Intrinsic value of Markel - MKL

Previous Close

$1,049.71

  Intrinsic Value

$667.96

stock screener

  Rating & Target

sell

-36%

  Value-price divergence*

-1%

Previous close

$1,049.71

 
Intrinsic value

$667.96

 
Up/down potential

-36%

 
Rating

sell

 
Value-price divergence*

-1%

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

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

We calculate the intrinsic value of MKL 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 14.7

 

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, %
  3.99
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  0
  5,754
  5,897
  6,058
  6,237
  6,434
  6,649
  6,883
  7,135
  7,406
  7,696
  8,005
  8,335
  8,686
  9,059
  9,453
  9,872
  10,314
  10,782
  11,275
  11,796
  12,346
  12,926
  13,536
  14,179
  14,857
  15,570
  16,320
  17,109
  17,940
  18,813
Variable operating expenses, $m
 
  4,836
  4,954
  5,086
  5,233
  5,395
  5,572
  5,763
  5,970
  6,192
  6,430
  6,570
  6,841
  7,129
  7,435
  7,759
  8,102
  8,465
  8,849
  9,254
  9,682
  10,133
  10,608
  11,109
  11,637
  12,193
  12,778
  13,394
  14,042
  14,724
  15,440
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
  4,871
  4,836
  4,954
  5,086
  5,233
  5,395
  5,572
  5,763
  5,970
  6,192
  6,430
  6,570
  6,841
  7,129
  7,435
  7,759
  8,102
  8,465
  8,849
  9,254
  9,682
  10,133
  10,608
  11,109
  11,637
  12,193
  12,778
  13,394
  14,042
  14,724
  15,440
Operating income, $m
  760
  917
  943
  972
  1,004
  1,039
  1,078
  1,120
  1,165
  1,214
  1,266
  1,435
  1,494
  1,557
  1,624
  1,695
  1,770
  1,849
  1,933
  2,021
  2,115
  2,213
  2,317
  2,427
  2,542
  2,664
  2,791
  2,926
  3,067
  3,216
  3,373
EBITDA, $m
  954
  1,132
  1,160
  1,192
  1,227
  1,266
  1,308
  1,354
  1,403
  1,457
  1,514
  1,575
  1,640
  1,709
  1,782
  1,860
  1,942
  2,029
  2,121
  2,218
  2,320
  2,428
  2,542
  2,663
  2,789
  2,922
  3,063
  3,210
  3,365
  3,529
  3,701
Interest expense (income), $m
  135
  144
  164
  188
  216
  247
  281
  319
  359
  403
  449
  499
  553
  610
  671
  735
  803
  876
  952
  1,033
  1,118
  1,208
  1,303
  1,404
  1,509
  1,620
  1,737
  1,861
  1,990
  2,127
  2,270
Earnings before tax, $m
  630
  773
  779
  783
  788
  792
  797
  801
  806
  811
  816
  936
  941
  947
  953
  960
  966
  974
  981
  989
  997
  1,005
  1,014
  1,023
  1,033
  1,043
  1,054
  1,065
  1,077
  1,089
  1,102
Tax expense, $m
  170
  209
  210
  212
  213
  214
  215
  216
  218
  219
  220
  253
  254
  256
  257
  259
  261
  263
  265
  267
  269
  271
  274
  276
  279
  282
  285
  288
  291
  294
  298
Net income, $m
  456
  564
  569
  572
  575
  578
  582
  585
  588
  592
  596
  683
  687
  691
  696
  701
  706
  711
  716
  722
  728
  734
  740
  747
  754
  762
  769
  778
  786
  795
  805

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
  25,875
  26,394
  27,048
  27,787
  28,610
  29,514
  30,502
  31,573
  32,729
  33,971
  35,301
  36,722
  38,235
  39,845
  41,553
  43,365
  45,283
  47,312
  49,457
  51,722
  54,112
  56,634
  59,292
  62,093
  65,043
  68,150
  71,421
  74,863
  78,484
  82,293
  86,299
Adjusted assets (=assets-cash), $m
  25,875
  26,394
  27,048
  27,787
  28,610
  29,514
  30,502
  31,573
  32,729
  33,971
  35,301
  36,722
  38,235
  39,845
  41,553
  43,365
  45,283
  47,312
  49,457
  51,722
  54,112
  56,634
  59,292
  62,093
  65,043
  68,150
  71,421
  74,863
  78,484
  82,293
  86,299
Revenue / Adjusted assets
  0.000
  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
Average production assets, $m
  1,179
  1,203
  1,232
  1,266
  1,304
  1,345
  1,390
  1,439
  1,491
  1,548
  1,608
  1,673
  1,742
  1,815
  1,893
  1,976
  2,063
  2,156
  2,253
  2,357
  2,465
  2,580
  2,701
  2,829
  2,964
  3,105
  3,254
  3,411
  3,576
  3,749
  3,932
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
  2,575
  2,924
  3,365
  3,862
  4,415
  5,024
  5,689
  6,410
  7,188
  8,024
  8,919
  9,875
  10,893
  11,976
  13,126
  14,345
  15,636
  17,002
  18,445
  19,970
  21,578
  23,275
  25,064
  26,949
  28,935
  31,026
  33,227
  35,544
  37,981
  40,544
  43,240
Total liabilities, $m
  17,414
  17,763
  18,204
  18,701
  19,254
  19,863
  20,528
  21,249
  22,027
  22,863
  23,758
  24,714
  25,732
  26,815
  27,965
  29,184
  30,475
  31,841
  33,284
  34,809
  36,417
  38,114
  39,903
  41,788
  43,774
  45,865
  48,066
  50,383
  52,820
  55,383
  58,079
Total equity, $m
  8,461
  8,631
  8,845
  9,086
  9,355
  9,651
  9,974
  10,325
  10,702
  11,109
  11,544
  12,008
  12,503
  13,029
  13,588
  14,180
  14,807
  15,471
  16,172
  16,913
  17,695
  18,519
  19,388
  20,304
  21,269
  22,285
  23,355
  24,480
  25,664
  26,910
  28,220
Total liabilities and equity, $m
  25,875
  26,394
  27,049
  27,787
  28,609
  29,514
  30,502
  31,574
  32,729
  33,972
  35,302
  36,722
  38,235
  39,844
  41,553
  43,364
  45,282
  47,312
  49,456
  51,722
  54,112
  56,633
  59,291
  62,092
  65,043
  68,150
  71,421
  74,863
  78,484
  82,293
  86,299
Debt-to-equity ratio
  0.304
  0.340
  0.380
  0.430
  0.470
  0.520
  0.570
  0.620
  0.670
  0.720
  0.770
  0.820
  0.870
  0.920
  0.970
  1.010
  1.060
  1.100
  1.140
  1.180
  1.220
  1.260
  1.290
  1.330
  1.360
  1.390
  1.420
  1.450
  1.480
  1.510
  1.530
Adjusted equity ratio
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  456
  564
  569
  572
  575
  578
  582
  585
  588
  592
  596
  683
  687
  691
  696
  701
  706
  711
  716
  722
  728
  734
  740
  747
  754
  762
  769
  778
  786
  795
  805
Depreciation, amort., depletion, $m
  194
  214
  217
  220
  223
  226
  230
  234
  238
  243
  248
  139
  145
  151
  158
  165
  172
  180
  188
  196
  205
  215
  225
  236
  247
  259
  271
  284
  298
  312
  328
Funds from operations, $m
  382
  779
  786
  792
  798
  804
  812
  819
  827
  835
  844
  823
  832
  843
  854
  865
  877
  890
  904
  918
  933
  949
  965
  983
  1,001
  1,020
  1,041
  1,062
  1,084
  1,108
  1,132
Change in working capital, $m
  -153
  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
  535
  779
  786
  792
  798
  804
  812
  819
  827
  835
  844
  823
  832
  843
  854
  865
  877
  890
  904
  918
  933
  949
  965
  983
  1,001
  1,020
  1,041
  1,062
  1,084
  1,108
  1,132
Maintenance CAPEX, $m
  0
  -98
  -100
  -103
  -106
  -109
  -112
  -116
  -120
  -124
  -129
  -134
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -196
  -205
  -215
  -225
  -236
  -247
  -259
  -271
  -284
  -298
  -312
New CAPEX, $m
  -64
  -24
  -30
  -34
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -65
  -69
  -73
  -78
  -83
  -87
  -92
  -98
  -103
  -109
  -115
  -121
  -128
  -134
  -142
  -149
  -157
  -165
  -174
  -183
Cash from investing activities, $m
  -1,545
  -122
  -130
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -208
  -218
  -229
  -241
  -252
  -264
  -278
  -291
  -305
  -320
  -336
  -353
  -370
  -389
  -408
  -428
  -449
  -472
  -495
Free cash flow, $m
  -1,010
  657
  656
  655
  655
  655
  654
  654
  654
  654
  654
  624
  624
  624
  625
  625
  625
  626
  626
  627
  628
  628
  629
  630
  631
  632
  633
  634
  635
  636
  637
Issuance/(repayment) of debt, $m
  267
  349
  441
  497
  553
  609
  665
  721
  778
  836
  895
  956
  1,019
  1,083
  1,150
  1,219
  1,291
  1,366
  1,443
  1,524
  1,609
  1,697
  1,789
  1,885
  1,986
  2,091
  2,201
  2,316
  2,437
  2,564
  2,696
Issuance/(repurchase) of shares, $m
  -47
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  19
  54
  91
  129
  169
  211
  254
  300
  348
  398
  450
  505
Cash from financing (excl. dividends), $m  
  152
  349
  441
  497
  553
  609
  665
  721
  778
  836
  895
  956
  1,019
  1,083
  1,150
  1,219
  1,291
  1,366
  1,443
  1,543
  1,663
  1,788
  1,918
  2,054
  2,197
  2,345
  2,501
  2,664
  2,835
  3,014
  3,201
Total cash flow (excl. dividends), $m
  -891
  1,006
  1,096
  1,153
  1,208
  1,264
  1,319
  1,375
  1,432
  1,490
  1,550
  1,580
  1,643
  1,707
  1,775
  1,844
  1,916
  1,992
  2,070
  2,170
  2,291
  2,416
  2,547
  2,684
  2,827
  2,977
  3,134
  3,298
  3,470
  3,650
  3,839
Retained Cash Flow (-), $m
  -627
  -170
  -214
  -242
  -269
  -296
  -323
  -350
  -378
  -406
  -435
  -464
  -495
  -526
  -559
  -592
  -627
  -664
  -701
  -741
  -782
  -824
  -869
  -916
  -965
  -1,016
  -1,069
  -1,125
  -1,184
  -1,246
  -1,310
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
 
  836
  882
  911
  939
  968
  996
  1,025
  1,054
  1,084
  1,115
  1,115
  1,148
  1,181
  1,216
  1,252
  1,289
  1,328
  1,369
  1,430
  1,509
  1,592
  1,678
  1,768
  1,862
  1,961
  2,064
  2,173
  2,286
  2,404
  2,529
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  791
  785
  759
  727
  692
  654
  612
  569
  524
  478
  420
  376
  333
  291
  252
  215
  181
  150
  124
  102
  83
  66
  51
  39
  29
  21
  15
  10
  7
  5
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
  99.9
  99.7
  99.5
  99.1
  98.6
  98.0
  97.3
  96.6
  95.7
  94.9
  93.9
  92.9

Markel Corporation markets and underwrites specialty insurance products in the United States and internationally. It operates through three segments: U.S. Insurance, International Insurance, and Reinsurance. The U.S. Insurance segment writes general liability, professional liability, property, personal line, program, workers' compensation, and other insurance product lines. The International Insurance segment provides professional liability, marine and energy, general liability, property, and other insurance product lines, such as accident and health coverage insurance. The Reinsurance segment offers property and casualty treaty reinsurance products; and other treaty reinsurance products comprising aviation, accident and health, onshore and offshore marine and energy risk, agriculture, and public entity, as well as structured and whole turnover credit, political risk, mortgage, and contract and commercial surety. Markel Corporation was founded in 1930 and is headquartered in Glen Allen, Virginia.

FINANCIAL RATIOS  of  Markel (MKL)

Valuation Ratios
P/E Ratio 32.1
Price to Sales 2.6
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 27.4
Price to Free Cash Flow 31.1
Growth Rates
Sales Growth Rate 4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20%
Cap. Spend. - 3 Yr. Gr. Rate 5.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 30.4%
Total Debt to Equity 30.4%
Interest Coverage 6
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 5.6%
Return On Equity - 3 Yr. Avg. 5.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 17%
EBITDA Margin - 3 Yr. Avg. 17.3%
Operating Margin 13.5%
Oper. Margin - 3 Yr. Avg. 13.4%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 8.1%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 27%
Eff/ Tax Rate - 3 Yr. Avg. 24.7%
Payout Ratio 0%

MKL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MKL stock intrinsic value calculation we used $5630 million for the last fiscal year's total revenue generated by Markel. The default revenue input number comes from 2016 income statement of Markel. 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 MKL stock valuation model: a) initial revenue growth rate of 2.2% 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 5.7%, whose default value for MKL is calculated based on our internal credit rating of Markel, 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 Markel.
    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 MKL stock the variable cost ratio is equal to 84.1%.

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 MKL 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 5.6% for Markel.

Corporate tax rate of 27% is the nominal tax rate for Markel. 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 MKL 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 MKL are equal to 20.9%.

Life of production assets of 12 years is the average useful life of capital assets used in Markel 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 MKL 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 - $8461 million for Markel - 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 14.012 million for Markel 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 Markel at the current share price and the inputted number of shares is $14.7 billion.

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COMPANY NEWS

▶ XL Group (XL) & Subsidiaries Rated by A.M. Best   [Aug-14-17 05:24PM  Zacks]
▶ ETFs with exposure to Markel Corp. : August 11, 2017   [Aug-11-17 05:58PM  Capital Cube]
▶ Roundtable: 3 Stocks We Can't Wait to Buy on Sale   [Jul-31-17 08:02AM  Motley Fool]
▶ Markel tops 2Q profit forecasts   [12:03AM  Associated Press]
▶ [$$] Markel to Buy State National for $919 Million   [09:43AM  The Wall Street Journal]
▶ Markel to acquire State National   [08:47AM  PR Newswire]
▶ Markel to acquire State National   [08:09AM  CNW Group]
▶ ETFs with exposure to Markel Corp. : July 24, 2017   [Jul-24-17 05:17PM  Capital Cube]
▶ Markel Announces Conference Call Date And Time   [Jul-20-17 04:30PM  PR Newswire]
▶ ETFs with exposure to Markel Corp. : July 14, 2017   [Jul-14-17 03:34PM  Capital Cube]
▶ 3 Stocks at All-Time Highs Still Worth Buying   [Jul-08-17 07:28AM  Motley Fool]
▶ The Third Stock to Reach $1,000 This Year Is Markel?   [Jul-03-17 11:53AM  The Wall Street Journal]
▶ Markel Corp. Value Analysis (NYSE:MKL) : June 22, 2017   [Jun-22-17 05:02PM  Capital Cube]
▶ Roundtable: 1 Stock I'm Never Selling   [Jun-19-17 08:33AM  Motley Fool]
▶ Markel to create new insurance division   [Jun-07-17 02:00PM  PR Newswire]
▶ Insurers' Existential Risks   [Jun-01-17 11:03AM  Motley Fool]
▶ How Insurance Companies Work   [May-30-17 12:09PM  Motley Fool]
▶ Amazon Hits $1000   [10:16AM  Investopedia]
▶ Roundtable: The Single Best Stock to Own Today   [May-27-17 09:33AM  Motley Fool]
▶ Split Decision: The Pros and Cons of Splitting Shares   [May-26-17 11:50AM  The Wall Street Journal]
▶ ETFs with exposure to Markel Corp. : May 15, 2017   [May-15-17 04:07PM  Capital Cube]
▶ 5 Things to Know About Markel from Its Annual Letter   [May-10-17 01:14PM  Motley Fool]
▶ Houston bond co. scooped up by Virginia firm   [May-01-17 04:10PM  American City Business Journals]
▶ Markel Offers a Deceptively Good Quarter   [07:15AM  Motley Fool]
▶ New Strong Sell Stocks for April 27th   [Apr-27-17 08:52AM  Zacks]
▶ Markel misses 1Q revenue forecasts   [Apr-26-17 07:08PM  Associated Press]
▶ Markel Reports First Quarter 2017 Results   [04:40PM  PR Newswire]
▶ Markel Announces Conference Call Date And Time   [Apr-20-17 04:30PM  PR Newswire]
▶ Losing Sleep Over Your Portfolio? Consider These Stocks   [Apr-08-17 12:00PM  Motley Fool]
▶ 3 Stocks We're Never Selling   [Apr-04-17 11:27AM  Motley Fool]
▶ Markel Estimates Ogden Rate Change Impact   [04:32PM  PR Newswire]
▶ Markel Makes an Acqusition   [Feb-23-17 10:36PM  Motley Fool]
▶ 3 Top Insurance Stocks to Buy in 2017   [Feb-11-17 02:58PM  at Motley Fool]
▶ Markel Ends 2016 on a High Note   [Feb-09-17 06:33PM  at Motley Fool]
▶ Markel Reports 2016 Financial Results   [04:35PM  PR Newswire]
Stock chart of MKL Financial statements of MKL
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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