Intrinsic value of James River Group Holdings - JRVR

Previous Close

$35.60

  Intrinsic Value

$534.48

stock screener

  Rating & Target

str. buy

+999%

Previous close

$35.60

 
Intrinsic value

$534.48

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of JRVR 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, %
  16.04
  46.40
  42.26
  38.53
  35.18
  32.16
  29.45
  27.00
  24.80
  22.82
  21.04
  19.44
  17.99
  16.69
  15.52
  14.47
  13.52
  12.67
  11.90
  11.21
  10.59
  10.03
  9.53
  9.08
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
Revenue, $m
  0
  858
  1,220
  1,691
  2,286
  3,021
  3,910
  4,966
  6,198
  7,612
  9,213
  11,004
  12,984
  15,151
  17,503
  20,036
  22,746
  25,628
  28,679
  31,895
  35,273
  38,812
  42,511
  46,370
  50,390
  54,573
  58,924
  63,446
  68,146
  73,030
  78,105
Variable operating expenses, $m
 
  627
  885
  1,219
  1,641
  2,163
  2,794
  3,544
  4,418
  5,422
  6,559
  7,812
  9,218
  10,756
  12,426
  14,224
  16,148
  18,194
  20,360
  22,643
  25,042
  27,554
  30,180
  32,920
  35,774
  38,744
  41,833
  45,043
  48,380
  51,847
  55,450
Fixed operating expenses, $m
 
  68
  69
  71
  73
  75
  77
  78
  80
  82
  84
  87
  89
  91
  93
  96
  98
  100
  103
  106
  108
  111
  114
  116
  119
  122
  125
  129
  132
  135
  138
Total operating expenses, $m
  498
  695
  954
  1,290
  1,714
  2,238
  2,871
  3,622
  4,498
  5,504
  6,643
  7,899
  9,307
  10,847
  12,519
  14,320
  16,246
  18,294
  20,463
  22,749
  25,150
  27,665
  30,294
  33,036
  35,893
  38,866
  41,958
  45,172
  48,512
  51,982
  55,588
Operating income, $m
  88
  163
  266
  401
  572
  783
  1,039
  1,344
  1,699
  2,107
  2,570
  3,105
  3,677
  4,304
  4,984
  5,716
  6,500
  7,333
  8,216
  9,146
  10,123
  11,147
  12,217
  13,333
  14,497
  15,707
  16,966
  18,275
  19,635
  21,048
  22,517
EBITDA, $m
  190
  193
  301
  442
  621
  842
  1,110
  1,428
  1,800
  2,227
  2,711
  3,253
  3,851
  4,507
  5,218
  5,985
  6,804
  7,677
  8,600
  9,573
  10,596
  11,667
  12,787
  13,955
  15,172
  16,438
  17,755
  19,125
  20,548
  22,026
  23,563
Interest expense (income), $m
  8
  8
  40
  83
  139
  209
  296
  402
  527
  673
  840
  1,030
  1,242
  1,476
  1,733
  2,012
  2,312
  2,633
  2,974
  3,335
  3,716
  4,116
  4,536
  4,974
  5,431
  5,907
  6,402
  6,918
  7,453
  8,010
  8,588
Earnings before tax, $m
  79
  155
  226
  318
  433
  574
  743
  942
  1,172
  1,435
  1,730
  2,075
  2,435
  2,827
  3,251
  3,704
  4,188
  4,701
  5,242
  5,811
  6,407
  7,031
  7,682
  8,360
  9,066
  9,800
  10,564
  11,357
  12,181
  13,038
  13,928
Tax expense, $m
  5
  42
  61
  86
  117
  155
  201
  254
  317
  387
  467
  560
  658
  763
  878
  1,000
  1,131
  1,269
  1,415
  1,569
  1,730
  1,898
  2,074
  2,257
  2,448
  2,646
  2,852
  3,066
  3,289
  3,520
  3,761
Net income, $m
  74
  113
  165
  232
  316
  419
  542
  688
  856
  1,047
  1,263
  1,515
  1,778
  2,064
  2,373
  2,704
  3,057
  3,431
  3,826
  4,242
  4,677
  5,132
  5,608
  6,103
  6,618
  7,154
  7,711
  8,291
  8,892
  9,518
  10,168

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
  2,347
  3,432
  4,882
  6,763
  9,142
  12,083
  15,640
  19,864
  24,790
  30,448
  36,854
  44,016
  51,935
  60,605
  70,013
  80,144
  90,983
  102,512
  114,715
  127,579
  141,093
  155,249
  170,044
  185,479
  201,559
  218,293
  235,695
  253,785
  272,584
  292,119
  312,421
Adjusted assets (=assets-cash), $m
  2,347
  3,432
  4,882
  6,763
  9,142
  12,083
  15,640
  19,864
  24,790
  30,448
  36,854
  44,016
  51,935
  60,605
  70,013
  80,144
  90,983
  102,512
  114,715
  127,579
  141,093
  155,249
  170,044
  185,479
  201,559
  218,293
  235,695
  253,785
  272,584
  292,119
  312,421
Revenue / Adjusted assets
  0.000
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
Average production assets, $m
  40
  57
  82
  113
  153
  202
  262
  333
  415
  510
  617
  737
  870
  1,015
  1,173
  1,342
  1,524
  1,717
  1,921
  2,137
  2,363
  2,600
  2,848
  3,107
  3,376
  3,656
  3,948
  4,251
  4,566
  4,893
  5,233
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
  192
  957
  1,980
  3,306
  4,983
  7,056
  9,565
  12,542
  16,015
  20,004
  24,520
  29,569
  35,152
  41,264
  47,897
  55,040
  62,681
  70,809
  79,412
  88,481
  98,009
  107,989
  118,419
  129,301
  140,637
  152,435
  164,703
  177,456
  190,709
  204,482
  218,795
Total liabilities, $m
  1,653
  2,419
  3,442
  4,768
  6,445
  8,518
  11,027
  14,004
  17,477
  21,466
  25,982
  31,031
  36,614
  42,726
  49,359
  56,502
  64,143
  72,271
  80,874
  89,943
  99,471
  109,451
  119,881
  130,763
  142,099
  153,897
  166,165
  178,918
  192,171
  205,944
  220,257
Total equity, $m
  693
  1,012
  1,440
  1,995
  2,697
  3,564
  4,614
  5,860
  7,313
  8,982
  10,872
  12,985
  15,321
  17,878
  20,654
  23,643
  26,840
  30,241
  33,841
  37,636
  41,622
  45,799
  50,163
  54,716
  59,460
  64,396
  69,530
  74,867
  80,412
  86,175
  92,164
Total liabilities and equity, $m
  2,346
  3,431
  4,882
  6,763
  9,142
  12,082
  15,641
  19,864
  24,790
  30,448
  36,854
  44,016
  51,935
  60,604
  70,013
  80,145
  90,983
  102,512
  114,715
  127,579
  141,093
  155,250
  170,044
  185,479
  201,559
  218,293
  235,695
  253,785
  272,583
  292,119
  312,421
Debt-to-equity ratio
  0.277
  0.950
  1.370
  1.660
  1.850
  1.980
  2.070
  2.140
  2.190
  2.230
  2.260
  2.280
  2.290
  2.310
  2.320
  2.330
  2.340
  2.340
  2.350
  2.350
  2.350
  2.360
  2.360
  2.360
  2.370
  2.370
  2.370
  2.370
  2.370
  2.370
  2.370
Adjusted equity ratio
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295
  0.295

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  74
  113
  165
  232
  316
  419
  542
  688
  856
  1,047
  1,263
  1,515
  1,778
  2,064
  2,373
  2,704
  3,057
  3,431
  3,826
  4,242
  4,677
  5,132
  5,608
  6,103
  6,618
  7,154
  7,711
  8,291
  8,892
  9,518
  10,168
Depreciation, amort., depletion, $m
  102
  30
  35
  41
  49
  59
  71
  85
  101
  120
  142
  147
  174
  203
  235
  268
  305
  343
  384
  427
  473
  520
  570
  621
  675
  731
  790
  850
  913
  979
  1,047
Funds from operations, $m
  118
  143
  200
  273
  365
  478
  613
  772
  957
  1,167
  1,404
  1,662
  1,952
  2,267
  2,607
  2,973
  3,362
  3,775
  4,211
  4,669
  5,150
  5,652
  6,177
  6,724
  7,293
  7,885
  8,501
  9,141
  9,806
  10,496
  11,214
Change in working capital, $m
  -33
  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
  151
  143
  200
  273
  365
  478
  613
  772
  957
  1,167
  1,404
  1,662
  1,952
  2,267
  2,607
  2,973
  3,362
  3,775
  4,211
  4,669
  5,150
  5,652
  6,177
  6,724
  7,293
  7,885
  8,501
  9,141
  9,806
  10,496
  11,214
Maintenance CAPEX, $m
  0
  -8
  -11
  -16
  -23
  -31
  -40
  -52
  -67
  -83
  -102
  -123
  -147
  -174
  -203
  -235
  -268
  -305
  -343
  -384
  -427
  -473
  -520
  -570
  -621
  -675
  -731
  -790
  -850
  -913
  -979
New CAPEX, $m
  0
  -18
  -24
  -32
  -40
  -49
  -60
  -71
  -83
  -95
  -107
  -120
  -133
  -145
  -158
  -170
  -182
  -193
  -204
  -215
  -226
  -237
  -248
  -259
  -269
  -280
  -291
  -303
  -315
  -327
  -340
Cash from investing activities, $m
  -81
  -26
  -35
  -48
  -63
  -80
  -100
  -123
  -150
  -178
  -209
  -243
  -280
  -319
  -361
  -405
  -450
  -498
  -547
  -599
  -653
  -710
  -768
  -829
  -890
  -955
  -1,022
  -1,093
  -1,165
  -1,240
  -1,319
Free cash flow, $m
  70
  117
  164
  225
  302
  398
  513
  649
  808
  990
  1,195
  1,419
  1,672
  1,948
  2,247
  2,568
  2,912
  3,277
  3,663
  4,069
  4,496
  4,943
  5,409
  5,896
  6,403
  6,930
  7,478
  8,048
  8,640
  9,256
  9,896
Issuance/(repayment) of debt, $m
  -2
  765
  1,022
  1,326
  1,677
  2,073
  2,508
  2,977
  3,473
  3,989
  4,516
  5,050
  5,583
  6,112
  6,633
  7,143
  7,641
  8,128
  8,603
  9,069
  9,527
  9,980
  10,431
  10,882
  11,336
  11,798
  12,269
  12,753
  13,253
  13,772
  14,313
Issuance/(repurchase) of shares, $m
  -3
  206
  263
  323
  386
  448
  507
  558
  598
  622
  627
  598
  558
  494
  402
  285
  140
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1
  971
  1,285
  1,649
  2,063
  2,521
  3,015
  3,535
  4,071
  4,611
  5,143
  5,648
  6,141
  6,606
  7,035
  7,428
  7,781
  8,128
  8,603
  9,069
  9,527
  9,980
  10,431
  10,882
  11,336
  11,798
  12,269
  12,753
  13,253
  13,772
  14,313
Total cash flow (excl. dividends), $m
  69
  1,088
  1,449
  1,874
  2,366
  2,919
  3,528
  4,185
  4,879
  5,600
  6,338
  7,067
  7,813
  8,553
  9,282
  9,996
  10,693
  11,405
  12,266
  13,138
  14,023
  14,923
  15,840
  16,777
  17,739
  18,728
  19,747
  20,801
  21,894
  23,028
  24,209
Retained Cash Flow (-), $m
  -12
  -319
  -428
  -555
  -702
  -867
  -1,050
  -1,246
  -1,453
  -1,669
  -1,890
  -2,113
  -2,336
  -2,557
  -2,775
  -2,989
  -3,197
  -3,401
  -3,600
  -3,795
  -3,987
  -4,176
  -4,365
  -4,553
  -4,744
  -4,937
  -5,134
  -5,336
  -5,546
  -5,763
  -5,989
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
 
  769
  1,021
  1,319
  1,664
  2,052
  2,479
  2,939
  3,425
  3,931
  4,449
  4,954
  5,477
  5,996
  6,506
  7,007
  7,496
  8,004
  8,666
  9,344
  10,037
  10,747
  11,475
  12,224
  12,995
  13,791
  14,613
  15,465
  16,348
  17,265
  18,220
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
 
  737
  935
  1,148
  1,370
  1,590
  1,799
  1,986
  2,141
  2,258
  2,332
  2,352
  2,337
  2,280
  2,184
  2,057
  1,905
  1,741
  1,596
  1,439
  1,275
  1,112
  952
  801
  662
  536
  426
  332
  253
  188
  137
Current shareholders' claim on cash, %
  100
  83.6
  71.4
  62.2
  55.1
  49.7
  45.4
  42.1
  39.4
  37.3
  35.7
  34.4
  33.5
  32.8
  32.3
  32.0
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9
  31.9

James River Group Holdings, Ltd. (JRG Holdings) is an insurance and reinsurance holding company. The Company operates through four segments: Excess and Surplus Lines, Specialty Admitted Insurance, Casualty Reinsurance, and Corporate and Other. The Excess and Surplus Lines segment offers commercial excess and surplus lines liability and excess property insurance products. The Specialty Admitted Insurance segment offers workers' compensation insurance coverage, as well as specialty admitted fronting and program business. The Casualty Reinsurance segment offers commercial liability and non-catastrophe property reinsurance to the United States insurance companies and to its the United States-based insurance subsidiaries. The Corporate and Other segment consists of certain management and treasury activities of James River Group, Inc., James River Group Holdings UK Limited and JRG Holdings. It owns six insurance companies focused on specialty insurance niches and a reinsurance company.

FINANCIAL RATIOS  of  James River Group Holdings (JRVR)

Valuation Ratios
P/E Ratio 14.1
Price to Sales 1.8
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 6.9
Growth Rates
Sales Growth Rate 16%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 27.7%
Total Debt to Equity 27.7%
Interest Coverage 11
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 10.8%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.3%
EBITDA Margin - 3 Yr. Avg. 32.1%
Operating Margin 15%
Oper. Margin - 3 Yr. Avg. 13.4%
Pre-Tax Margin 13.5%
Pre-Tax Margin - 3 Yr. Avg. 11.9%
Net Profit Margin 12.6%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 6.3%
Eff/ Tax Rate - 3 Yr. Avg. 6.2%
Payout Ratio 89.2%

JRVR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JRVR stock intrinsic value calculation we used $586 million for the last fiscal year's total revenue generated by James River Group Holdings. The default revenue input number comes from 2016 income statement of James River Group 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 JRVR stock valuation model: a) initial revenue growth rate of 46.4% 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 JRVR is calculated based on our internal credit rating of James River Group 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 James River Group 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 JRVR stock the variable cost ratio is equal to 74.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $66 million in the base year in the intrinsic value calculation for JRVR 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 4.2% for James River Group Holdings.

Corporate tax rate of 27% is the nominal tax rate for James River Group 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 JRVR 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 JRVR are equal to 6.7%.

Life of production assets of 2.2 years is the average useful life of capital assets used in James River Group 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 JRVR 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 - $693 million for James River Group 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 29.493 million for James River Group 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 James River Group Holdings at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ James River Will Pay Quarterly and Special Dividends   [Dec-04-17 04:05PM  GlobeNewswire]
▶ James River Group Holdings Announces Secondary Offering   [Nov-08-17 04:46PM  GlobeNewswire]
▶ James River Group posts 3Q profit   [Nov-01-17 06:13PM  Associated Press]
▶ James River Announces Initial Estimate of Hurricane Losses   [Oct-16-17 08:00AM  GlobeNewswire]
▶ James River Group posts 2Q profit   [Aug-01-17 11:48PM  Associated Press]
▶ James River Group Holdings Announces Secondary Offering   [May-30-17 04:10PM  GlobeNewswire]
▶ James River Group posts 1Q profit   [05:03AM  Associated Press]
Financial statements of JRVR
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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