Intrinsic value of RenaissanceRe Holdings - RNR

Previous Close

$139.44

  Intrinsic Value

$222.46

stock screener

  Rating & Target

str. buy

+60%

  Value-price divergence*

-89%

Previous close

$139.44

 
Intrinsic value

$222.46

 
Up/down potential

+60%

 
Rating

str. buy

 
Value-price divergence*

-89%

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
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  0
  1,811
  1,885
  1,964
  2,048
  2,137
  2,231
  2,331
  2,436
  2,547
  2,665
  2,789
  2,919
  3,057
  3,202
  3,355
  3,516
  3,685
  3,863
  4,051
  4,248
  4,455
  4,673
  4,902
  5,143
  5,396
  5,661
  5,941
  6,234
  6,543
  6,867
Variable operating expenses, $m
 
  535
  556
  579
  603
  628
  655
  683
  713
  745
  778
  794
  831
  870
  911
  955
  1,001
  1,049
  1,100
  1,153
  1,209
  1,268
  1,330
  1,395
  1,464
  1,536
  1,611
  1,691
  1,774
  1,862
  1,955
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
  1,101
  1,136
  1,173
  1,212
  1,253
  1,295
  1,339
  1,386
  1,434
  1,485
  1,518
  1,573
  1,631
  1,691
  1,754
  1,820
  1,889
  1,961
  2,035
  2,114
  2,195
  2,280
  2,369
  2,462
  2,559
  2,660
  2,766
  2,876
  2,992
  3,113
Operating income, $m
  685
  710
  749
  791
  836
  884
  936
  991
  1,050
  1,113
  1,180
  1,271
  1,346
  1,426
  1,511
  1,601
  1,696
  1,796
  1,903
  2,015
  2,134
  2,260
  2,392
  2,533
  2,680
  2,836
  3,001
  3,175
  3,358
  3,551
  3,755
EBITDA, $m
  714
  748
  788
  831
  877
  926
  979
  1,035
  1,095
  1,159
  1,227
  1,300
  1,376
  1,458
  1,544
  1,635
  1,732
  1,834
  1,943
  2,057
  2,178
  2,306
  2,441
  2,583
  2,734
  2,892
  3,060
  3,236
  3,422
  3,619
  3,826
Interest expense (income), $m
  54
  54
  71
  89
  109
  129
  151
  174
  198
  224
  251
  280
  311
  343
  376
  412
  449
  489
  530
  574
  620
  668
  719
  772
  828
  887
  949
  1,014
  1,083
  1,155
  1,230
Earnings before tax, $m
  630
  656
  678
  701
  727
  755
  785
  817
  852
  889
  928
  990
  1,035
  1,083
  1,134
  1,189
  1,246
  1,308
  1,372
  1,441
  1,514
  1,592
  1,674
  1,760
  1,852
  1,949
  2,052
  2,160
  2,275
  2,396
  2,524
Tax expense, $m
  0
  177
  183
  189
  196
  204
  212
  221
  230
  240
  251
  267
  280
  293
  306
  321
  337
  353
  371
  389
  409
  430
  452
  475
  500
  526
  554
  583
  614
  647
  682
Net income, $m
  503
  479
  495
  512
  531
  551
  573
  597
  622
  649
  678
  723
  756
  791
  828
  868
  910
  955
  1,002
  1,052
  1,105
  1,162
  1,222
  1,285
  1,352
  1,423
  1,498
  1,577
  1,661
  1,749
  1,843

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
  12,841
  13,368
  13,928
  14,523
  15,154
  15,822
  16,529
  17,276
  18,066
  18,899
  19,778
  20,705
  21,682
  22,711
  23,794
  24,935
  26,136
  27,399
  28,728
  30,125
  31,595
  33,140
  34,764
  36,472
  38,266
  40,152
  42,134
  44,216
  46,404
  48,702
Adjusted assets (=assets-cash), $m
  12,352
  12,841
  13,368
  13,928
  14,523
  15,154
  15,822
  16,529
  17,276
  18,066
  18,899
  19,778
  20,705
  21,682
  22,711
  23,794
  24,935
  26,136
  27,399
  28,728
  30,125
  31,595
  33,140
  34,764
  36,472
  38,266
  40,152
  42,134
  44,216
  46,404
  48,702
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
  167
  173
  181
  188
  197
  205
  214
  224
  234
  245
  257
  269
  281
  295
  309
  323
  339
  355
  373
  391
  410
  430
  451
  473
  496
  521
  547
  574
  602
  632
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
  1,246
  1,565
  1,904
  2,265
  2,647
  3,052
  3,481
  3,933
  4,412
  4,917
  5,450
  6,011
  6,603
  7,227
  7,883
  8,575
  9,302
  10,068
  10,873
  11,720
  12,610
  13,547
  14,531
  15,566
  16,653
  17,796
  18,997
  20,259
  21,585
  22,977
Total liabilities, $m
  7,486
  7,782
  8,101
  8,440
  8,801
  9,183
  9,588
  10,017
  10,469
  10,948
  11,453
  11,986
  12,547
  13,139
  13,763
  14,419
  15,111
  15,838
  16,604
  17,409
  18,256
  19,146
  20,083
  21,067
  22,102
  23,189
  24,332
  25,533
  26,795
  28,121
  29,513
Total equity, $m
  4,867
  5,060
  5,267
  5,488
  5,722
  5,971
  6,234
  6,512
  6,807
  7,118
  7,446
  7,793
  8,158
  8,543
  8,948
  9,375
  9,824
  10,297
  10,795
  11,319
  11,869
  12,448
  13,057
  13,697
  14,370
  15,077
  15,820
  16,601
  17,421
  18,283
  19,189
Total liabilities and equity, $m
  12,353
  12,842
  13,368
  13,928
  14,523
  15,154
  15,822
  16,529
  17,276
  18,066
  18,899
  19,779
  20,705
  21,682
  22,711
  23,794
  24,935
  26,135
  27,399
  28,728
  30,125
  31,594
  33,140
  34,764
  36,472
  38,266
  40,152
  42,134
  44,216
  46,404
  48,702
Debt-to-equity ratio
  0.195
  0.250
  0.300
  0.350
  0.400
  0.440
  0.490
  0.530
  0.580
  0.620
  0.660
  0.700
  0.740
  0.770
  0.810
  0.840
  0.870
  0.900
  0.930
  0.960
  0.990
  1.010
  1.040
  1.060
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.200
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
  479
  495
  512
  531
  551
  573
  597
  622
  649
  678
  723
  756
  791
  828
  868
  910
  955
  1,002
  1,052
  1,105
  1,162
  1,222
  1,285
  1,352
  1,423
  1,498
  1,577
  1,661
  1,749
  1,843
Depreciation, amort., depletion, $m
  29
  39
  39
  40
  41
  42
  43
  44
  45
  46
  47
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
  59
  61
  64
  68
  71
Funds from operations, $m
  287
  517
  534
  552
  572
  593
  616
  641
  667
  695
  725
  752
  786
  822
  861
  902
  946
  993
  1,042
  1,094
  1,149
  1,208
  1,270
  1,336
  1,405
  1,479
  1,556
  1,638
  1,725
  1,817
  1,914
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
  517
  534
  552
  572
  593
  616
  641
  667
  695
  725
  752
  786
  822
  861
  902
  946
  993
  1,042
  1,094
  1,149
  1,208
  1,270
  1,336
  1,405
  1,479
  1,556
  1,638
  1,725
  1,817
  1,914
Maintenance CAPEX, $m
  0
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -68
New CAPEX, $m
  0
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
Cash from investing activities, $m
  -165
  -25
  -26
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -85
  -88
  -92
  -98
Free cash flow, $m
  305
  492
  508
  525
  544
  564
  585
  608
  633
  660
  688
  713
  745
  780
  816
  855
  897
  941
  987
  1,037
  1,089
  1,145
  1,204
  1,266
  1,332
  1,402
  1,476
  1,554
  1,637
  1,724
  1,816
Issuance/(repayment) of debt, $m
  0
  297
  319
  339
  360
  382
  405
  428
  453
  478
  505
  533
  562
  592
  624
  657
  691
  728
  765
  805
  847
  891
  936
  984
  1,035
  1,087
  1,143
  1,201
  1,262
  1,326
  1,393
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
  297
  319
  339
  360
  382
  405
  428
  453
  478
  505
  533
  562
  592
  624
  657
  691
  728
  765
  805
  847
  891
  936
  984
  1,035
  1,087
  1,143
  1,201
  1,262
  1,326
  1,393
Total cash flow (excl. dividends), $m
  -12
  789
  827
  865
  904
  946
  990
  1,037
  1,086
  1,138
  1,193
  1,246
  1,307
  1,372
  1,440
  1,512
  1,588
  1,668
  1,753
  1,842
  1,936
  2,036
  2,140
  2,251
  2,367
  2,490
  2,619
  2,755
  2,899
  3,050
  3,209
Retained Cash Flow (-), $m
  -135
  -193
  -207
  -221
  -234
  -249
  -263
  -279
  -294
  -311
  -328
  -346
  -365
  -385
  -405
  -427
  -449
  -473
  -498
  -524
  -551
  -579
  -609
  -640
  -673
  -707
  -743
  -781
  -820
  -862
  -906
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
 
  596
  620
  644
  670
  697
  727
  758
  792
  827
  865
  899
  942
  987
  1,034
  1,085
  1,139
  1,195
  1,255
  1,319
  1,386
  1,457
  1,532
  1,611
  1,694
  1,783
  1,876
  1,974
  2,078
  2,188
  2,303
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
 
  572
  568
  561
  552
  541
  528
  512
  495
  475
  453
  427
  402
  375
  347
  319
  289
  260
  231
  203
  176
  151
  127
  106
  86
  69
  55
  42
  32
  24
  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. provides reinsurance and insurance coverages and related services to a range of customers. The Company's products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category. The Property segment consisted of catastrophe and other property reinsurance and insurance written on behalf of its operating subsidiaries and certain joint ventures managed by its ventures unit. The Casualty and Specialty segment consisted of casualty and specialty reinsurance and insurance written on behalf of its operating subsidiaries and certain joint ventures managed by its ventures unit. Its Other category includes its strategic investments, investments unit, corporate expenses, capital servicing. The Casualty and Specialty segment offers certain casualty insurance products through RenaissanceRe Syndicate 1458 (Syndicate 1458).

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 4% 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 40.592 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

▶ What Analysts Are Saying about Chubb Limited   [Oct-20-17 09:07AM  Market Realist]
▶ Insurers rebound even as Irma barrels toward Florida   [Sep-08-17 06:38PM  Investing.com]
▶ Insurers: A Once-in-a-100-Year Loss?   [Sep-06-17 02:19PM  Barrons.com]
▶ 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]
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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