Intrinsic value of Maiden Holdings - MHLD

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$11.00

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$11.00

 
Intrinsic value

$74.12

 
Up/down potential

+574%

 
Rating

str. buy

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of MHLD 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, %
  6.14
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  0
  3,134
  3,564
  4,022
  4,508
  5,020
  5,558
  6,123
  6,713
  7,329
  7,971
  8,639
  9,334
  10,056
  10,807
  11,587
  12,398
  13,241
  14,117
  15,028
  15,977
  16,964
  17,992
  19,064
  20,181
  21,346
  22,562
  23,831
  25,157
  26,543
  27,991
Variable operating expenses, $m
 
  2,954
  3,359
  3,790
  4,247
  4,729
  5,236
  5,767
  6,322
  6,902
  7,506
  8,128
  8,782
  9,462
  10,168
  10,903
  11,665
  12,458
  13,283
  14,140
  15,033
  15,962
  16,929
  17,937
  18,988
  20,085
  21,229
  22,423
  23,671
  24,974
  26,337
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
  2,663
  2,954
  3,359
  3,790
  4,247
  4,729
  5,236
  5,767
  6,322
  6,902
  7,506
  8,128
  8,782
  9,462
  10,168
  10,903
  11,665
  12,458
  13,283
  14,140
  15,033
  15,962
  16,929
  17,937
  18,988
  20,085
  21,229
  22,423
  23,671
  24,974
  26,337
Operating income, $m
  69
  179
  205
  232
  261
  291
  323
  356
  391
  427
  465
  510
  552
  594
  639
  685
  733
  782
  834
  888
  944
  1,002
  1,063
  1,126
  1,192
  1,261
  1,333
  1,408
  1,486
  1,568
  1,654
EBITDA, $m
  89
  190
  216
  244
  274
  305
  337
  372
  407
  445
  484
  524
  566
  610
  656
  703
  752
  804
  857
  912
  970
  1,029
  1,092
  1,157
  1,225
  1,295
  1,369
  1,446
  1,527
  1,611
  1,699
Interest expense (income), $m
  28
  28
  85
  147
  213
  282
  355
  433
  513
  598
  686
  778
  874
  973
  1,076
  1,184
  1,296
  1,412
  1,532
  1,658
  1,788
  1,924
  2,065
  2,213
  2,366
  2,526
  2,693
  2,867
  3,048
  3,238
  3,437
Earnings before tax, $m
  50
  151
  119
  85
  48
  9
  -33
  -76
  -122
  -170
  -221
  -267
  -322
  -379
  -438
  -499
  -563
  -629
  -698
  -770
  -844
  -922
  -1,002
  -1,086
  -1,173
  -1,265
  -1,360
  -1,459
  -1,562
  -1,670
  -1,783
Tax expense, $m
  2
  41
  32
  23
  13
  2
  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
  49
  111
  87
  62
  35
  6
  -33
  -76
  -122
  -170
  -221
  -267
  -322
  -379
  -438
  -499
  -563
  -629
  -698
  -770
  -844
  -922
  -1,002
  -1,086
  -1,173
  -1,265
  -1,360
  -1,459
  -1,562
  -1,670
  -1,783

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
  6,252
  7,171
  8,155
  9,204
  10,315
  11,487
  12,719
  14,011
  15,362
  16,771
  18,240
  19,769
  21,359
  23,012
  24,730
  26,515
  28,371
  30,299
  32,304
  34,390
  36,560
  38,819
  41,172
  43,624
  46,180
  48,846
  51,629
  54,534
  57,568
  60,739
  64,053
Adjusted assets (=assets-cash), $m
  6,252
  7,171
  8,155
  9,204
  10,315
  11,487
  12,719
  14,011
  15,362
  16,771
  18,240
  19,769
  21,359
  23,012
  24,730
  26,515
  28,371
  30,299
  32,304
  34,390
  36,560
  38,819
  41,172
  43,624
  46,180
  48,846
  51,629
  54,534
  57,568
  60,739
  64,053
Revenue / Adjusted assets
  0.000
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
Average production assets, $m
  22
  25
  29
  32
  36
  40
  44
  49
  54
  59
  64
  69
  75
  80
  86
  93
  99
  106
  113
  120
  128
  136
  144
  153
  161
  171
  180
  191
  201
  212
  224
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
  351
  1,068
  1,837
  2,657
  3,526
  4,443
  5,406
  6,417
  7,473
  8,575
  9,724
  10,919
  12,163
  13,455
  14,799
  16,195
  17,646
  19,154
  20,722
  22,353
  24,050
  25,816
  27,656
  29,574
  31,573
  33,658
  35,834
  38,105
  40,478
  42,958
  45,549
Total liabilities, $m
  4,892
  5,608
  6,377
  7,197
  8,066
  8,983
  9,946
  10,957
  12,013
  13,115
  14,264
  15,459
  16,703
  17,995
  19,339
  20,735
  22,186
  23,694
  25,262
  26,893
  28,590
  30,356
  32,196
  34,114
  36,113
  38,198
  40,374
  42,645
  45,018
  47,498
  50,089
Total equity, $m
  1,361
  1,563
  1,778
  2,006
  2,249
  2,504
  2,773
  3,054
  3,349
  3,656
  3,976
  4,310
  4,656
  5,017
  5,391
  5,780
  6,185
  6,605
  7,042
  7,497
  7,970
  8,463
  8,975
  9,510
  10,067
  10,648
  11,255
  11,888
  12,550
  13,241
  13,964
Total liabilities and equity, $m
  6,253
  7,171
  8,155
  9,203
  10,315
  11,487
  12,719
  14,011
  15,362
  16,771
  18,240
  19,769
  21,359
  23,012
  24,730
  26,515
  28,371
  30,299
  32,304
  34,390
  36,560
  38,819
  41,171
  43,624
  46,180
  48,846
  51,629
  54,533
  57,568
  60,739
  64,053
Debt-to-equity ratio
  0.258
  0.680
  1.030
  1.320
  1.570
  1.770
  1.950
  2.100
  2.230
  2.350
  2.450
  2.530
  2.610
  2.680
  2.750
  2.800
  2.850
  2.900
  2.940
  2.980
  3.020
  3.050
  3.080
  3.110
  3.140
  3.160
  3.180
  3.210
  3.230
  3.240
  3.260
Adjusted equity ratio
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  49
  111
  87
  62
  35
  6
  -33
  -76
  -122
  -170
  -221
  -267
  -322
  -379
  -438
  -499
  -563
  -629
  -698
  -770
  -844
  -922
  -1,002
  -1,086
  -1,173
  -1,265
  -1,360
  -1,459
  -1,562
  -1,670
  -1,783
Depreciation, amort., depletion, $m
  20
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  45
Funds from operations, $m
  476
  121
  99
  74
  48
  20
  -18
  -61
  -106
  -153
  -202
  -254
  -307
  -363
  -421
  -481
  -543
  -608
  -676
  -746
  -819
  -895
  -973
  -1,056
  -1,141
  -1,230
  -1,323
  -1,420
  -1,522
  -1,627
  -1,738
Change in working capital, $m
  6
  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
  470
  120
  99
  74
  48
  20
  -18
  -61
  -106
  -153
  -202
  -254
  -307
  -363
  -421
  -481
  -543
  -608
  -676
  -746
  -819
  -895
  -973
  -1,056
  -1,141
  -1,230
  -1,323
  -1,420
  -1,522
  -1,627
  -1,738
Maintenance CAPEX, $m
  0
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
New CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from investing activities, $m
  -439
  -7
  -8
  -10
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -35
  -38
  -40
  -41
  -44
  -46
  -49
  -51
  -54
Free cash flow, $m
  31
  113
  90
  65
  38
  9
  -30
  -74
  -120
  -169
  -219
  -272
  -326
  -383
  -443
  -504
  -568
  -635
  -704
  -776
  -850
  -928
  -1,009
  -1,093
  -1,181
  -1,272
  -1,367
  -1,467
  -1,570
  -1,679
  -1,792
Issuance/(repayment) of debt, $m
  -1
  717
  770
  820
  869
  917
  964
  1,010
  1,056
  1,102
  1,149
  1,196
  1,244
  1,293
  1,343
  1,396
  1,451
  1,508
  1,568
  1,631
  1,697
  1,767
  1,840
  1,917
  1,999
  2,085
  2,176
  2,272
  2,373
  2,479
  2,592
Issuance/(repurchase) of shares, $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 financing (excl. dividends), $m  
  0
  717
  770
  820
  869
  917
  964
  1,010
  1,056
  1,102
  1,149
  1,196
  1,244
  1,293
  1,343
  1,396
  1,451
  1,508
  1,568
  1,631
  1,697
  1,767
  1,840
  1,917
  1,999
  2,085
  2,176
  2,272
  2,373
  2,479
  2,592
Total cash flow (excl. dividends), $m
  33
  829
  860
  885
  906
  926
  933
  936
  936
  934
  929
  924
  917
  909
  901
  892
  883
  873
  864
  855
  847
  839
  831
  824
  818
  813
  809
  805
  802
  801
  800
Retained Cash Flow (-), $m
  -13
  -202
  -215
  -229
  -242
  -256
  -269
  -282
  -294
  -307
  -320
  -333
  -347
  -360
  -375
  -389
  -404
  -420
  -437
  -455
  -473
  -492
  -513
  -535
  -557
  -581
  -607
  -633
  -661
  -691
  -723
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
 
  627
  645
  656
  664
  670
  665
  654
  641
  626
  609
  591
  570
  549
  526
  503
  478
  453
  427
  401
  374
  346
  318
  290
  261
  232
  202
  172
  141
  109
  77
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
 
  601
  591
  571
  547
  519
  482
  442
  401
  360
  319
  280
  243
  209
  177
  148
  122
  99
  79
  62
  47
  36
  26
  19
  13
  9
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Maiden Holdings, Ltd., together with its subsidiaries, provides reinsurance solutions to regional and specialty insurers in the United States, Europe, and internationally. The company operates in two segments, Diversified Reinsurance and AmTrust Reinsurance. The Diversified Reinsurance segment offers property and casualty reinsurance primarily writes treaties, on a quota share or excess of loss basis, and facultative risks, which are marketed through third-party intermediaries and on a direct basis. The AmTrust Reinsurance segment provides small commercial business insurance, which includes workersÂ’ compensation, commercial package, and other property and casualty insurance products; and specialty risk and extended warranty coverage for consumer and commercial goods, as well as custom designed coverage, including accidental damage plans and payment protection plans in connection with the sale of consumer and commercial goods. This segment also offers specialty program that comprises package products, general liability, commercial auto liability, excess and surplus lines programs, and other specialty commercial property and casualty insurance to small and middle market companies. In addition, the company provides auto and credit life insurance products through its insurer partners to retail clients. Maiden Holdings, Ltd. was founded in 2007 and is headquartered in Hamilton, Bermuda.

FINANCIAL RATIOS  of  Maiden Holdings (MHLD)

Valuation Ratios
P/E Ratio 19.4
Price to Sales 0.3
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 2
Price to Free Cash Flow 2
Growth Rates
Sales Growth Rate 6.1%
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 25.8%
Total Debt to Equity 25.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 3.6%
Return On Equity - 3 Yr. Avg. 7.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 3.6%
EBITDA Margin - 3 Yr. Avg. 5.8%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 5%
Pre-Tax Margin 1.8%
Pre-Tax Margin - 3 Yr. Avg. 3.7%
Net Profit Margin 1.8%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate 4%
Eff/ Tax Rate - 3 Yr. Avg. 2.5%
Payout Ratio 157.1%

MHLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MHLD stock intrinsic value calculation we used $2732 million for the last fiscal year's total revenue generated by Maiden Holdings. The default revenue input number comes from 2016 income statement of Maiden 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 MHLD stock valuation model: a) initial revenue growth rate of 14.7% 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 MHLD is calculated based on our internal credit rating of Maiden 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 Maiden 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 MHLD stock the variable cost ratio is equal to 94.3%.

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 MHLD 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 8% for Maiden Holdings.

Corporate tax rate of 27% is the nominal tax rate for Maiden 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 MHLD 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 MHLD are equal to 0.8%.

Life of production assets of 4 years is the average useful life of capital assets used in Maiden 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 MHLD 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 - $1361 million for Maiden 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 86.553 million for Maiden 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 Maiden Holdings at the current share price and the inputted number of shares is $1.0 billion.


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COMPANY NEWS

▶ Maiden Holdings posts 1Q profit   [May-08-17 06:06PM  Associated Press]
▶ ETFs with exposure to Maiden Holdings Ltd. : May 5, 2017   [May-05-17 04:18PM  Capital Cube]
▶ Maiden Holdings Approved to File Annual Report on Form 10-K   [Mar-05-17 07:07PM  GlobeNewswire]
▶ Maiden Holdings reports 4Q loss   [Feb-27-17 07:13PM  Associated Press]
▶ Maiden Holdings, Ltd. (MHLD) Hedge Funds Are Snapping Up   [Dec-07-16 05:46AM  at Insider Monkey]
Stock chart of MHLD Financial statements of MHLD Annual reports of MHLD
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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