Intrinsic value of Alleghany - Y

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$610.70

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$610.70

 
Intrinsic value

$881.18

 
Up/down potential

+44%

 
Rating

buy

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

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

We calculate the intrinsic value of Y 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 9.4

 

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, %
  20.32
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  0
  6,571
  6,983
  7,411
  7,857
  8,322
  8,807
  9,313
  9,841
  10,392
  10,968
  11,570
  12,200
  12,858
  13,546
  14,267
  15,022
  15,812
  16,639
  17,506
  18,415
  19,367
  20,365
  21,411
  22,508
  23,659
  24,865
  26,131
  27,459
  28,852
  30,313
Variable operating expenses, $m
 
  5,485
  5,827
  6,182
  6,553
  6,939
  7,342
  7,762
  8,200
  8,658
  9,136
  9,608
  10,130
  10,677
  11,249
  11,847
  12,474
  13,130
  13,817
  14,537
  15,291
  16,082
  16,910
  17,779
  18,690
  19,646
  20,648
  21,699
  22,801
  23,958
  25,172
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
  5,447
  5,485
  5,827
  6,182
  6,553
  6,939
  7,342
  7,762
  8,200
  8,658
  9,136
  9,608
  10,130
  10,677
  11,249
  11,847
  12,474
  13,130
  13,817
  14,537
  15,291
  16,082
  16,910
  17,779
  18,690
  19,646
  20,648
  21,699
  22,801
  23,958
  25,172
Operating income, $m
  729
  1,086
  1,156
  1,229
  1,304
  1,383
  1,465
  1,551
  1,641
  1,734
  1,832
  1,962
  2,069
  2,181
  2,298
  2,420
  2,548
  2,682
  2,822
  2,969
  3,123
  3,285
  3,454
  3,632
  3,818
  4,013
  4,218
  4,432
  4,657
  4,894
  5,142
EBITDA, $m
  889
  1,178
  1,251
  1,328
  1,408
  1,491
  1,578
  1,669
  1,764
  1,862
  1,966
  2,074
  2,186
  2,304
  2,428
  2,557
  2,692
  2,834
  2,982
  3,137
  3,300
  3,471
  3,650
  3,837
  4,034
  4,240
  4,456
  4,683
  4,921
  5,171
  5,433
Interest expense (income), $m
  81
  83
  140
  199
  260
  324
  391
  460
  533
  609
  688
  770
  857
  947
  1,041
  1,140
  1,243
  1,352
  1,465
  1,584
  1,708
  1,838
  1,975
  2,118
  2,268
  2,426
  2,591
  2,764
  2,945
  3,136
  3,336
Earnings before tax, $m
  648
  1,003
  1,016
  1,030
  1,044
  1,059
  1,075
  1,091
  1,108
  1,126
  1,144
  1,192
  1,213
  1,234
  1,256
  1,280
  1,304
  1,330
  1,357
  1,386
  1,415
  1,446
  1,479
  1,513
  1,549
  1,587
  1,627
  1,668
  1,712
  1,758
  1,806
Tax expense, $m
  187
  271
  274
  278
  282
  286
  290
  295
  299
  304
  309
  322
  327
  333
  339
  346
  352
  359
  366
  374
  382
  391
  399
  409
  418
  429
  439
  450
  462
  475
  488
Net income, $m
  457
  733
  742
  752
  762
  773
  784
  796
  809
  822
  835
  870
  885
  901
  917
  934
  952
  971
  991
  1,011
  1,033
  1,056
  1,080
  1,105
  1,131
  1,159
  1,188
  1,218
  1,250
  1,283
  1,318

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
  23,757
  25,274
  26,856
  28,504
  30,220
  32,008
  33,873
  35,819
  37,850
  39,970
  42,186
  44,501
  46,921
  49,453
  52,102
  54,874
  57,775
  60,814
  63,997
  67,331
  70,825
  74,487
  78,325
  82,350
  86,569
  90,994
  95,636
  100,504
  105,611
  110,969
  116,590
Adjusted assets (=assets-cash), $m
  23,757
  25,274
  26,856
  28,504
  30,220
  32,008
  33,873
  35,819
  37,850
  39,970
  42,186
  44,501
  46,921
  49,453
  52,102
  54,874
  57,775
  60,814
  63,997
  67,331
  70,825
  74,487
  78,325
  82,350
  86,569
  90,994
  95,636
  100,504
  105,611
  110,969
  116,590
Revenue / Adjusted assets
  0.000
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
Average production assets, $m
  296
  315
  335
  356
  377
  399
  423
  447
  472
  499
  526
  555
  586
  617
  650
  685
  721
  759
  799
  840
  884
  930
  977
  1,028
  1,080
  1,136
  1,194
  1,254
  1,318
  1,385
  1,455
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
  1,476
  2,492
  3,545
  4,642
  5,785
  6,977
  8,219
  9,514
  10,867
  12,279
  13,755
  15,297
  16,909
  18,595
  20,359
  22,205
  24,137
  26,161
  28,281
  30,502
  32,828
  35,267
  37,824
  40,504
  43,314
  46,261
  49,352
  52,595
  55,996
  59,564
  63,308
Total liabilities, $m
  15,817
  16,833
  17,886
  18,983
  20,126
  21,318
  22,560
  23,855
  25,208
  26,620
  28,096
  29,638
  31,250
  32,936
  34,700
  36,546
  38,478
  40,502
  42,622
  44,843
  47,169
  49,608
  52,165
  54,845
  57,655
  60,602
  63,693
  66,936
  70,337
  73,905
  77,649
Total equity, $m
  7,940
  8,442
  8,970
  9,520
  10,093
  10,691
  11,314
  11,964
  12,642
  13,350
  14,090
  14,863
  15,672
  16,517
  17,402
  18,328
  19,297
  20,312
  21,375
  22,489
  23,656
  24,879
  26,161
  27,505
  28,914
  30,392
  31,942
  33,568
  35,274
  37,064
  38,941
Total liabilities and equity, $m
  23,757
  25,275
  26,856
  28,503
  30,219
  32,009
  33,874
  35,819
  37,850
  39,970
  42,186
  44,501
  46,922
  49,453
  52,102
  54,874
  57,775
  60,814
  63,997
  67,332
  70,825
  74,487
  78,326
  82,350
  86,569
  90,994
  95,635
  100,504
  105,611
  110,969
  116,590
Debt-to-equity ratio
  0.186
  0.300
  0.400
  0.490
  0.570
  0.650
  0.730
  0.800
  0.860
  0.920
  0.980
  1.030
  1.080
  1.130
  1.170
  1.210
  1.250
  1.290
  1.320
  1.360
  1.390
  1.420
  1.450
  1.470
  1.500
  1.520
  1.550
  1.570
  1.590
  1.610
  1.630
Adjusted equity ratio
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  457
  733
  742
  752
  762
  773
  784
  796
  809
  822
  835
  870
  885
  901
  917
  934
  952
  971
  991
  1,011
  1,033
  1,056
  1,080
  1,105
  1,131
  1,159
  1,188
  1,218
  1,250
  1,283
  1,318
Depreciation, amort., depletion, $m
  160
  92
  96
  100
  104
  108
  113
  118
  123
  128
  134
  111
  117
  123
  130
  137
  144
  152
  160
  168
  177
  186
  195
  206
  216
  227
  239
  251
  264
  277
  291
Funds from operations, $m
  1,303
  824
  837
  852
  866
  882
  898
  914
  932
  950
  969
  981
  1,002
  1,024
  1,047
  1,071
  1,096
  1,123
  1,151
  1,180
  1,210
  1,242
  1,275
  1,310
  1,347
  1,386
  1,426
  1,469
  1,513
  1,560
  1,609
Change in working capital, $m
  510
  0
  0
  0
  0
  0
  0
  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
  793
  907
  837
  852
  866
  882
  898
  914
  932
  950
  969
  981
  1,002
  1,024
  1,047
  1,071
  1,096
  1,123
  1,151
  1,180
  1,210
  1,242
  1,275
  1,310
  1,347
  1,386
  1,426
  1,469
  1,513
  1,560
  1,609
Maintenance CAPEX, $m
  0
  -59
  -63
  -67
  -71
  -75
  -80
  -85
  -89
  -94
  -100
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -195
  -206
  -216
  -227
  -239
  -251
  -264
  -277
New CAPEX, $m
  -24
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
Cash from investing activities, $m
  -673
  -78
  -83
  -88
  -92
  -97
  -103
  -109
  -114
  -120
  -128
  -134
  -141
  -149
  -156
  -165
  -173
  -182
  -192
  -202
  -212
  -223
  -234
  -245
  -259
  -271
  -285
  -300
  -315
  -331
  -347
Free cash flow, $m
  120
  828
  755
  764
  774
  784
  794
  805
  817
  829
  842
  847
  861
  876
  891
  907
  923
  941
  959
  978
  998
  1,019
  1,041
  1,065
  1,089
  1,115
  1,141
  1,169
  1,199
  1,230
  1,262
Issuance/(repayment) of debt, $m
  0
  1,016
  1,054
  1,097
  1,143
  1,191
  1,242
  1,296
  1,353
  1,412
  1,475
  1,542
  1,612
  1,686
  1,764
  1,846
  1,933
  2,024
  2,120
  2,221
  2,327
  2,439
  2,556
  2,680
  2,810
  2,947
  3,091
  3,242
  3,401
  3,568
  3,744
Issuance/(repurchase) of shares, $m
  -68
  0
  0
  0
  0
  0
  0
  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  
  -17
  1,016
  1,054
  1,097
  1,143
  1,191
  1,242
  1,296
  1,353
  1,412
  1,475
  1,542
  1,612
  1,686
  1,764
  1,846
  1,933
  2,024
  2,120
  2,221
  2,327
  2,439
  2,556
  2,680
  2,810
  2,947
  3,091
  3,242
  3,401
  3,568
  3,744
Total cash flow (excl. dividends), $m
  119
  1,844
  1,808
  1,861
  1,917
  1,975
  2,036
  2,101
  2,169
  2,241
  2,317
  2,389
  2,473
  2,562
  2,655
  2,753
  2,856
  2,964
  3,079
  3,199
  3,325
  3,458
  3,598
  3,745
  3,899
  4,062
  4,232
  4,412
  4,600
  4,798
  5,006
Retained Cash Flow (-), $m
  -385
  -502
  -528
  -550
  -573
  -597
  -623
  -650
  -678
  -708
  -740
  -773
  -808
  -846
  -885
  -926
  -969
  -1,015
  -1,063
  -1,114
  -1,167
  -1,223
  -1,282
  -1,344
  -1,409
  -1,478
  -1,550
  -1,626
  -1,706
  -1,790
  -1,878
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
 
  1,342
  1,280
  1,311
  1,343
  1,378
  1,414
  1,451
  1,491
  1,533
  1,577
  1,616
  1,665
  1,716
  1,770
  1,827
  1,887
  1,950
  2,016
  2,085
  2,158
  2,235
  2,316
  2,401
  2,490
  2,584
  2,682
  2,786
  2,894
  3,009
  3,129
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  1,270
  1,139
  1,092
  1,040
  985
  928
  867
  804
  741
  676
  608
  545
  483
  424
  367
  314
  266
  221
  181
  146
  116
  90
  69
  52
  38
  27
  19
  13
  9
  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

Alleghany Corporation, together with its subsidiaries, provides property and casualty reinsurance and insurance products in the United States and internationally. The company operates through two segments, Reinsurance and Insurance. The Reinsurance segment offers property reinsurance products, including fire, allied lines, auto physical damage, and homeowners’ multiple peril; and casualty and other reinsurance products, such as liability, medical malpractice, ocean marine and aviation, auto liability, accident and health, surety, and credit. This segment distributes its products and services through brokers, as well as directly to insurance and reinsurance companies. The Insurance segment underwrites specialty insurance coverages in the property, as well as umbrella/excess, general, directors’ and officers’, and professional liability lines; and surety products comprising commercial surety bonds and contract surety bonds, as well as workers’ compensation insurance. This segment distributes its products through independent wholesale insurance brokers, and retail and general insurance agents. The company also explores for and produces oil and gas; manufactures custom trailers and truck bodies for moving and storage industry, and other markets; and provides technical engineering services for pharmaceutical and biotechnology industries, as well as operates a toy and consumer electronics company. In addition, it manufactures and remanufactures/retrofits precision machine tools, as well as supplies replacement parts; and owns and manages improved and unimproved commercial land, as well as residential lots. As of December 31, 2016, the company owned approximately 314 acres of property. Alleghany Corporation was founded in 1929 and is based in New York, New York.

FINANCIAL RATIOS  of  Alleghany (Y)

Valuation Ratios
P/E Ratio 20.6
Price to Sales 1.5
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 12.2
Growth Rates
Sales Growth Rate 20.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.1%
Cap. Spend. - 3 Yr. Gr. Rate 7.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 18.6%
Total Debt to Equity 18.6%
Interest Coverage 9
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 5%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 5.9%
Return On Equity - 3 Yr. Avg. 7.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 14.4%
EBITDA Margin - 3 Yr. Avg. 19.1%
Operating Margin 11.8%
Oper. Margin - 3 Yr. Avg. 15.9%
Pre-Tax Margin 10.5%
Pre-Tax Margin - 3 Yr. Avg. 14.3%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 10.4%
Effective Tax Rate 28.9%
Eff/ Tax Rate - 3 Yr. Avg. 27.2%
Payout Ratio 0%

Y stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the Y stock intrinsic value calculation we used $6176 million for the last fiscal year's total revenue generated by Alleghany. The default revenue input number comes from 2016 income statement of Alleghany. 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 Y stock valuation model: a) initial revenue growth rate of 6.4% 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 5.7%, whose default value for Y is calculated based on our internal credit rating of Alleghany, 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 Alleghany.
    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 Y stock the variable cost ratio is equal to 83.5%.

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 Y 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 5.6% for Alleghany.

Corporate tax rate of 27% is the nominal tax rate for Alleghany. 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 Y 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 Y are equal to 4.8%.

Life of production assets of 3.2 years is the average useful life of capital assets used in Alleghany 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 Y 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 - $7940 million for Alleghany - 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 15.374 million for Alleghany 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 Alleghany at the current share price and the inputted number of shares is $9.4 billion.


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COMPANY NEWS

▶ ETFs with exposure to Alleghany Corp. : April 27, 2017   [Apr-27-17 04:21PM  Capital Cube]
▶ Steven Romick Sells Short Russell 2000 ETF in 1st Quarter   [Apr-11-17 01:46PM  GuruFocus.com]
▶ ETFs with exposure to Alleghany Corp. : April 5, 2017   [Apr-05-17 05:47PM  Capital Cube]
▶ Alleghany posts 4Q profit   [Feb-22-17 07:16PM  Associated Press]
▶ Marissa Mayer to leave Yahoo board   [Jan-10-17 05:11AM  CNBC Videos]
Stock chart of Y Financial statements of Y
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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