Intrinsic value of RenaissanceRe Holdings - RNR

Previous Close

$131.29

  Intrinsic Value

$1,217

stock screener

  Rating & Target

str. buy

+827%

Previous close

$131.29

 
Intrinsic value

$1,217

 
Up/down potential

+827%

 
Rating

str. buy

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

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  37.60
  34.34
  31.41
  28.77
  26.39
  24.25
  22.32
  20.59
  19.03
  17.63
  16.37
  15.23
  14.21
  13.29
  12.46
  11.71
  11.04
  10.44
  9.89
  9.40
  8.96
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
Revenue, $m
  0
  2,396
  3,218
  4,229
  5,445
  6,882
  8,551
  10,461
  12,615
  15,016
  17,663
  20,554
  23,684
  27,049
  30,643
  34,460
  38,496
  42,747
  47,208
  51,879
  56,757
  61,844
  67,143
  72,655
  78,387
  84,345
  90,536
  96,970
  103,657
  110,608
  117,837
Variable operating expenses, $m
 
  702
  936
  1,223
  1,570
  1,979
  2,454
  2,997
  3,610
  4,294
  5,047
  5,850
  6,741
  7,699
  8,722
  9,808
  10,957
  12,167
  13,437
  14,766
  16,155
  17,603
  19,111
  20,680
  22,311
  24,007
  25,769
  27,600
  29,504
  31,482
  33,540
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
  1,268
  1,516
  1,817
  2,179
  2,604
  3,094
  3,653
  4,283
  4,983
  5,754
  6,574
  7,483
  8,460
  9,502
  10,607
  11,776
  13,007
  14,298
  15,648
  17,060
  18,530
  20,061
  21,654
  23,309
  25,030
  26,818
  28,675
  30,606
  32,612
  34,698
Operating income, $m
  685
  1,128
  1,703
  2,411
  3,266
  4,279
  5,458
  6,807
  8,332
  10,033
  11,909
  13,979
  16,201
  18,589
  21,141
  23,853
  26,720
  29,740
  32,911
  36,230
  39,698
  43,315
  47,082
  51,002
  55,078
  59,315
  63,718
  68,295
  73,051
  77,996
  83,139
EBITDA, $m
  714
  1,173
  1,756
  2,475
  3,343
  4,370
  5,566
  6,935
  8,482
  10,208
  12,112
  14,192
  16,446
  18,869
  21,458
  24,209
  27,118
  30,182
  33,398
  36,766
  40,285
  43,954
  47,776
  51,753
  55,888
  60,187
  64,654
  69,297
  74,123
  79,140
  84,358
Interest expense (income), $m
  54
  54
  214
  416
  663
  961
  1,314
  1,722
  2,190
  2,718
  3,306
  3,954
  4,663
  5,430
  6,254
  7,134
  8,070
  9,058
  10,099
  11,192
  12,337
  13,532
  14,778
  16,076
  17,426
  18,831
  20,290
  21,807
  23,383
  25,021
  26,724
Earnings before tax, $m
  630
  1,074
  1,488
  1,995
  2,603
  3,318
  4,144
  5,085
  6,142
  7,315
  8,603
  10,025
  11,538
  13,160
  14,887
  16,718
  18,650
  20,682
  22,811
  25,038
  27,361
  29,783
  32,304
  34,926
  37,651
  40,484
  43,428
  46,488
  49,668
  52,975
  56,415
Tax expense, $m
  0
  290
  402
  539
  703
  896
  1,119
  1,373
  1,658
  1,975
  2,323
  2,707
  3,115
  3,553
  4,020
  4,514
  5,036
  5,584
  6,159
  6,760
  7,388
  8,041
  8,722
  9,430
  10,166
  10,931
  11,726
  12,552
  13,410
  14,303
  15,232
Net income, $m
  503
  784
  1,086
  1,457
  1,900
  2,422
  3,025
  3,712
  4,484
  5,340
  6,280
  7,318
  8,423
  9,607
  10,868
  12,204
  13,615
  15,098
  16,652
  18,277
  19,974
  21,742
  23,582
  25,496
  27,485
  29,553
  31,702
  33,936
  36,258
  38,672
  41,183

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
  16,990
  22,825
  29,993
  38,620
  48,812
  60,649
  74,189
  89,466
  106,494
  125,269
  145,772
  167,973
  191,838
  217,326
  244,400
  273,024
  303,169
  334,810
  367,933
  402,532
  438,613
  476,189
  515,286
  555,938
  598,192
  642,101
  687,731
  735,155
  784,455
  835,723
Adjusted assets (=assets-cash), $m
  12,352
  16,990
  22,825
  29,993
  38,620
  48,812
  60,649
  74,189
  89,466
  106,494
  125,269
  145,772
  167,973
  191,838
  217,326
  244,400
  273,024
  303,169
  334,810
  367,933
  402,532
  438,613
  476,189
  515,286
  555,938
  598,192
  642,101
  687,731
  735,155
  784,455
  835,723
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
  220
  296
  389
  501
  633
  787
  962
  1,161
  1,381
  1,625
  1,891
  2,179
  2,489
  2,819
  3,170
  3,542
  3,933
  4,343
  4,773
  5,222
  5,690
  6,177
  6,684
  7,212
  7,760
  8,329
  8,921
  9,536
  10,176
  10,841
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
  3,760
  7,296
  11,640
  16,868
  23,044
  30,217
  38,422
  47,680
  58,000
  69,377
  81,802
  95,256
  109,718
  125,164
  141,571
  158,917
  177,184
  196,359
  216,431
  237,399
  259,263
  282,035
  305,727
  330,363
  355,968
  382,577
  410,229
  438,968
  468,844
  499,912
Total liabilities, $m
  7,486
  10,296
  13,832
  18,176
  23,404
  29,580
  36,753
  44,958
  54,216
  64,536
  75,913
  88,338
  101,792
  116,254
  131,700
  148,107
  165,453
  183,720
  202,895
  222,967
  243,935
  265,799
  288,571
  312,263
  336,899
  362,504
  389,113
  416,765
  445,504
  475,380
  506,448
Total equity, $m
  4,867
  6,694
  8,993
  11,817
  15,216
  19,232
  23,896
  29,230
  35,250
  41,959
  49,356
  57,434
  66,181
  75,584
  85,626
  96,294
  107,572
  119,448
  131,915
  144,965
  158,598
  172,813
  187,618
  203,023
  219,040
  235,688
  252,988
  270,966
  289,651
  309,075
  329,275
Total liabilities and equity, $m
  12,353
  16,990
  22,825
  29,993
  38,620
  48,812
  60,649
  74,188
  89,466
  106,495
  125,269
  145,772
  167,973
  191,838
  217,326
  244,401
  273,025
  303,168
  334,810
  367,932
  402,533
  438,612
  476,189
  515,286
  555,939
  598,192
  642,101
  687,731
  735,155
  784,455
  835,723
Debt-to-equity ratio
  0.195
  0.560
  0.810
  0.980
  1.110
  1.200
  1.260
  1.310
  1.350
  1.380
  1.410
  1.420
  1.440
  1.450
  1.460
  1.470
  1.480
  1.480
  1.490
  1.490
  1.500
  1.500
  1.500
  1.510
  1.510
  1.510
  1.510
  1.510
  1.520
  1.520
  1.520
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
  784
  1,086
  1,457
  1,900
  2,422
  3,025
  3,712
  4,484
  5,340
  6,280
  7,318
  8,423
  9,607
  10,868
  12,204
  13,615
  15,098
  16,652
  18,277
  19,974
  21,742
  23,582
  25,496
  27,485
  29,553
  31,702
  33,936
  36,258
  38,672
  41,183
Depreciation, amort., depletion, $m
  29
  45
  53
  64
  76
  91
  108
  128
  150
  175
  202
  212
  245
  280
  317
  356
  398
  442
  488
  536
  587
  639
  694
  751
  810
  872
  936
  1,002
  1,072
  1,143
  1,218
Funds from operations, $m
  287
  829
  1,139
  1,520
  1,976
  2,513
  3,133
  3,840
  4,634
  5,515
  6,483
  7,531
  8,668
  9,886
  11,184
  12,561
  14,013
  15,540
  17,140
  18,814
  20,560
  22,381
  24,276
  26,247
  28,296
  30,425
  32,638
  34,938
  37,329
  39,815
  42,401
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
  829
  1,139
  1,520
  1,976
  2,513
  3,133
  3,840
  4,634
  5,515
  6,483
  7,531
  8,668
  9,886
  11,184
  12,561
  14,013
  15,540
  17,140
  18,814
  20,560
  22,381
  24,276
  26,247
  28,296
  30,425
  32,638
  34,938
  37,329
  39,815
  42,401
Maintenance CAPEX, $m
  0
  -18
  -25
  -33
  -44
  -56
  -71
  -88
  -108
  -130
  -155
  -183
  -212
  -245
  -280
  -317
  -356
  -398
  -442
  -488
  -536
  -587
  -639
  -694
  -751
  -810
  -872
  -936
  -1,002
  -1,072
  -1,143
New CAPEX, $m
  0
  -61
  -76
  -93
  -112
  -132
  -154
  -176
  -198
  -221
  -244
  -266
  -288
  -310
  -331
  -351
  -371
  -391
  -410
  -430
  -449
  -468
  -487
  -507
  -527
  -548
  -570
  -592
  -615
  -640
  -665
Cash from investing activities, $m
  -165
  -79
  -101
  -126
  -156
  -188
  -225
  -264
  -306
  -351
  -399
  -449
  -500
  -555
  -611
  -668
  -727
  -789
  -852
  -918
  -985
  -1,055
  -1,126
  -1,201
  -1,278
  -1,358
  -1,442
  -1,528
  -1,617
  -1,712
  -1,808
Free cash flow, $m
  305
  750
  1,039
  1,394
  1,821
  2,324
  2,909
  3,576
  4,327
  5,164
  6,084
  7,082
  8,167
  9,332
  10,574
  11,893
  13,285
  14,751
  16,288
  17,896
  19,575
  21,326
  23,149
  25,045
  27,017
  29,067
  31,197
  33,411
  35,712
  38,104
  40,593
Issuance/(repayment) of debt, $m
  0
  2,811
  3,536
  4,344
  5,228
  6,176
  7,173
  8,205
  9,258
  10,319
  11,378
  12,425
  13,454
  14,462
  15,446
  16,407
  17,346
  18,267
  19,174
  20,073
  20,967
  21,865
  22,771
  23,693
  24,635
  25,606
  26,609
  27,652
  28,739
  29,876
  31,068
Issuance/(repurchase) of shares, $m
  -309
  1,043
  1,212
  1,368
  1,499
  1,594
  1,639
  1,623
  1,536
  1,369
  1,117
  760
  325
  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
  3,854
  4,748
  5,712
  6,727
  7,770
  8,812
  9,828
  10,794
  11,688
  12,495
  13,185
  13,779
  14,462
  15,446
  16,407
  17,346
  18,267
  19,174
  20,073
  20,967
  21,865
  22,771
  23,693
  24,635
  25,606
  26,609
  27,652
  28,739
  29,876
  31,068
Total cash flow (excl. dividends), $m
  -12
  4,604
  5,787
  7,106
  8,548
  10,094
  11,720
  13,404
  15,121
  16,852
  18,578
  20,267
  21,946
  23,794
  26,020
  28,300
  30,631
  33,018
  35,462
  37,969
  40,543
  43,191
  45,920
  48,738
  51,653
  54,672
  57,806
  61,062
  64,450
  67,980
  71,661
Retained Cash Flow (-), $m
  -135
  -1,827
  -2,299
  -2,824
  -3,399
  -4,015
  -4,664
  -5,335
  -6,019
  -6,709
  -7,397
  -8,078
  -8,747
  -9,403
  -10,042
  -10,667
  -11,278
  -11,877
  -12,467
  -13,050
  -13,632
  -14,216
  -14,805
  -15,404
  -16,017
  -16,648
  -17,300
  -17,978
  -18,685
  -19,424
  -20,200
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
 
  2,777
  3,488
  4,281
  5,149
  6,079
  7,057
  8,069
  9,102
  10,143
  11,181
  12,189
  13,198
  14,391
  15,978
  17,632
  19,354
  21,141
  22,996
  24,918
  26,910
  28,975
  31,115
  33,334
  35,636
  38,025
  40,506
  43,084
  45,766
  48,556
  51,462
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
 
  2,662
  3,193
  3,726
  4,239
  4,712
  5,121
  5,451
  5,689
  5,827
  5,862
  5,788
  5,632
  5,472
  5,364
  5,177
  4,918
  4,600
  4,235
  3,837
  3,420
  2,997
  2,582
  2,185
  1,815
  1,479
  1,182
  925
  708
  530
  387
Current shareholders' claim on cash, %
  100
  83.5
  71.6
  62.8
  56.2
  51.3
  47.6
  44.8
  42.7
  41.2
  40.2
  39.7
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5
  39.5

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 10.8
Price to Sales 3.1
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow 11.5
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 37.6% 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 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 40.29 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 $5.3 billion.

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COMPANY NEWS

▶ RenaissanceRe beats 4Q profit forecasts   [Jan-31-18 06:47PM  Associated Press]
▶ [$$] RenaissanceRe to Back Catalina Alongside Apollo   [Jan-18-18 05:49PM  The Wall Street Journal]
▶ RenaissanceRe Holdings Ltd. Announces Quarterly Dividend   [Nov-10-17 04:15PM  Business Wire]
▶ RenaissanceRe reports 3Q loss   [Oct-31-17 05:13PM  Associated Press]
▶ 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]
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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