Intrinsic value of Third Point Reinsurance - TPRE

Previous Close

$15.30

  Intrinsic Value

$33.79

stock screener

  Rating & Target

str. buy

+121%

Previous close

$15.30

 
Intrinsic value

$33.79

 
Up/down potential

+121%

 
Rating

str. buy

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

We calculate the intrinsic value of TPRE 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 1.6

 

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, %
  19.83
  19.80
  18.32
  16.99
  15.79
  14.71
  13.74
  12.87
  12.08
  11.37
  10.73
  10.16
  9.64
  9.18
  8.76
  8.39
  8.05
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
Revenue, $m
  0
  825
  977
  1,143
  1,323
  1,518
  1,726
  1,948
  2,183
  2,432
  2,693
  2,966
  3,252
  3,551
  3,862
  4,186
  4,523
  4,873
  5,237
  5,615
  6,008
  6,417
  6,841
  7,283
  7,743
  8,221
  8,720
  9,239
  9,781
  10,345
  10,935
Variable operating expenses, $m
 
  191
  227
  265
  307
  352
  400
  452
  507
  564
  625
  688
  755
  824
  896
  971
  1,049
  1,131
  1,215
  1,303
  1,394
  1,489
  1,587
  1,690
  1,796
  1,907
  2,023
  2,143
  2,269
  2,400
  2,537
Fixed operating expenses, $m
 
  560
  574
  588
  603
  618
  633
  649
  665
  682
  699
  716
  734
  753
  771
  791
  811
  831
  852
  873
  895
  917
  940
  963
  988
  1,012
  1,038
  1,063
  1,090
  1,117
  1,145
Total operating expenses, $m
  666
  751
  801
  853
  910
  970
  1,033
  1,101
  1,172
  1,246
  1,324
  1,404
  1,489
  1,577
  1,667
  1,762
  1,860
  1,962
  2,067
  2,176
  2,289
  2,406
  2,527
  2,653
  2,784
  2,919
  3,061
  3,206
  3,359
  3,517
  3,682
Operating income, $m
  23
  74
  176
  289
  413
  548
  692
  847
  1,012
  1,186
  1,369
  1,562
  1,764
  1,974
  2,195
  2,424
  2,663
  2,912
  3,170
  3,440
  3,720
  4,011
  4,314
  4,630
  4,959
  5,302
  5,659
  6,032
  6,421
  6,828
  7,253
EBITDA, $m
  23
  74
  176
  289
  413
  548
  692
  847
  1,012
  1,186
  1,369
  1,562
  1,764
  1,974
  2,195
  2,424
  2,663
  2,912
  3,170
  3,440
  3,720
  4,011
  4,314
  4,630
  4,959
  5,302
  5,659
  6,032
  6,421
  6,828
  7,253
Interest expense (income), $m
  23
  23
  122
  233
  354
  486
  628
  780
  943
  1,114
  1,296
  1,487
  1,686
  1,895
  2,114
  2,341
  2,577
  2,824
  3,079
  3,345
  3,622
  3,909
  4,207
  4,517
  4,840
  5,176
  5,526
  5,890
  6,269
  6,665
  7,077
Earnings before tax, $m
  34
  51
  54
  57
  59
  62
  64
  67
  69
  71
  73
  75
  77
  79
  81
  83
  86
  88
  91
  94
  98
  102
  107
  113
  119
  126
  134
  142
  152
  163
  175
Tax expense, $m
  5
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  25
  25
  26
  28
  29
  30
  32
  34
  36
  38
  41
  44
  47
Net income, $m
  28
  37
  39
  41
  43
  45
  47
  49
  50
  52
  53
  55
  56
  58
  59
  61
  62
  64
  66
  69
  72
  75
  78
  82
  87
  92
  98
  104
  111
  119
  128

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
  3,896
  4,663
  5,518
  6,455
  7,474
  8,574
  9,752
  11,006
  12,336
  13,738
  15,213
  16,759
  18,375
  20,062
  21,820
  23,650
  25,553
  27,531
  29,587
  31,724
  33,944
  36,252
  38,652
  41,148
  43,745
  46,449
  49,265
  52,199
  55,258
  58,449
  61,779
Adjusted assets (=assets-cash), $m
  3,896
  4,663
  5,518
  6,455
  7,474
  8,574
  9,752
  11,006
  12,336
  13,738
  15,213
  16,759
  18,375
  20,062
  21,820
  23,650
  25,553
  27,531
  29,587
  31,724
  33,944
  36,252
  38,652
  41,148
  43,745
  46,449
  49,265
  52,199
  55,258
  58,449
  61,779
Revenue / Adjusted assets
  0.000
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
  0.177
Average production assets, $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
Working capital, $m
  0
  136
  161
  189
  218
  250
  285
  321
  360
  401
  444
  489
  537
  586
  637
  691
  746
  804
  864
  926
  991
  1,059
  1,129
  1,202
  1,278
  1,357
  1,439
  1,524
  1,614
  1,707
  1,804
Total debt, $m
  114
  603
  1,147
  1,744
  2,393
  3,094
  3,844
  4,643
  5,490
  6,383
  7,323
  8,307
  9,337
  10,411
  11,531
  12,697
  13,909
  15,169
  16,479
  17,840
  19,254
  20,725
  22,253
  23,843
  25,498
  27,220
  29,014
  30,883
  32,831
  34,864
  36,985
Total liabilities, $m
  2,482
  2,971
  3,515
  4,112
  4,761
  5,462
  6,212
  7,011
  7,858
  8,751
  9,691
  10,675
  11,705
  12,779
  13,899
  15,065
  16,277
  17,537
  18,847
  20,208
  21,622
  23,093
  24,621
  26,211
  27,866
  29,588
  31,382
  33,251
  35,199
  37,232
  39,353
Total equity, $m
  1,414
  1,693
  2,003
  2,343
  2,713
  3,112
  3,540
  3,995
  4,478
  4,987
  5,522
  6,083
  6,670
  7,283
  7,921
  8,585
  9,276
  9,994
  10,740
  11,516
  12,322
  13,160
  14,031
  14,937
  15,879
  16,861
  17,883
  18,948
  20,059
  21,217
  22,426
Total liabilities and equity, $m
  3,896
  4,664
  5,518
  6,455
  7,474
  8,574
  9,752
  11,006
  12,336
  13,738
  15,213
  16,758
  18,375
  20,062
  21,820
  23,650
  25,553
  27,531
  29,587
  31,724
  33,944
  36,253
  38,652
  41,148
  43,745
  46,449
  49,265
  52,199
  55,258
  58,449
  61,779
Debt-to-equity ratio
  0.081
  0.360
  0.570
  0.740
  0.880
  0.990
  1.090
  1.160
  1.230
  1.280
  1.330
  1.370
  1.400
  1.430
  1.460
  1.480
  1.500
  1.520
  1.530
  1.550
  1.560
  1.570
  1.590
  1.600
  1.610
  1.610
  1.620
  1.630
  1.640
  1.640
  1.650
Adjusted equity ratio
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363
  0.363

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  28
  37
  39
  41
  43
  45
  47
  49
  50
  52
  53
  55
  56
  58
  59
  61
  62
  64
  66
  69
  72
  75
  78
  82
  87
  92
  98
  104
  111
  119
  128
Depreciation, amort., depletion, $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
Funds from operations, $m
  -118
  37
  39
  41
  43
  45
  47
  49
  50
  52
  53
  55
  56
  58
  59
  61
  62
  64
  66
  69
  72
  75
  78
  82
  87
  92
  98
  104
  111
  119
  128
Change in working capital, $m
  -123
  23
  25
  27
  30
  32
  34
  37
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
Cash from operations, $m
  5
  15
  15
  14
  14
  13
  13
  12
  12
  11
  10
  10
  9
  8
  8
  7
  7
  7
  6
  6
  7
  7
  8
  9
  11
  13
  15
  18
  22
  26
  31
Maintenance CAPEX, $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
New CAPEX, $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
Cash from investing activities, $m
  -53
  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
Free cash flow, $m
  -48
  15
  15
  14
  14
  13
  13
  12
  12
  11
  10
  10
  9
  8
  8
  7
  7
  7
  6
  6
  7
  7
  8
  9
  11
  13
  15
  18
  22
  26
  31
Issuance/(repayment) of debt, $m
  22
  489
  544
  597
  649
  700
  750
  799
  847
  894
  939
  985
  1,030
  1,075
  1,120
  1,166
  1,212
  1,260
  1,310
  1,361
  1,414
  1,470
  1,529
  1,590
  1,654
  1,722
  1,794
  1,869
  1,949
  2,033
  2,121
Issuance/(repurchase) of shares, $m
  -2
  241
  271
  299
  327
  354
  381
  407
  432
  457
  482
  506
  530
  555
  579
  603
  628
  654
  680
  707
  734
  763
  793
  824
  856
  890
  925
  961
  999
  1,039
  1,081
Cash from financing (excl. dividends), $m  
  38
  730
  815
  896
  976
  1,054
  1,131
  1,206
  1,279
  1,351
  1,421
  1,491
  1,560
  1,630
  1,699
  1,769
  1,840
  1,914
  1,990
  2,068
  2,148
  2,233
  2,322
  2,414
  2,510
  2,612
  2,719
  2,830
  2,948
  3,072
  3,202
Total cash flow (excl. dividends), $m
  -10
  745
  829
  910
  989
  1,067
  1,144
  1,218
  1,291
  1,362
  1,432
  1,501
  1,569
  1,638
  1,706
  1,776
  1,848
  1,921
  1,996
  2,074
  2,156
  2,241
  2,330
  2,423
  2,521
  2,625
  2,734
  2,849
  2,970
  3,098
  3,233
Retained Cash Flow (-), $m
  -34
  -279
  -310
  -340
  -370
  -399
  -428
  -455
  -483
  -509
  -535
  -561
  -587
  -612
  -638
  -664
  -691
  -718
  -746
  -776
  -806
  -838
  -871
  -906
  -943
  -981
  -1,022
  -1,065
  -1,110
  -1,158
  -1,209
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
 
  466
  519
  570
  619
  668
  716
  763
  808
  853
  896
  939
  982
  1,025
  1,068
  1,112
  1,157
  1,202
  1,250
  1,299
  1,350
  1,403
  1,459
  1,517
  1,579
  1,643
  1,712
  1,783
  1,859
  1,939
  2,024
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
 
  447
  475
  496
  510
  518
  520
  515
  505
  490
  470
  446
  419
  390
  359
  326
  294
  262
  230
  200
  171
  145
  121
  99
  80
  64
  50
  38
  29
  21
  15
Current shareholders' claim on cash, %
  100
  87.2
  76.7
  67.9
  60.7
  54.6
  49.4
  44.9
  41.1
  37.8
  34.9
  32.3
  30.1
  28.1
  26.3
  24.7
  23.2
  21.9
  20.7
  19.6
  18.6
  17.6
  16.7
  15.9
  15.2
  14.5
  13.8
  13.2
  12.7
  12.1
  11.6

Third Point Reinsurance Ltd. is a holding company. Through the Company's reinsurance subsidiaries, it provides property and casualty reinsurance coverage to insurance and reinsurance companies. The Company's segments include Property and Casualty Reinsurance, and Corporate. The Company's investable assets are managed by its investment manager, Third Point LLC. The Company also writes reinsurance contracts that provide protection against adverse development on loss reserves. Through Third Point LLC, the Company makes investments globally in all sectors, and in equity, credit, commodity, currency, options and other instruments. The Company also acts as the underwriter for the majority of the premium that it underwrites. The Company writes reinsurance contracts covering product lines, such as property, workers' compensation, auto, general liability, professional liability, credit and financial lines, and multi-line.

FINANCIAL RATIOS  of  Third Point Reinsurance (TPRE)

Valuation Ratios
P/E Ratio 58.2
Price to Sales 2.4
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 325.9
Price to Free Cash Flow 325.9
Growth Rates
Sales Growth Rate 19.8%
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 0
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 8.1%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 0.3%
Return On Total Capital 1.9%
Ret/ On T. Cap. - 3 Yr. Avg. -0.2%
Return On Equity 2%
Return On Equity - 3 Yr. Avg. -0.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 8.3%
EBITDA Margin - 3 Yr. Avg. 2.2%
Operating Margin 3.3%
Oper. Margin - 3 Yr. Avg. -0.1%
Pre-Tax Margin 4.9%
Pre-Tax Margin - 3 Yr. Avg. 0.3%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. -0.5%
Effective Tax Rate 14.7%
Eff/ Tax Rate - 3 Yr. Avg. 8.7%
Payout Ratio 0%

TPRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TPRE stock intrinsic value calculation we used $689 million for the last fiscal year's total revenue generated by Third Point Reinsurance. The default revenue input number comes from 2016 income statement of Third Point Reinsurance. 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 TPRE stock valuation model: a) initial revenue growth rate of 19.8% 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 TPRE is calculated based on our internal credit rating of Third Point Reinsurance, 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 Third Point Reinsurance.
    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 TPRE stock the variable cost ratio is equal to 23.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $546 million in the base year in the intrinsic value calculation for TPRE 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 20.3% for Third Point Reinsurance.

Corporate tax rate of 27% is the nominal tax rate for Third Point Reinsurance. 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 TPRE 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 TPRE are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Third Point Reinsurance 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 TPRE is equal to 16.5%. 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 - $1414 million for Third Point Reinsurance - 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 107.508 million for Third Point Reinsurance 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 Third Point Reinsurance at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Third Point Reinsurance Ltd. to Host Earnings Call   [Nov-09-17 06:30AM  ACCESSWIRE]
▶ Third Point Reinsurance posts 3Q profit   [Nov-08-17 07:34PM  Associated Press]
▶ Here's Why Third Point Reinsurance Is Soaring Today   [Sep-21-17 11:32AM  Motley Fool]
▶ Third Point's Rumored Involvement Boosts Gilead Sciences   [Aug-09-17 12:45PM  Barrons.com]
▶ Third Point Reinsurance posts 2Q profit   [11:15AM  Associated Press]
▶ Daniel Loeb Discusses Baxter, Alibaba in Q2 Letter   [Jul-26-17 03:36PM  GuruFocus.com]
▶ Third Point Reinsurance posts 1Q profit   [May-05-17 05:03AM  Associated Press]
▶ Third Point Reinsurance posts 4Q loss   [Feb-23-17 05:57PM  Associated Press]
▶ A Side Door into Marquee Hedge Funds   [Feb-14-17 03:06PM  Barrons.com]
▶ A Side Door into Marquee Hedge Funds   [03:06PM  at Barrons.com]
▶ [$$] How to Invest With Ackman and Loeb   [Feb-11-17 12:01AM  at Barrons.com]
▶ Is Third Point Reinsurance Ltd (TPRE) Worthy of Your Portfolio?   [Dec-15-16 11:08PM  at Insider Monkey]
▶ Should You Buy Pacira Pharmaceuticals Inc (PCRX)?   [Dec-08-16 02:06AM  at Insider Monkey]
Financial statements of TPRE
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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