Intrinsic value of W.R. Berkley - WRB

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$68.53

  Intrinsic Value

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  Value-price divergence*

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$68.53

 
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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
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
Revenue, $m
  0
  8,255
  8,861
  9,491
  10,145
  10,825
  11,533
  12,269
  13,035
  13,833
  14,663
  15,530
  16,433
  17,375
  18,359
  19,386
  20,459
  21,580
  22,753
  23,979
  25,263
  26,606
  28,012
  29,484
  31,026
  32,642
  34,335
  36,109
  37,969
  39,919
  41,964
Variable operating expenses, $m
 
  5,175
  5,554
  5,947
  6,356
  6,782
  7,224
  7,684
  8,163
  8,661
  9,181
  9,708
  10,272
  10,861
  11,476
  12,118
  12,789
  13,490
  14,223
  14,990
  15,792
  16,631
  17,510
  18,431
  19,395
  20,405
  21,463
  22,572
  23,735
  24,954
  26,232
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
  7,102
  7,529
  7,972
  8,431
  8,909
  9,404
  9,919
  10,454
  11,009
  11,588
  12,175
  12,800
  13,453
  14,132
  14,841
  15,580
  16,351
  17,155
  17,995
  18,873
  19,789
  20,747
  21,748
  22,795
  23,890
  25,036
  26,234
  27,488
  28,801
  30,175
Operating income, $m
  1,025
  1,153
  1,332
  1,519
  1,714
  1,917
  2,129
  2,350
  2,582
  2,823
  3,076
  3,355
  3,632
  3,922
  4,226
  4,545
  4,879
  5,230
  5,598
  5,984
  6,390
  6,817
  7,265
  7,736
  8,231
  8,752
  9,299
  9,875
  10,481
  11,118
  11,788
EBITDA, $m
  1,111
  1,168
  1,347
  1,533
  1,728
  1,931
  2,143
  2,365
  2,596
  2,838
  3,091
  3,355
  3,632
  3,922
  4,226
  4,545
  4,879
  5,230
  5,598
  5,984
  6,390
  6,817
  7,265
  7,736
  8,231
  8,752
  9,299
  9,875
  10,481
  11,118
  11,788
Interest expense (income), $m
  137
  147
  230
  316
  404
  497
  593
  692
  796
  904
  1,017
  1,134
  1,256
  1,383
  1,516
  1,655
  1,800
  1,951
  2,109
  2,275
  2,448
  2,629
  2,818
  3,016
  3,224
  3,441
  3,669
  3,908
  4,158
  4,421
  4,696
Earnings before tax, $m
  896
  1,006
  1,102
  1,203
  1,309
  1,420
  1,536
  1,658
  1,785
  1,919
  2,059
  2,221
  2,376
  2,539
  2,710
  2,890
  3,079
  3,278
  3,488
  3,709
  3,942
  4,188
  4,447
  4,719
  5,007
  5,310
  5,630
  5,967
  6,323
  6,697
  7,093
Tax expense, $m
  293
  272
  298
  325
  353
  383
  415
  448
  482
  518
  556
  600
  642
  685
  732
  780
  831
  885
  942
  1,002
  1,064
  1,131
  1,201
  1,274
  1,352
  1,434
  1,520
  1,611
  1,707
  1,808
  1,915
Net income, $m
  602
  735
  804
  878
  956
  1,037
  1,121
  1,210
  1,303
  1,401
  1,503
  1,621
  1,734
  1,853
  1,978
  2,109
  2,248
  2,393
  2,546
  2,708
  2,878
  3,057
  3,246
  3,445
  3,655
  3,876
  4,110
  4,356
  4,615
  4,889
  5,178

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
  25,168
  27,015
  28,935
  30,930
  33,004
  35,161
  37,405
  39,740
  42,172
  44,706
  47,346
  50,100
  52,973
  55,971
  59,103
  62,374
  65,794
  69,369
  73,108
  77,020
  81,114
  85,401
  89,890
  94,591
  99,517
  104,679
  110,088
  115,759
  121,705
  127,939
Adjusted assets (=assets-cash), $m
  23,350
  25,168
  27,015
  28,935
  30,930
  33,004
  35,161
  37,405
  39,740
  42,172
  44,706
  47,346
  50,100
  52,973
  55,971
  59,103
  62,374
  65,794
  69,369
  73,108
  77,020
  81,114
  85,401
  89,890
  94,591
  99,517
  104,679
  110,088
  115,759
  121,705
  127,939
Revenue / Adjusted assets
  0.000
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
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
  3,902
  5,350
  6,855
  8,419
  10,045
  11,736
  13,496
  15,327
  17,233
  19,219
  21,289
  23,448
  25,701
  28,052
  30,507
  33,072
  35,752
  38,555
  41,487
  44,554
  47,764
  51,124
  54,644
  58,330
  62,191
  66,238
  70,479
  74,925
  79,587
  84,474
Total liabilities, $m
  18,303
  19,732
  21,180
  22,685
  24,249
  25,875
  27,566
  29,326
  31,157
  33,063
  35,049
  37,119
  39,278
  41,531
  43,882
  46,337
  48,902
  51,582
  54,385
  57,317
  60,384
  63,594
  66,954
  70,474
  74,160
  78,021
  82,068
  86,309
  90,755
  95,417
  100,304
Total equity, $m
  5,047
  5,436
  5,835
  6,250
  6,681
  7,129
  7,595
  8,079
  8,584
  9,109
  9,656
  10,227
  10,822
  11,442
  12,090
  12,766
  13,473
  14,211
  14,984
  15,791
  16,636
  17,521
  18,447
  19,416
  20,432
  21,496
  22,611
  23,779
  25,004
  26,288
  27,635
Total liabilities and equity, $m
  23,350
  25,168
  27,015
  28,935
  30,930
  33,004
  35,161
  37,405
  39,741
  42,172
  44,705
  47,346
  50,100
  52,973
  55,972
  59,103
  62,375
  65,793
  69,369
  73,108
  77,020
  81,115
  85,401
  89,890
  94,592
  99,517
  104,679
  110,088
  115,759
  121,705
  127,939
Debt-to-equity ratio
  0.493
  0.720
  0.920
  1.100
  1.260
  1.410
  1.550
  1.670
  1.790
  1.890
  1.990
  2.080
  2.170
  2.250
  2.320
  2.390
  2.450
  2.520
  2.570
  2.630
  2.680
  2.730
  2.770
  2.810
  2.850
  2.890
  2.930
  2.960
  3.000
  3.030
  3.060
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
  735
  804
  878
  956
  1,037
  1,121
  1,210
  1,303
  1,401
  1,503
  1,621
  1,734
  1,853
  1,978
  2,109
  2,248
  2,393
  2,546
  2,708
  2,878
  3,057
  3,246
  3,445
  3,655
  3,876
  4,110
  4,356
  4,615
  4,889
  5,178
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
  749
  819
  893
  970
  1,051
  1,136
  1,225
  1,318
  1,415
  1,518
  1,621
  1,734
  1,853
  1,978
  2,109
  2,248
  2,393
  2,546
  2,708
  2,878
  3,057
  3,246
  3,445
  3,655
  3,876
  4,110
  4,356
  4,615
  4,889
  5,178
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
  749
  819
  893
  970
  1,051
  1,136
  1,225
  1,318
  1,415
  1,518
  1,621
  1,734
  1,853
  1,978
  2,109
  2,248
  2,393
  2,546
  2,708
  2,878
  3,057
  3,246
  3,445
  3,655
  3,876
  4,110
  4,356
  4,615
  4,889
  5,178
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
  749
  819
  893
  970
  1,051
  1,136
  1,225
  1,318
  1,415
  1,518
  1,621
  1,734
  1,853
  1,978
  2,109
  2,248
  2,393
  2,546
  2,708
  2,878
  3,057
  3,246
  3,445
  3,655
  3,876
  4,110
  4,356
  4,615
  4,889
  5,178
Issuance/(repayment) of debt, $m
  313
  1,414
  1,448
  1,505
  1,564
  1,626
  1,691
  1,759
  1,831
  1,907
  1,986
  2,070
  2,159
  2,252
  2,351
  2,455
  2,565
  2,681
  2,803
  2,931
  3,067
  3,210
  3,361
  3,519
  3,686
  3,862
  4,047
  4,241
  4,446
  4,661
  4,888
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
  1,414
  1,448
  1,505
  1,564
  1,626
  1,691
  1,759
  1,831
  1,907
  1,986
  2,070
  2,159
  2,252
  2,351
  2,455
  2,565
  2,681
  2,803
  2,931
  3,067
  3,210
  3,361
  3,519
  3,686
  3,862
  4,047
  4,241
  4,446
  4,661
  4,888
Total cash flow (excl. dividends), $m
  216
  2,163
  2,267
  2,398
  2,534
  2,677
  2,827
  2,984
  3,149
  3,322
  3,504
  3,692
  3,893
  4,106
  4,329
  4,565
  4,813
  5,074
  5,349
  5,639
  5,945
  6,267
  6,607
  6,964
  7,341
  7,738
  8,156
  8,597
  9,061
  9,550
  10,065
Retained Cash Flow (-), $m
  -447
  -389
  -399
  -415
  -431
  -448
  -466
  -485
  -504
  -525
  -547
  -570
  -595
  -621
  -648
  -676
  -707
  -739
  -772
  -808
  -845
  -884
  -926
  -970
  -1,016
  -1,064
  -1,115
  -1,169
  -1,225
  -1,284
  -1,347
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
 
  1,774
  1,868
  1,983
  2,103
  2,229
  2,361
  2,499
  2,644
  2,797
  2,957
  3,121
  3,299
  3,485
  3,681
  3,888
  4,106
  4,335
  4,577
  4,832
  5,100
  5,383
  5,681
  5,995
  6,326
  6,674
  7,042
  7,429
  7,836
  8,266
  8,719
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
 
  1,667
  1,640
  1,616
  1,580
  1,533
  1,474
  1,405
  1,327
  1,240
  1,147
  1,049
  948
  847
  747
  649
  556
  469
  390
  318
  254
  200
  154
  116
  85
  61
  43
  29
  19
  13
  8
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 13.8
Price to Sales 1.1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow 16.7
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 7.6% 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 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

▶ 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]
▶ W. R. Berkley Corporation Forms Berkley Transactional   [Sep-06-16 10:19AM  Business Wire]
▶ [$$] Odyssey Investment Buys Aero Precision Industries From Berkley Capital   [Aug-25-16 02:16PM  at The Wall Street Journal]
Stock chart of WRB Financial statements of WRB Annual reports 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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