Intrinsic value of Validus Holdings - VR

Previous Close

$67.60

  Intrinsic Value

$270.68

stock screener

  Rating & Target

str. buy

+300%

Previous close

$67.60

 
Intrinsic value

$270.68

 
Up/down potential

+300%

 
Rating

str. buy

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

We calculate the intrinsic value of VR 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, %
  4.18
  24.50
  22.55
  20.80
  19.22
  17.79
  16.51
  15.36
  14.33
  13.39
  12.55
  11.80
  11.12
  10.51
  9.96
  9.46
  9.01
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
Revenue, $m
  0
  3,042
  3,727
  4,503
  5,368
  6,323
  7,367
  8,499
  9,716
  11,018
  12,401
  13,864
  15,406
  17,025
  18,720
  20,491
  22,338
  24,262
  26,264
  28,346
  30,510
  32,759
  35,096
  37,525
  40,049
  42,675
  45,406
  48,248
  51,208
  54,291
  57,504
Variable operating expenses, $m
 
  2,316
  2,834
  3,419
  4,072
  4,793
  5,581
  6,436
  7,355
  8,337
  9,382
  10,467
  11,631
  12,853
  14,132
  15,469
  16,864
  18,316
  19,828
  21,400
  23,033
  24,731
  26,495
  28,329
  30,235
  32,217
  34,279
  36,424
  38,659
  40,986
  43,412
Fixed operating expenses, $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
Total operating expenses, $m
  1,894
  2,316
  2,834
  3,419
  4,072
  4,793
  5,581
  6,436
  7,355
  8,337
  9,382
  10,467
  11,631
  12,853
  14,132
  15,469
  16,864
  18,316
  19,828
  21,400
  23,033
  24,731
  26,495
  28,329
  30,235
  32,217
  34,279
  36,424
  38,659
  40,986
  43,412
Operating income, $m
  549
  726
  894
  1,084
  1,296
  1,530
  1,786
  2,063
  2,361
  2,680
  3,019
  3,398
  3,775
  4,172
  4,588
  5,022
  5,474
  5,946
  6,436
  6,947
  7,477
  8,028
  8,601
  9,196
  9,815
  10,458
  11,127
  11,824
  12,549
  13,305
  14,092
EBITDA, $m
  526
  775
  950
  1,148
  1,368
  1,611
  1,878
  2,166
  2,476
  2,808
  3,161
  3,534
  3,926
  4,339
  4,771
  5,222
  5,693
  6,184
  6,694
  7,224
  7,776
  8,349
  8,945
  9,564
  10,207
  10,876
  11,572
  12,297
  13,051
  13,837
  14,656
Interest expense (income), $m
  55
  55
  185
  332
  499
  686
  892
  1,117
  1,361
  1,623
  1,904
  2,202
  2,517
  2,849
  3,198
  3,564
  3,945
  4,344
  4,758
  5,190
  5,639
  6,105
  6,590
  7,093
  7,617
  8,161
  8,727
  9,316
  9,928
  10,566
  11,231
Earnings before tax, $m
  491
  671
  709
  751
  796
  844
  894
  946
  1,001
  1,057
  1,116
  1,196
  1,258
  1,323
  1,389
  1,458
  1,529
  1,602
  1,678
  1,757
  1,838
  1,923
  2,011
  2,103
  2,198
  2,297
  2,400
  2,508
  2,621
  2,739
  2,862
Tax expense, $m
  -20
  181
  191
  203
  215
  228
  241
  255
  270
  285
  301
  323
  340
  357
  375
  394
  413
  433
  453
  474
  496
  519
  543
  568
  593
  620
  648
  677
  708
  739
  773
Net income, $m
  364
  490
  518
  548
  581
  616
  653
  691
  730
  772
  814
  873
  919
  966
  1,014
  1,064
  1,116
  1,170
  1,225
  1,282
  1,342
  1,404
  1,468
  1,535
  1,604
  1,677
  1,752
  1,831
  1,913
  1,999
  2,089

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
  11,350
  14,147
  17,337
  20,942
  24,966
  29,408
  34,265
  39,529
  45,193
  51,246
  57,680
  64,485
  71,656
  79,185
  87,069
  95,306
  103,898
  112,847
  122,159
  131,843
  141,908
  152,368
  163,237
  174,534
  186,277
  198,488
  211,191
  224,411
  238,177
  252,516
  267,461
Adjusted assets (=assets-cash), $m
  11,350
  14,147
  17,337
  20,942
  24,966
  29,408
  34,265
  39,529
  45,193
  51,246
  57,680
  64,485
  71,656
  79,185
  87,069
  95,306
  103,898
  112,847
  122,159
  131,843
  141,908
  152,368
  163,237
  174,534
  186,277
  198,488
  211,191
  224,411
  238,177
  252,516
  267,461
Revenue / Adjusted assets
  0.000
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
Average production assets, $m
  119
  149
  183
  221
  263
  310
  361
  416
  476
  540
  608
  679
  755
  834
  917
  1,004
  1,095
  1,189
  1,287
  1,389
  1,495
  1,605
  1,720
  1,839
  1,962
  2,091
  2,225
  2,364
  2,509
  2,660
  2,818
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
  783
  2,636
  4,748
  7,135
  9,799
  12,739
  15,955
  19,439
  23,189
  27,196
  31,455
  35,960
  40,707
  45,691
  50,911
  56,364
  62,052
  67,976
  74,141
  80,551
  87,214
  94,138
  101,334
  108,812
  116,586
  124,670
  133,079
  141,831
  150,944
  160,437
  170,330
Total liabilities, $m
  7,511
  9,365
  11,477
  13,864
  16,528
  19,468
  22,684
  26,168
  29,918
  33,925
  38,184
  42,689
  47,436
  52,420
  57,640
  63,093
  68,781
  74,705
  80,870
  87,280
  93,943
  100,867
  108,063
  115,541
  123,315
  131,399
  139,808
  148,560
  157,673
  167,166
  177,059
Total equity, $m
  3,838
  4,782
  5,860
  7,078
  8,439
  9,940
  11,582
  13,361
  15,275
  17,321
  19,496
  21,796
  24,220
  26,764
  29,429
  32,214
  35,118
  38,142
  41,290
  44,563
  47,965
  51,500
  55,174
  58,992
  62,962
  67,089
  71,383
  75,851
  80,504
  85,350
  90,402
Total liabilities and equity, $m
  11,349
  14,147
  17,337
  20,942
  24,967
  29,408
  34,266
  39,529
  45,193
  51,246
  57,680
  64,485
  71,656
  79,184
  87,069
  95,307
  103,899
  112,847
  122,160
  131,843
  141,908
  152,367
  163,237
  174,533
  186,277
  198,488
  211,191
  224,411
  238,177
  252,516
  267,461
Debt-to-equity ratio
  0.204
  0.550
  0.810
  1.010
  1.160
  1.280
  1.380
  1.450
  1.520
  1.570
  1.610
  1.650
  1.680
  1.710
  1.730
  1.750
  1.770
  1.780
  1.800
  1.810
  1.820
  1.830
  1.840
  1.840
  1.850
  1.860
  1.860
  1.870
  1.870
  1.880
  1.880
Adjusted equity ratio
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  364
  490
  518
  548
  581
  616
  653
  691
  730
  772
  814
  873
  919
  966
  1,014
  1,064
  1,116
  1,170
  1,225
  1,282
  1,342
  1,404
  1,468
  1,535
  1,604
  1,677
  1,752
  1,831
  1,913
  1,999
  2,089
Depreciation, amort., depletion, $m
  -23
  50
  56
  64
  72
  82
  92
  103
  115
  128
  141
  136
  151
  167
  183
  201
  219
  238
  257
  278
  299
  321
  344
  368
  392
  418
  445
  473
  502
  532
  564
Funds from operations, $m
  387
  539
  574
  612
  654
  698
  744
  794
  845
  899
  956
  1,009
  1,069
  1,132
  1,198
  1,265
  1,335
  1,407
  1,482
  1,560
  1,641
  1,725
  1,812
  1,903
  1,997
  2,095
  2,197
  2,304
  2,415
  2,531
  2,653
Change in working capital, $m
  -23
  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
  410
  539
  574
  612
  654
  698
  744
  794
  845
  899
  956
  1,009
  1,069
  1,132
  1,198
  1,265
  1,335
  1,407
  1,482
  1,560
  1,641
  1,725
  1,812
  1,903
  1,997
  2,095
  2,197
  2,304
  2,415
  2,531
  2,653
Maintenance CAPEX, $m
  0
  -24
  -30
  -37
  -44
  -53
  -62
  -72
  -83
  -95
  -108
  -122
  -136
  -151
  -167
  -183
  -201
  -219
  -238
  -257
  -278
  -299
  -321
  -344
  -368
  -392
  -418
  -445
  -473
  -502
  -532
New CAPEX, $m
  0
  -31
  -34
  -38
  -42
  -47
  -51
  -55
  -60
  -64
  -68
  -72
  -76
  -79
  -83
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
Cash from investing activities, $m
  -992
  -55
  -64
  -75
  -86
  -100
  -113
  -127
  -143
  -159
  -176
  -194
  -212
  -230
  -250
  -270
  -292
  -313
  -336
  -359
  -384
  -409
  -436
  -463
  -492
  -521
  -552
  -584
  -618
  -653
  -689
Free cash flow, $m
  -582
  485
  511
  538
  567
  598
  631
  666
  702
  740
  780
  816
  858
  902
  948
  995
  1,044
  1,094
  1,147
  1,201
  1,257
  1,316
  1,376
  1,440
  1,505
  1,574
  1,645
  1,720
  1,797
  1,878
  1,963
Issuance/(repayment) of debt, $m
  296
  1,853
  2,112
  2,387
  2,664
  2,941
  3,215
  3,485
  3,749
  4,007
  4,259
  4,505
  4,747
  4,984
  5,219
  5,453
  5,688
  5,924
  6,165
  6,410
  6,663
  6,924
  7,196
  7,478
  7,774
  8,084
  8,409
  8,752
  9,113
  9,493
  9,894
Issuance/(repurchase) of shares, $m
  -71
  454
  561
  670
  779
  885
  989
  1,089
  1,184
  1,274
  1,360
  1,427
  1,505
  1,579
  1,651
  1,720
  1,788
  1,855
  1,923
  1,991
  2,060
  2,132
  2,206
  2,283
  2,365
  2,451
  2,541
  2,637
  2,739
  2,848
  2,962
Cash from financing (excl. dividends), $m  
  421
  2,307
  2,673
  3,057
  3,443
  3,826
  4,204
  4,574
  4,933
  5,281
  5,619
  5,932
  6,252
  6,563
  6,870
  7,173
  7,476
  7,779
  8,088
  8,401
  8,723
  9,056
  9,402
  9,761
  10,139
  10,535
  10,950
  11,389
  11,852
  12,341
  12,856
Total cash flow (excl. dividends), $m
  -183
  2,792
  3,183
  3,594
  4,010
  4,425
  4,835
  5,240
  5,635
  6,022
  6,399
  6,748
  7,110
  7,466
  7,818
  8,168
  8,519
  8,874
  9,234
  9,602
  9,980
  10,372
  10,778
  11,201
  11,644
  12,108
  12,596
  13,109
  13,649
  14,219
  14,819
Retained Cash Flow (-), $m
  -199
  -944
  -1,078
  -1,219
  -1,360
  -1,502
  -1,642
  -1,779
  -1,914
  -2,046
  -2,175
  -2,300
  -2,424
  -2,545
  -2,665
  -2,784
  -2,904
  -3,025
  -3,148
  -3,273
  -3,402
  -3,535
  -3,674
  -3,818
  -3,969
  -4,127
  -4,294
  -4,468
  -4,653
  -4,847
  -5,051
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
 
  1,848
  2,105
  2,376
  2,650
  2,923
  3,194
  3,460
  3,721
  3,976
  4,225
  4,448
  4,686
  4,921
  5,153
  5,384
  5,615
  5,849
  6,086
  6,329
  6,578
  6,836
  7,104
  7,383
  7,675
  7,981
  8,302
  8,640
  8,997
  9,372
  9,768
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
 
  1,772
  1,927
  2,068
  2,182
  2,266
  2,318
  2,338
  2,326
  2,284
  2,215
  2,112
  2,000
  1,871
  1,730
  1,581
  1,427
  1,273
  1,121
  974
  836
  707
  589
  484
  391
  310
  242
  185
  139
  102
  74
Current shareholders' claim on cash, %
  100
  92.3
  85.2
  78.8
  73.1
  68.0
  63.5
  59.5
  56.0
  52.9
  50.1
  47.6
  45.4
  43.4
  41.5
  39.9
  38.4
  37.0
  35.7
  34.5
  33.4
  32.4
  31.4
  30.5
  29.7
  28.9
  28.1
  27.4
  26.7
  26.1
  25.5

Validus Holdings, Ltd. is a holding company. The Company operates through four segments: Validus Re, Talbot, Western World and AlphaCat. Validus Re is a Bermuda-based reinsurance segment focused treaty reinsurance. Validus Re concentrates on first-party property and other reinsurance risks. Talbot is a specialty insurance segment operating within the Lloyd's insurance market through Syndicate 1183. The Talbot segment is focused on a range of marine and energy, political lines, commercial property, financial lines, contingency, accident and health and aviation classes of business. Western World is a specialty excess and surplus lines insurance segment operating within the United States commercial market. AlphaCat is a Bermuda-based investment advisor, managing capital from third parties and the Company in insurance linked securities and other investments in the property catastrophe reinsurance space.

FINANCIAL RATIOS  of  Validus Holdings (VR)

Valuation Ratios
P/E Ratio 14.7
Price to Sales 2.2
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 13
Price to Free Cash Flow 13
Growth Rates
Sales Growth Rate 4.2%
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 20.4%
Total Debt to Equity 20.4%
Interest Coverage 10
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 8.1%
Ret/ On T. Cap. - 3 Yr. Avg. 9.1%
Return On Equity 9.7%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 21.4%
EBITDA Margin - 3 Yr. Avg. 23.9%
Operating Margin 22.5%
Oper. Margin - 3 Yr. Avg. 25.3%
Pre-Tax Margin 20.1%
Pre-Tax Margin - 3 Yr. Avg. 22.4%
Net Profit Margin 14.9%
Net Profit Margin - 3 Yr. Avg. 17.9%
Effective Tax Rate -4.1%
Eff/ Tax Rate - 3 Yr. Avg. -0.9%
Payout Ratio 33%

VR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VR stock intrinsic value calculation we used $2443 million for the last fiscal year's total revenue generated by Validus Holdings. The default revenue input number comes from 2016 income statement of Validus 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 VR stock valuation model: a) initial revenue growth rate of 24.5% 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 VR is calculated based on our internal credit rating of Validus 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 Validus 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 VR stock the variable cost ratio is equal to 76.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for VR 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 7% for Validus Holdings.

Corporate tax rate of 27% is the nominal tax rate for Validus 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 VR 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 VR are equal to 4.9%.

Life of production assets of -13.7 years is the average useful life of capital assets used in Validus 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 VR 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 - $3838 million for Validus 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 79.923 million for Validus 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 Validus Holdings at the current share price and the inputted number of shares is $5.4 billion.

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COMPANY NEWS

▶ [$$] Tax Changes, Wildfires Push AIG to $6.7 Billion Loss   [Feb-09-18 01:15AM  The Wall Street Journal]
▶ [$$] Tax Changes, Wildfires Push AIG to $6.7 Billion Loss   [Feb-08-18 06:08PM  The Wall Street Journal]
▶ Validus reports 4Q loss   [Feb-01-18 06:03PM  Associated Press]
▶ American International Group Inc Is Plagued By Core Issues   [Jan-23-18 10:21AM  InvestorPlace]
▶ Company News For Jan 23, 2018   [09:49AM  Zacks]
▶ Closing Bell: LIVE MARKETS BLOG   [04:10PM  TheStreet.com]
▶ [$$] Is Growth Worth the Risk at AIG?   [03:01PM  The Wall Street Journal]
▶ Insurance giant AIG takes over Validus for $5.56 billion   [12:35PM  American City Business Journals]
▶ AIG to acquire Validus for $5.56 billion   [07:05AM  MarketWatch]
▶ Validus reports 3Q loss   [Oct-26-17 06:24PM  Associated Press]
Financial statements of VR
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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