Intrinsic value of RenaissanceRe Holdings - RNR

Previous Close

$140.17

  Intrinsic Value

$174.34

stock screener

  Rating & Target

buy

+24%

  Value-price divergence*

-104%

Previous close

$140.17

 
Intrinsic value

$174.34

 
Up/down potential

+24%

 
Rating

buy

 
Value-price divergence*

-104%

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

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

We calculate the intrinsic value of RNR 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 5.8

 

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, %
  16.22
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  1,763
  1,803
  1,849
  1,901
  1,959
  2,022
  2,091
  2,166
  2,246
  2,332
  2,425
  2,523
  2,628
  2,739
  2,857
  2,982
  3,115
  3,255
  3,403
  3,560
  3,725
  3,899
  4,082
  4,275
  4,479
  4,693
  4,919
  5,156
  5,406
  5,668
Variable operating expenses, $m
 
  595
  609
  624
  641
  660
  680
  703
  727
  753
  781
  792
  824
  858
  894
  933
  974
  1,017
  1,063
  1,111
  1,162
  1,216
  1,273
  1,333
  1,396
  1,463
  1,532
  1,606
  1,684
  1,765
  1,851
Fixed operating expenses, $m
 
  495
  507
  520
  533
  546
  560
  574
  588
  603
  618
  634
  650
  666
  682
  700
  717
  735
  753
  772
  791
  811
  832
  852
  874
  895
  918
  941
  964
  988
  1,013
Total operating expenses, $m
  1,055
  1,090
  1,116
  1,144
  1,174
  1,206
  1,240
  1,277
  1,315
  1,356
  1,399
  1,426
  1,474
  1,524
  1,576
  1,633
  1,691
  1,752
  1,816
  1,883
  1,953
  2,027
  2,105
  2,185
  2,270
  2,358
  2,450
  2,547
  2,648
  2,753
  2,864
Operating income, $m
  685
  672
  687
  706
  728
  753
  782
  814
  850
  890
  933
  999
  1,050
  1,104
  1,162
  1,225
  1,292
  1,363
  1,439
  1,520
  1,606
  1,697
  1,794
  1,897
  2,006
  2,121
  2,243
  2,372
  2,508
  2,652
  2,804
EBITDA, $m
  714
  710
  725
  744
  767
  793
  823
  856
  892
  933
  977
  1,024
  1,076
  1,131
  1,190
  1,254
  1,322
  1,395
  1,473
  1,555
  1,643
  1,736
  1,834
  1,939
  2,050
  2,167
  2,291
  2,423
  2,561
  2,708
  2,863
Interest expense (income), $m
  54
  54
  62
  72
  84
  97
  111
  126
  143
  162
  182
  203
  226
  250
  276
  303
  332
  363
  396
  431
  467
  506
  546
  589
  635
  682
  732
  785
  841
  900
  961
Earnings before tax, $m
  630
  618
  625
  633
  644
  657
  671
  688
  707
  728
  751
  796
  824
  854
  886
  921
  959
  1,000
  1,043
  1,089
  1,139
  1,191
  1,248
  1,307
  1,371
  1,439
  1,510
  1,586
  1,667
  1,753
  1,843
Tax expense, $m
  0
  167
  169
  171
  174
  177
  181
  186
  191
  197
  203
  215
  222
  231
  239
  249
  259
  270
  282
  294
  307
  322
  337
  353
  370
  388
  408
  428
  450
  473
  498
Net income, $m
  503
  451
  456
  462
  470
  479
  490
  502
  516
  531
  548
  581
  601
  623
  647
  673
  700
  730
  761
  795
  831
  870
  911
  954
  1,001
  1,050
  1,102
  1,158
  1,217
  1,279
  1,345

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
  12,352
  12,590
  12,879
  13,210
  13,582
  13,994
  14,445
  14,937
  15,470
  16,044
  16,659
  17,318
  18,021
  18,769
  19,565
  20,409
  21,303
  22,250
  23,251
  24,309
  25,426
  26,604
  27,847
  29,157
  30,537
  31,991
  33,522
  35,133
  36,828
  38,612
  40,488
Adjusted assets (=assets-cash), $m
  12,352
  12,590
  12,879
  13,210
  13,582
  13,994
  14,445
  14,937
  15,470
  16,044
  16,659
  17,318
  18,021
  18,769
  19,565
  20,409
  21,303
  22,250
  23,251
  24,309
  25,426
  26,604
  27,847
  29,157
  30,537
  31,991
  33,522
  35,133
  36,828
  38,612
  40,488
Revenue / Adjusted assets
  0.000
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
Average production assets, $m
  160
  162
  166
  170
  175
  180
  186
  192
  199
  207
  215
  223
  232
  242
  252
  263
  274
  287
  299
  313
  327
  343
  359
  376
  393
  412
  432
  453
  474
  497
  521
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
  949
  1,093
  1,269
  1,469
  1,695
  1,944
  2,218
  2,516
  2,839
  3,186
  3,560
  3,959
  4,385
  4,838
  5,320
  5,832
  6,374
  6,947
  7,554
  8,195
  8,872
  9,586
  10,339
  11,133
  11,970
  12,851
  13,778
  14,755
  15,782
  16,863
  18,000
Total liabilities, $m
  7,486
  7,629
  7,805
  8,005
  8,231
  8,480
  8,754
  9,052
  9,375
  9,722
  10,096
  10,495
  10,921
  11,374
  11,856
  12,368
  12,910
  13,483
  14,090
  14,731
  15,408
  16,122
  16,875
  17,669
  18,506
  19,387
  20,314
  21,291
  22,318
  23,399
  24,536
Total equity, $m
  4,867
  4,960
  5,074
  5,205
  5,351
  5,513
  5,691
  5,885
  6,095
  6,321
  6,564
  6,823
  7,100
  7,395
  7,708
  8,041
  8,393
  8,766
  9,161
  9,578
  10,018
  10,482
  10,972
  11,488
  12,032
  12,605
  13,208
  13,842
  14,510
  15,213
  15,952
Total liabilities and equity, $m
  12,353
  12,589
  12,879
  13,210
  13,582
  13,993
  14,445
  14,937
  15,470
  16,043
  16,660
  17,318
  18,021
  18,769
  19,564
  20,409
  21,303
  22,249
  23,251
  24,309
  25,426
  26,604
  27,847
  29,157
  30,538
  31,992
  33,522
  35,133
  36,828
  38,612
  40,488
Debt-to-equity ratio
  0.195
  0.220
  0.250
  0.280
  0.320
  0.350
  0.390
  0.430
  0.470
  0.500
  0.540
  0.580
  0.620
  0.650
  0.690
  0.730
  0.760
  0.790
  0.820
  0.860
  0.890
  0.910
  0.940
  0.970
  0.990
  1.020
  1.040
  1.070
  1.090
  1.110
  1.130
Adjusted equity ratio
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  503
  451
  456
  462
  470
  479
  490
  502
  516
  531
  548
  581
  601
  623
  647
  673
  700
  730
  761
  795
  831
  870
  911
  954
  1,001
  1,050
  1,102
  1,158
  1,217
  1,279
  1,345
Depreciation, amort., depletion, $m
  29
  38
  38
  39
  39
  40
  41
  41
  42
  43
  44
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  49
  51
  53
  56
  59
Funds from operations, $m
  287
  489
  494
  501
  509
  519
  531
  544
  558
  574
  592
  606
  627
  651
  675
  702
  731
  762
  795
  830
  868
  908
  951
  997
  1,045
  1,096
  1,151
  1,209
  1,270
  1,335
  1,404
Change in working capital, $m
  -183
  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
  470
  384
  494
  501
  509
  519
  531
  544
  558
  574
  592
  606
  627
  651
  675
  702
  731
  762
  795
  830
  868
  908
  951
  997
  1,045
  1,096
  1,151
  1,209
  1,270
  1,335
  1,404
Maintenance CAPEX, $m
  0
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
New CAPEX, $m
  0
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Cash from investing activities, $m
  -165
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -42
  -43
  -45
  -48
  -49
  -52
  -55
  -57
  -60
  -63
  -66
  -70
  -73
  -76
  -80
Free cash flow, $m
  305
  363
  473
  478
  486
  494
  505
  516
  530
  545
  561
  574
  593
  615
  638
  663
  690
  719
  750
  783
  818
  856
  897
  939
  985
  1,034
  1,085
  1,140
  1,198
  1,259
  1,324
Issuance/(repayment) of debt, $m
  0
  144
  175
  201
  225
  250
  274
  298
  323
  348
  373
  399
  426
  454
  482
  511
  542
  574
  607
  641
  677
  714
  753
  794
  836
  881
  928
  976
  1,027
  1,081
  1,137
Issuance/(repurchase) of shares, $m
  -309
  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  
  -312
  144
  175
  201
  225
  250
  274
  298
  323
  348
  373
  399
  426
  454
  482
  511
  542
  574
  607
  641
  677
  714
  753
  794
  836
  881
  928
  976
  1,027
  1,081
  1,137
Total cash flow (excl. dividends), $m
  -12
  507
  648
  679
  711
  744
  778
  815
  852
  892
  934
  973
  1,019
  1,068
  1,120
  1,174
  1,232
  1,293
  1,357
  1,424
  1,495
  1,570
  1,650
  1,733
  1,822
  1,915
  2,013
  2,116
  2,225
  2,340
  2,461
Retained Cash Flow (-), $m
  -135
  -93
  -114
  -130
  -146
  -162
  -178
  -194
  -210
  -226
  -243
  -260
  -277
  -295
  -313
  -333
  -352
  -373
  -394
  -417
  -440
  -464
  -490
  -516
  -544
  -573
  -603
  -635
  -668
  -703
  -739
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
 
  414
  534
  548
  564
  582
  600
  621
  643
  666
  692
  713
  742
  773
  807
  842
  880
  920
  962
  1,007
  1,055
  1,106
  1,160
  1,217
  1,278
  1,342
  1,409
  1,481
  1,557
  1,637
  1,722
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
 
  397
  489
  477
  465
  451
  436
  419
  402
  383
  363
  339
  317
  294
  271
  247
  224
  200
  177
  155
  134
  114
  96
  80
  65
  52
  41
  32
  24
  18
  13
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

RenaissanceRe Holdings Ltd. together with its subsidiaries, provides reinsurance and insurance coverages and related services in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance contracts to insure insurance and reinsurance companies against natural and man-made catastrophes, such as earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, including proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S. multi-line reinsurance. The Casualty and Specialty segment underwrites various classes of products, such as accident and health, agriculture, automobile liability, aviation, casualty clash, workersÂ’ compensation, cyber, employersÂ’ liability, energy, environmental liability, marine, medical malpractice, satellite, terrorism, and umbrella or excess casualty. It also offers a range of casualty insurance products through Syndicate 1458, including general liability, medical malpractice, and professional liability. The company distributes its products and services primarily through intermediaries. RenaissanceRe Holdings Ltd. was founded in 1993 and is headquartered in Pembroke, Bermuda.

FINANCIAL RATIOS  of  RenaissanceRe Holdings (RNR)

Valuation Ratios
P/E Ratio 11.5
Price to Sales 3.3
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 12.3
Price to Free Cash Flow 12.3
Growth Rates
Sales Growth Rate 16.2%
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 19.5%
Total Debt to Equity 19.5%
Interest Coverage 13
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 10.5%
Return On Equity - 3 Yr. Avg. 11.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 41%
EBITDA Margin - 3 Yr. Avg. 46.4%
Operating Margin 39.4%
Oper. Margin - 3 Yr. Avg. 42.8%
Pre-Tax Margin 36.2%
Pre-Tax Margin - 3 Yr. Avg. 41.7%
Net Profit Margin 28.9%
Net Profit Margin - 3 Yr. Avg. 33.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -3%
Payout Ratio 14.7%

RNR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RNR stock intrinsic value calculation we used $1728 million for the last fiscal year's total revenue generated by RenaissanceRe Holdings. The default revenue input number comes from 2016 income statement of RenaissanceRe Holdings. 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 RNR stock valuation model: a) initial revenue growth rate of 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 4.3%, whose default value for RNR is calculated based on our internal credit rating of RenaissanceRe Holdings, 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 RenaissanceRe Holdings.
    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 RNR stock the variable cost ratio is equal to 33.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $483 million in the base year in the intrinsic value calculation for RNR 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 RenaissanceRe Holdings.

Corporate tax rate of 27% is the nominal tax rate for RenaissanceRe Holdings. 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 RNR 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 RNR are equal to 9.2%.

Life of production assets of 8.9 years is the average useful life of capital assets used in RenaissanceRe Holdings 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 RNR 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 - $4867 million for RenaissanceRe Holdings - 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 41.304 million for RenaissanceRe Holdings 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 RenaissanceRe Holdings at the current share price and the inputted number of shares is $5.8 billion.

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COMPANY NEWS

▶ RenaissanceRe Holdings Ltd. Announces Quarterly Dividend   [May-17-17 04:15PM  Business Wire]
▶ RenaissanceRe misses 1Q profit forecasts   [May-02-17 07:03PM  Associated Press]
▶ RenaissanceRe beats 4Q profit forecasts   [Jan-31-17 05:49PM  Associated Press]
▶ RenaissanceRe Announces the Formation of Fibonacci Re   [Jan-03-17 08:30AM  Business Wire]
▶ What Hedge Funds Think about Donaldson Company, Inc. (DCI)?   [Dec-12-16 10:28AM  at Insider Monkey]
▶ Hedge Funds Like What Panera Bread Co (PNRA) Is Cooking Up   [Nov-23-16 09:14PM  at Insider Monkey]
▶ Sanders Appointed to First Business Board of Directors   [Sep-21-16 08:45AM  GlobeNewswire]
▶ SINA, 58.com Among Billionaire Lei Zhangs Big Purchases in Q2   [Aug-28-16 10:52PM  at Insider Monkey]
▶ RenaissanceRe Holdings Ltd. Announces Quarterly Dividend   [Aug-02-16 04:15PM  Business Wire]
▶ S&P Highlights SPDR Dividend ETF Amid Low Rates, Global Risk   [Jun-30-16 02:33PM  at Barrons.com]
Stock chart of RNR Financial statements of RNR Annual reports of RNR
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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