Intrinsic value of MBIA - MBI

Previous Close

$8.13

  Intrinsic Value

$8.48

stock screener

  Rating & Target

hold

+4%

Previous close

$8.13

 
Intrinsic value

$8.48

 
Up/down potential

+4%

 
Rating

hold

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

We calculate the intrinsic value of MBI 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 1.0

 

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, %
  -65.47
  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
  305
  312
  320
  329
  339
  350
  362
  375
  389
  404
  420
  437
  455
  474
  494
  516
  539
  563
  589
  616
  644
  675
  706
  740
  775
  812
  851
  892
  935
  981
Variable operating expenses, $m
 
  119
  122
  125
  129
  133
  137
  141
  147
  152
  158
  164
  171
  178
  185
  193
  202
  211
  220
  230
  241
  252
  264
  276
  289
  303
  318
  333
  349
  366
  383
Fixed operating expenses, $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
Total operating expenses, $m
  416
  119
  122
  125
  129
  133
  137
  141
  147
  152
  158
  164
  171
  178
  185
  193
  202
  211
  220
  230
  241
  252
  264
  276
  289
  303
  318
  333
  349
  366
  383
Operating income, $m
  -117
  186
  190
  195
  200
  206
  213
  220
  228
  237
  246
  255
  266
  277
  289
  301
  314
  328
  343
  359
  375
  392
  411
  430
  451
  472
  495
  518
  543
  570
  597
EBITDA, $m
  -117
  186
  190
  195
  200
  206
  213
  220
  228
  237
  246
  255
  266
  277
  289
  301
  314
  328
  343
  359
  375
  392
  411
  430
  451
  472
  495
  518
  543
  570
  597
Interest expense (income), $m
  0
  193
  196
  203
  210
  219
  228
  238
  249
  261
  273
  287
  302
  318
  334
  352
  371
  391
  412
  434
  458
  483
  509
  537
  566
  597
  629
  663
  699
  737
  777
Earnings before tax, $m
  -339
  -7
  -6
  -8
  -10
  -12
  -15
  -17
  -21
  -24
  -28
  -32
  -36
  -41
  -46
  -51
  -57
  -63
  -69
  -76
  -83
  -90
  -98
  -107
  -115
  -125
  -135
  -145
  -156
  -167
  -179
Tax expense, $m
  -1
  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
  -338
  -7
  -6
  -8
  -10
  -12
  -15
  -17
  -21
  -24
  -28
  -32
  -36
  -41
  -46
  -51
  -57
  -63
  -69
  -76
  -83
  -90
  -98
  -107
  -115
  -125
  -135
  -145
  -156
  -167
  -179

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
  11,137
  11,296
  11,555
  11,852
  12,186
  12,555
  12,961
  13,402
  13,880
  14,394
  14,947
  15,538
  16,168
  16,840
  17,553
  18,311
  19,113
  19,963
  20,861
  21,810
  22,812
  23,869
  24,985
  26,160
  27,398
  28,703
  30,076
  31,522
  33,043
  34,643
  36,326
Adjusted assets (=assets-cash), $m
  11,137
  11,296
  11,555
  11,852
  12,186
  12,555
  12,961
  13,402
  13,880
  14,394
  14,947
  15,538
  16,168
  16,840
  17,553
  18,311
  19,113
  19,963
  20,861
  21,810
  22,812
  23,869
  24,985
  26,160
  27,398
  28,703
  30,076
  31,522
  33,043
  34,643
  36,326
Revenue / Adjusted assets
  0.000
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
Average production assets, $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
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
  5,504
  5,614
  5,798
  6,009
  6,246
  6,508
  6,796
  7,109
  7,449
  7,814
  8,206
  8,626
  9,074
  9,550
  10,057
  10,595
  11,164
  11,767
  12,405
  13,079
  13,791
  14,541
  15,333
  16,168
  17,047
  17,973
  18,948
  19,974
  21,054
  22,190
  23,386
Total liabilities, $m
  7,910
  8,020
  8,204
  8,415
  8,652
  8,914
  9,202
  9,515
  9,855
  10,220
  10,612
  11,032
  11,480
  11,956
  12,463
  13,001
  13,570
  14,173
  14,811
  15,485
  16,197
  16,947
  17,739
  18,574
  19,453
  20,379
  21,354
  22,380
  23,460
  24,596
  25,792
Total equity, $m
  3,227
  3,276
  3,351
  3,437
  3,534
  3,641
  3,759
  3,887
  4,025
  4,174
  4,335
  4,506
  4,689
  4,884
  5,091
  5,310
  5,543
  5,789
  6,050
  6,325
  6,615
  6,922
  7,246
  7,586
  7,946
  8,324
  8,722
  9,141
  9,582
  10,046
  10,535
Total liabilities and equity, $m
  11,137
  11,296
  11,555
  11,852
  12,186
  12,555
  12,961
  13,402
  13,880
  14,394
  14,947
  15,538
  16,169
  16,840
  17,554
  18,311
  19,113
  19,962
  20,861
  21,810
  22,812
  23,869
  24,985
  26,160
  27,399
  28,703
  30,076
  31,521
  33,042
  34,642
  36,327
Debt-to-equity ratio
  1.706
  1.710
  1.730
  1.750
  1.770
  1.790
  1.810
  1.830
  1.850
  1.870
  1.890
  1.910
  1.940
  1.960
  1.980
  2.000
  2.010
  2.030
  2.050
  2.070
  2.080
  2.100
  2.120
  2.130
  2.150
  2.160
  2.170
  2.190
  2.200
  2.210
  2.220
Adjusted equity ratio
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290
  0.290

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -338
  -7
  -6
  -8
  -10
  -12
  -15
  -17
  -21
  -24
  -28
  -32
  -36
  -41
  -46
  -51
  -57
  -63
  -69
  -76
  -83
  -90
  -98
  -107
  -115
  -125
  -135
  -145
  -156
  -167
  -179
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
  465
  -7
  -6
  -8
  -10
  -12
  -15
  -17
  -21
  -24
  -28
  -32
  -36
  -41
  -46
  -51
  -57
  -63
  -69
  -76
  -83
  -90
  -98
  -107
  -115
  -125
  -135
  -145
  -156
  -167
  -179
Change in working capital, $m
  680
  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
  -215
  -7
  -6
  -8
  -10
  -12
  -15
  -17
  -21
  -24
  -28
  -32
  -36
  -41
  -46
  -51
  -57
  -63
  -69
  -76
  -83
  -90
  -98
  -107
  -115
  -125
  -135
  -145
  -156
  -167
  -179
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
  -1
  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
  2,424
  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
  2,209
  -7
  -6
  -8
  -10
  -12
  -15
  -17
  -21
  -24
  -28
  -32
  -36
  -41
  -46
  -51
  -57
  -63
  -69
  -76
  -83
  -90
  -98
  -107
  -115
  -125
  -135
  -145
  -156
  -167
  -179
Issuance/(repayment) of debt, $m
  -2,448
  110
  184
  211
  237
  262
  288
  313
  339
  365
  392
  420
  448
  477
  507
  538
  570
  603
  638
  674
  711
  751
  792
  835
  879
  926
  975
  1,026
  1,080
  1,136
  1,195
Issuance/(repurchase) of shares, $m
  -108
  56
  82
  94
  107
  119
  132
  145
  159
  173
  188
  203
  219
  235
  253
  271
  289
  309
  329
  351
  373
  397
  422
  447
  475
  503
  533
  564
  597
  631
  667
Cash from financing (excl. dividends), $m  
  -2,542
  166
  266
  305
  344
  381
  420
  458
  498
  538
  580
  623
  667
  712
  760
  809
  859
  912
  967
  1,025
  1,084
  1,148
  1,214
  1,282
  1,354
  1,429
  1,508
  1,590
  1,677
  1,767
  1,862
Total cash flow (excl. dividends), $m
  -335
  159
  260
  297
  333
  369
  405
  441
  478
  515
  552
  591
  631
  671
  714
  757
  802
  849
  898
  949
  1,002
  1,057
  1,115
  1,175
  1,238
  1,304
  1,373
  1,446
  1,521
  1,600
  1,683
Retained Cash Flow (-), $m
  502
  -56
  -82
  -94
  -107
  -119
  -132
  -145
  -159
  -173
  -188
  -203
  -219
  -235
  -253
  -271
  -289
  -309
  -329
  -351
  -373
  -397
  -422
  -447
  -475
  -503
  -533
  -564
  -597
  -631
  -667
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
 
  103
  178
  203
  227
  250
  273
  296
  319
  341
  364
  388
  412
  436
  461
  487
  513
  541
  569
  598
  629
  661
  694
  728
  764
  801
  841
  881
  924
  969
  1,016
Discount rate, %
 
  11.20
  11.76
  12.35
  12.97
  13.61
  14.29
  15.01
  15.76
  16.55
  17.37
  18.24
  19.16
  20.11
  21.12
  22.18
  23.28
  24.45
  25.67
  26.95
  28.30
  29.72
  31.20
  32.76
  34.40
  36.12
  37.93
  39.82
  41.81
  43.91
  46.10
PV of cash for distribution, $m
 
  93
  142
  143
  139
  132
  123
  111
  99
  86
  73
  61
  50
  40
  32
  24
  18
  13
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.6
  94.2
  90.6
  86.8
  82.8
  78.7
  74.6
  70.4
  66.4
  62.3
  58.4
  54.6
  51.0
  47.5
  44.1
  40.9
  37.9
  35.1
  32.4
  29.9
  27.5
  25.3
  23.3
  21.4
  19.6
  17.9
  16.4
  15.0
  13.7
  12.5

MBIA Inc. is a holding company. The Company, through its subsidiaries, is engaged in the financial guarantee insurance businesses in the industry. The Company manages its business within three segments: United States (U.S.) public finance insurance; corporate, and international and structured finance insurance. The U.S. public finance insurance business is primarily operated through National Public Finance Guarantee Corporation. The corporate segment consists of general corporate activities, including providing general support services, including management, legal, accounting, treasury, information technology, and insurance portfolio surveillance, to other operating businesses, and asset and capital management. The international and structured finance insurance business is primarily operated through MBIA Insurance Corporation and its subsidiaries.

FINANCIAL RATIOS  of  MBIA (MBI)

Valuation Ratios
P/E Ratio -3.3
Price to Sales 3.7
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow -5.1
Price to Free Cash Flow -5.1
Growth Rates
Sales Growth Rate -65.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -66.7%
Cap. Spend. - 3 Yr. Gr. Rate -19.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 170.6%
Total Debt to Equity 170.6%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.6%
Ret/ On Assets - 3 Yr. Avg. 0.7%
Return On Total Capital -3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 0.9%
Return On Equity -9.7%
Return On Equity - 3 Yr. Avg. 3.6%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -113.4%
EBITDA Margin - 3 Yr. Avg. -10%
Operating Margin -39.1%
Oper. Margin - 3 Yr. Avg. 30.3%
Pre-Tax Margin -113.4%
Pre-Tax Margin - 3 Yr. Avg. -10%
Net Profit Margin -113%
Net Profit Margin - 3 Yr. Avg. -16%
Effective Tax Rate 0.3%
Eff/ Tax Rate - 3 Yr. Avg. 16.4%
Payout Ratio 0%

MBI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MBI stock intrinsic value calculation we used $299 million for the last fiscal year's total revenue generated by MBIA. The default revenue input number comes from 2016 income statement of MBIA. 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 MBI 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 11.2%, whose default value for MBI is calculated based on our internal credit rating of MBIA, 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 MBIA.
    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 MBI stock the variable cost ratio is equal to 39.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MBI 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 MBIA.

Corporate tax rate of 27% is the nominal tax rate for MBIA. 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 MBI 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 MBI are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in MBIA 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 MBI 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 - $3227 million for MBIA - 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 125.817 million for MBIA 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 MBIA at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ MBIA Shares Shrug Off Barron's Concerns   [Dec-11-17 01:07PM  Barrons.com]
▶ [$$] Muni Insurer MBIA Courts Risk in Share Buyback   [Dec-09-17 12:01AM  Barrons.com]
▶ ETFs with exposure to MBIA, Inc. : December 8, 2017   [Dec-08-17 01:10PM  Capital Cube]
▶ ETFs with exposure to MBIA, Inc. : November 27, 2017   [Nov-27-17 02:39PM  Capital Cube]
▶ Here's Why MBIA Stock Is Soaring Today   [12:09PM  Motley Fool]
▶ MBIA reports 3Q loss   [Nov-07-17 06:56PM  Associated Press]
▶ ETFs with exposure to MBIA, Inc. : October 23, 2017   [Oct-23-17 10:47AM  Capital Cube]
▶ Trump Tweets Push Puerto Rico Bonds to New Lows   [Oct-12-17 03:55PM  Barrons.com]
▶ Trump's Puerto Rico Comments Hit Bond Insurer Stocks   [11:41AM  The Wall Street Journal]
▶ ETFs with exposure to MBIA, Inc. : September 28, 2017   [Sep-28-17 10:15AM  Capital Cube]
▶ MBIA, Inc. Value Analysis (NYSE:MBI) : September 25, 2017   [Sep-25-17 10:54AM  Capital Cube]
▶ IBD Rating Upgrades: MBIA Flashes Improved Technical Strength   [03:00AM  Investor's Business Daily]
▶ Is It The Right Time To Buy MBIA Inc (MBI)?   [Sep-22-17 04:51PM  Simply Wall St.]
▶ Stocks With Rising Relative Price Strength: MBIA   [Sep-21-17 03:00AM  Investor's Business Daily]
▶ MBIA Meets 80-Plus Relative Strength Rating Benchmark   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ Stocks Generating Improved Relative Strength: MBIA   [Sep-11-17 03:00AM  Investor's Business Daily]
▶ MBIA: It's Not All About Puerto Rico   [Sep-06-17 01:14PM  Barrons.com]
▶ Is Margin of Safety Enough?   [Sep-05-17 03:56PM  GuruFocus.com]
▶ ETFs with exposure to MBIA, Inc. : August 25, 2017   [Aug-25-17 04:53PM  Capital Cube]
▶ MBIA Inc. Announces Senior Management Change   [Aug-10-17 08:00AM  Business Wire]
▶ Investor Network: MBIA Inc. to Host Earnings Call   [Aug-09-17 05:10AM  ACCESSWIRE]
▶ MBIA reports 2Q loss   [Aug-08-17 10:16PM  Associated Press]
▶ [$$] Investors Raise Bets Against Bond Insurers   [Aug-01-17 06:58PM  The Wall Street Journal]
▶ MBIA Inc. Announces Changes to its Board of Directors   [Jul-31-17 04:15PM  Business Wire]
▶ [$$] Puerto Rico's Troubles Create New Opportunities for Investors   [Jul-17-17 12:05PM  The Wall Street Journal]
▶ [$$] Puerto Rico's New Opportunities   [Jul-15-17 12:01AM  Barrons.com]
▶ ETFs with exposure to MBIA, Inc. : July 13, 2017   [Jul-13-17 04:15PM  Capital Cube]
▶ After S&P Downgrade, MBIA to Stop Seeking New Business   [Jul-05-17 04:34PM  Barrons.com]
▶ ETFs with exposure to MBIA, Inc. : May 15, 2017   [May-15-17 04:05PM  Capital Cube]
▶ Why SandRidge Energy, MBIA, and LivePerson Jumped Today   [May-11-17 04:34PM  Motley Fool]
▶ Why MBIA Inc. Stock Just Jumped 10%   [04:09PM  Motley Fool]
▶ MBIA reports 1Q loss   [May-10-17 05:36PM  Associated Press]
▶ [$$] Puerto Rico Bankruptcy Is 'Beginning of the Story' for Investors   [May-04-17 07:14PM  The Wall Street Journal]
▶ ETFs with exposure to MBIA, Inc. : April 28, 2017   [Apr-28-17 04:04PM  Capital Cube]
▶ [$$] Insurers Win Market Approval for New Prepa Deal   [Apr-07-17 03:54PM  The Wall Street Journal]
▶ ETFs with exposure to MBIA, Inc. : April 5, 2017   [Apr-05-17 05:04PM  Capital Cube]
▶ Ackman's winners and losers   [Mar-14-17 12:05PM  CNBC Videos]
▶ Bill Ackman's Greatest Hits and Misses   [11:13AM  Investopedia]
Financial statements of MBI
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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