Intrinsic value of Greenlight Capital Re Cl A - GLRE

Previous Close

$22.70

  Intrinsic Value

$5.93

stock screener

  Rating & Target

str. sell

-74%

  Value-price divergence*

0%

Previous close

$22.70

 
Intrinsic value

$5.93

 
Up/down potential

-74%

 
Rating

str. sell

 
Value-price divergence*

0%

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  596
  609
  625
  643
  662
  683
  707
  732
  759
  788
  819
  853
  888
  926
  966
  1,008
  1,053
  1,100
  1,150
  1,203
  1,259
  1,318
  1,380
  1,445
  1,514
  1,586
  1,662
  1,743
  1,827
  1,916
Variable operating expenses, $m
 
  381
  389
  399
  411
  423
  437
  452
  468
  485
  504
  524
  545
  567
  592
  617
  644
  673
  703
  735
  769
  804
  842
  882
  923
  967
  1,014
  1,062
  1,113
  1,167
  1,224
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
  765
  783
  803
  825
  847
  872
  898
  925
  953
  984
  1,016
  1,049
  1,084
  1,122
  1,160
  1,201
  1,244
  1,288
  1,334
  1,383
  1,434
  1,488
  1,544
  1,601
  1,662
  1,727
  1,792
  1,862
  1,934
  2,011
Operating income, $m
  43
  -169
  -174
  -178
  -182
  -185
  -188
  -191
  -193
  -194
  -195
  -196
  -197
  -196
  -196
  -195
  -193
  -191
  -188
  -184
  -180
  -175
  -170
  -164
  -157
  -149
  -140
  -130
  -120
  -108
  -95
EBITDA, $m
  43
  -169
  -174
  -178
  -182
  -185
  -188
  -190
  -193
  -194
  -195
  -196
  -196
  -196
  -196
  -194
  -193
  -190
  -188
  -184
  -180
  -175
  -170
  -163
  -156
  -148
  -140
  -130
  -119
  -108
  -95
Interest expense (income), $m
  8
  0
  1
  3
  4
  6
  8
  11
  13
  16
  19
  22
  25
  29
  33
  37
  41
  46
  50
  55
  61
  67
  73
  79
  85
  92
  100
  108
  116
  124
  134
Earnings before tax, $m
  47
  -169
  -175
  -181
  -186
  -192
  -197
  -201
  -206
  -210
  -214
  -218
  -222
  -225
  -228
  -231
  -234
  -236
  -238
  -240
  -241
  -242
  -242
  -243
  -242
  -241
  -240
  -238
  -235
  -232
  -229
Tax expense, $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
Net income, $m
  45
  -169
  -175
  -181
  -186
  -192
  -197
  -201
  -206
  -210
  -214
  -218
  -222
  -225
  -228
  -231
  -234
  -236
  -238
  -240
  -241
  -242
  -242
  -243
  -242
  -241
  -240
  -238
  -235
  -232
  -229

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
  2,720
  2,783
  2,854
  2,934
  3,023
  3,121
  3,227
  3,342
  3,466
  3,599
  3,742
  3,893
  4,055
  4,227
  4,409
  4,602
  4,807
  5,023
  5,252
  5,493
  5,748
  6,016
  6,299
  6,598
  6,912
  7,242
  7,590
  7,957
  8,342
  8,747
Adjusted assets (=assets-cash), $m
  2,665
  2,720
  2,783
  2,854
  2,934
  3,023
  3,121
  3,227
  3,342
  3,466
  3,599
  3,742
  3,893
  4,055
  4,227
  4,409
  4,602
  4,807
  5,023
  5,252
  5,493
  5,748
  6,016
  6,299
  6,598
  6,912
  7,242
  7,590
  7,957
  8,342
  8,747
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
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
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
  37
  79
  127
  181
  241
  306
  378
  455
  538
  628
  723
  825
  934
  1,049
  1,172
  1,302
  1,439
  1,585
  1,738
  1,900
  2,072
  2,252
  2,442
  2,643
  2,854
  3,076
  3,310
  3,556
  3,815
  4,087
Total liabilities, $m
  1,790
  1,828
  1,870
  1,918
  1,972
  2,032
  2,097
  2,169
  2,246
  2,329
  2,419
  2,514
  2,616
  2,725
  2,840
  2,963
  3,093
  3,230
  3,376
  3,529
  3,691
  3,863
  4,043
  4,233
  4,434
  4,645
  4,867
  5,101
  5,347
  5,606
  5,878
Total equity, $m
  874
  892
  913
  936
  962
  992
  1,024
  1,059
  1,096
  1,137
  1,181
  1,227
  1,277
  1,330
  1,386
  1,446
  1,510
  1,577
  1,648
  1,723
  1,802
  1,885
  1,973
  2,066
  2,164
  2,267
  2,376
  2,490
  2,610
  2,736
  2,869
Total liabilities and equity, $m
  2,664
  2,720
  2,783
  2,854
  2,934
  3,024
  3,121
  3,228
  3,342
  3,466
  3,600
  3,741
  3,893
  4,055
  4,226
  4,409
  4,603
  4,807
  5,024
  5,252
  5,493
  5,748
  6,016
  6,299
  6,598
  6,912
  7,243
  7,591
  7,957
  8,342
  8,747
Debt-to-equity ratio
  0.000
  0.040
  0.090
  0.140
  0.190
  0.240
  0.300
  0.360
  0.420
  0.470
  0.530
  0.590
  0.650
  0.700
  0.760
  0.810
  0.860
  0.910
  0.960
  1.010
  1.050
  1.100
  1.140
  1.180
  1.220
  1.260
  1.290
  1.330
  1.360
  1.390
  1.420
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
  -169
  -175
  -181
  -186
  -192
  -197
  -201
  -206
  -210
  -214
  -218
  -222
  -225
  -228
  -231
  -234
  -236
  -238
  -240
  -241
  -242
  -242
  -243
  -242
  -241
  -240
  -238
  -235
  -232
  -229
Depreciation, amort., depletion, $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
Funds from operations, $m
  -126
  -169
  -175
  -181
  -186
  -191
  -196
  -201
  -206
  -210
  -214
  -218
  -222
  -225
  -228
  -231
  -234
  -236
  -238
  -240
  -241
  -242
  -242
  -242
  -242
  -241
  -240
  -238
  -235
  -232
  -228
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
  -169
  -175
  -181
  -186
  -191
  -196
  -201
  -206
  -210
  -214
  -218
  -222
  -225
  -228
  -231
  -234
  -236
  -238
  -240
  -241
  -242
  -242
  -242
  -242
  -241
  -240
  -238
  -235
  -232
  -228
Maintenance CAPEX, $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
New CAPEX, $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
Cash from investing activities, $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
Free cash flow, $m
  -66
  -170
  -175
  -181
  -186
  -192
  -197
  -201
  -206
  -210
  -214
  -218
  -222
  -225
  -228
  -231
  -234
  -236
  -238
  -240
  -241
  -242
  -243
  -243
  -242
  -241
  -240
  -238
  -236
  -232
  -229
Issuance/(repayment) of debt, $m
  0
  37
  42
  48
  54
  60
  66
  71
  77
  83
  89
  96
  102
  109
  115
  123
  130
  137
  145
  154
  162
  171
  180
  190
  200
  211
  222
  234
  246
  259
  272
Issuance/(repurchase) of shares, $m
  0
  187
  196
  204
  213
  221
  229
  236
  244
  251
  258
  265
  272
  278
  285
  291
  297
  303
  309
  315
  320
  325
  331
  335
  340
  344
  348
  352
  356
  359
  361
Cash from financing (excl. dividends), $m  
  0
  224
  238
  252
  267
  281
  295
  307
  321
  334
  347
  361
  374
  387
  400
  414
  427
  440
  454
  469
  482
  496
  511
  525
  540
  555
  570
  586
  602
  618
  633
Total cash flow (excl. dividends), $m
  -72
  55
  63
  71
  80
  89
  98
  106
  115
  124
  133
  142
  152
  162
  172
  182
  193
  204
  216
  228
  241
  255
  268
  283
  298
  314
  331
  348
  366
  385
  405
Retained Cash Flow (-), $m
  -49
  -187
  -196
  -204
  -213
  -221
  -229
  -236
  -244
  -251
  -258
  -265
  -272
  -278
  -285
  -291
  -297
  -303
  -309
  -315
  -320
  -325
  -331
  -335
  -340
  -344
  -348
  -352
  -356
  -359
  -361
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
 
  -133
  -133
  -133
  -132
  -132
  -131
  -130
  -129
  -127
  -125
  -123
  -120
  -117
  -113
  -109
  -104
  -99
  -93
  -86
  -79
  -71
  -62
  -52
  -42
  -30
  -18
  -4
  11
  26
  44
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
 
  -127
  -122
  -116
  -109
  -102
  -95
  -88
  -80
  -73
  -66
  -58
  -51
  -44
  -38
  -32
  -26
  -21
  -17
  -13
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  81.7
  66.5
  53.9
  43.5
  35.1
  28.3
  22.8
  18.4
  14.8
  12.0
  9.7
  7.9
  6.4
  5.3
  4.3
  3.6
  2.9
  2.4
  2.0
  1.7
  1.4
  1.2
  1.0
  0.9
  0.8
  0.6
  0.6
  0.5
  0.4
  0.4

Greenlight Capital Re, Ltd., through its subsidiaries, engages in the provision of property and casualty reinsurance products and services worldwide. Its frequency business comprises contracts containing smaller losses emanating from multiple events and enables the clients to increase their underwriting capacity; and severity business includes contracts with the potential for significant losses emanating from one event or various events. The company offers various property reinsurance products and services that include aviation, commercial, energy, motor physical damage, and personal; casualty reinsurance products and services, which include general, marine, motor, and professional liability; and specialty reinsurance products and services that include financial, health, and worker’s compensation. It markets its products through reinsurance brokers and specialist service providers. The company was founded in 2004 and is headquartered in Grand Cayman, the Cayman Islands.

FINANCIAL RATIOS  of  Greenlight Capital Re Cl A (GLRE)

Valuation Ratios
P/E Ratio 18.9
Price to Sales 1.5
Price to Book 1
Price to Tangible Book
Price to Cash Flow -23.6
Price to Free Cash Flow -23.6
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 2% 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 36.87 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
RNR RenaissanceRe 147.94 214.64  str.buy
TPRE Third Point Re 14.65 114.52  str.buy
RE Everest Re Gro 266.91 2,015.22  str.buy
MHLD Maiden Holding 7.30 47.80  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]
▶ Market Nonplussed by Einhorn's GM Director Battle   [Apr-16-17 05:40PM  TheStreet.com]
▶ David Einhorn Steps Up Effort to Make Dividend Shares at GM   [Apr-13-17 02:02PM  GuruFocus.com]
▶ [$$] David Einhorn Ratchets Up Pressure on GM   [12:03AM  The Wall Street Journal]
▶ [$$] Einhorn Ratchets Up GM Pressure   [05:05PM  The Wall Street Journal]
Stock chart of GLRE 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.