Intrinsic value of White Mountains Insurance Group - WTM

Previous Close

$864.87

  Intrinsic Value

$305.69

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

+413%

Previous close

$864.87

 
Intrinsic value

$305.69

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence*

+413%

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

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

We calculate the intrinsic value of WTM 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 4.0

 

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, %
  -16.09
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  0
  1,424
  1,490
  1,559
  1,633
  1,710
  1,792
  1,877
  1,968
  2,063
  2,163
  2,268
  2,378
  2,494
  2,617
  2,745
  2,880
  3,022
  3,171
  3,328
  3,492
  3,665
  3,847
  4,038
  4,238
  4,449
  4,670
  4,902
  5,146
  5,402
  5,671
Variable operating expenses, $m
 
  354
  370
  387
  405
  424
  444
  465
  487
  511
  535
  555
  582
  611
  641
  672
  705
  740
  777
  815
  855
  898
  942
  989
  1,038
  1,089
  1,144
  1,200
  1,260
  1,323
  1,389
Fixed operating expenses, $m
 
  1,099
  1,126
  1,154
  1,183
  1,213
  1,243
  1,274
  1,306
  1,339
  1,372
  1,407
  1,442
  1,478
  1,515
  1,553
  1,591
  1,631
  1,672
  1,714
  1,757
  1,801
  1,846
  1,892
  1,939
  1,987
  2,037
  2,088
  2,140
  2,194
  2,249
Total operating expenses, $m
  1,385
  1,453
  1,496
  1,541
  1,588
  1,637
  1,687
  1,739
  1,793
  1,850
  1,907
  1,962
  2,024
  2,089
  2,156
  2,225
  2,296
  2,371
  2,449
  2,529
  2,612
  2,699
  2,788
  2,881
  2,977
  3,076
  3,181
  3,288
  3,400
  3,517
  3,638
Operating income, $m
  -24
  -29
  -7
  17
  44
  73
  104
  138
  174
  213
  255
  306
  354
  406
  461
  520
  583
  651
  722
  799
  880
  967
  1,059
  1,157
  1,261
  1,372
  1,489
  1,614
  1,746
  1,885
  2,034
EBITDA, $m
  42
  -24
  -1
  23
  50
  78
  110
  143
  180
  219
  261
  306
  354
  406
  461
  520
  583
  651
  722
  799
  880
  967
  1,059
  1,157
  1,261
  1,372
  1,489
  1,614
  1,746
  1,885
  2,034
Interest expense (income), $m
  15
  14
  20
  27
  34
  42
  50
  59
  67
  77
  87
  97
  108
  119
  132
  144
  158
  172
  186
  202
  218
  235
  253
  272
  292
  313
  334
  357
  382
  407
  434
Earnings before tax, $m
  -40
  -43
  -27
  -10
  10
  31
  54
  79
  107
  136
  168
  209
  246
  286
  330
  376
  426
  479
  536
  597
  662
  732
  806
  885
  969
  1,059
  1,155
  1,256
  1,364
  1,479
  1,600
Tax expense, $m
  -45
  0
  0
  0
  3
  8
  15
  21
  29
  37
  45
  56
  66
  77
  89
  102
  115
  129
  145
  161
  179
  198
  218
  239
  262
  286
  312
  339
  368
  399
  432
Net income, $m
  413
  -43
  -27
  -10
  7
  22
  39
  58
  78
  99
  123
  152
  180
  209
  241
  274
  311
  350
  391
  436
  483
  534
  588
  646
  708
  773
  843
  917
  996
  1,079
  1,168

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
  6,545
  6,844
  7,162
  7,497
  7,850
  8,222
  8,613
  9,026
  9,460
  9,916
  10,397
  10,902
  11,434
  11,992
  12,580
  13,197
  13,846
  14,528
  15,245
  15,998
  16,789
  17,621
  18,494
  19,411
  20,375
  21,387
  22,450
  23,567
  24,740
  25,972
  27,266
Adjusted assets (=assets-cash), $m
  6,545
  6,844
  7,162
  7,497
  7,850
  8,222
  8,613
  9,026
  9,460
  9,916
  10,397
  10,902
  11,434
  11,992
  12,580
  13,197
  13,846
  14,528
  15,245
  15,998
  16,789
  17,621
  18,494
  19,411
  20,375
  21,387
  22,450
  23,567
  24,740
  25,972
  27,266
Revenue / Adjusted assets
  0.000
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
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
  286
  424
  567
  718
  876
  1,044
  1,220
  1,406
  1,601
  1,806
  2,023
  2,250
  2,489
  2,741
  3,005
  3,283
  3,575
  3,882
  4,204
  4,543
  4,899
  5,273
  5,666
  6,079
  6,513
  6,968
  7,447
  7,949
  8,477
  9,031
  9,613
Total liabilities, $m
  2,941
  3,080
  3,223
  3,374
  3,532
  3,700
  3,876
  4,062
  4,257
  4,462
  4,679
  4,906
  5,145
  5,397
  5,661
  5,939
  6,231
  6,538
  6,860
  7,199
  7,555
  7,929
  8,322
  8,735
  9,169
  9,624
  10,103
  10,605
  11,133
  11,687
  12,269
Total equity, $m
  3,603
  3,764
  3,939
  4,123
  4,317
  4,522
  4,737
  4,964
  5,203
  5,454
  5,718
  5,996
  6,288
  6,596
  6,919
  7,258
  7,615
  7,991
  8,385
  8,799
  9,234
  9,691
  10,172
  10,676
  11,206
  11,763
  12,348
  12,962
  13,607
  14,285
  14,996
Total liabilities and equity, $m
  6,544
  6,844
  7,162
  7,497
  7,849
  8,222
  8,613
  9,026
  9,460
  9,916
  10,397
  10,902
  11,433
  11,993
  12,580
  13,197
  13,846
  14,529
  15,245
  15,998
  16,789
  17,620
  18,494
  19,411
  20,375
  21,387
  22,451
  23,567
  24,740
  25,972
  27,265
Debt-to-equity ratio
  0.079
  0.110
  0.140
  0.170
  0.200
  0.230
  0.260
  0.280
  0.310
  0.330
  0.350
  0.380
  0.400
  0.420
  0.430
  0.450
  0.470
  0.490
  0.500
  0.520
  0.530
  0.540
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
Adjusted equity ratio
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  413
  -43
  -27
  -10
  7
  22
  39
  58
  78
  99
  123
  152
  180
  209
  241
  274
  311
  350
  391
  436
  483
  534
  588
  646
  708
  773
  843
  917
  996
  1,079
  1,168
Depreciation, amort., depletion, $m
  66
  6
  6
  6
  6
  6
  6
  6
  6
  6
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  -364
  -38
  -22
  -4
  13
  28
  45
  63
  83
  105
  129
  152
  180
  209
  241
  274
  311
  350
  391
  436
  483
  534
  588
  646
  708
  773
  843
  917
  996
  1,079
  1,168
Change in working capital, $m
  -209
  0
  0
  0
  0
  0
  0
  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
  -155
  -38
  -22
  -4
  13
  28
  45
  63
  83
  105
  129
  152
  180
  209
  241
  274
  311
  350
  391
  436
  483
  534
  588
  646
  708
  773
  843
  917
  996
  1,079
  1,168
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
  -4
  0
  0
  0
  0
  0
  0
  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
  1,277
  0
  0
  0
  0
  0
  0
  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
  1,122
  -38
  -22
  -4
  13
  28
  45
  63
  83
  105
  129
  152
  180
  209
  241
  274
  311
  350
  391
  436
  483
  534
  588
  646
  708
  773
  843
  917
  996
  1,079
  1,168
Issuance/(repayment) of debt, $m
  -405
  138
  143
  151
  159
  167
  176
  186
  195
  206
  216
  227
  239
  251
  264
  278
  292
  307
  323
  339
  356
  374
  393
  413
  434
  456
  478
  503
  528
  554
  582
Issuance/(repurchase) of shares, $m
  -889
  204
  202
  194
  187
  182
  176
  169
  161
  152
  141
  126
  113
  98
  83
  65
  46
  25
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -937
  342
  345
  345
  346
  349
  352
  355
  356
  358
  357
  353
  352
  349
  347
  343
  338
  332
  326
  339
  356
  374
  393
  413
  434
  456
  478
  503
  528
  554
  582
Total cash flow (excl. dividends), $m
  184
  305
  323
  340
  359
  377
  397
  418
  440
  462
  486
  505
  531
  559
  587
  617
  649
  682
  717
  775
  840
  908
  981
  1,059
  1,141
  1,229
  1,321
  1,419
  1,523
  1,634
  1,750
Retained Cash Flow (-), $m
  310
  -204
  -202
  -194
  -194
  -205
  -215
  -227
  -239
  -251
  -264
  -278
  -292
  -307
  -323
  -340
  -357
  -375
  -394
  -414
  -435
  -457
  -480
  -505
  -530
  -557
  -585
  -614
  -645
  -678
  -712
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
 
  100
  121
  147
  164
  173
  182
  191
  201
  211
  222
  227
  239
  251
  264
  278
  292
  307
  323
  361
  404
  451
  501
  554
  611
  672
  737
  805
  878
  956
  1,039
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  95
  109
  124
  130
  127
  123
  118
  113
  107
  101
  91
  84
  77
  70
  62
  55
  48
  41
  37
  33
  28
  24
  20
  16
  13
  10
  8
  6
  4
  3
Current shareholders' claim on cash, %
  100
  95.1
  90.7
  86.8
  83.3
  80.2
  77.5
  75.0
  72.9
  71.0
  69.4
  68.0
  66.9
  65.9
  65.2
  64.6
  64.3
  64.1
  64.0
  64.0
  64.0
  64.0
  64.0
  64.0
  64.0
  64.0
  64.0
  64.0
  64.0
  64.0
  64.0

White Mountains Insurance Group, Ltd., through its subsidiaries, engages in insurance, reinsurance, and insurance services businesses. Its OneBeacon segment underwrites professional liability and other specialized coverages for the healthcare industry, such as excess insurance, and excess of loss or HMO reinsurance; multi-line package and tuition reimbursement insurance; commercial surety bonds; and professional liability coverages for architects and engineers, and various customer groups. This segment also provides management liability insurance to private for-profit and nonprofit organizations; products for financial services and financial institutions industry; specialty property insurance, such as excess property and inland marine solutions; all-lines underwriting solutions for the technology industry; and environmental risk, ocean marine, specialized accident, entertainment, and government risks solutions. This segment provides its products through independent agencies, regional and national brokers, wholesalers, and managing general agencies. The company’s HG Global/BAM segment provides insurance on municipal bonds issued to essential support U.S. public purposes, such as schools, utilities, core governmental functions, and existing transportation facilities. Its Other Operations segment offers investment management services; direct-to-consumer customer acquisition solutions; programmatic platforms that bring transparency and efficiency to the buying and selling of insurance and other vertical-specific performance media; personal auto insurance; online price comparisons of pension products; management services; and reinsures death and living benefit guarantees associated with variable annuities issued in Japan. The company operates primarily in the United States, Europe, Canada, the Caribbean, Bermuda, Latin America, Asia, and internationally. White Mountains Insurance Group, Ltd. was founded in 1980 and is headquartered in Hamilton, Bermuda.

FINANCIAL RATIOS  of  White Mountains Insurance Group (WTM)

Valuation Ratios
P/E Ratio 9.5
Price to Sales 2.9
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -25.4
Price to Free Cash Flow -24.8
Growth Rates
Sales Growth Rate -16.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -19.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 7.9%
Total Debt to Equity 7.9%
Interest Coverage -2
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 10.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8%
Return On Equity 11%
Return On Equity - 3 Yr. Avg. 8.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 3%
EBITDA Margin - 3 Yr. Avg. 5.6%
Operating Margin -1.8%
Oper. Margin - 3 Yr. Avg. 2.6%
Pre-Tax Margin -2.9%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin 30.3%
Net Profit Margin - 3 Yr. Avg. 23.6%
Effective Tax Rate 112.5%
Eff/ Tax Rate - 3 Yr. Avg. 53.4%
Payout Ratio 1.2%

WTM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WTM stock intrinsic value calculation we used $1361 million for the last fiscal year's total revenue generated by White Mountains Insurance Group. The default revenue input number comes from 2016 income statement of White Mountains Insurance Group. 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 WTM stock valuation model: a) initial revenue growth rate of 4.6% 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 5.3%, whose default value for WTM is calculated based on our internal credit rating of White Mountains Insurance Group, 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 White Mountains Insurance Group.
    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 WTM stock the variable cost ratio is equal to 24.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1072 million in the base year in the intrinsic value calculation for WTM 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 4.8% for White Mountains Insurance Group.

Corporate tax rate of 27% is the nominal tax rate for White Mountains Insurance Group. 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 WTM 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 WTM are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in White Mountains Insurance Group 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 WTM 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 - $3603 million for White Mountains Insurance Group - 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 4.572 million for White Mountains Insurance Group 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 White Mountains Insurance Group at the current share price and the inputted number of shares is $4.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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MKL Markel 1,050.12 667.92  sell
NAVG Navigators Gro 55.35 118.16  str.buy
HIG Hartford Finan 55.60 174.35  str.buy
OB OneBeacon Insu 18.21 8.46  str.sell
ORI Old Republic I 19.18 35.19  str.buy

COMPANY NEWS

▶ White Mountains posts 2Q profit   [Aug-04-17 11:36PM  Associated Press]
▶ White Mountains posts 1Q profit   [May-03-17 05:28AM  Associated Press]
▶ Reid Campbell to Become CFO of White Mountains   [May-02-17 04:25PM  PR Newswire]
▶ White Mountains Declares Annual Dividend   [08:00AM  PR Newswire]
▶ Bermuda's OneBeacon Insurance Group to Explore Sale   [Jan-18-17 11:28AM  at Bloomberg]
▶ Should You Buy White Mountains Insurance Group Ltd (WTM)?   [Dec-12-16 05:14PM  at Insider Monkey]
▶ White Mountains Reports Results Of Shareholder Vote   [May-27-16 08:00AM  PR Newswire]
Stock chart of WTM Financial statements of WTM
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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