Intrinsic value of Reinsurance Group of America - RGA

Previous Close

$157.71

  Intrinsic Value

$342.08

stock screener

  Rating & Target

str. buy

+117%

Previous close

$157.71

 
Intrinsic value

$342.08

 
Up/down potential

+117%

 
Rating

str. buy

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

We calculate the intrinsic value of RGA 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 10.2

 

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, %
  10.35
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  0
  11,918
  12,310
  12,737
  13,197
  13,692
  14,223
  14,791
  15,396
  16,040
  16,724
  17,449
  18,218
  19,031
  19,890
  20,798
  21,757
  22,768
  23,834
  24,958
  26,142
  27,389
  28,701
  30,083
  31,536
  33,065
  34,673
  36,364
  38,142
  40,012
  41,976
Variable operating expenses, $m
 
  8,665
  8,950
  9,259
  9,594
  9,954
  10,340
  10,753
  11,193
  11,661
  12,158
  12,684
  13,243
  13,834
  14,459
  15,119
  15,816
  16,551
  17,326
  18,143
  19,004
  19,910
  20,864
  21,868
  22,925
  24,036
  25,205
  26,435
  27,727
  29,086
  30,514
Fixed operating expenses, $m
 
  2,049
  2,100
  2,153
  2,207
  2,262
  2,318
  2,376
  2,436
  2,496
  2,559
  2,623
  2,688
  2,756
  2,825
  2,895
  2,968
  3,042
  3,118
  3,196
  3,276
  3,357
  3,441
  3,527
  3,616
  3,706
  3,799
  3,894
  3,991
  4,091
  4,193
Total operating expenses, $m
  10,353
  10,714
  11,050
  11,412
  11,801
  12,216
  12,658
  13,129
  13,629
  14,157
  14,717
  15,307
  15,931
  16,590
  17,284
  18,014
  18,784
  19,593
  20,444
  21,339
  22,280
  23,267
  24,305
  25,395
  26,541
  27,742
  29,004
  30,329
  31,718
  33,177
  34,707
Operating income, $m
  1,207
  1,205
  1,261
  1,324
  1,396
  1,476
  1,565
  1,662
  1,768
  1,883
  2,007
  2,142
  2,286
  2,441
  2,607
  2,784
  2,973
  3,175
  3,390
  3,619
  3,863
  4,121
  4,396
  4,687
  4,996
  5,323
  5,669
  6,036
  6,424
  6,835
  7,269
EBITDA, $m
  1,234
  1,220
  1,276
  1,340
  1,413
  1,494
  1,583
  1,680
  1,787
  1,903
  2,028
  2,163
  2,308
  2,464
  2,631
  2,809
  3,000
  3,203
  3,419
  3,649
  3,894
  4,154
  4,430
  4,723
  5,033
  5,362
  5,711
  6,080
  6,470
  6,883
  7,319
Interest expense (income), $m
  157
  173
  232
  300
  375
  455
  542
  635
  734
  840
  952
  1,072
  1,199
  1,333
  1,475
  1,625
  1,784
  1,952
  2,128
  2,315
  2,511
  2,718
  2,936
  3,165
  3,407
  3,661
  3,928
  4,209
  4,505
  4,816
  5,142
Earnings before tax, $m
  1,044
  1,032
  1,029
  1,024
  1,021
  1,021
  1,023
  1,027
  1,034
  1,043
  1,055
  1,070
  1,087
  1,108
  1,132
  1,159
  1,189
  1,224
  1,262
  1,305
  1,352
  1,403
  1,460
  1,522
  1,589
  1,662
  1,741
  1,827
  1,919
  2,019
  2,127
Tax expense, $m
  343
  279
  278
  276
  276
  276
  276
  277
  279
  282
  285
  289
  294
  299
  306
  313
  321
  330
  341
  352
  365
  379
  394
  411
  429
  449
  470
  493
  518
  545
  574
Net income, $m
  701
  753
  751
  748
  746
  745
  747
  750
  755
  761
  770
  781
  794
  809
  826
  846
  868
  893
  921
  952
  987
  1,024
  1,066
  1,111
  1,160
  1,213
  1,271
  1,334
  1,401
  1,474
  1,553

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
  53,098
  54,671
  56,470
  58,424
  60,536
  62,809
  65,244
  67,848
  70,624
  73,577
  76,714
  80,042
  83,567
  87,297
  91,240
  95,405
  99,802
  104,441
  109,332
  114,487
  119,918
  125,637
  131,657
  137,994
  144,661
  151,675
  159,052
  166,809
  174,965
  183,539
  192,552
Adjusted assets (=assets-cash), $m
  53,098
  54,671
  56,470
  58,424
  60,536
  62,809
  65,244
  67,848
  70,624
  73,577
  76,714
  80,042
  83,567
  87,297
  91,240
  95,405
  99,802
  104,441
  109,332
  114,487
  119,918
  125,637
  131,657
  137,994
  144,661
  151,675
  159,052
  166,809
  174,965
  183,539
  192,552
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
  66
  72
  74
  76
  79
  82
  85
  89
  92
  96
  100
  105
  109
  114
  119
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  208
  218
  229
  240
  252
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
  3,929
  5,269
  6,827
  8,520
  10,349
  12,316
  14,426
  16,680
  19,084
  21,642
  24,359
  27,240
  30,293
  33,523
  36,938
  40,545
  44,353
  48,370
  52,606
  57,070
  61,773
  66,725
  71,939
  77,427
  83,200
  89,274
  95,663
  102,381
  109,444
  116,869
  124,674
Total liabilities, $m
  46,005
  47,345
  48,903
  50,596
  52,425
  54,392
  56,502
  58,756
  61,160
  63,718
  66,435
  69,316
  72,369
  75,599
  79,014
  82,621
  86,429
  90,446
  94,682
  99,146
  103,849
  108,801
  114,015
  119,503
  125,276
  131,350
  137,739
  144,457
  151,520
  158,945
  166,750
Total equity, $m
  7,093
  7,326
  7,567
  7,829
  8,112
  8,416
  8,743
  9,092
  9,464
  9,859
  10,280
  10,726
  11,198
  11,698
  12,226
  12,784
  13,374
  13,995
  14,651
  15,341
  16,069
  16,835
  17,642
  18,491
  19,385
  20,324
  21,313
  22,352
  23,445
  24,594
  25,802
Total liabilities and equity, $m
  53,098
  54,671
  56,470
  58,425
  60,537
  62,808
  65,245
  67,848
  70,624
  73,577
  76,715
  80,042
  83,567
  87,297
  91,240
  95,405
  99,803
  104,441
  109,333
  114,487
  119,918
  125,636
  131,657
  137,994
  144,661
  151,674
  159,052
  166,809
  174,965
  183,539
  192,552
Debt-to-equity ratio
  0.554
  0.720
  0.900
  1.090
  1.280
  1.460
  1.650
  1.830
  2.020
  2.200
  2.370
  2.540
  2.710
  2.870
  3.020
  3.170
  3.320
  3.460
  3.590
  3.720
  3.840
  3.960
  4.080
  4.190
  4.290
  4.390
  4.490
  4.580
  4.670
  4.750
  4.830
Adjusted equity ratio
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134
  0.134

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  701
  753
  751
  748
  746
  745
  747
  750
  755
  761
  770
  781
  794
  809
  826
  846
  868
  893
  921
  952
  987
  1,024
  1,066
  1,111
  1,160
  1,213
  1,271
  1,334
  1,401
  1,474
  1,553
Depreciation, amort., depletion, $m
  27
  15
  15
  16
  17
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  50
Funds from operations, $m
  2,004
  768
  766
  764
  762
  763
  765
  768
  774
  781
  791
  802
  816
  832
  850
  871
  894
  921
  950
  982
  1,018
  1,057
  1,100
  1,147
  1,198
  1,253
  1,313
  1,377
  1,447
  1,522
  1,603
Change in working capital, $m
  538
  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
  1,466
  768
  766
  764
  762
  763
  765
  768
  774
  781
  791
  802
  816
  832
  850
  871
  894
  921
  950
  982
  1,018
  1,057
  1,100
  1,147
  1,198
  1,253
  1,313
  1,377
  1,447
  1,522
  1,603
Maintenance CAPEX, $m
  0
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
New CAPEX, $m
  -45
  -6
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from investing activities, $m
  -2,826
  -19
  -16
  -18
  -18
  -19
  -19
  -20
  -22
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -36
  -37
  -38
  -41
  -42
  -45
  -47
  -50
  -52
  -55
  -57
  -60
Free cash flow, $m
  -1,360
  750
  750
  746
  744
  744
  745
  748
  752
  759
  767
  778
  790
  805
  822
  842
  864
  889
  916
  947
  981
  1,018
  1,059
  1,104
  1,153
  1,206
  1,263
  1,325
  1,393
  1,465
  1,543
Issuance/(repayment) of debt, $m
  733
  1,340
  1,558
  1,693
  1,829
  1,968
  2,109
  2,255
  2,404
  2,558
  2,717
  2,882
  3,053
  3,230
  3,415
  3,607
  3,808
  4,017
  4,236
  4,464
  4,703
  4,953
  5,214
  5,487
  5,774
  6,074
  6,388
  6,718
  7,063
  7,425
  7,805
Issuance/(repurchase) of shares, $m
  -108
  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  
  1,155
  1,340
  1,558
  1,693
  1,829
  1,968
  2,109
  2,255
  2,404
  2,558
  2,717
  2,882
  3,053
  3,230
  3,415
  3,607
  3,808
  4,017
  4,236
  4,464
  4,703
  4,953
  5,214
  5,487
  5,774
  6,074
  6,388
  6,718
  7,063
  7,425
  7,805
Total cash flow (excl. dividends), $m
  -225
  2,090
  2,307
  2,439
  2,573
  2,711
  2,854
  3,002
  3,156
  3,317
  3,484
  3,659
  3,843
  4,035
  4,237
  4,449
  4,672
  4,906
  5,152
  5,411
  5,684
  5,971
  6,273
  6,592
  6,927
  7,280
  7,652
  8,043
  8,456
  8,890
  9,348
Retained Cash Flow (-), $m
  -958
  -233
  -241
  -262
  -283
  -304
  -326
  -349
  -372
  -396
  -420
  -446
  -472
  -500
  -528
  -558
  -589
  -622
  -655
  -691
  -728
  -766
  -807
  -849
  -893
  -940
  -988
  -1,039
  -1,093
  -1,149
  -1,208
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
 
  1,857
  2,066
  2,177
  2,290
  2,407
  2,528
  2,654
  2,784
  2,921
  3,064
  3,213
  3,370
  3,535
  3,708
  3,891
  4,082
  4,284
  4,497
  4,720
  4,956
  5,205
  5,466
  5,742
  6,033
  6,340
  6,663
  7,004
  7,363
  7,741
  8,140
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  1,742
  1,807
  1,763
  1,706
  1,636
  1,556
  1,466
  1,368
  1,264
  1,156
  1,045
  934
  824
  718
  617
  522
  435
  356
  287
  227
  176
  133
  99
  72
  51
  35
  24
  15
  10
  6
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

Reinsurance Group of America, Incorporated (RGA) is an insurance holding company. The Company provides traditional life and health reinsurance and financial solutions with operations in the United States, Latin America, Canada, Europe, Africa, Asia and Australia. It has geographic-based and business-based operational segments, including U.S. and Latin America; Canada; Europe, Middle East and Africa; Asia Pacific, and Corporate and Other. Its geographic-based operations are further segmented into traditional and financial solutions businesses. The Company's subsidiaries include Reinsurance Company of Missouri, Incorporated, RGA Americas Reinsurance Company, Ltd., RGA Reinsurance Company (Barbados) Ltd., Manor Reinsurance, Ltd., RGA Reinsurance Company of South Africa, Limited, Aurora National Life Assurance Company, and RGA Reinsurance Company of Australia Limited. Traditional reinsurance includes individual and group life and health, disability, and critical illness reinsurance.

FINANCIAL RATIOS  of  Reinsurance Group of America (RGA)

Valuation Ratios
P/E Ratio 14.5
Price to Sales 0.9
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 7.1
Growth Rates
Sales Growth Rate 10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 87.5%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 55.4%
Total Debt to Equity 55.4%
Interest Coverage 8
Management Effectiveness
Return On Assets 1.6%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 10.6%
Return On Equity - 3 Yr. Avg. 9.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 10.6%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 10.4%
Oper. Margin - 3 Yr. Avg. 9.8%
Pre-Tax Margin 9%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 5.7%
Effective Tax Rate 32.9%
Eff/ Tax Rate - 3 Yr. Avg. 32.6%
Payout Ratio 14.3%

RGA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RGA stock intrinsic value calculation we used $11560 million for the last fiscal year's total revenue generated by Reinsurance Group of America. The default revenue input number comes from 2016 income statement of Reinsurance Group of America. 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 RGA stock valuation model: a) initial revenue growth rate of 3.1% 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 6.6%, whose default value for RGA is calculated based on our internal credit rating of Reinsurance Group of America, 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 Reinsurance Group of America.
    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 RGA stock the variable cost ratio is equal to 72.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1999 million in the base year in the intrinsic value calculation for RGA 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 4.4% for Reinsurance Group of America.

Corporate tax rate of 27% is the nominal tax rate for Reinsurance Group of America. 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 RGA 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 RGA are equal to 0.6%.

Life of production assets of 2.7 years is the average useful life of capital assets used in Reinsurance Group of America 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 RGA 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 - $7093 million for Reinsurance Group of America - 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 64.483 million for Reinsurance Group of America 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 Reinsurance Group of America at the current share price and the inputted number of shares is $10.2 billion.

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COMPANY NEWS

▶ These too-big-to-fail banks are set to get a huge break   [Nov-14-17 10:50AM  Yahoo Finance Video]
▶ Reinsurance Group beats 3Q profit forecasts   [Oct-26-17 06:57PM  Associated Press]
▶ 6 Bargain Stocks Boosting Earnings   [Oct-04-17 05:31PM  GuruFocus.com]
▶ Hurricane Harvey Doesnt Have to Destroy Your Portfolio, Too   [Sep-08-17 11:00AM  InvestorPlace]
▶ Reinsurance Group of America Reports Second-Quarter Results   [Jul-27-17 04:15PM  Business Wire]
▶ 3 Top Reinsurance Stocks for 2017   [Jun-27-17 08:03AM  Motley Fool]
▶ Reinsurance Group of America to Host Investor Day   [May-10-17 04:35PM  Business Wire]
▶ Reinsurance Group misses 1Q profit forecasts   [Apr-27-17 06:22PM  Associated Press]
▶ Reinsurance Group of America to Host Investor Day   [Feb-22-17 05:00PM  Business Wire]
▶ Reinsurance Group beats 4Q profit forecasts   [Jan-30-17 04:40PM  Associated Press]
Financial statements of RGA
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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