Intrinsic value of RenaissanceRe Holdings - RNR

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$138.99

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$138.99

 
Intrinsic value

$181.22

 
Up/down potential

+30%

 
Rating

buy

 
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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 5.7

 

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
  1,776
  1,817
  1,863
  1,916
  1,974
  2,038
  2,107
  2,182
  2,263
  2,350
  2,443
  2,542
  2,647
  2,760
  2,879
  3,005
  3,138
  3,280
  3,429
  3,586
  3,753
  3,928
  4,113
  4,307
  4,512
  4,728
  4,956
  5,195
  5,446
  5,711
Variable operating expenses, $m
 
  525
  537
  550
  565
  582
  600
  620
  641
  664
  689
  695
  723
  754
  785
  819
  855
  893
  933
  976
  1,021
  1,068
  1,118
  1,171
  1,226
  1,284
  1,346
  1,411
  1,479
  1,550
  1,625
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
  1,091
  1,117
  1,144
  1,174
  1,207
  1,240
  1,276
  1,314
  1,353
  1,396
  1,419
  1,465
  1,515
  1,565
  1,618
  1,674
  1,733
  1,794
  1,858
  1,926
  1,995
  2,068
  2,145
  2,224
  2,307
  2,395
  2,486
  2,581
  2,680
  2,783
Operating income, $m
  685
  685
  700
  719
  741
  768
  798
  831
  869
  910
  955
  1,023
  1,076
  1,133
  1,194
  1,260
  1,330
  1,405
  1,485
  1,570
  1,661
  1,757
  1,860
  1,968
  2,083
  2,205
  2,334
  2,470
  2,614
  2,767
  2,928
EBITDA, $m
  714
  723
  738
  758
  781
  808
  839
  873
  911
  953
  999
  1,048
  1,102
  1,160
  1,223
  1,290
  1,361
  1,438
  1,519
  1,606
  1,698
  1,796
  1,900
  2,011
  2,128
  2,251
  2,382
  2,521
  2,668
  2,823
  2,987
Interest expense (income), $m
  54
  54
  62
  72
  84
  97
  111
  127
  144
  162
  182
  203
  226
  250
  276
  304
  333
  364
  396
  431
  467
  506
  547
  590
  635
  683
  733
  786
  841
  900
  962
Earnings before tax, $m
  630
  631
  637
  646
  657
  671
  687
  705
  725
  748
  773
  820
  850
  883
  918
  956
  997
  1,042
  1,089
  1,140
  1,194
  1,251
  1,313
  1,378
  1,448
  1,522
  1,601
  1,684
  1,773
  1,866
  1,966
Tax expense, $m
  0
  170
  172
  174
  178
  181
  185
  190
  196
  202
  209
  221
  230
  238
  248
  258
  269
  281
  294
  308
  322
  338
  354
  372
  391
  411
  432
  455
  479
  504
  531
Net income, $m
  503
  460
  465
  472
  480
  490
  501
  514
  529
  546
  564
  599
  621
  644
  670
  698
  728
  760
  795
  832
  871
  913
  958
  1,006
  1,057
  1,111
  1,168
  1,229
  1,294
  1,363
  1,435

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
  12,594
  12,884
  13,215
  13,587
  13,999
  14,451
  14,943
  15,476
  16,050
  16,666
  17,325
  18,028
  18,776
  19,572
  20,416
  21,311
  22,258
  23,260
  24,318
  25,435
  26,614
  27,858
  29,168
  30,549
  32,003
  33,535
  35,146
  36,842
  38,627
  40,503
Adjusted assets (=assets-cash), $m
  12,352
  12,594
  12,884
  13,215
  13,587
  13,999
  14,451
  14,943
  15,476
  16,050
  16,666
  17,325
  18,028
  18,776
  19,572
  20,416
  21,311
  22,258
  23,260
  24,318
  25,435
  26,614
  27,858
  29,168
  30,549
  32,003
  33,535
  35,146
  36,842
  38,627
  40,503
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
  163
  167
  171
  176
  182
  187
  194
  201
  208
  216
  225
  234
  244
  254
  265
  276
  289
  302
  315
  330
  345
  361
  378
  396
  415
  435
  456
  478
  501
  525
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
  1,096
  1,272
  1,472
  1,698
  1,947
  2,221
  2,519
  2,842
  3,190
  3,563
  3,963
  4,389
  4,842
  5,325
  5,836
  6,378
  6,952
  7,559
  8,201
  8,878
  9,592
  10,346
  11,140
  11,977
  12,858
  13,786
  14,763
  15,790
  16,872
  18,009
Total liabilities, $m
  7,486
  7,632
  7,808
  8,008
  8,234
  8,483
  8,757
  9,055
  9,378
  9,726
  10,099
  10,499
  10,925
  11,378
  11,861
  12,372
  12,914
  13,488
  14,095
  14,737
  15,414
  16,128
  16,882
  17,676
  18,513
  19,394
  20,322
  21,299
  22,326
  23,408
  24,545
Total equity, $m
  4,867
  4,962
  5,076
  5,207
  5,353
  5,516
  5,694
  5,888
  6,097
  6,324
  6,566
  6,826
  7,103
  7,398
  7,711
  8,044
  8,397
  8,770
  9,164
  9,581
  10,021
  10,486
  10,976
  11,492
  12,036
  12,609
  13,213
  13,848
  14,516
  15,219
  15,958
Total liabilities and equity, $m
  12,353
  12,594
  12,884
  13,215
  13,587
  13,999
  14,451
  14,943
  15,475
  16,050
  16,665
  17,325
  18,028
  18,776
  19,572
  20,416
  21,311
  22,258
  23,259
  24,318
  25,435
  26,614
  27,858
  29,168
  30,549
  32,003
  33,535
  35,147
  36,842
  38,627
  40,503
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
  1.000
  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
  460
  465
  472
  480
  490
  501
  514
  529
  546
  564
  599
  621
  644
  670
  698
  728
  760
  795
  832
  871
  913
  958
  1,006
  1,057
  1,111
  1,168
  1,229
  1,294
  1,363
  1,435
Depreciation, amort., depletion, $m
  29
  38
  39
  39
  40
  40
  41
  42
  42
  43
  44
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
Funds from operations, $m
  287
  499
  504
  511
  520
  530
  542
  556
  572
  589
  608
  624
  647
  672
  699
  728
  759
  793
  829
  867
  908
  952
  999
  1,049
  1,102
  1,158
  1,217
  1,281
  1,348
  1,419
  1,494
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
  393
  504
  511
  520
  530
  542
  556
  572
  589
  608
  624
  647
  672
  699
  728
  759
  793
  829
  867
  908
  952
  999
  1,049
  1,102
  1,158
  1,217
  1,281
  1,348
  1,419
  1,494
Maintenance CAPEX, $m
  0
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
New CAPEX, $m
  0
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -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
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -40
  -42
  -43
  -45
  -48
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
Free cash flow, $m
  305
  371
  482
  488
  495
  505
  516
  529
  543
  559
  577
  591
  613
  636
  661
  688
  718
  749
  783
  820
  858
  900
  944
  991
  1,041
  1,094
  1,151
  1,211
  1,275
  1,342
  1,414
Issuance/(repayment) of debt, $m
  0
  147
  176
  201
  225
  250
  274
  298
  323
  348
  373
  399
  426
  454
  482
  512
  542
  574
  607
  641
  677
  714
  753
  794
  837
  881
  928
  977
  1,028
  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
  147
  176
  201
  225
  250
  274
  298
  323
  348
  373
  399
  426
  454
  482
  512
  542
  574
  607
  641
  677
  714
  753
  794
  837
  881
  928
  977
  1,028
  1,081
  1,137
Total cash flow (excl. dividends), $m
  -12
  519
  657
  688
  721
  754
  790
  827
  866
  907
  950
  990
  1,039
  1,090
  1,143
  1,200
  1,260
  1,323
  1,390
  1,461
  1,536
  1,614
  1,698
  1,785
  1,878
  1,976
  2,079
  2,188
  2,302
  2,423
  2,551
Retained Cash Flow (-), $m
  -135
  -95
  -114
  -130
  -146
  -162
  -178
  -194
  -210
  -226
  -243
  -260
  -277
  -295
  -313
  -333
  -353
  -373
  -395
  -417
  -440
  -465
  -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
 
  423
  543
  558
  574
  592
  612
  633
  656
  681
  707
  731
  762
  795
  830
  867
  908
  950
  996
  1,044
  1,095
  1,150
  1,208
  1,269
  1,334
  1,403
  1,475
  1,553
  1,634
  1,720
  1,811
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
 
  406
  497
  486
  473
  459
  444
  428
  410
  391
  371
  347
  325
  302
  279
  255
  231
  207
  183
  161
  139
  119
  100
  83
  68
  55
  43
  33
  25
  19
  14
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 11.4
Price to Sales 3.3
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow 12.2
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 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 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 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 40.719 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 $5.7 billion.


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COMPANY NEWS

▶ 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]
▶ RenaissanceRe Holdings Ltd. Announces Quarterly Dividend   [May-16-16 04:15PM  Business Wire]
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.

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