Intrinsic value of Maiden Holdings - MHLD

Previous Close

$6.15

  Intrinsic Value

$41.48

stock screener

  Rating & Target

str. buy

+574%

Previous close

$6.15

 
Intrinsic value

$41.48

 
Up/down potential

+574%

 
Rating

str. buy

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

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 0.5

 

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
  11.90
  11.21
  10.59
  10.03
  9.53
  9.07
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
Revenue, $m
  0
  3,057
  3,400
  3,760
  4,137
  4,531
  4,942
  5,371
  5,816
  6,280
  6,762
  7,263
  7,783
  8,324
  8,886
  9,470
  10,079
  10,711
  11,370
  12,056
  12,772
  13,517
  14,295
  15,107
  15,955
  16,840
  17,766
  18,733
  19,745
  20,804
  21,912
Variable operating expenses, $m
 
  2,882
  3,205
  3,543
  3,898
  4,269
  4,656
  5,059
  5,478
  5,915
  6,368
  6,833
  7,323
  7,832
  8,361
  8,911
  9,483
  10,078
  10,698
  11,344
  12,017
  12,719
  13,451
  14,215
  15,012
  15,845
  16,716
  17,627
  18,579
  19,575
  20,617
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
  2,882
  3,205
  3,543
  3,898
  4,269
  4,656
  5,059
  5,478
  5,915
  6,368
  6,833
  7,323
  7,832
  8,361
  8,911
  9,483
  10,078
  10,698
  11,344
  12,017
  12,719
  13,451
  14,215
  15,012
  15,845
  16,716
  17,627
  18,579
  19,575
  20,617
Operating income, $m
  69
  175
  195
  216
  239
  262
  286
  312
  338
  365
  394
  429
  460
  492
  525
  560
  596
  633
  672
  712
  755
  799
  845
  893
  943
  995
  1,050
  1,107
  1,167
  1,229
  1,295
EBITDA, $m
  89
  186
  206
  228
  251
  275
  300
  326
  353
  381
  410
  441
  472
  505
  539
  575
  612
  650
  690
  732
  775
  820
  868
  917
  968
  1,022
  1,078
  1,137
  1,198
  1,263
  1,330
Interest expense (income), $m
  28
  28
  74
  124
  175
  229
  285
  344
  406
  469
  536
  605
  676
  751
  828
  909
  993
  1,080
  1,170
  1,265
  1,363
  1,465
  1,572
  1,683
  1,800
  1,921
  2,048
  2,180
  2,319
  2,463
  2,615
Earnings before tax, $m
  50
  147
  121
  93
  64
  33
  1
  -33
  -68
  -104
  -142
  -176
  -217
  -259
  -303
  -349
  -397
  -447
  -498
  -552
  -608
  -666
  -727
  -791
  -857
  -926
  -998
  -1,073
  -1,152
  -1,234
  -1,320
Tax expense, $m
  2
  40
  33
  25
  17
  9
  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
  107
  88
  68
  46
  24
  1
  -33
  -68
  -104
  -142
  -176
  -217
  -259
  -303
  -349
  -397
  -447
  -498
  -552
  -608
  -666
  -727
  -791
  -857
  -926
  -998
  -1,073
  -1,152
  -1,234
  -1,320

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
  6,996
  7,780
  8,604
  9,467
  10,369
  11,309
  12,290
  13,310
  14,370
  15,473
  16,619
  17,810
  19,047
  20,334
  21,672
  23,063
  24,511
  26,019
  27,589
  29,226
  30,932
  32,712
  34,570
  36,510
  38,537
  40,654
  42,868
  45,184
  47,606
  50,141
Adjusted assets (=assets-cash), $m
  6,252
  6,996
  7,780
  8,604
  9,467
  10,369
  11,309
  12,290
  13,310
  14,370
  15,473
  16,619
  17,810
  19,047
  20,334
  21,672
  23,063
  24,511
  26,019
  27,589
  29,226
  30,932
  32,712
  34,570
  36,510
  38,537
  40,654
  42,868
  45,184
  47,606
  50,141
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
  24
  27
  30
  33
  36
  40
  43
  47
  50
  54
  58
  62
  67
  71
  76
  81
  86
  91
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
  166
  175
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
  931
  1,544
  2,188
  2,863
  3,568
  4,304
  5,070
  5,868
  6,698
  7,560
  8,456
  9,387
  10,355
  11,361
  12,407
  13,495
  14,628
  15,807
  17,035
  18,314
  19,649
  21,041
  22,494
  24,011
  25,596
  27,252
  28,983
  30,794
  32,688
  34,670
Total liabilities, $m
  4,892
  5,471
  6,084
  6,728
  7,403
  8,108
  8,844
  9,610
  10,408
  11,238
  12,100
  12,996
  13,927
  14,895
  15,901
  16,947
  18,035
  19,168
  20,347
  21,575
  22,854
  24,189
  25,581
  27,034
  28,551
  30,136
  31,792
  33,523
  35,334
  37,228
  39,210
Total equity, $m
  1,361
  1,525
  1,696
  1,876
  2,064
  2,260
  2,465
  2,679
  2,902
  3,133
  3,373
  3,623
  3,883
  4,152
  4,433
  4,724
  5,028
  5,343
  5,672
  6,014
  6,371
  6,743
  7,131
  7,536
  7,959
  8,401
  8,863
  9,345
  9,850
  10,378
  10,931
Total liabilities and equity, $m
  6,253
  6,996
  7,780
  8,604
  9,467
  10,368
  11,309
  12,289
  13,310
  14,371
  15,473
  16,619
  17,810
  19,047
  20,334
  21,671
  23,063
  24,511
  26,019
  27,589
  29,225
  30,932
  32,712
  34,570
  36,510
  38,537
  40,655
  42,868
  45,184
  47,606
  50,141
Debt-to-equity ratio
  0.258
  0.610
  0.910
  1.170
  1.390
  1.580
  1.750
  1.890
  2.020
  2.140
  2.240
  2.330
  2.420
  2.490
  2.560
  2.630
  2.680
  2.740
  2.790
  2.830
  2.870
  2.910
  2.950
  2.980
  3.020
  3.050
  3.070
  3.100
  3.130
  3.150
  3.170
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
  107
  88
  68
  46
  24
  1
  -33
  -68
  -104
  -142
  -176
  -217
  -259
  -303
  -349
  -397
  -447
  -498
  -552
  -608
  -666
  -727
  -791
  -857
  -926
  -998
  -1,073
  -1,152
  -1,234
  -1,320
Depreciation, amort., depletion, $m
  20
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
Funds from operations, $m
  476
  118
  99
  80
  59
  37
  14
  -18
  -53
  -88
  -125
  -164
  -204
  -246
  -289
  -334
  -381
  -430
  -480
  -533
  -588
  -645
  -704
  -766
  -831
  -899
  -969
  -1,043
  -1,120
  -1,201
  -1,285
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
  118
  99
  80
  59
  37
  14
  -18
  -53
  -88
  -125
  -164
  -204
  -246
  -289
  -334
  -381
  -430
  -480
  -533
  -588
  -645
  -704
  -766
  -831
  -899
  -969
  -1,043
  -1,120
  -1,201
  -1,285
Maintenance CAPEX, $m
  0
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
New CAPEX, $m
  0
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
Cash from investing activities, $m
  -439
  -6
  -8
  -8
  -9
  -10
  -10
  -11
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
Free cash flow, $m
  31
  111
  92
  71
  50
  27
  4
  -30
  -65
  -101
  -139
  -179
  -220
  -263
  -307
  -353
  -401
  -451
  -503
  -557
  -613
  -671
  -732
  -796
  -862
  -931
  -1,004
  -1,079
  -1,158
  -1,241
  -1,327
Issuance/(repayment) of debt, $m
  -1
  580
  613
  644
  675
  705
  736
  767
  798
  830
  862
  896
  931
  968
  1,006
  1,046
  1,088
  1,132
  1,179
  1,228
  1,280
  1,334
  1,392
  1,453
  1,517
  1,585
  1,656
  1,731
  1,811
  1,894
  1,982
Issuance/(repurchase) of shares, $m
  1
  57
  83
  112
  142
  173
  204
  246
  290
  335
  382
  425
  476
  529
  584
  641
  700
  762
  827
  895
  965
  1,038
  1,115
  1,196
  1,280
  1,368
  1,460
  1,556
  1,657
  1,762
  1,873
Cash from financing (excl. dividends), $m  
  0
  637
  696
  756
  817
  878
  940
  1,013
  1,088
  1,165
  1,244
  1,321
  1,407
  1,497
  1,590
  1,687
  1,788
  1,894
  2,006
  2,123
  2,245
  2,372
  2,507
  2,649
  2,797
  2,953
  3,116
  3,287
  3,468
  3,656
  3,855
Total cash flow (excl. dividends), $m
  33
  747
  788
  827
  866
  905
  944
  983
  1,023
  1,064
  1,105
  1,143
  1,187
  1,234
  1,283
  1,334
  1,388
  1,444
  1,503
  1,566
  1,632
  1,702
  1,775
  1,853
  1,934
  2,021
  2,112
  2,208
  2,309
  2,416
  2,528
Retained Cash Flow (-), $m
  -13
  -164
  -171
  -180
  -188
  -197
  -205
  -246
  -290
  -335
  -382
  -425
  -476
  -529
  -584
  -641
  -700
  -762
  -827
  -895
  -965
  -1,038
  -1,115
  -1,196
  -1,280
  -1,368
  -1,460
  -1,556
  -1,657
  -1,762
  -1,873
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
 
  583
  617
  648
  678
  708
  739
  737
  733
  728
  723
  717
  711
  705
  699
  693
  687
  682
  676
  672
  667
  663
  660
  657
  655
  653
  652
  652
  652
  653
  655
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
 
  559
  565
  564
  558
  549
  536
  498
  458
  418
  379
  341
  304
  268
  235
  203
  175
  148
  125
  103
  85
  69
  55
  43
  33
  25
  19
  14
  10
  7
  5
Current shareholders' claim on cash, %
  100
  94.4
  87.6
  80.0
  72.2
  64.5
  57.2
  50.0
  43.3
  37.2
  31.7
  26.8
  22.6
  18.9
  15.7
  13.0
  10.8
  8.8
  7.2
  5.9
  4.8
  3.9
  3.2
  2.5
  2.0
  1.6
  1.3
  1.1
  0.8
  0.7
  0.5

Maiden Holdings, Ltd. (Maiden) is a holding company. The Company focuses on serving the needs of regional and specialty insurers in the United States, Europe and select other global markets by providing reinsurance solutions designed to support their capital needs. It operates through two segments: Diversified Reinsurance and AmTrust Reinsurance. The Diversified Reinsurance segment consists of a portfolio of property and casualty reinsurance business focusing on regional and specialty property, and casualty insurance companies located, primarily in the United States and Europe. AmTrust is a multinational specialty property and casualty insurance holding company with operations in the United States, Europe and Bermuda. The Company provides reinsurance through its subsidiaries, Maiden Reinsurance Ltd. and Maiden Reinsurance North America, Inc. Internationally, the Company provides insurance sales and distribution services through Maiden Global Holdings, Ltd. and its subsidiaries.

FINANCIAL RATIOS  of  Maiden Holdings (MHLD)

Valuation Ratios
P/E Ratio 10.8
Price to Sales 0.2
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 1.1
Price to Free Cash Flow 1.1
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 11.9% 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 86.621 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 $0.5 billion.

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COMPANY NEWS

▶ Maiden Holdings reports 3Q loss   [Nov-08-17 06:06PM  Associated Press]
▶ All You Need To Know About Maiden Holdings Ltds (MHLD) Risks   [Oct-02-17 01:12PM  Simply Wall St.]
▶ Should You Buy Maiden Holdings Ltd (MHLD) Now?   [Sep-12-17 12:37PM  Simply Wall St.]
▶ The Market In 5 Minutes   [Aug-10-17 09:28AM  Benzinga]
▶ Maiden Holdings reports 2Q loss   [Aug-08-17 10:50PM  Associated Press]
▶ ETFs with exposure to Maiden Holdings Ltd. : June 6, 2017   [Jun-06-17 11:45AM  Capital Cube]
▶ 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]
Financial statements 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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