Intrinsic value of W.R. Berkley - WRB

Previous Close

$69.44

  Intrinsic Value

$147.35

stock screener

  Rating & Target

str. buy

+112%

  Value-price divergence*

-20%

Previous close

$69.44

 
Intrinsic value

$147.35

 
Up/down potential

+112%

 
Rating

str. buy

 
Value-price divergence*

-20%

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 8.5

 

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
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  0
  8,132
  8,612
  9,112
  9,635
  10,179
  10,749
  11,343
  11,965
  12,614
  13,294
  14,005
  14,749
  15,528
  16,344
  17,199
  18,094
  19,032
  20,016
  21,046
  22,127
  23,260
  24,449
  25,695
  27,003
  28,375
  29,814
  31,324
  32,908
  34,571
  36,316
Variable operating expenses, $m
 
  5,098
  5,398
  5,711
  6,037
  6,378
  6,734
  7,105
  7,494
  7,900
  8,325
  8,755
  9,220
  9,707
  10,217
  10,751
  11,311
  11,897
  12,512
  13,156
  13,832
  14,540
  15,283
  16,062
  16,880
  17,737
  18,637
  19,581
  20,571
  21,611
  22,701
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
  7,025
  7,373
  7,736
  8,112
  8,505
  8,914
  9,340
  9,785
  10,248
  10,732
  11,222
  11,748
  12,299
  12,873
  13,474
  14,102
  14,758
  15,444
  16,161
  16,913
  17,698
  18,520
  19,379
  20,280
  21,222
  22,210
  23,243
  24,324
  25,458
  26,644
Operating income, $m
  1,025
  1,107
  1,239
  1,377
  1,522
  1,675
  1,835
  2,003
  2,180
  2,367
  2,563
  2,784
  3,001
  3,230
  3,471
  3,725
  3,992
  4,274
  4,571
  4,885
  5,215
  5,562
  5,929
  6,315
  6,723
  7,152
  7,604
  8,081
  8,584
  9,113
  9,671
EBITDA, $m
  1,111
  1,122
  1,253
  1,392
  1,537
  1,689
  1,849
  2,018
  2,195
  2,381
  2,577
  2,784
  3,001
  3,230
  3,471
  3,725
  3,992
  4,274
  4,571
  4,885
  5,215
  5,562
  5,929
  6,315
  6,723
  7,152
  7,604
  8,081
  8,584
  9,113
  9,671
Interest expense (income), $m
  137
  147
  210
  278
  348
  421
  498
  578
  662
  749
  840
  936
  1,036
  1,141
  1,250
  1,365
  1,485
  1,611
  1,743
  1,881
  2,026
  2,178
  2,337
  2,504
  2,680
  2,863
  3,056
  3,259
  3,471
  3,694
  3,927
Earnings before tax, $m
  896
  960
  1,029
  1,099
  1,174
  1,253
  1,337
  1,425
  1,519
  1,618
  1,722
  1,848
  1,965
  2,089
  2,221
  2,360
  2,507
  2,663
  2,829
  3,004
  3,189
  3,385
  3,592
  3,811
  4,043
  4,289
  4,548
  4,822
  5,113
  5,419
  5,743
Tax expense, $m
  293
  259
  278
  297
  317
  338
  361
  385
  410
  437
  465
  499
  531
  564
  600
  637
  677
  719
  764
  811
  861
  914
  970
  1,029
  1,092
  1,158
  1,228
  1,302
  1,380
  1,463
  1,551
Net income, $m
  602
  701
  751
  803
  857
  915
  976
  1,040
  1,109
  1,181
  1,257
  1,349
  1,434
  1,525
  1,621
  1,723
  1,830
  1,944
  2,065
  2,193
  2,328
  2,471
  2,622
  2,782
  2,952
  3,131
  3,320
  3,520
  3,732
  3,956
  4,193

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
  24,718
  26,177
  27,698
  29,284
  30,941
  32,670
  34,478
  36,366
  38,341
  40,407
  42,568
  44,830
  47,198
  49,678
  52,276
  54,997
  57,849
  60,838
  63,971
  67,256
  70,700
  74,313
  78,102
  82,076
  86,245
  90,619
  95,209
  100,025
  105,078
  110,382
Adjusted assets (=assets-cash), $m
  23,350
  24,718
  26,177
  27,698
  29,284
  30,941
  32,670
  34,478
  36,366
  38,341
  40,407
  42,568
  44,830
  47,198
  49,678
  52,276
  54,997
  57,849
  60,838
  63,971
  67,256
  70,700
  74,313
  78,102
  82,076
  86,245
  90,619
  95,209
  100,025
  105,078
  110,382
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
  3,564
  4,708
  5,900
  7,144
  8,442
  9,799
  11,215
  12,696
  14,245
  15,864
  17,558
  19,332
  21,188
  23,133
  25,169
  27,303
  29,538
  31,882
  34,338
  36,914
  39,614
  42,446
  45,417
  48,532
  51,801
  55,231
  58,829
  62,604
  66,566
  70,724
Total liabilities, $m
  18,303
  19,379
  20,523
  21,715
  22,959
  24,257
  25,614
  27,030
  28,511
  30,060
  31,679
  33,373
  35,147
  37,003
  38,948
  40,984
  43,118
  45,353
  47,697
  50,153
  52,729
  55,429
  58,261
  61,232
  64,347
  67,616
  71,046
  74,644
  78,419
  82,381
  86,539
Total equity, $m
  5,047
  5,339
  5,654
  5,983
  6,325
  6,683
  7,057
  7,447
  7,855
  8,282
  8,728
  9,195
  9,683
  10,195
  10,730
  11,292
  11,879
  12,495
  13,141
  13,818
  14,527
  15,271
  16,052
  16,870
  17,728
  18,629
  19,574
  20,565
  21,605
  22,697
  23,842
Total liabilities and equity, $m
  23,350
  24,718
  26,177
  27,698
  29,284
  30,940
  32,671
  34,477
  36,366
  38,342
  40,407
  42,568
  44,830
  47,198
  49,678
  52,276
  54,997
  57,848
  60,838
  63,971
  67,256
  70,700
  74,313
  78,102
  82,075
  86,245
  90,620
  95,209
  100,024
  105,078
  110,381
Debt-to-equity ratio
  0.493
  0.670
  0.830
  0.990
  1.130
  1.260
  1.390
  1.510
  1.620
  1.720
  1.820
  1.910
  2.000
  2.080
  2.160
  2.230
  2.300
  2.360
  2.430
  2.490
  2.540
  2.590
  2.640
  2.690
  2.740
  2.780
  2.820
  2.860
  2.900
  2.930
  2.970
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
  701
  751
  803
  857
  915
  976
  1,040
  1,109
  1,181
  1,257
  1,349
  1,434
  1,525
  1,621
  1,723
  1,830
  1,944
  2,065
  2,193
  2,328
  2,471
  2,622
  2,782
  2,952
  3,131
  3,320
  3,520
  3,732
  3,956
  4,193
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
  716
  765
  817
  872
  929
  990
  1,055
  1,123
  1,195
  1,272
  1,349
  1,434
  1,525
  1,621
  1,723
  1,830
  1,944
  2,065
  2,193
  2,328
  2,471
  2,622
  2,782
  2,952
  3,131
  3,320
  3,520
  3,732
  3,956
  4,193
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
  716
  765
  817
  872
  929
  990
  1,055
  1,123
  1,195
  1,272
  1,349
  1,434
  1,525
  1,621
  1,723
  1,830
  1,944
  2,065
  2,193
  2,328
  2,471
  2,622
  2,782
  2,952
  3,131
  3,320
  3,520
  3,732
  3,956
  4,193
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
  716
  765
  817
  872
  929
  990
  1,055
  1,123
  1,195
  1,272
  1,349
  1,434
  1,525
  1,621
  1,723
  1,830
  1,944
  2,065
  2,193
  2,328
  2,471
  2,622
  2,782
  2,952
  3,131
  3,320
  3,520
  3,732
  3,956
  4,193
Issuance/(repayment) of debt, $m
  313
  1,076
  1,143
  1,192
  1,244
  1,299
  1,356
  1,417
  1,481
  1,548
  1,619
  1,694
  1,773
  1,857
  1,944
  2,036
  2,134
  2,236
  2,343
  2,456
  2,575
  2,701
  2,832
  2,970
  3,116
  3,269
  3,429
  3,598
  3,776
  3,962
  4,158
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
  1,076
  1,143
  1,192
  1,244
  1,299
  1,356
  1,417
  1,481
  1,548
  1,619
  1,694
  1,773
  1,857
  1,944
  2,036
  2,134
  2,236
  2,343
  2,456
  2,575
  2,701
  2,832
  2,970
  3,116
  3,269
  3,429
  3,598
  3,776
  3,962
  4,158
Total cash flow (excl. dividends), $m
  216
  1,792
  1,909
  2,009
  2,116
  2,228
  2,346
  2,472
  2,604
  2,744
  2,891
  3,043
  3,208
  3,382
  3,565
  3,759
  3,964
  4,180
  4,408
  4,649
  4,903
  5,171
  5,454
  5,753
  6,067
  6,399
  6,749
  7,119
  7,508
  7,918
  8,351
Retained Cash Flow (-), $m
  -447
  -292
  -315
  -329
  -343
  -358
  -374
  -390
  -408
  -427
  -446
  -467
  -489
  -512
  -536
  -561
  -588
  -616
  -646
  -677
  -710
  -744
  -780
  -818
  -858
  -901
  -945
  -991
  -1,040
  -1,092
  -1,146
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
 
  1,500
  1,594
  1,681
  1,773
  1,870
  1,973
  2,081
  2,196
  2,317
  2,445
  2,576
  2,719
  2,870
  3,030
  3,198
  3,376
  3,564
  3,763
  3,972
  4,194
  4,427
  4,674
  4,934
  5,209
  5,499
  5,805
  6,127
  6,468
  6,827
  7,205
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
 
  1,409
  1,399
  1,370
  1,332
  1,286
  1,232
  1,170
  1,102
  1,028
  949
  865
  782
  698
  615
  534
  458
  386
  320
  261
  209
  164
  126
  95
  70
  50
  35
  24
  16
  10
  6
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 is an insurance holding company. It operates through two segments: Insurance and Reinsurance-Global. The Insurance segment consists of its commercial insurance business operations, comprising excess and surplus lines, and admitted lines, throughout the United States, as well as its insurance business operations in the United Kingdom, Continental Europe, South America, Canada, Mexico, Scandinavia, Asia and Australia. Its Insurance segment comprises business units, such as Acadia Insurance, American Mining Insurance Group, Berkley Accident and Health, Berkley Agribusiness Risk Specialists, Berkley Aviation and Berkley Canada. Reinsurance consists of its reinsurance business on a facultative and treaty basis, in the United States, the United Kingdom, Continental Europe, Australia, the Asia-Pacific region and South Africa. Its Reinsurance segment comprises business units, such as Berkley Re America, Berkley Re Asia Pacific, Berkley Re Direct and Berkley Re UK.

FINANCIAL RATIOS  of  W.R. Berkley (WRB)

Valuation Ratios
P/E Ratio 14
Price to Sales 1.1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 16.9
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 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 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 1.7 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 122.24 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 $8.5 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]
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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