Intrinsic value of RenaissanceRe Holdings - RNR

Previous Close

$147.94

  Intrinsic Value

$214.64

stock screener

  Rating & Target

buy

+45%

  Value-price divergence*

-104%

Previous close

$147.94

 
Intrinsic value

$214.64

 
Up/down potential

+45%

 
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 6.1

 

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, %
  16.22
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  0
  1,807
  1,878
  1,954
  2,034
  2,120
  2,211
  2,307
  2,409
  2,518
  2,632
  2,752
  2,879
  3,014
  3,155
  3,304
  3,461
  3,627
  3,801
  3,984
  4,177
  4,379
  4,593
  4,817
  5,053
  5,300
  5,561
  5,835
  6,122
  6,425
  6,742
Variable operating expenses, $m
 
  534
  554
  576
  599
  623
  649
  677
  706
  736
  769
  783
  820
  858
  898
  940
  985
  1,032
  1,082
  1,134
  1,189
  1,247
  1,307
  1,371
  1,438
  1,509
  1,583
  1,661
  1,743
  1,829
  1,919
Fixed operating expenses, $m
 
  566
  580
  594
  609
  625
  640
  656
  673
  689
  707
  724
  742
  761
  780
  799
  819
  840
  861
  882
  905
  927
  950
  974
  998
  1,023
  1,049
  1,075
  1,102
  1,130
  1,158
Total operating expenses, $m
  1,055
  1,100
  1,134
  1,170
  1,208
  1,248
  1,289
  1,333
  1,379
  1,425
  1,476
  1,507
  1,562
  1,619
  1,678
  1,739
  1,804
  1,872
  1,943
  2,016
  2,094
  2,174
  2,257
  2,345
  2,436
  2,532
  2,632
  2,736
  2,845
  2,959
  3,077
Operating income, $m
  685
  707
  744
  783
  826
  872
  922
  975
  1,031
  1,092
  1,156
  1,245
  1,318
  1,395
  1,477
  1,564
  1,657
  1,755
  1,858
  1,968
  2,083
  2,206
  2,335
  2,472
  2,616
  2,768
  2,929
  3,099
  3,278
  3,466
  3,665
EBITDA, $m
  714
  744
  781
  821
  865
  912
  962
  1,016
  1,073
  1,135
  1,200
  1,270
  1,344
  1,423
  1,506
  1,595
  1,689
  1,788
  1,893
  2,004
  2,122
  2,246
  2,377
  2,516
  2,663
  2,817
  2,980
  3,152
  3,334
  3,525
  3,727
Interest expense (income), $m
  54
  54
  70
  88
  106
  126
  147
  169
  193
  218
  244
  272
  302
  333
  366
  400
  437
  475
  516
  559
  603
  651
  700
  753
  807
  865
  926
  990
  1,057
  1,127
  1,201
Earnings before tax, $m
  630
  653
  674
  696
  720
  746
  775
  806
  839
  874
  912
  972
  1,016
  1,062
  1,111
  1,164
  1,220
  1,279
  1,342
  1,409
  1,480
  1,555
  1,635
  1,719
  1,809
  1,903
  2,003
  2,109
  2,221
  2,339
  2,464
Tax expense, $m
  0
  176
  182
  188
  194
  202
  209
  218
  226
  236
  246
  263
  274
  287
  300
  314
  329
  345
  362
  380
  400
  420
  441
  464
  488
  514
  541
  569
  600
  632
  665
Net income, $m
  503
  477
  492
  508
  526
  545
  566
  588
  612
  638
  666
  710
  742
  775
  811
  850
  890
  934
  980
  1,029
  1,080
  1,135
  1,193
  1,255
  1,320
  1,389
  1,462
  1,540
  1,621
  1,708
  1,799

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
  12,817
  13,319
  13,856
  14,427
  15,035
  15,680
  16,364
  17,088
  17,855
  18,664
  19,519
  20,422
  21,374
  22,377
  23,435
  24,549
  25,721
  26,956
  28,255
  29,622
  31,060
  32,572
  34,163
  35,834
  37,592
  39,439
  41,380
  43,420
  45,564
  47,817
Adjusted assets (=assets-cash), $m
  12,352
  12,817
  13,319
  13,856
  14,427
  15,035
  15,680
  16,364
  17,088
  17,855
  18,664
  19,519
  20,422
  21,374
  22,377
  23,435
  24,549
  25,721
  26,956
  28,255
  29,622
  31,060
  32,572
  34,163
  35,834
  37,592
  39,439
  41,380
  43,420
  45,564
  47,817
Revenue / Adjusted assets
  0.000
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
Average production assets, $m
  160
  166
  173
  180
  187
  195
  203
  212
  222
  232
  242
  253
  265
  277
  290
  304
  318
  334
  350
  367
  384
  403
  423
  443
  465
  488
  512
  537
  563
  591
  620
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
  1,231
  1,535
  1,861
  2,207
  2,575
  2,966
  3,381
  3,820
  4,284
  4,775
  5,293
  5,840
  6,417
  7,025
  7,665
  8,340
  9,051
  9,799
  10,587
  11,415
  12,286
  13,203
  14,166
  15,180
  16,245
  17,364
  18,540
  19,777
  21,076
  22,441
Total liabilities, $m
  7,486
  7,767
  8,071
  8,397
  8,743
  9,111
  9,502
  9,917
  10,356
  10,820
  11,311
  11,829
  12,376
  12,953
  13,561
  14,201
  14,876
  15,587
  16,335
  17,123
  17,951
  18,822
  19,739
  20,702
  21,716
  22,781
  23,900
  25,076
  26,313
  27,612
  28,977
Total equity, $m
  4,867
  5,050
  5,248
  5,459
  5,684
  5,924
  6,178
  6,447
  6,733
  7,035
  7,354
  7,691
  8,046
  8,421
  8,817
  9,233
  9,672
  10,134
  10,621
  11,133
  11,671
  12,238
  12,834
  13,460
  14,119
  14,811
  15,539
  16,304
  17,108
  17,952
  18,840
Total liabilities and equity, $m
  12,353
  12,817
  13,319
  13,856
  14,427
  15,035
  15,680
  16,364
  17,089
  17,855
  18,665
  19,520
  20,422
  21,374
  22,378
  23,434
  24,548
  25,721
  26,956
  28,256
  29,622
  31,060
  32,573
  34,162
  35,835
  37,592
  39,439
  41,380
  43,421
  45,564
  47,817
Debt-to-equity ratio
  0.195
  0.240
  0.290
  0.340
  0.390
  0.430
  0.480
  0.520
  0.570
  0.610
  0.650
  0.690
  0.730
  0.760
  0.800
  0.830
  0.860
  0.890
  0.920
  0.950
  0.980
  1.000
  1.030
  1.050
  1.080
  1.100
  1.120
  1.140
  1.160
  1.170
  1.190
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
  477
  492
  508
  526
  545
  566
  588
  612
  638
  666
  710
  742
  775
  811
  850
  890
  934
  980
  1,029
  1,080
  1,135
  1,193
  1,255
  1,320
  1,389
  1,462
  1,540
  1,621
  1,708
  1,799
Depreciation, amort., depletion, $m
  29
  36
  37
  38
  39
  39
  40
  41
  42
  43
  44
  25
  26
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
Funds from operations, $m
  287
  513
  529
  546
  564
  584
  606
  629
  654
  681
  710
  735
  768
  803
  840
  880
  922
  967
  1,015
  1,065
  1,119
  1,176
  1,236
  1,299
  1,367
  1,438
  1,514
  1,593
  1,678
  1,767
  1,861
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
  513
  529
  546
  564
  584
  606
  629
  654
  681
  710
  735
  768
  803
  840
  880
  922
  967
  1,015
  1,065
  1,119
  1,176
  1,236
  1,299
  1,367
  1,438
  1,514
  1,593
  1,678
  1,767
  1,861
Maintenance CAPEX, $m
  0
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
New CAPEX, $m
  0
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
Cash from investing activities, $m
  -165
  -23
  -24
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -38
  -41
  -43
  -44
  -47
  -49
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
Free cash flow, $m
  305
  490
  506
  521
  539
  558
  578
  600
  624
  649
  676
  700
  731
  764
  800
  837
  877
  920
  965
  1,013
  1,064
  1,118
  1,176
  1,236
  1,301
  1,369
  1,441
  1,517
  1,597
  1,682
  1,772
Issuance/(repayment) of debt, $m
  0
  282
  304
  325
  346
  368
  391
  415
  439
  464
  491
  518
  547
  577
  608
  641
  675
  711
  748
  787
  828
  871
  916
  964
  1,013
  1,065
  1,119
  1,176
  1,236
  1,299
  1,365
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
  282
  304
  325
  346
  368
  391
  415
  439
  464
  491
  518
  547
  577
  608
  641
  675
  711
  748
  787
  828
  871
  916
  964
  1,013
  1,065
  1,119
  1,176
  1,236
  1,299
  1,365
Total cash flow (excl. dividends), $m
  -12
  772
  810
  847
  885
  926
  969
  1,014
  1,062
  1,113
  1,167
  1,218
  1,278
  1,341
  1,408
  1,478
  1,552
  1,631
  1,714
  1,801
  1,893
  1,990
  2,092
  2,200
  2,314
  2,434
  2,560
  2,693
  2,834
  2,982
  3,137
Retained Cash Flow (-), $m
  -135
  -183
  -198
  -211
  -225
  -239
  -254
  -270
  -285
  -302
  -319
  -337
  -356
  -375
  -395
  -417
  -439
  -462
  -486
  -512
  -539
  -567
  -596
  -627
  -659
  -692
  -728
  -765
  -804
  -845
  -887
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
 
  590
  612
  635
  660
  686
  715
  745
  777
  811
  848
  881
  922
  966
  1,012
  1,062
  1,114
  1,169
  1,227
  1,289
  1,354
  1,423
  1,496
  1,574
  1,655
  1,741
  1,832
  1,928
  2,030
  2,137
  2,250
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
 
  565
  560
  553
  543
  532
  519
  503
  486
  466
  444
  418
  394
  367
  340
  312
  283
  254
  226
  198
  172
  147
  124
  103
  84
  68
  53
  41
  31
  23
  17
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 12.1
Price to Sales 3.5
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 13
Price to Free Cash Flow 13
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 $1741 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 3.8% 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 29.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $552 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 10 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 $6.1 billion.

RELATED COMPANIES Price Int.Val. Rating
VR Validus Holdin 53.39 80.84  str.buy
RE Everest Re Gro 266.91 2,015.22  str.buy
TPRE Third Point Re 14.65 114.52  str.buy
AHL Aspen Insuranc 47.35 110.67  str.buy
BCRH Blue Capital R 19.55 19.37  hold
GLRE Greenlight Cap 22.70 5.93  str.sell
AXS AXIS Capital H 63.90 482.72  str.buy
ACGL Arch Capital G 96.66 448.58  str.buy

COMPANY NEWS

▶ RenaissanceRe beats 2Q profit forecasts   [Jul-25-17 10:35PM  Associated Press]
▶ 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]
Stock chart of RNR Financial statements 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.