Intrinsic value of W.R. Berkley - WRB

Previous Close

$68.22

  Intrinsic Value

$92.78

stock screener

  Rating & Target

buy

+36%

  Value-price divergence*

+62%

Previous close

$68.22

 
Intrinsic value

$92.78

 
Up/down potential

+36%

 
Rating

buy

 
Value-price divergence*

+62%

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of WRB 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 8.3

 

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, %
  5.97
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  0
  7,864
  8,080
  8,320
  8,585
  8,873
  9,186
  9,523
  9,885
  10,273
  10,688
  11,129
  11,598
  12,096
  12,624
  13,183
  13,774
  14,399
  15,059
  15,755
  16,490
  17,264
  18,080
  18,940
  19,845
  20,797
  21,800
  22,855
  23,964
  25,131
  26,358
Variable operating expenses, $m
 
  4,930
  5,065
  5,216
  5,381
  5,561
  5,757
  5,968
  6,194
  6,436
  6,695
  6,957
  7,250
  7,561
  7,891
  8,241
  8,610
  9,001
  9,413
  9,849
  10,308
  10,792
  11,302
  11,839
  12,405
  13,001
  13,627
  14,287
  14,980
  15,710
  16,477
Fixed operating expenses, $m
 
  1,927
  1,975
  2,025
  2,075
  2,127
  2,180
  2,235
  2,291
  2,348
  2,407
  2,467
  2,528
  2,592
  2,656
  2,723
  2,791
  2,861
  2,932
  3,005
  3,081
  3,158
  3,237
  3,317
  3,400
  3,485
  3,573
  3,662
  3,753
  3,847
  3,943
Total operating expenses, $m
  6,647
  6,857
  7,040
  7,241
  7,456
  7,688
  7,937
  8,203
  8,485
  8,784
  9,102
  9,424
  9,778
  10,153
  10,547
  10,964
  11,401
  11,862
  12,345
  12,854
  13,389
  13,950
  14,539
  15,156
  15,805
  16,486
  17,200
  17,949
  18,733
  19,557
  20,420
Operating income, $m
  1,025
  1,007
  1,039
  1,080
  1,129
  1,185
  1,249
  1,321
  1,401
  1,489
  1,586
  1,705
  1,820
  1,943
  2,076
  2,219
  2,373
  2,537
  2,713
  2,901
  3,101
  3,315
  3,542
  3,783
  4,039
  4,311
  4,600
  4,906
  5,231
  5,574
  5,938
EBITDA, $m
  1,111
  1,021
  1,054
  1,095
  1,143
  1,199
  1,263
  1,335
  1,415
  1,504
  1,600
  1,705
  1,820
  1,943
  2,076
  2,219
  2,373
  2,537
  2,713
  2,901
  3,101
  3,315
  3,542
  3,783
  4,039
  4,311
  4,600
  4,906
  5,231
  5,574
  5,938
Interest expense (income), $m
  137
  147
  173
  203
  237
  274
  314
  358
  406
  457
  511
  570
  632
  698
  768
  842
  920
  1,003
  1,091
  1,184
  1,282
  1,385
  1,494
  1,609
  1,730
  1,857
  1,991
  2,132
  2,280
  2,436
  2,600
Earnings before tax, $m
  896
  860
  867
  877
  892
  911
  935
  962
  995
  1,032
  1,074
  1,136
  1,188
  1,245
  1,309
  1,378
  1,453
  1,534
  1,622
  1,717
  1,819
  1,929
  2,047
  2,174
  2,309
  2,454
  2,609
  2,774
  2,950
  3,138
  3,338
Tax expense, $m
  293
  232
  234
  237
  241
  246
  252
  260
  269
  279
  290
  307
  321
  336
  353
  372
  392
  414
  438
  464
  491
  521
  553
  587
  624
  663
  704
  749
  797
  847
  901
Net income, $m
  602
  628
  633
  640
  651
  665
  682
  703
  726
  754
  784
  829
  867
  909
  955
  1,006
  1,060
  1,120
  1,184
  1,253
  1,328
  1,408
  1,495
  1,587
  1,686
  1,792
  1,905
  2,025
  2,154
  2,291
  2,437

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
  23,350
  23,902
  24,559
  25,290
  26,094
  26,970
  27,921
  28,946
  30,047
  31,226
  32,485
  33,826
  35,252
  36,766
  38,370
  40,069
  41,866
  43,766
  45,772
  47,888
  50,121
  52,475
  54,955
  57,568
  60,318
  63,214
  66,261
  69,467
  72,840
  76,386
  80,116
Adjusted assets (=assets-cash), $m
  23,350
  23,902
  24,559
  25,290
  26,094
  26,970
  27,921
  28,946
  30,047
  31,226
  32,485
  33,826
  35,252
  36,766
  38,370
  40,069
  41,866
  43,766
  45,772
  47,888
  50,121
  52,475
  54,955
  57,568
  60,318
  63,214
  66,261
  69,467
  72,840
  76,386
  80,116
Revenue / Adjusted assets
  0.000
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
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
  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
  2,488
  2,924
  3,440
  4,012
  4,642
  5,330
  6,075
  6,879
  7,742
  8,666
  9,653
  10,705
  11,822
  13,009
  14,267
  15,599
  17,008
  18,497
  20,070
  21,730
  23,480
  25,325
  27,270
  29,318
  31,475
  33,745
  36,134
  38,647
  41,291
  44,072
  46,996
Total liabilities, $m
  18,303
  18,739
  19,255
  19,827
  20,457
  21,145
  21,890
  22,694
  23,557
  24,481
  25,468
  26,520
  27,637
  28,824
  30,082
  31,414
  32,823
  34,312
  35,885
  37,545
  39,295
  41,140
  43,085
  45,133
  47,290
  49,560
  51,949
  54,462
  57,106
  59,887
  62,811
Total equity, $m
  5,047
  5,163
  5,305
  5,463
  5,636
  5,826
  6,031
  6,252
  6,490
  6,745
  7,017
  7,306
  7,614
  7,941
  8,288
  8,655
  9,043
  9,453
  9,887
  10,344
  10,826
  11,335
  11,870
  12,435
  13,029
  13,654
  14,312
  15,005
  15,733
  16,499
  17,305
Total liabilities and equity, $m
  23,350
  23,902
  24,560
  25,290
  26,093
  26,971
  27,921
  28,946
  30,047
  31,226
  32,485
  33,826
  35,251
  36,765
  38,370
  40,069
  41,866
  43,765
  45,772
  47,889
  50,121
  52,475
  54,955
  57,568
  60,319
  63,214
  66,261
  69,467
  72,839
  76,386
  80,116
Debt-to-equity ratio
  0.493
  0.570
  0.650
  0.730
  0.820
  0.910
  1.010
  1.100
  1.190
  1.280
  1.380
  1.470
  1.550
  1.640
  1.720
  1.800
  1.880
  1.960
  2.030
  2.100
  2.170
  2.230
  2.300
  2.360
  2.420
  2.470
  2.520
  2.580
  2.620
  2.670
  2.720
Adjusted equity ratio
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216
  0.216

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  602
  628
  633
  640
  651
  665
  682
  703
  726
  754
  784
  829
  867
  909
  955
  1,006
  1,060
  1,120
  1,184
  1,253
  1,328
  1,408
  1,495
  1,587
  1,686
  1,792
  1,905
  2,025
  2,154
  2,291
  2,437
Depreciation, amort., depletion, $m
  86
  15
  15
  15
  15
  15
  15
  15
  15
  15
  15
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  1,069
  642
  647
  655
  666
  680
  697
  717
  741
  768
  799
  829
  867
  909
  955
  1,006
  1,060
  1,120
  1,184
  1,253
  1,328
  1,408
  1,495
  1,587
  1,686
  1,792
  1,905
  2,025
  2,154
  2,291
  2,437
Change in working capital, $m
  221
  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
  848
  642
  647
  655
  666
  680
  697
  717
  741
  768
  799
  829
  867
  909
  955
  1,006
  1,060
  1,120
  1,184
  1,253
  1,328
  1,408
  1,495
  1,587
  1,686
  1,792
  1,905
  2,025
  2,154
  2,291
  2,437
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
  -350
  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
  -794
  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
  54
  642
  647
  655
  666
  680
  697
  717
  741
  768
  799
  829
  867
  909
  955
  1,006
  1,060
  1,120
  1,184
  1,253
  1,328
  1,408
  1,495
  1,587
  1,686
  1,792
  1,905
  2,025
  2,154
  2,291
  2,437
Issuance/(repayment) of debt, $m
  313
  436
  515
  573
  630
  687
  745
  804
  863
  924
  987
  1,051
  1,118
  1,187
  1,258
  1,332
  1,409
  1,489
  1,573
  1,660
  1,750
  1,845
  1,944
  2,048
  2,157
  2,270
  2,389
  2,514
  2,644
  2,781
  2,924
Issuance/(repurchase) of shares, $m
  -132
  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  
  177
  436
  515
  573
  630
  687
  745
  804
  863
  924
  987
  1,051
  1,118
  1,187
  1,258
  1,332
  1,409
  1,489
  1,573
  1,660
  1,750
  1,845
  1,944
  2,048
  2,157
  2,270
  2,389
  2,514
  2,644
  2,781
  2,924
Total cash flow (excl. dividends), $m
  216
  1,078
  1,163
  1,228
  1,296
  1,367
  1,442
  1,521
  1,604
  1,692
  1,786
  1,881
  1,985
  2,096
  2,213
  2,338
  2,469
  2,609
  2,757
  2,913
  3,078
  3,254
  3,439
  3,635
  3,843
  4,062
  4,294
  4,539
  4,798
  5,071
  5,360
Retained Cash Flow (-), $m
  -447
  -116
  -142
  -158
  -174
  -189
  -205
  -221
  -238
  -255
  -272
  -290
  -308
  -327
  -347
  -367
  -388
  -410
  -433
  -457
  -482
  -508
  -536
  -564
  -594
  -625
  -658
  -693
  -728
  -766
  -806
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
 
  963
  1,021
  1,070
  1,122
  1,178
  1,237
  1,299
  1,366
  1,438
  1,514
  1,591
  1,677
  1,769
  1,867
  1,971
  2,081
  2,199
  2,323
  2,456
  2,596
  2,745
  2,903
  3,071
  3,248
  3,436
  3,635
  3,846
  4,069
  4,305
  4,555
Discount rate, %
 
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
 
  905
  896
  872
  843
  810
  772
  730
  685
  638
  587
  534
  482
  430
  379
  329
  282
  238
  198
  161
  130
  102
  79
  59
  44
  32
  22
  15
  10
  7
  4
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

W. R. Berkley Corporation, an insurance holding company, operates as commercial lines writers in the United States. It operates through three segments: Insurance-Domestic, Insurance-International, and Reinsurance-Global. The Insurance-Domestic segment underwrites insurance business, including premises operations, commercial automobile, property, products liability, and professional liability lines. This segment also provides commercial insurance products and services to small-to-midsized businesses in 45 states and the District of Columbia; and services comprising claims, administrative, and consulting services. The Insurance-International segment underwrites specialty, casualty, surety, property, automobile, group life and health and workers' compensation, professional indemnity, general liability, personal accident, umbrella, directors and officers, construction, and commercial property lines of business in approximately 60 countries. The Reinsurance-Global segment offers other insurance companies and self-insureds with assistance in managing their net risk through reinsurance a portfolio basis through treaty reinsurance or on an individual basis through facultative reinsurance. W. R. Berkley Corporation was founded in 1967 and is based in Greenwich, Connecticut.

FINANCIAL RATIOS  of  W.R. Berkley (WRB)

Valuation Ratios
P/E Ratio 13.7
Price to Sales 1.1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow 16.6
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.4%
Cap. Spend. - 3 Yr. Gr. Rate 15.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 49.3%
Total Debt to Equity 49.3%
Interest Coverage 8
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. 8.5%
Return On Equity 12.5%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 14.6%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 13.5%
Pre-Tax Margin 11.7%
Pre-Tax Margin - 3 Yr. Avg. 11.7%
Net Profit Margin 7.8%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 31.9%
Payout Ratio 30.6%

WRB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WRB stock intrinsic value calculation we used $7672 million for the last fiscal year's total revenue generated by W.R. Berkley. The default revenue input number comes from 2016 income statement of W.R. Berkley. 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 WRB stock valuation model: a) initial revenue growth rate of 2.5% 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 6.4%, whose default value for WRB is calculated based on our internal credit rating of W.R. Berkley, 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 W.R. Berkley.
    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 WRB stock the variable cost ratio is equal to 62.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1880 million in the base year in the intrinsic value calculation for WRB 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 5.9% for W.R. Berkley.

Corporate tax rate of 27% is the nominal tax rate for W.R. Berkley. 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 WRB 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 WRB are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in W.R. Berkley 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 WRB 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 - $5047 million for W.R. Berkley - 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 121.586 million for W.R. Berkley 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 W.R. Berkley at the current share price and the inputted number of shares is $8.3 billion.

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COMPANY NEWS

▶ W.R. Berkley misses 2Q profit forecasts   [Jul-25-17 09:49PM  Associated Press]
▶ ETFs with exposure to W.R. Berkley Corp. : June 1, 2017   [Jun-01-17 02:08PM  Capital Cube]
▶ W.R. Berkley misses 1Q profit forecasts   [Apr-24-17 05:28PM  Associated Press]
▶ Michael S. Nannizzi Joins W. R. Berkley Corporation   [Apr-19-17 10:21AM  Business Wire]
▶ W. R. Berkley Corporation Celebrates 50 Years   [Apr-17-17 04:33PM  Business Wire]
▶ The Crypton® Companies Acquired By Berkley Capital   [Apr-03-17 01:42PM  Business Wire]
▶ New Strong Sell Stocks for March 30th   [10:55AM  Investopedia]
▶ New Strong Sell Stocks for March 30th   [10:55AM  at Investopedia]
▶ W. R. Berkley Corporation Announces Executive Appointments   [Jan-19-17 10:16AM  Business Wire]
▶ Hedge Funds Are Selling W.R. Berkley Corp (WRB)   [05:48AM  at Insider Monkey]
Stock chart of WRB Financial statements of WRB
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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