Intrinsic value of Alleghany - Y

Previous Close

$590.43

  Intrinsic Value

$657.06

stock screener

  Rating & Target

hold

+11%

  Value-price divergence*

+6%

Previous close

$590.43

 
Intrinsic value

$657.06

 
Up/down potential

+11%

 
Rating

hold

 
Value-price divergence*

+6%

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 9.1

 

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
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  0
  6,324
  6,492
  6,680
  6,888
  7,115
  7,361
  7,627
  7,914
  8,221
  8,549
  8,899
  9,272
  9,667
  10,087
  10,531
  11,001
  11,498
  12,023
  12,578
  13,162
  13,779
  14,428
  15,113
  15,834
  16,593
  17,391
  18,232
  19,116
  20,045
  21,023
Variable operating expenses, $m
 
  5,280
  5,420
  5,576
  5,748
  5,936
  6,141
  6,362
  6,600
  6,855
  7,128
  7,390
  7,699
  8,027
  8,376
  8,745
  9,135
  9,548
  9,984
  10,444
  10,930
  11,442
  11,981
  12,550
  13,148
  13,778
  14,441
  15,139
  15,873
  16,645
  17,457
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
  5,280
  5,420
  5,576
  5,748
  5,936
  6,141
  6,362
  6,600
  6,855
  7,128
  7,390
  7,699
  8,027
  8,376
  8,745
  9,135
  9,548
  9,984
  10,444
  10,930
  11,442
  11,981
  12,550
  13,148
  13,778
  14,441
  15,139
  15,873
  16,645
  17,457
Operating income, $m
  729
  1,044
  1,073
  1,105
  1,140
  1,178
  1,220
  1,265
  1,314
  1,366
  1,422
  1,509
  1,573
  1,640
  1,711
  1,786
  1,866
  1,950
  2,039
  2,133
  2,233
  2,337
  2,447
  2,563
  2,686
  2,814
  2,950
  3,092
  3,242
  3,400
  3,566
EBITDA, $m
  889
  1,103
  1,132
  1,165
  1,201
  1,241
  1,284
  1,330
  1,380
  1,434
  1,491
  1,552
  1,617
  1,686
  1,759
  1,837
  1,919
  2,005
  2,097
  2,194
  2,296
  2,403
  2,517
  2,636
  2,762
  2,894
  3,033
  3,180
  3,334
  3,496
  3,667
Interest expense (income), $m
  81
  83
  104
  128
  155
  185
  217
  253
  291
  332
  376
  423
  473
  527
  584
  644
  708
  775
  846
  922
  1,001
  1,085
  1,173
  1,267
  1,365
  1,468
  1,577
  1,692
  1,812
  1,939
  2,072
Earnings before tax, $m
  648
  962
  969
  976
  985
  993
  1,003
  1,012
  1,023
  1,034
  1,045
  1,086
  1,099
  1,113
  1,127
  1,142
  1,158
  1,175
  1,193
  1,212
  1,231
  1,252
  1,274
  1,297
  1,321
  1,346
  1,373
  1,401
  1,430
  1,461
  1,493
Tax expense, $m
  187
  260
  262
  264
  266
  268
  271
  273
  276
  279
  282
  293
  297
  300
  304
  308
  313
  317
  322
  327
  332
  338
  344
  350
  357
  363
  371
  378
  386
  394
  403
Net income, $m
  457
  702
  707
  713
  719
  725
  732
  739
  747
  755
  763
  793
  802
  812
  823
  834
  846
  858
  871
  885
  899
  914
  930
  947
  964
  983
  1,002
  1,023
  1,044
  1,067
  1,090

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
  24,324
  24,971
  25,694
  26,491
  27,364
  28,312
  29,336
  30,438
  31,620
  32,882
  34,228
  35,660
  37,181
  38,795
  40,504
  42,312
  44,224
  46,243
  48,375
  50,624
  52,995
  55,494
  58,127
  60,899
  63,818
  66,890
  70,122
  73,522
  77,098
  80,858
Adjusted assets (=assets-cash), $m
  23,757
  24,324
  24,971
  25,694
  26,491
  27,364
  28,312
  29,336
  30,438
  31,620
  32,882
  34,228
  35,660
  37,181
  38,795
  40,504
  42,312
  44,224
  46,243
  48,375
  50,624
  52,995
  55,494
  58,127
  60,899
  63,818
  66,890
  70,122
  73,522
  77,098
  80,858
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
  304
  312
  321
  331
  342
  353
  366
  380
  395
  410
  427
  445
  464
  484
  505
  528
  552
  577
  604
  632
  661
  693
  725
  760
  796
  835
  875
  918
  962
  1,009
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
  1,859
  2,290
  2,771
  3,302
  3,883
  4,515
  5,197
  5,931
  6,718
  7,559
  8,455
  9,409
  10,422
  11,496
  12,635
  13,839
  15,112
  16,457
  17,877
  19,375
  20,954
  22,618
  24,371
  26,218
  28,162
  30,207
  32,360
  34,624
  37,006
  39,511
Total liabilities, $m
  15,817
  16,200
  16,631
  17,112
  17,643
  18,224
  18,856
  19,538
  20,272
  21,059
  21,900
  22,796
  23,750
  24,763
  25,837
  26,976
  28,180
  29,453
  30,798
  32,218
  33,716
  35,295
  36,959
  38,712
  40,559
  42,503
  44,548
  46,701
  48,965
  51,347
  53,852
Total equity, $m
  7,940
  8,124
  8,340
  8,582
  8,848
  9,140
  9,456
  9,798
  10,166
  10,561
  10,983
  11,432
  11,911
  12,419
  12,957
  13,528
  14,132
  14,771
  15,445
  16,157
  16,908
  17,700
  18,535
  19,414
  20,340
  21,315
  22,341
  23,421
  24,556
  25,751
  27,007
Total liabilities and equity, $m
  23,757
  24,324
  24,971
  25,694
  26,491
  27,364
  28,312
  29,336
  30,438
  31,620
  32,883
  34,228
  35,661
  37,182
  38,794
  40,504
  42,312
  44,224
  46,243
  48,375
  50,624
  52,995
  55,494
  58,126
  60,899
  63,818
  66,889
  70,122
  73,521
  77,098
  80,859
Debt-to-equity ratio
  0.186
  0.230
  0.270
  0.320
  0.370
  0.420
  0.480
  0.530
  0.580
  0.640
  0.690
  0.740
  0.790
  0.840
  0.890
  0.930
  0.980
  1.020
  1.070
  1.110
  1.150
  1.180
  1.220
  1.260
  1.290
  1.320
  1.350
  1.380
  1.410
  1.440
  1.460
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
  702
  707
  713
  719
  725
  732
  739
  747
  755
  763
  793
  802
  812
  823
  834
  846
  858
  871
  885
  899
  914
  930
  947
  964
  983
  1,002
  1,023
  1,044
  1,067
  1,090
Depreciation, amort., depletion, $m
  160
  59
  60
  61
  62
  63
  64
  65
  66
  68
  70
  43
  45
  46
  48
  51
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  83
  88
  92
  96
  101
Funds from operations, $m
  1,303
  761
  767
  773
  780
  788
  796
  804
  813
  823
  833
  836
  847
  859
  871
  885
  898
  913
  929
  945
  962
  980
  999
  1,019
  1,040
  1,062
  1,086
  1,110
  1,136
  1,163
  1,191
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
  761
  767
  773
  780
  788
  796
  804
  813
  823
  833
  836
  847
  859
  871
  885
  898
  913
  929
  945
  962
  980
  999
  1,019
  1,040
  1,062
  1,086
  1,110
  1,136
  1,163
  1,191
Maintenance CAPEX, $m
  0
  -30
  -30
  -31
  -32
  -33
  -34
  -35
  -37
  -38
  -39
  -41
  -43
  -45
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -83
  -88
  -92
  -96
New CAPEX, $m
  -24
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -45
  -47
Cash from investing activities, $m
  -673
  -38
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -64
  -66
  -69
  -74
  -77
  -80
  -85
  -88
  -93
  -97
  -102
  -108
  -112
  -118
  -123
  -130
  -137
  -143
Free cash flow, $m
  120
  724
  728
  733
  738
  744
  750
  756
  763
  770
  777
  778
  786
  795
  805
  815
  825
  836
  848
  861
  874
  887
  902
  917
  933
  950
  968
  986
  1,006
  1,026
  1,048
Issuance/(repayment) of debt, $m
  0
  383
  431
  481
  531
  581
  631
  682
  734
  787
  841
  896
  954
  1,013
  1,074
  1,138
  1,204
  1,273
  1,345
  1,420
  1,498
  1,579
  1,664
  1,753
  1,846
  1,944
  2,046
  2,153
  2,264
  2,382
  2,504
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
  24
  57
  92
  128
  166
Cash from financing (excl. dividends), $m  
  -17
  383
  431
  481
  531
  581
  631
  682
  734
  787
  841
  896
  954
  1,013
  1,074
  1,138
  1,204
  1,273
  1,345
  1,420
  1,498
  1,579
  1,664
  1,753
  1,846
  1,944
  2,070
  2,210
  2,356
  2,510
  2,670
Total cash flow (excl. dividends), $m
  119
  1,106
  1,159
  1,214
  1,270
  1,325
  1,381
  1,438
  1,497
  1,557
  1,618
  1,674
  1,740
  1,808
  1,879
  1,953
  2,030
  2,110
  2,193
  2,280
  2,371
  2,467
  2,566
  2,670
  2,779
  2,894
  3,037
  3,196
  3,362
  3,536
  3,718
Retained Cash Flow (-), $m
  -385
  -184
  -216
  -241
  -266
  -291
  -317
  -342
  -368
  -395
  -422
  -450
  -478
  -508
  -539
  -571
  -604
  -639
  -674
  -712
  -751
  -792
  -835
  -879
  -926
  -975
  -1,026
  -1,080
  -1,136
  -1,194
  -1,256
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
 
  922
  943
  973
  1,003
  1,034
  1,065
  1,096
  1,129
  1,162
  1,197
  1,225
  1,262
  1,300
  1,340
  1,382
  1,426
  1,471
  1,519
  1,568
  1,620
  1,675
  1,732
  1,791
  1,854
  1,919
  2,011
  2,116
  2,226
  2,341
  2,462
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
 
  872
  840
  810
  777
  739
  698
  655
  609
  561
  513
  461
  413
  366
  321
  278
  238
  200
  167
  136
  110
  87
  68
  52
  39
  28
  20
  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
  99.9
  99.7
  99.3
  98.9
  98.3

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 19.9
Price to Sales 1.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow 11.8
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 2.4% 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 10 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 15.373 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 $9.1 billion.

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COMPANY NEWS

▶ Alleghany posts 2Q profit   [Aug-04-17 08:15PM  Associated Press]
▶ ETFs with exposure to Alleghany Corp. : July 25, 2017   [Jul-25-17 02:19PM  Capital Cube]
▶ TransRe Appoints Global Head Of Business Development   [Jul-17-17 09:00AM  PR Newswire]
▶ ETFs with exposure to Alleghany Corp. : July 14, 2017   [Jul-14-17 05:43PM  Capital Cube]
▶ Alleghany Corp. Value Analysis (NYSE:Y) : July 11, 2017   [Jul-11-17 03:53PM  Capital Cube]
▶ Zeke Ashton's Centaur Mutual Funds Semi-Annual 2017 Report   [Jul-05-17 06:01PM  GuruFocus.com]
▶ ETFs with exposure to Alleghany Corp. : July 4, 2017   [Jul-04-17 03:41PM  Capital Cube]
▶ Top 10 Holdings of Our Ultimate Stock-Pickers' Index   [Jun-20-17 06:00AM  Morningstar]
▶ ETFs with exposure to Alleghany Corp. : June 2, 2017   [Jun-02-17 02:39PM  Capital Cube]
▶ Split Decision: The Pros and Cons of Splitting Shares   [May-26-17 11:50AM  The Wall Street Journal]
▶ Alleghany posts 1Q profit   [05:03AM  Associated Press]
▶ 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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