Intrinsic value of Markel - MKL

Previous Close

$1,147.10

  Intrinsic Value

$1,040

stock screener

  Rating & Target

hold

-9%

Previous close

$1,147.10

 
Intrinsic value

$1,040

 
Up/down potential

-9%

 
Rating

hold

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

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 16.0

 

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, %
  3.99
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  0
  6,047
  6,480
  6,929
  7,397
  7,884
  8,389
  8,916
  9,464
  10,035
  10,630
  11,251
  11,898
  12,573
  13,279
  14,016
  14,786
  15,591
  16,433
  17,313
  18,235
  19,200
  20,211
  21,269
  22,378
  23,539
  24,757
  26,033
  27,371
  28,774
  30,245
Variable operating expenses, $m
 
  5,077
  5,432
  5,801
  6,185
  6,584
  7,000
  7,432
  7,882
  8,350
  8,839
  9,234
  9,765
  10,319
  10,898
  11,503
  12,135
  12,796
  13,486
  14,209
  14,966
  15,758
  16,587
  17,456
  18,366
  19,319
  20,318
  21,366
  22,464
  23,615
  24,823
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
  5,077
  5,432
  5,801
  6,185
  6,584
  7,000
  7,432
  7,882
  8,350
  8,839
  9,234
  9,765
  10,319
  10,898
  11,503
  12,135
  12,796
  13,486
  14,209
  14,966
  15,758
  16,587
  17,456
  18,366
  19,319
  20,318
  21,366
  22,464
  23,615
  24,823
Operating income, $m
  760
  970
  1,047
  1,128
  1,212
  1,299
  1,390
  1,484
  1,583
  1,685
  1,792
  2,017
  2,133
  2,254
  2,381
  2,513
  2,651
  2,795
  2,946
  3,104
  3,269
  3,442
  3,623
  3,813
  4,012
  4,220
  4,439
  4,667
  4,907
  5,159
  5,422
EBITDA, $m
  954
  1,189
  1,275
  1,363
  1,455
  1,551
  1,650
  1,754
  1,862
  1,974
  2,091
  2,213
  2,340
  2,473
  2,612
  2,757
  2,908
  3,067
  3,232
  3,406
  3,587
  3,777
  3,975
  4,184
  4,402
  4,630
  4,870
  5,121
  5,384
  5,660
  5,949
Interest expense (income), $m
  135
  144
  214
  289
  367
  448
  532
  619
  710
  805
  904
  1,007
  1,114
  1,226
  1,343
  1,465
  1,592
  1,725
  1,864
  2,010
  2,162
  2,322
  2,488
  2,663
  2,846
  3,038
  3,239
  3,449
  3,670
  3,901
  4,143
Earnings before tax, $m
  630
  826
  833
  839
  845
  851
  858
  865
  872
  880
  888
  1,010
  1,019
  1,028
  1,038
  1,048
  1,059
  1,070
  1,082
  1,094
  1,107
  1,121
  1,135
  1,150
  1,166
  1,183
  1,200
  1,218
  1,238
  1,258
  1,279
Tax expense, $m
  170
  223
  225
  227
  228
  230
  232
  234
  235
  238
  240
  273
  275
  278
  280
  283
  286
  289
  292
  295
  299
  303
  306
  311
  315
  319
  324
  329
  334
  340
  345
Net income, $m
  456
  603
  608
  612
  617
  621
  626
  631
  637
  642
  648
  738
  744
  751
  758
  765
  773
  781
  790
  799
  808
  818
  829
  840
  851
  863
  876
  889
  903
  918
  934

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
  27,737
  29,723
  31,787
  33,932
  36,163
  38,484
  40,899
  43,413
  46,032
  48,762
  51,608
  54,577
  57,676
  60,912
  64,292
  67,824
  71,517
  75,379
  79,419
  83,648
  88,074
  92,709
  97,564
  102,650
  107,979
  113,564
  119,418
  125,555
  131,991
  138,740
Adjusted assets (=assets-cash), $m
  25,875
  27,737
  29,723
  31,787
  33,932
  36,163
  38,484
  40,899
  43,413
  46,032
  48,762
  51,608
  54,577
  57,676
  60,912
  64,292
  67,824
  71,517
  75,379
  79,419
  83,648
  88,074
  92,709
  97,564
  102,650
  107,979
  113,564
  119,418
  125,555
  131,991
  138,740
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
  1,264
  1,354
  1,448
  1,546
  1,648
  1,753
  1,863
  1,978
  2,097
  2,222
  2,351
  2,487
  2,628
  2,775
  2,929
  3,090
  3,258
  3,434
  3,619
  3,811
  4,013
  4,224
  4,445
  4,677
  4,920
  5,174
  5,441
  5,721
  6,014
  6,321
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
  3,828
  5,164
  6,553
  7,997
  9,499
  11,061
  12,686
  14,378
  16,141
  17,978
  19,893
  21,891
  23,977
  26,155
  28,429
  30,807
  33,292
  35,891
  38,610
  41,456
  44,435
  47,554
  50,821
  54,244
  57,831
  61,589
  65,529
  69,660
  73,991
  78,533
Total liabilities, $m
  17,414
  18,667
  20,003
  21,392
  22,836
  24,338
  25,900
  27,525
  29,217
  30,980
  32,817
  34,732
  36,730
  38,816
  40,994
  43,268
  45,646
  48,131
  50,730
  53,449
  56,295
  59,274
  62,393
  65,660
  69,083
  72,670
  76,428
  80,368
  84,499
  88,830
  93,372
Total equity, $m
  8,461
  9,070
  9,719
  10,394
  11,096
  11,825
  12,584
  13,374
  14,196
  15,053
  15,945
  16,876
  17,847
  18,860
  19,918
  21,023
  22,178
  23,386
  24,649
  25,970
  27,353
  28,800
  30,316
  31,903
  33,566
  35,309
  37,135
  39,050
  41,057
  43,161
  45,368
Total liabilities and equity, $m
  25,875
  27,737
  29,722
  31,786
  33,932
  36,163
  38,484
  40,899
  43,413
  46,033
  48,762
  51,608
  54,577
  57,676
  60,912
  64,291
  67,824
  71,517
  75,379
  79,419
  83,648
  88,074
  92,709
  97,563
  102,649
  107,979
  113,563
  119,418
  125,556
  131,991
  138,740
Debt-to-equity ratio
  0.304
  0.420
  0.530
  0.630
  0.720
  0.800
  0.880
  0.950
  1.010
  1.070
  1.130
  1.180
  1.230
  1.270
  1.310
  1.350
  1.390
  1.420
  1.460
  1.490
  1.520
  1.540
  1.570
  1.590
  1.620
  1.640
  1.660
  1.680
  1.700
  1.710
  1.730
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
  603
  608
  612
  617
  621
  626
  631
  637
  642
  648
  738
  744
  751
  758
  765
  773
  781
  790
  799
  808
  818
  829
  840
  851
  863
  876
  889
  903
  918
  934
Depreciation, amort., depletion, $m
  194
  220
  227
  235
  243
  252
  260
  269
  279
  289
  299
  196
  207
  219
  231
  244
  258
  272
  286
  302
  318
  334
  352
  370
  390
  410
  431
  453
  477
  501
  527
Funds from operations, $m
  382
  822
  835
  847
  860
  873
  887
  901
  916
  931
  947
  933
  951
  970
  989
  1,009
  1,030
  1,053
  1,076
  1,100
  1,126
  1,153
  1,181
  1,210
  1,241
  1,273
  1,307
  1,343
  1,380
  1,419
  1,460
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
  822
  835
  847
  860
  873
  887
  901
  916
  931
  947
  933
  951
  970
  989
  1,009
  1,030
  1,053
  1,076
  1,100
  1,126
  1,153
  1,181
  1,210
  1,241
  1,273
  1,307
  1,343
  1,380
  1,419
  1,460
Maintenance CAPEX, $m
  0
  -98
  -105
  -113
  -121
  -129
  -137
  -146
  -155
  -165
  -175
  -185
  -196
  -207
  -219
  -231
  -244
  -258
  -272
  -286
  -302
  -318
  -334
  -352
  -370
  -390
  -410
  -431
  -453
  -477
  -501
New CAPEX, $m
  -64
  -85
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -130
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -193
  -202
  -211
  -221
  -232
  -243
  -254
  -267
  -280
  -293
  -307
Cash from investing activities, $m
  -1,545
  -183
  -195
  -207
  -219
  -231
  -243
  -256
  -270
  -284
  -299
  -315
  -331
  -348
  -366
  -385
  -405
  -426
  -448
  -470
  -495
  -520
  -545
  -573
  -602
  -633
  -664
  -698
  -733
  -770
  -808
Free cash flow, $m
  -1,010
  639
  639
  640
  641
  643
  644
  645
  646
  647
  648
  619
  620
  621
  623
  624
  625
  627
  628
  630
  632
  633
  635
  637
  639
  641
  643
  645
  647
  649
  652
Issuance/(repayment) of debt, $m
  267
  1,253
  1,337
  1,389
  1,444
  1,501
  1,562
  1,625
  1,692
  1,763
  1,837
  1,915
  1,998
  2,085
  2,178
  2,275
  2,377
  2,485
  2,599
  2,719
  2,846
  2,979
  3,119
  3,267
  3,423
  3,586
  3,759
  3,940
  4,131
  4,331
  4,542
Issuance/(repurchase) of shares, $m
  -47
  6
  41
  62
  85
  108
  133
  158
  186
  214
  245
  193
  227
  263
  300
  340
  382
  426
  473
  523
  575
  629
  687
  748
  812
  879
  950
  1,025
  1,104
  1,186
  1,273
Cash from financing (excl. dividends), $m  
  152
  1,259
  1,378
  1,451
  1,529
  1,609
  1,695
  1,783
  1,878
  1,977
  2,082
  2,108
  2,225
  2,348
  2,478
  2,615
  2,759
  2,911
  3,072
  3,242
  3,421
  3,608
  3,806
  4,015
  4,235
  4,465
  4,709
  4,965
  5,235
  5,517
  5,815
Total cash flow (excl. dividends), $m
  -891
  1,898
  2,017
  2,092
  2,170
  2,252
  2,338
  2,428
  2,524
  2,624
  2,730
  2,727
  2,845
  2,969
  3,101
  3,239
  3,385
  3,539
  3,701
  3,872
  4,052
  4,242
  4,441
  4,652
  4,873
  5,106
  5,352
  5,610
  5,881
  6,167
  6,467
Retained Cash Flow (-), $m
  -627
  -609
  -649
  -675
  -702
  -730
  -759
  -790
  -822
  -856
  -893
  -931
  -971
  -1,013
  -1,058
  -1,105
  -1,155
  -1,208
  -1,263
  -1,321
  -1,383
  -1,447
  -1,516
  -1,587
  -1,663
  -1,743
  -1,826
  -1,914
  -2,007
  -2,104
  -2,207
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
 
  1,289
  1,368
  1,417
  1,468
  1,522
  1,579
  1,639
  1,701
  1,768
  1,837
  1,797
  1,874
  1,956
  2,042
  2,134
  2,230
  2,331
  2,438
  2,550
  2,669
  2,794
  2,926
  3,064
  3,210
  3,364
  3,525
  3,695
  3,874
  4,062
  4,260
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
 
  1,220
  1,218
  1,180
  1,137
  1,089
  1,036
  979
  918
  854
  787
  677
  614
  551
  489
  429
  372
  317
  267
  222
  181
  145
  114
  88
  67
  49
  36
  25
  17
  12
  8
Current shareholders' claim on cash, %
  100
  100.0
  99.7
  99.4
  99.0
  98.4
  97.9
  97.2
  96.5
  95.7
  94.9
  94.3
  93.6
  92.9
  92.1
  91.3
  90.4
  89.5
  88.6
  87.6
  86.6
  85.5
  84.5
  83.4
  82.3
  81.1
  80.0
  78.8
  77.7
  76.5
  75.3

Markel Corporation is a financial holding company serving a range of markets. The Company's principal business markets and underwrites specialty insurance products. It monitors and reports its ongoing underwriting operations in three segments: U.S. Insurance, International Insurance and Reinsurance. The Company, through its subsidiary Markel Ventures, Inc. (Markel Ventures), owns interests in various industrial and service businesses that operate outside of the specialty insurance marketplace. The U.S. Insurance segment includes all direct business and facultative placements written by its insurance subsidiaries domiciled in the United States. The International Insurance segment includes all direct business and facultative placements written by its insurance subsidiaries domiciled outside of the United States, including its syndicate at Lloyd's of London (Lloyd's). The Reinsurance segment includes all treaty reinsurance written across the Company.

FINANCIAL RATIOS  of  Markel (MKL)

Valuation Ratios
P/E Ratio 35.1
Price to Sales 2.8
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 29.9
Price to Free Cash Flow 34
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 7.4% 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 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 13.912 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 $16.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to Markel Corp. : December 15, 2017   [Dec-15-17 01:47PM  Capital Cube]
▶ Stocks With Rising Relative Strength: Markel   [Dec-04-17 03:00AM  Investor's Business Daily]
▶ Markel completes acquisition of State National   [Nov-17-17 10:53AM  PR Newswire]
▶ Markel Announces Crowley Retirement   [Nov-16-17 04:35PM  PR Newswire]
▶ Markel Announces CFO Succession Plan   [04:30PM  PR Newswire]
▶ ETFs with exposure to Markel Corp. : November 13, 2017   [Nov-13-17 12:47PM  Capital Cube]
▶ 3 Stocks for Warren Buffett Fans   [Nov-02-17 06:00AM  Motley Fool]
▶ ETFs with exposure to Markel Corp. : October 30, 2017   [Oct-30-17 12:04PM  Capital Cube]
▶ Markel Sees IBD RS Rating Rise To 72   [03:00AM  Investor's Business Daily]
▶ Markel reports 3Q loss   [Oct-26-17 06:35AM  Associated Press]
▶ Markel Reports Third Quarter And Nine-Months Results   [Oct-25-17 04:46PM  PR Newswire]
▶ Markel Announces Conference Call Date And Time   [Oct-19-17 04:30PM  PR Newswire]
▶ Markel announces primary life sciences coverage   [Oct-06-17 10:00AM  PR Newswire]
▶ Stocks With Rising Relative Strength: Markel   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ Markel Sees RS Rating Improve To 73   [Sep-19-17 03:00AM  Investor's Business Daily]
▶ Is There Now An Opportunity In Markel Corporation (MKL)?   [Sep-06-17 05:26PM  Simply Wall St.]
▶ ETFs with exposure to Markel Corp. : August 23, 2017   [Aug-23-17 04:39PM  Capital Cube]
▶ 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]
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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