Intrinsic value of James River Group Holdings - JRVR

Previous Close

$39.96

  Intrinsic Value

$378.10

stock screener

  Rating & Target

str. buy

+846%

  Value-price divergence*

-45%

Previous close

$39.96

 
Intrinsic value

$378.10

 
Up/down potential

+846%

 
Rating

str. buy

 
Value-price divergence*

-45%

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

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

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

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 1.2

 

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
  34.40
  31.46
  28.81
  26.43
  24.29
  22.36
  20.62
  19.06
  17.66
  16.39
  15.25
  14.23
  13.30
  12.47
  11.73
  11.05
  10.45
  9.90
  9.41
  8.97
  8.57
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.38
Revenue, $m
  0
  788
  1,035
  1,334
  1,686
  2,096
  2,564
  3,093
  3,683
  4,333
  5,043
  5,813
  6,639
  7,523
  8,461
  9,453
  10,498
  11,595
  12,743
  13,943
  15,194
  16,496
  17,852
  19,261
  20,726
  22,249
  23,831
  25,475
  27,184
  28,961
  30,811
Variable operating expenses, $m
 
  577
  753
  965
  1,215
  1,506
  1,839
  2,214
  2,633
  3,095
  3,599
  4,127
  4,714
  5,341
  6,007
  6,711
  7,453
  8,232
  9,047
  9,899
  10,787
  11,711
  12,674
  13,674
  14,714
  15,795
  16,918
  18,086
  19,299
  20,561
  21,874
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
  645
  822
  1,036
  1,288
  1,581
  1,916
  2,292
  2,713
  3,177
  3,683
  4,214
  4,803
  5,432
  6,100
  6,807
  7,551
  8,332
  9,150
  10,005
  10,895
  11,822
  12,788
  13,790
  14,833
  15,917
  17,043
  18,215
  19,431
  20,696
  22,012
Operating income, $m
  88
  143
  213
  298
  398
  515
  649
  801
  970
  1,156
  1,360
  1,599
  1,837
  2,091
  2,361
  2,646
  2,947
  3,263
  3,593
  3,939
  4,299
  4,674
  5,064
  5,470
  5,892
  6,331
  6,787
  7,261
  7,753
  8,265
  8,798
EBITDA, $m
  190
  166
  238
  325
  428
  547
  684
  840
  1,013
  1,203
  1,412
  1,638
  1,882
  2,141
  2,418
  2,710
  3,017
  3,340
  3,679
  4,032
  4,401
  4,785
  5,184
  5,599
  6,031
  6,480
  6,946
  7,431
  7,935
  8,459
  9,005
Interest expense (income), $m
  8
  8
  32
  61
  97
  138
  187
  242
  305
  375
  452
  536
  627
  725
  830
  941
  1,058
  1,182
  1,312
  1,448
  1,590
  1,738
  1,892
  2,053
  2,220
  2,393
  2,574
  2,761
  2,956
  3,158
  3,369
Earnings before tax, $m
  79
  135
  181
  236
  301
  377
  462
  558
  665
  781
  908
  1,063
  1,210
  1,366
  1,531
  1,706
  1,889
  2,081
  2,281
  2,491
  2,709
  2,936
  3,172
  3,417
  3,673
  3,938
  4,213
  4,500
  4,797
  5,107
  5,430
Tax expense, $m
  5
  36
  49
  64
  81
  102
  125
  151
  179
  211
  245
  287
  327
  369
  413
  461
  510
  562
  616
  673
  731
  793
  856
  923
  992
  1,063
  1,138
  1,215
  1,295
  1,379
  1,466
Net income, $m
  74
  98
  132
  173
  220
  275
  337
  408
  485
  570
  663
  776
  883
  997
  1,118
  1,245
  1,379
  1,519
  1,665
  1,818
  1,977
  2,143
  2,316
  2,495
  2,681
  2,874
  3,076
  3,285
  3,502
  3,728
  3,964

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
  3,150
  4,141
  5,335
  6,745
  8,383
  10,258
  12,373
  14,732
  17,333
  20,174
  23,250
  26,558
  30,091
  33,844
  37,813
  41,992
  46,380
  50,973
  55,771
  60,774
  65,985
  71,407
  77,045
  82,905
  88,994
  95,322
  101,899
  108,736
  115,846
  123,242
Adjusted assets (=assets-cash), $m
  2,347
  3,150
  4,141
  5,335
  6,745
  8,383
  10,258
  12,373
  14,732
  17,333
  20,174
  23,250
  26,558
  30,091
  33,844
  37,813
  41,992
  46,380
  50,973
  55,771
  60,774
  65,985
  71,407
  77,045
  82,905
  88,994
  95,322
  101,899
  108,736
  115,846
  123,242
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
  53
  69
  89
  113
  140
  172
  207
  247
  290
  338
  389
  445
  504
  567
  633
  703
  777
  854
  934
  1,018
  1,105
  1,196
  1,291
  1,389
  1,491
  1,597
  1,707
  1,821
  1,940
  2,064
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
  759
  1,458
  2,299
  3,293
  4,448
  5,770
  7,261
  8,924
  10,758
  12,760
  14,930
  17,261
  19,752
  22,398
  25,196
  28,143
  31,236
  34,474
  37,856
  41,384
  45,058
  48,880
  52,855
  56,986
  61,279
  65,740
  70,377
  75,197
  80,209
  85,424
Total liabilities, $m
  1,653
  2,221
  2,920
  3,761
  4,755
  5,910
  7,232
  8,723
  10,386
  12,220
  14,222
  16,392
  18,723
  21,214
  23,860
  26,658
  29,605
  32,698
  35,936
  39,318
  42,846
  46,520
  50,342
  54,317
  58,448
  62,741
  67,202
  71,839
  76,659
  81,671
  86,886
Total equity, $m
  693
  929
  1,222
  1,574
  1,990
  2,473
  3,026
  3,650
  4,346
  5,113
  5,951
  6,859
  7,835
  8,877
  9,984
  11,155
  12,388
  13,682
  15,037
  16,452
  17,928
  19,466
  21,065
  22,728
  24,457
  26,253
  28,120
  30,060
  32,077
  34,175
  36,357
Total liabilities and equity, $m
  2,346
  3,150
  4,142
  5,335
  6,745
  8,383
  10,258
  12,373
  14,732
  17,333
  20,173
  23,251
  26,558
  30,091
  33,844
  37,813
  41,993
  46,380
  50,973
  55,770
  60,774
  65,986
  71,407
  77,045
  82,905
  88,994
  95,322
  101,899
  108,736
  115,846
  123,243
Debt-to-equity ratio
  0.277
  0.820
  1.190
  1.460
  1.660
  1.800
  1.910
  1.990
  2.050
  2.100
  2.140
  2.180
  2.200
  2.230
  2.240
  2.260
  2.270
  2.280
  2.290
  2.300
  2.310
  2.310
  2.320
  2.330
  2.330
  2.330
  2.340
  2.340
  2.340
  2.350
  2.350
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
  98
  132
  173
  220
  275
  337
  408
  485
  570
  663
  776
  883
  997
  1,118
  1,245
  1,379
  1,519
  1,665
  1,818
  1,977
  2,143
  2,316
  2,495
  2,681
  2,874
  3,076
  3,285
  3,502
  3,728
  3,964
Depreciation, amort., depletion, $m
  102
  23
  25
  27
  29
  32
  35
  39
  43
  47
  52
  39
  44
  50
  57
  63
  70
  78
  85
  93
  102
  111
  120
  129
  139
  149
  160
  171
  182
  194
  206
Funds from operations, $m
  118
  122
  157
  200
  250
  307
  373
  446
  528
  618
  715
  815
  928
  1,048
  1,175
  1,308
  1,449
  1,597
  1,751
  1,912
  2,079
  2,254
  2,435
  2,624
  2,820
  3,024
  3,235
  3,455
  3,684
  3,922
  4,170
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
  122
  157
  200
  250
  307
  373
  446
  528
  618
  715
  815
  928
  1,048
  1,175
  1,308
  1,449
  1,597
  1,751
  1,912
  2,079
  2,254
  2,435
  2,624
  2,820
  3,024
  3,235
  3,455
  3,684
  3,922
  4,170
Maintenance CAPEX, $m
  0
  -4
  -5
  -7
  -9
  -11
  -14
  -17
  -21
  -25
  -29
  -34
  -39
  -44
  -50
  -57
  -63
  -70
  -78
  -85
  -93
  -102
  -111
  -120
  -129
  -139
  -149
  -160
  -171
  -182
  -194
New CAPEX, $m
  0
  -13
  -17
  -20
  -24
  -27
  -31
  -35
  -40
  -44
  -48
  -52
  -55
  -59
  -63
  -66
  -70
  -73
  -77
  -80
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
Cash from investing activities, $m
  -81
  -17
  -22
  -27
  -33
  -38
  -45
  -52
  -61
  -69
  -77
  -86
  -94
  -103
  -113
  -123
  -133
  -143
  -155
  -165
  -177
  -189
  -202
  -214
  -227
  -241
  -255
  -270
  -286
  -301
  -318
Free cash flow, $m
  70
  104
  135
  173
  217
  269
  327
  394
  468
  549
  638
  730
  833
  944
  1,061
  1,185
  1,316
  1,453
  1,596
  1,746
  1,902
  2,065
  2,234
  2,410
  2,593
  2,783
  2,980
  3,186
  3,399
  3,621
  3,852
Issuance/(repayment) of debt, $m
  -2
  567
  699
  841
  994
  1,155
  1,322
  1,491
  1,663
  1,834
  2,003
  2,169
  2,332
  2,491
  2,646
  2,798
  2,947
  3,093
  3,238
  3,383
  3,527
  3,674
  3,822
  3,975
  4,131
  4,293
  4,461
  4,637
  4,820
  5,012
  5,215
Issuance/(repurchase) of shares, $m
  -3
  138
  160
  179
  196
  208
  216
  217
  211
  197
  175
  131
  92
  45
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1
  705
  859
  1,020
  1,190
  1,363
  1,538
  1,708
  1,874
  2,031
  2,178
  2,300
  2,424
  2,536
  2,646
  2,798
  2,947
  3,093
  3,238
  3,383
  3,527
  3,674
  3,822
  3,975
  4,131
  4,293
  4,461
  4,637
  4,820
  5,012
  5,215
Total cash flow (excl. dividends), $m
  69
  810
  994
  1,194
  1,407
  1,632
  1,864
  2,102
  2,341
  2,580
  2,816
  3,030
  3,258
  3,480
  3,707
  3,983
  4,262
  4,546
  4,834
  5,128
  5,430
  5,738
  6,056
  6,384
  6,724
  7,076
  7,441
  7,822
  8,219
  8,634
  9,067
Retained Cash Flow (-), $m
  -12
  -236
  -292
  -352
  -416
  -483
  -553
  -624
  -696
  -767
  -838
  -908
  -976
  -1,042
  -1,107
  -1,171
  -1,233
  -1,294
  -1,355
  -1,415
  -1,476
  -1,537
  -1,599
  -1,663
  -1,729
  -1,796
  -1,867
  -1,940
  -2,017
  -2,097
  -2,182
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
 
  573
  702
  841
  991
  1,148
  1,311
  1,478
  1,645
  1,813
  1,978
  2,123
  2,282
  2,438
  2,600
  2,812
  3,029
  3,252
  3,479
  3,713
  3,953
  4,201
  4,457
  4,721
  4,995
  5,279
  5,575
  5,882
  6,202
  6,536
  6,885
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
 
  550
  643
  732
  816
  890
  952
  998
  1,028
  1,041
  1,037
  1,008
  974
  927
  873
  826
  770
  708
  641
  572
  502
  435
  370
  309
  254
  205
  163
  126
  96
  71
  52
Current shareholders' claim on cash, %
  100
  89.4
  81.0
  74.5
  69.4
  65.3
  62.1
  59.5
  57.5
  56.0
  54.9
  54.2
  53.8
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6
  53.6

James River Group Holdings, Ltd., through its subsidiaries, provides specialty insurance and reinsurance services in the United States. Its Excess and Surplus Lines segment underwrites property-casualty insurance on an excess and surplus lines basis in all states and the District of Columbia. This segment distributes its insurance policies primarily through independent wholesale brokers. The company’s Specialty Admitted Insurance segment provides workers’ compensation coverage for residential contractors, light manufacturing operations, transportation workers, and healthcare workers in North Carolina, Virginia, South Carolina, and Tennessee. Its Casualty Reinsurance segment offers proportional and working layer casualty reinsurance to unaffiliated insurance companies. The company was founded in 2002 and is headquartered in Pembroke, Bermuda.

FINANCIAL RATIOS  of  James River Group Holdings (JRVR)

Valuation Ratios
P/E Ratio 15.8
Price to Sales 2
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 7.7
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 34.4% 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 10 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 29.075 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 $1.2 billion.

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COMPANY NEWS

▶ 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]
▶ Hedge Funds Are Betting On James River Group Holdings Ltd (JRVR)   [Dec-12-16 05:00PM  at Insider Monkey]
▶ [$$] Block Trades Build Steam as IPOs Stall   [07:59AM  at The Wall Street Journal]
▶ James River Group Holdings Announces Secondary Offering   [Nov-21-16 04:10PM  GlobeNewswire]
Stock chart of JRVR 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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