Intrinsic value of Reinsurance Group of America - RGA

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$125.04

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$125.04

 
Intrinsic value

$621.22

 
Up/down potential

+397%

 
Rating

str. buy

 
Value-price divergence* premium content

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

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

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 8.1

 

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
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
Revenue, $m
  0
  12,439
  13,352
  14,300
  15,286
  16,311
  17,377
  18,486
  19,641
  20,843
  22,095
  23,400
  24,761
  26,180
  27,662
  29,210
  30,827
  32,517
  34,284
  36,132
  38,065
  40,089
  42,207
  44,426
  46,749
  49,184
  51,735
  54,408
  57,211
  60,149
  63,230
Variable operating expenses, $m
 
  9,043
  9,706
  10,396
  11,113
  11,858
  12,633
  13,439
  14,278
  15,152
  16,062
  17,010
  17,999
  19,032
  20,109
  21,234
  22,409
  23,638
  24,922
  26,265
  27,671
  29,142
  30,682
  32,295
  33,984
  35,754
  37,608
  39,551
  41,589
  43,725
  45,965
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
  11,092
  11,806
  12,549
  13,320
  14,120
  14,951
  15,815
  16,714
  17,648
  18,621
  19,633
  20,687
  21,788
  22,934
  24,129
  25,377
  26,680
  28,040
  29,461
  30,947
  32,499
  34,123
  35,822
  37,600
  39,460
  41,407
  43,445
  45,580
  47,816
  50,158
Operating income, $m
  1,207
  1,347
  1,545
  1,751
  1,967
  2,192
  2,426
  2,671
  2,927
  3,194
  3,474
  3,767
  4,073
  4,393
  4,729
  5,081
  5,450
  5,837
  6,244
  6,670
  7,118
  7,589
  8,084
  8,603
  9,150
  9,724
  10,328
  10,963
  11,631
  12,334
  13,073
EBITDA, $m
  1,234
  1,362
  1,562
  1,769
  1,986
  2,212
  2,448
  2,694
  2,951
  3,220
  3,501
  3,795
  4,102
  4,425
  4,762
  5,116
  5,487
  5,876
  6,285
  6,714
  7,164
  7,637
  8,134
  8,657
  9,206
  9,783
  10,390
  11,028
  11,700
  12,406
  13,149
Interest expense (income), $m
  157
  173
  323
  482
  648
  821
  1,000
  1,186
  1,380
  1,582
  1,792
  2,011
  2,239
  2,477
  2,725
  2,984
  3,254
  3,537
  3,832
  4,141
  4,464
  4,802
  5,156
  5,526
  5,914
  6,320
  6,745
  7,191
  7,659
  8,148
  8,662
Earnings before tax, $m
  1,044
  1,174
  1,222
  1,269
  1,319
  1,371
  1,426
  1,485
  1,547
  1,612
  1,682
  1,756
  1,834
  1,917
  2,004
  2,097
  2,196
  2,300
  2,412
  2,529
  2,654
  2,787
  2,928
  3,077
  3,236
  3,404
  3,583
  3,772
  3,972
  4,185
  4,411
Tax expense, $m
  343
  317
  330
  343
  356
  370
  385
  401
  418
  435
  454
  474
  495
  517
  541
  566
  593
  621
  651
  683
  717
  753
  791
  831
  874
  919
  967
  1,018
  1,073
  1,130
  1,191
Net income, $m
  701
  857
  892
  926
  963
  1,001
  1,041
  1,084
  1,129
  1,177
  1,228
  1,282
  1,339
  1,399
  1,463
  1,531
  1,603
  1,679
  1,760
  1,846
  1,938
  2,035
  2,137
  2,247
  2,362
  2,485
  2,615
  2,753
  2,900
  3,055
  3,220

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
  57,058
  61,246
  65,598
  70,121
  74,823
  79,713
  84,800
  90,095
  95,608
  101,351
  107,338
  113,580
  120,093
  126,892
  133,991
  141,408
  149,160
  157,264
  165,741
  174,610
  183,893
  193,611
  203,787
  214,446
  225,613
  237,315
  249,579
  262,435
  275,914
  290,048
Adjusted assets (=assets-cash), $m
  53,098
  57,058
  61,246
  65,598
  70,121
  74,823
  79,713
  84,800
  90,095
  95,608
  101,351
  107,338
  113,580
  120,093
  126,892
  133,991
  141,408
  149,160
  157,264
  165,741
  174,610
  183,893
  193,611
  203,787
  214,446
  225,613
  237,315
  249,579
  262,435
  275,914
  290,048
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
  75
  80
  86
  92
  98
  104
  111
  118
  125
  133
  140
  149
  157
  166
  175
  185
  195
  206
  217
  228
  241
  253
  267
  280
  295
  310
  326
  343
  361
  379
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
  7,336
  10,963
  14,732
  18,649
  22,721
  26,956
  31,361
  35,946
  40,720
  45,694
  50,878
  56,285
  61,925
  67,812
  73,960
  80,383
  87,096
  94,115
  101,456
  109,137
  117,175
  125,591
  134,403
  143,634
  153,305
  163,439
  174,059
  185,193
  196,866
  209,105
Total liabilities, $m
  46,005
  49,412
  53,039
  56,808
  60,725
  64,797
  69,032
  73,437
  78,022
  82,796
  87,770
  92,954
  98,361
  104,001
  109,888
  116,036
  122,459
  129,172
  136,191
  143,532
  151,213
  159,251
  167,667
  176,479
  185,710
  195,381
  205,515
  216,135
  227,269
  238,942
  251,181
Total equity, $m
  7,093
  7,646
  8,207
  8,790
  9,396
  10,026
  10,682
  11,363
  12,073
  12,811
  13,581
  14,383
  15,220
  16,093
  17,003
  17,955
  18,949
  19,987
  21,073
  22,209
  23,398
  24,642
  25,944
  27,307
  28,736
  30,232
  31,800
  33,444
  35,166
  36,973
  38,866
Total liabilities and equity, $m
  53,098
  57,058
  61,246
  65,598
  70,121
  74,823
  79,714
  84,800
  90,095
  95,607
  101,351
  107,337
  113,581
  120,094
  126,891
  133,991
  141,408
  149,159
  157,264
  165,741
  174,611
  183,893
  193,611
  203,786
  214,446
  225,613
  237,315
  249,579
  262,435
  275,915
  290,047
Debt-to-equity ratio
  0.554
  0.960
  1.340
  1.680
  1.980
  2.270
  2.520
  2.760
  2.980
  3.180
  3.360
  3.540
  3.700
  3.850
  3.990
  4.120
  4.240
  4.360
  4.470
  4.570
  4.660
  4.760
  4.840
  4.920
  5.000
  5.070
  5.140
  5.200
  5.270
  5.320
  5.380
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
  857
  892
  926
  963
  1,001
  1,041
  1,084
  1,129
  1,177
  1,228
  1,282
  1,339
  1,399
  1,463
  1,531
  1,603
  1,679
  1,760
  1,846
  1,938
  2,035
  2,137
  2,247
  2,362
  2,485
  2,615
  2,753
  2,900
  3,055
  3,220
Depreciation, amort., depletion, $m
  27
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
  69
  72
  76
Funds from operations, $m
  2,004
  873
  909
  944
  982
  1,021
  1,063
  1,107
  1,154
  1,203
  1,255
  1,310
  1,369
  1,431
  1,496
  1,566
  1,640
  1,718
  1,802
  1,890
  1,983
  2,083
  2,188
  2,300
  2,418
  2,544
  2,677
  2,819
  2,969
  3,127
  3,296
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
  868
  909
  944
  982
  1,021
  1,063
  1,107
  1,154
  1,203
  1,255
  1,310
  1,369
  1,431
  1,496
  1,566
  1,640
  1,718
  1,802
  1,890
  1,983
  2,083
  2,188
  2,300
  2,418
  2,544
  2,677
  2,819
  2,969
  3,127
  3,296
Maintenance CAPEX, $m
  0
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
New CAPEX, $m
  -45
  -9
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
Cash from investing activities, $m
  -2,826
  -22
  -20
  -22
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -36
  -39
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -90
Free cash flow, $m
  -1,360
  846
  888
  923
  959
  997
  1,037
  1,079
  1,124
  1,172
  1,222
  1,276
  1,332
  1,392
  1,456
  1,524
  1,595
  1,671
  1,752
  1,838
  1,928
  2,025
  2,127
  2,236
  2,351
  2,473
  2,603
  2,741
  2,886
  3,041
  3,205
Issuance/(repayment) of debt, $m
  733
  3,407
  3,627
  3,769
  3,917
  4,072
  4,235
  4,405
  4,585
  4,774
  4,974
  5,184
  5,406
  5,640
  5,887
  6,148
  6,423
  6,713
  7,019
  7,341
  7,681
  8,039
  8,416
  8,813
  9,231
  9,671
  10,134
  10,621
  11,134
  11,673
  12,240
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
  3,407
  3,627
  3,769
  3,917
  4,072
  4,235
  4,405
  4,585
  4,774
  4,974
  5,184
  5,406
  5,640
  5,887
  6,148
  6,423
  6,713
  7,019
  7,341
  7,681
  8,039
  8,416
  8,813
  9,231
  9,671
  10,134
  10,621
  11,134
  11,673
  12,240
Total cash flow (excl. dividends), $m
  -225
  4,253
  4,515
  4,692
  4,876
  5,069
  5,272
  5,485
  5,710
  5,946
  6,196
  6,460
  6,738
  7,033
  7,343
  7,672
  8,018
  8,384
  8,771
  9,179
  9,609
  10,064
  10,543
  11,049
  11,582
  12,144
  12,737
  13,362
  14,020
  14,714
  15,445
Retained Cash Flow (-), $m
  -958
  -553
  -561
  -583
  -606
  -630
  -655
  -682
  -709
  -739
  -770
  -802
  -837
  -873
  -911
  -951
  -994
  -1,039
  -1,086
  -1,136
  -1,188
  -1,244
  -1,302
  -1,364
  -1,428
  -1,496
  -1,568
  -1,643
  -1,723
  -1,806
  -1,894
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
 
  3,700
  3,954
  4,108
  4,270
  4,439
  4,616
  4,803
  5,000
  5,208
  5,427
  5,658
  5,902
  6,160
  6,432
  6,720
  7,024
  7,345
  7,685
  8,043
  8,421
  8,820
  9,241
  9,685
  10,153
  10,648
  11,169
  11,718
  12,297
  12,908
  13,551
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
 
  3,471
  3,458
  3,328
  3,180
  3,018
  2,842
  2,654
  2,457
  2,254
  2,047
  1,840
  1,635
  1,436
  1,245
  1,065
  898
  745
  609
  489
  385
  298
  225
  167
  121
  86
  59
  40
  26
  16
  10
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 engages in reinsurance business. It offers individual and group life and health insurance products, including term life, credit life, universal life, whole life, group life and health, joint and last survivor insurance, critical illness, disability, and longevity products, as well as asset-intensive and financial reinsurance products. The company also provides reinsurance for mortality, morbidity, and lapse risk associated with products; and reinsurance for investment-related risks, as well as develops and markets technology solutions for the insurance industry. It serves life insurance companies in the United States, Latin America, Canada, Europe, the Middle East, Africa, and the Asia Pacific. Reinsurance Group of America, Incorporated was founded in 1973 and is headquartered in Chesterfield, Missouri.

FINANCIAL RATIOS  of  Reinsurance Group of America (RGA)

Valuation Ratios
P/E Ratio 11.5
Price to Sales 0.7
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow 5.7
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 7.6% 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 64.577 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 $8.1 billion.


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COMPANY NEWS

▶ 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]
▶ RGA confirms Manning as new CEO   [Dec-22-16 02:55PM  at bizjournals.com]
▶ Should You Buy Lennox International Inc. (LII)?   [Dec-05-16 06:54AM  at Insider Monkey]
▶ Is Reinsurance Group of America Inc (RGA) A Good Stock To Buy?   [Dec-02-16 03:16AM  at Insider Monkey]
▶ RGA Elects New Member to Board of Directors   [04:01PM  Business Wire]
▶ New RGA Report Identifies Most Expensive Specialty Drugs   [Aug-23-16 08:30AM  Business Wire]
▶ [$$] Chernova's Take: Hold Your Horses, Insurance Startups   [Aug-16-16 07:30AM  at The Wall Street Journal]
Stock chart of RGA 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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