Intrinsic value of Everest Re Group - RE

Previous Close

$243.26

  Intrinsic Value

$1,617

stock screener

  Rating & Target

str. buy

+565%

Previous close

$243.26

 
Intrinsic value

$1,617

 
Up/down potential

+565%

 
Rating

str. buy

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

We calculate the intrinsic value of RE 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -1.92
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
Revenue, $m
  0
  6,659
  7,549
  8,496
  9,496
  10,551
  11,658
  12,817
  14,028
  15,290
  16,606
  17,975
  19,398
  20,877
  22,415
  24,012
  25,673
  27,399
  29,194
  31,061
  33,004
  35,028
  37,135
  39,332
  41,623
  44,013
  46,508
  49,112
  51,834
  54,678
  57,651
Variable operating expenses, $m
 
  1,052
  1,193
  1,342
  1,500
  1,667
  1,842
  2,025
  2,216
  2,416
  2,624
  2,840
  3,065
  3,299
  3,542
  3,794
  4,056
  4,329
  4,613
  4,908
  5,215
  5,534
  5,867
  6,215
  6,576
  6,954
  7,348
  7,760
  8,190
  8,639
  9,109
Fixed operating expenses, $m
 
  3,946
  4,045
  4,146
  4,250
  4,356
  4,465
  4,576
  4,691
  4,808
  4,928
  5,052
  5,178
  5,307
  5,440
  5,576
  5,715
  5,858
  6,005
  6,155
  6,309
  6,466
  6,628
  6,794
  6,964
  7,138
  7,316
  7,499
  7,687
  7,879
  8,076
Total operating expenses, $m
  4,690
  4,998
  5,238
  5,488
  5,750
  6,023
  6,307
  6,601
  6,907
  7,224
  7,552
  7,892
  8,243
  8,606
  8,982
  9,370
  9,771
  10,187
  10,618
  11,063
  11,524
  12,000
  12,495
  13,009
  13,540
  14,092
  14,664
  15,259
  15,877
  16,518
  17,185
Operating income, $m
  1,136
  1,661
  2,312
  3,007
  3,746
  4,528
  5,351
  6,215
  7,120
  8,066
  9,054
  10,083
  11,155
  12,272
  13,433
  14,643
  15,901
  17,212
  18,577
  19,999
  21,481
  23,027
  24,640
  26,324
  28,083
  29,921
  31,843
  33,854
  35,957
  38,160
  40,467
EBITDA, $m
  1,136
  1,661
  2,312
  3,007
  3,746
  4,528
  5,351
  6,215
  7,120
  8,066
  9,054
  10,083
  11,155
  12,272
  13,433
  14,643
  15,901
  17,212
  18,577
  19,999
  21,481
  23,027
  24,640
  26,324
  28,083
  29,921
  31,843
  33,854
  35,957
  38,160
  40,467
Interest expense (income), $m
  36
  36
  144
  260
  383
  512
  649
  793
  943
  1,100
  1,264
  1,434
  1,612
  1,796
  1,988
  2,187
  2,394
  2,610
  2,834
  3,066
  3,308
  3,560
  3,823
  4,096
  4,381
  4,678
  4,988
  5,311
  5,649
  6,002
  6,370
Earnings before tax, $m
  1,100
  1,625
  2,167
  2,747
  3,364
  4,015
  4,702
  5,423
  6,178
  6,967
  7,790
  8,649
  9,544
  10,475
  11,445
  12,455
  13,507
  14,602
  15,743
  16,932
  18,173
  19,467
  20,817
  22,228
  23,702
  25,244
  26,856
  28,543
  30,309
  32,158
  34,096
Tax expense, $m
  104
  439
  585
  742
  908
  1,084
  1,270
  1,464
  1,668
  1,881
  2,103
  2,335
  2,577
  2,828
  3,090
  3,363
  3,647
  3,943
  4,251
  4,572
  4,907
  5,256
  5,621
  6,002
  6,400
  6,816
  7,251
  7,706
  8,183
  8,683
  9,206
Net income, $m
  996
  1,186
  1,582
  2,006
  2,456
  2,931
  3,432
  3,959
  4,510
  5,086
  5,687
  6,314
  6,967
  7,647
  8,355
  9,092
  9,860
  10,659
  11,492
  12,361
  13,266
  14,211
  15,197
  16,227
  17,303
  18,428
  19,605
  20,836
  22,125
  23,475
  24,890

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
  21,322
  24,392
  27,654
  31,119
  34,785
  38,647
  42,702
  46,947
  51,383
  56,009
  60,828
  65,841
  71,055
  76,474
  82,106
  87,958
  94,040
  100,362
  106,937
  113,777
  120,895
  128,306
  136,027
  144,075
  152,466
  161,220
  170,358
  179,899
  189,867
  200,284
  211,176
Adjusted assets (=assets-cash), $m
  21,322
  24,392
  27,654
  31,119
  34,785
  38,647
  42,702
  46,947
  51,383
  56,009
  60,828
  65,841
  71,055
  76,474
  82,106
  87,958
  94,040
  100,362
  106,937
  113,777
  120,895
  128,306
  136,027
  144,075
  152,466
  161,220
  170,358
  179,899
  189,867
  200,284
  211,176
Revenue / Adjusted assets
  0.000
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
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
  633
  2,534
  4,559
  6,711
  8,988
  11,386
  13,904
  16,540
  19,295
  22,168
  25,160
  28,274
  31,511
  34,876
  38,374
  42,008
  45,785
  49,711
  53,794
  58,041
  62,462
  67,064
  71,859
  76,856
  82,067
  87,504
  93,178
  99,103
  105,293
  111,763
  118,526
Total liabilities, $m
  13,246
  15,148
  17,173
  19,325
  21,602
  24,000
  26,518
  29,154
  31,909
  34,782
  37,774
  40,888
  44,125
  47,490
  50,988
  54,622
  58,399
  62,325
  66,408
  70,655
  75,076
  79,678
  84,473
  89,470
  94,681
  100,118
  105,792
  111,717
  117,907
  124,377
  131,140
Total equity, $m
  8,075
  9,245
  10,481
  11,794
  13,184
  14,647
  16,184
  17,793
  19,474
  21,227
  23,054
  24,954
  26,930
  28,984
  31,118
  33,336
  35,641
  38,037
  40,529
  43,121
  45,819
  48,628
  51,554
  54,604
  57,785
  61,102
  64,566
  68,182
  71,960
  75,908
  80,036
Total liabilities and equity, $m
  21,321
  24,393
  27,654
  31,119
  34,786
  38,647
  42,702
  46,947
  51,383
  56,009
  60,828
  65,842
  71,055
  76,474
  82,106
  87,958
  94,040
  100,362
  106,937
  113,776
  120,895
  128,306
  136,027
  144,074
  152,466
  161,220
  170,358
  179,899
  189,867
  200,285
  211,176
Debt-to-equity ratio
  0.078
  0.270
  0.430
  0.570
  0.680
  0.780
  0.860
  0.930
  0.990
  1.040
  1.090
  1.130
  1.170
  1.200
  1.230
  1.260
  1.280
  1.310
  1.330
  1.350
  1.360
  1.380
  1.390
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
Adjusted equity ratio
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  996
  1,186
  1,582
  2,006
  2,456
  2,931
  3,432
  3,959
  4,510
  5,086
  5,687
  6,314
  6,967
  7,647
  8,355
  9,092
  9,860
  10,659
  11,492
  12,361
  13,266
  14,211
  15,197
  16,227
  17,303
  18,428
  19,605
  20,836
  22,125
  23,475
  24,890
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
  1,650
  1,186
  1,582
  2,006
  2,456
  2,931
  3,432
  3,959
  4,510
  5,086
  5,687
  6,314
  6,967
  7,647
  8,355
  9,092
  9,860
  10,659
  11,492
  12,361
  13,266
  14,211
  15,197
  16,227
  17,303
  18,428
  19,605
  20,836
  22,125
  23,475
  24,890
Change in working capital, $m
  277
  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
  1,373
  1,186
  1,582
  2,006
  2,456
  2,931
  3,432
  3,959
  4,510
  5,086
  5,687
  6,314
  6,967
  7,647
  8,355
  9,092
  9,860
  10,659
  11,492
  12,361
  13,266
  14,211
  15,197
  16,227
  17,303
  18,428
  19,605
  20,836
  22,125
  23,475
  24,890
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
  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
Cash from investing activities, $m
  -658
  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
  715
  1,186
  1,582
  2,006
  2,456
  2,931
  3,432
  3,959
  4,510
  5,086
  5,687
  6,314
  6,967
  7,647
  8,355
  9,092
  9,860
  10,659
  11,492
  12,361
  13,266
  14,211
  15,197
  16,227
  17,303
  18,428
  19,605
  20,836
  22,125
  23,475
  24,890
Issuance/(repayment) of debt, $m
  0
  1,901
  2,025
  2,152
  2,276
  2,398
  2,518
  2,637
  2,755
  2,873
  2,992
  3,114
  3,238
  3,365
  3,497
  3,634
  3,777
  3,926
  4,083
  4,247
  4,420
  4,603
  4,795
  4,997
  5,211
  5,436
  5,674
  5,925
  6,190
  6,469
  6,764
Issuance/(repurchase) of shares, $m
  -376
  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  
  -376
  1,901
  2,025
  2,152
  2,276
  2,398
  2,518
  2,637
  2,755
  2,873
  2,992
  3,114
  3,238
  3,365
  3,497
  3,634
  3,777
  3,926
  4,083
  4,247
  4,420
  4,603
  4,795
  4,997
  5,211
  5,436
  5,674
  5,925
  6,190
  6,469
  6,764
Total cash flow (excl. dividends), $m
  393
  3,087
  3,607
  4,158
  4,732
  5,329
  5,950
  6,595
  7,264
  7,959
  8,679
  9,427
  10,205
  11,012
  11,852
  12,726
  13,637
  14,586
  15,575
  16,608
  17,686
  18,813
  19,991
  21,224
  22,514
  23,864
  25,279
  26,761
  28,315
  29,945
  31,654
Retained Cash Flow (-), $m
  -466
  -1,170
  -1,236
  -1,314
  -1,389
  -1,464
  -1,537
  -1,609
  -1,681
  -1,753
  -1,826
  -1,900
  -1,976
  -2,054
  -2,134
  -2,218
  -2,305
  -2,396
  -2,492
  -2,592
  -2,698
  -2,809
  -2,926
  -3,050
  -3,180
  -3,318
  -3,463
  -3,616
  -3,778
  -3,948
  -4,128
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
 
  1,917
  2,371
  2,844
  3,343
  3,866
  4,414
  4,986
  5,583
  6,205
  6,853
  7,527
  8,229
  8,958
  9,718
  10,509
  11,332
  12,189
  13,083
  14,016
  14,989
  16,004
  17,065
  18,174
  19,333
  20,546
  21,816
  23,145
  24,537
  25,997
  27,526
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
 
  1,838
  2,171
  2,475
  2,752
  2,996
  3,203
  3,368
  3,490
  3,565
  3,593
  3,575
  3,511
  3,406
  3,262
  3,085
  2,880
  2,652
  2,409
  2,158
  1,905
  1,655
  1,416
  1,191
  985
  799
  636
  497
  380
  284
  207
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

Everest Re Group, Ltd., through its subsidiaries, is engaged in the underwriting of reinsurance and insurance in the United States, Bermuda and international markets. The Company operates in segments: U.S. Reinsurance, International, Bermuda and Insurance segment. The Company underwrites reinsurance both through brokers and directly with ceding companies. The Company underwrites insurance principally through general agent relationships, brokers and surplus lines brokers. The Company offers treaty and facultative reinsurance, and admitted and non-admitted insurance. Its products include the range of property and casualty reinsurance, and insurance coverage's, including marine, aviation, surety, errors and omissions liability (E&O), directors' and officers' liability (D&O), medical malpractice, other specialty lines, accident and health (A&H) and workers' compensation. Its subsidiaries include Everest Reinsurance (Bermuda), Ltd. (Bermuda Re) and Everest International Reinsurance, Ltd.

FINANCIAL RATIOS  of  Everest Re Group (RE)

Valuation Ratios
P/E Ratio 10
Price to Sales 1.7
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 7.2
Price to Free Cash Flow 7.2
Growth Rates
Sales Growth Rate -1.9%
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 7.8%
Total Debt to Equity 7.8%
Interest Coverage 32
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 11.8%
Ret/ On T. Cap. - 3 Yr. Avg. 13.1%
Return On Equity 12.7%
Return On Equity - 3 Yr. Avg. 14.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 19.5%
EBITDA Margin - 3 Yr. Avg. 22%
Operating Margin 19.5%
Oper. Margin - 3 Yr. Avg. 22%
Pre-Tax Margin 18.9%
Pre-Tax Margin - 3 Yr. Avg. 21.3%
Net Profit Margin 17.1%
Net Profit Margin - 3 Yr. Avg. 18%
Effective Tax Rate 9.5%
Eff/ Tax Rate - 3 Yr. Avg. 11.2%
Payout Ratio 19.6%

RE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RE stock intrinsic value calculation we used $5826 million for the last fiscal year's total revenue generated by Everest Re Group. The default revenue input number comes from 2016 income statement of Everest Re Group. 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 RE stock valuation model: a) initial revenue growth rate of 14.3% 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 RE is calculated based on our internal credit rating of Everest Re Group, 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 Everest Re Group.
    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 RE stock the variable cost ratio is equal to 15.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3850 million in the base year in the intrinsic value calculation for RE 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 5.7% for Everest Re Group.

Corporate tax rate of 27% is the nominal tax rate for Everest Re Group. 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 RE 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 RE are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Everest Re Group 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 RE 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 - $8075 million for Everest Re Group - 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 41.309 million for Everest Re Group 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 Everest Re Group at the current share price and the inputted number of shares is $10.0 billion.

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COMPANY NEWS

▶ Everest Re beats 4Q profit forecasts   [Feb-05-18 04:39PM  Associated Press]
▶ Weekly Top Insider Buys Highlight for the Week of Jan. 12   [Jan-14-18 11:37AM  GuruFocus.com]
▶ 6 Stocks With Negative Performances   [Dec-12-17 12:34PM  GuruFocus.com]
▶ Everest Re Group Announces Dividend   [Nov-09-17 04:40PM  Business Wire]
▶ Everest Re reports 3Q loss   [Oct-30-17 04:25PM  Associated Press]
▶ What Analysts Are Saying about Chubb Limited   [Oct-20-17 09:07AM  Market Realist]
▶ HP and Everest Re jump while Centene and PG&E stumble   [Oct-13-17 04:34PM  Associated Press]
▶ What Wall Street expects from earnings season   [Oct-10-17 08:24AM  Yahoo Finance]
▶ As Irma Weakens, Wall Street and Global Markets Up   [Sep-11-17 04:49PM  GuruFocus.com]
▶ See Markets React to Hurricane Irma in 8 Charts   [11:10AM  The Wall Street Journal]
▶ Insurers: A Once-in-a-100-Year Loss?   [Sep-06-17 02:19PM  Barrons.com]
▶ The Biggest Loser: Everest Re Tumbles 6.9%   [Sep-05-17 04:50PM  Barrons.com]
▶ Everest Re Group Announces Dividend   [Aug-23-17 11:10AM  Business Wire]
▶ Everest Re Group Ltd. Publishes 2016 Global Loss Triangles   [Aug-16-17 01:21PM  Business Wire]
▶ Everest Re beats 2Q profit forecasts   [Jul-24-17 09:51PM  Associated Press]
▶ Seeking Value in Bermuda: Everest Re Group   [Jun-28-17 11:28AM  GuruFocus.com]
▶ 3 Top Reinsurance Stocks for 2017   [Jun-27-17 08:03AM  Motley Fool]
▶ Reinsurance Companies: What You Need to Know   [Jun-14-17 01:06PM  Motley Fool]
Financial statements of RE
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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