
  -55
  -58
  -62
  -66
  -69
Free cash flow, $m
  -66
  -48
  64
  205
  398
  653
  980
  1,390
  1,890
  2,490
  3,195
  4,010
  4,938
  5,980
  7,138
  8,409
  9,792
  11,286
  12,887
  14,593
  16,401
  18,310
  20,317
  22,421
  24,622
  26,918
  29,312
  31,804
  34,395
  37,089
  39,889
Issuance/(repayment) of debt, $m
  0
  1,076
  1,563
  2,195
  2,987
  3,949
  5,082
  6,382
  7,835
  9,423
  11,124
  12,912
  14,762
  16,649
  18,550
  20,445
  22,319
  24,161
  25,965
  27,726
  29,445
  31,127
  32,775
  34,399
  36,007
  37,610
  39,217
  40,841
  42,493
  44,183
  45,922
Issuance/(repurchase) of shares, $m
  0
  573
  697
  865
  1,058
  1,272
  1,498
  1,722
  1,929
  2,104
  2,228
  2,285
  2,259
  2,136
  1,906
  1,558
  1,089
  493
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  0
  1,649
  2,260
  3,060
  4,045
  5,221
  6,580
  8,104
  9,764
  11,527
  13,352
  15,197
  17,021
  18,785
  20,456
  22,003
  23,408
  24,654
  25,965
  27,726
  29,445
  31,127
  32,775
  34,399
  36,007
  37,610
  39,217
  40,841
  42,493
  44,183
  45,922
Total cash flow (excl. dividends), $m
  -72
  1,601
  2,324
  3,265
  4,444
  5,875
  7,560
  9,493
  11,654
  14,017
  16,547
  19,207
  21,959
  24,766
  27,593
  30,412
  33,200
  35,940
  38,851
  42,319
  45,847
  49,437
  53,092
  56,820
  60,629
  64,528
  68,529
  72,645
  76,888
  81,272
  85,812
Retained Cash Flow (-), $m
  -49
  -573
  -763
  -1,071
  -1,458
  -1,928
  -2,481
  -3,115
  -3,824
  -4,599
  -5,430
  -6,302
  -7,205
  -8,126
  -9,054
  -9,979
  -10,894
  -11,793
  -12,673
  -13,533
  -14,372
  -15,193
  -15,997
  -16,790
  -17,575
  -18,357
  -19,142
  -19,934
  -20,741
  -21,565
  -22,415
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
 
  1,028
  1,562
  2,194
  2,986
  3,947
  5,079
  6,378
  7,830
  9,417
  11,117
  12,905
  14,754
  16,639
  18,539
  20,433
  22,306
  24,147
  26,178
  28,786
  31,475
  34,244
  37,095
  40,030
  43,054
  46,171
  49,387
  52,710
  56,147
  59,707
  63,397
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
 
  986
  1,430
  1,909
  2,458
  3,059
  3,686
  4,309
  4,894
  5,410
  5,828
  6,128
  6,296
  6,327
  6,224
  5,999
  5,668
  5,254
  4,821
  4,432
  3,999
  3,542
  3,078
  2,624
  2,193
  1,796
  1,441
  1,131
  869
  652
  477
Current shareholders' claim on cash, %
  100
  54.4
  33.2
  22.0
  15.5
  11.5
  8.9
  7.2
  6.0
  5.1
  4.5
  4.0
  3.7
  3.5
  3.3
  3.2
  3.1
  3.1
  3.1
  3.1
  3.1
  3.1
  3.1
  3.1
  3.1
  3.1
  3.1
  3.1
  3.1
  3.1
  3.1

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 15
Price to Sales 1.2
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow -18.7
Price to Free Cash Flow -18.7
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 60% 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 37.813 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 $0.7 billion.

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COMPANY NEWS

▶ Einhorn's Main Hedge Fund Posts 6.6% Monthly Loss   [Feb-01-18 12:09PM  Bloomberg Video]
▶ Why David Einhorn Is Betting Big on General Motors   [Jan-17-18 10:40AM  GuruFocus.com]
▶ A Green Light for Greenlight Capital Re   [Oct-31-17 05:18PM  Barrons.com]
▶ Greenlight Capital Re posts 3Q profit   [Oct-30-17 05:15PM  Associated Press]
▶ Greenlight's Einhorn Says Tesla Shares 'Deserve Much Worse'   [Oct-24-17 03:21PM  TheStreet.com]
▶ [$$] Einhorn's Greenlight Capital Cuts GM Stake, Exits Time Warner   [Aug-14-17 05:54PM  The Wall Street Journal]
▶ For Troubled Toshiba, Auditor Decision Is Key   [Aug-09-17 11:00AM  Bloomberg]
▶ Greenlight Capital Re reports 2Q loss   [Jul-31-17 10:27PM  Associated Press]
▶ Inside Einhorns Greenlight Capitals Top Holdings   [Jul-20-17 11:27AM  Market Realist]
▶ Western Digital CEO in Japan to make peace with Toshiba   [Jul-18-17 04:43PM  American City Business Journals]
▶ Einhorns Greenlight Fund Drops 2.3% in First Half   [Jun-30-17 06:31PM  Bloomberg]
▶ [$$] 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]
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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