Intrinsic value of Athene Holding - ATH

Previous Close

$49.98

  Intrinsic Value

$582.61

stock screener

  Rating & Target

str. buy

+999%

Previous close

$49.98

 
Intrinsic value

$582.61

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of ATH 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 2017), $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 10.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  13,963
  21,573
  32,263
  46,811
  66,044
  90,796
  121,874
  160,029
  205,918
  260,091
  322,974
  394,867
  475,947
  566,283
  665,848
  774,541
  892,207
  1,018,654
  1,153,679
  1,297,078
  1,448,663
  1,608,278
  1,775,800
  1,951,153
  2,134,311
  2,325,299
  2,524,195
  2,731,135
  2,946,305
  3,169,946
Variable operating expenses, $m
  11,352
  17,413
  25,926
  37,512
  52,829
  72,540
  97,291
  127,676
  164,221
  207,364
  257,210
  314,464
  379,035
  450,977
  530,269
  616,830
  710,537
  811,237
  918,769
  1,032,969
  1,153,689
  1,280,803
  1,414,214
  1,553,862
  1,699,726
  1,851,825
  2,010,222
  2,175,025
  2,346,382
  2,524,486
Fixed operating expenses, $m
  11
  11
  12
  12
  12
  13
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
Total operating expenses, $m
  11,363
  17,424
  25,938
  37,524
  52,841
  72,553
  97,304
  127,689
  164,234
  207,378
  257,224
  314,478
  379,050
  450,992
  530,284
  616,846
  710,553
  811,253
  918,786
  1,032,986
  1,153,706
  1,280,821
  1,414,232
  1,553,881
  1,699,745
  1,851,844
  2,010,242
  2,175,045
  2,346,403
  2,524,507
Operating income, $m
  2,600
  4,149
  6,325
  9,287
  13,203
  18,243
  24,571
  32,339
  41,683
  52,713
  65,750
  80,388
  96,897
  115,291
  135,564
  157,695
  181,654
  207,401
  234,894
  264,092
  294,957
  327,457
  361,568
  397,272
  434,566
  473,455
  513,953
  556,089
  599,902
  645,439
EBITDA, $m
  18,043
  27,883
  41,704
  60,516
  85,384
  117,388
  157,573
  206,907
  266,242
  336,289
  417,597
  510,556
  615,394
  732,200
  860,939
  1,001,481
  1,153,624
  1,317,123
  1,491,712
  1,677,128
  1,873,131
  2,079,515
  2,296,124
  2,522,859
  2,759,685
  3,006,635
  3,263,811
  3,531,388
  3,809,606
  4,098,778
Interest expense (income), $m
  9
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
  4,602
Earnings before tax, $m
  -2,003
  -453
  1,723
  4,685
  8,601
  13,641
  19,969
  27,737
  37,081
  48,111
  61,147
  75,786
  92,295
  110,689
  130,962
  153,093
  177,052
  202,798
  230,292
  259,490
  290,355
  322,855
  356,965
  392,670
  429,964
  468,852
  509,351
  551,487
  595,299
  640,836
Tax expense, $m
  0
  0
  465
  1,265
  2,322
  3,683
  5,392
  7,489
  10,012
  12,990
  16,510
  20,462
  24,920
  29,886
  35,360
  41,335
  47,804
  54,756
  62,179
  70,062
  78,396
  87,171
  96,381
  106,021
  116,090
  126,590
  137,525
  148,902
  160,731
  173,026
Net income, $m
  -2,003
  -453
  1,258
  3,420
  6,279
  9,958
  14,577
  20,248
  27,069
  35,121
  44,638
  55,324
  67,375
  80,803
  95,602
  111,758
  129,248
  148,043
  168,113
  189,428
  211,959
  235,684
  260,585
  286,649
  313,874
  342,262
  371,826
  402,586
  434,569
  467,811

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
Total 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
Adjusted assets (=assets-cash), $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
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  152,115
  235,018
  351,469
  509,964
  719,486
  989,127
  1,327,697
  1,743,351
  2,243,269
  2,833,431
  3,518,478
  4,301,677
  5,184,967
  6,169,087
  7,253,751
  8,437,854
  9,719,700
  11,097,220
  12,568,179
  14,130,364
  15,781,739
  17,520,578
  19,345,564
  21,255,864
  23,251,185
  25,331,803
  27,498,583
  29,752,981
  32,097,044
  34,533,392
Working capital, $m
  -144,868
  -223,821
  -334,725
  -485,669
  -685,209
  -942,004
  -1,264,445
  -1,660,296
  -2,136,397
  -2,698,444
  -3,350,855
  -4,096,741
  -4,937,951
  -5,875,186
  -6,908,176
  -8,035,867
  -9,256,645
  -10,568,538
  -11,969,419
  -13,457,180
  -15,029,883
  -16,685,882
  -18,423,924
  -20,243,215
  -22,143,477
  -24,124,973
  -26,188,525
  -28,335,522
  -30,567,911
  -32,888,190
Total debt, $m
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
  85,226
Total liabilities, $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 equity, $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 liabilities and equity, $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
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -2,003
  -453
  1,258
  3,420
  6,279
  9,958
  14,577
  20,248
  27,069
  35,121
  44,638
  55,324
  67,375
  80,803
  95,602
  111,758
  129,248
  148,043
  168,113
  189,428
  211,959
  235,684
  260,585
  286,649
  313,874
  342,262
  371,826
  402,586
  434,569
  467,811
Depreciation, amort., depletion, $m
  15,444
  23,734
  35,379
  51,229
  72,181
  99,145
  133,002
  174,567
  224,559
  283,575
  351,848
  430,168
  518,497
  616,909
  725,375
  843,785
  971,970
  1,109,722
  1,256,818
  1,413,036
  1,578,174
  1,752,058
  1,934,556
  2,125,586
  2,325,118
  2,533,180
  2,749,858
  2,975,298
  3,209,704
  3,453,339
Funds from operations, $m
  13,441
  23,281
  36,637
  54,649
  78,460
  109,103
  147,579
  194,816
  251,628
  318,697
  396,485
  485,491
  585,872
  697,711
  820,977
  955,543
  1,101,218
  1,257,765
  1,424,931
  1,602,464
  1,790,133
  1,987,742
  2,195,141
  2,412,236
  2,638,992
  2,875,442
  3,121,684
  3,377,884
  3,644,273
  3,921,150
Change in working capital, $m
  -54,326
  -78,953
  -110,903
  -150,944
  -199,540
  -256,795
  -322,441
  -395,851
  -476,101
  -562,046
  -652,411
  -745,886
  -841,209
  -937,236
  -1,032,989
  -1,127,691
  -1,220,778
  -1,311,893
  -1,400,881
  -1,487,761
  -1,572,702
  -1,655,999
  -1,738,042
  -1,819,292
  -1,900,262
  -1,981,496
  -2,063,552
  -2,146,997
  -2,232,389
  -2,320,279
Cash from operations, $m
  67,767
  102,234
  147,541
  205,593
  277,999
  365,898
  470,020
  590,667
  727,730
  880,743
  1,048,897
  1,231,378
  1,427,081
  1,634,947
  1,853,966
  2,083,235
  2,321,995
  2,569,658
  2,825,812
  3,090,225
  3,362,836
  3,643,741
  3,933,183
  4,231,527
  4,539,254
  4,856,938
  5,185,237
  5,524,881
  5,876,662
  6,241,429
Maintenance CAPEX, $m
  -9,508
  -15,212
  -23,502
  -35,147
  -50,996
  -71,949
  -98,913
  -132,770
  -174,335
  -224,327
  -283,343
  -351,848
  -430,168
  -518,497
  -616,909
  -725,375
  -843,785
  -971,970
  -1,109,722
  -1,256,818
  -1,413,036
  -1,578,174
  -1,752,058
  -1,934,556
  -2,125,586
  -2,325,118
  -2,533,180
  -2,749,858
  -2,975,298
  -3,209,704
New CAPEX, $m
  -57,039
  -82,903
  -116,451
  -158,495
  -209,521
  -269,641
  -338,571
  -415,653
  -499,918
  -590,162
  -685,047
  -783,199
  -883,290
  -984,120
  -1,084,663
  -1,184,103
  -1,281,846
  -1,377,520
  -1,470,959
  -1,562,185
  -1,651,375
  -1,738,839
  -1,824,985
  -1,910,300
  -1,995,321
  -2,080,618
  -2,166,780
  -2,254,399
  -2,344,062
  -2,436,349
Cash from investing activities, $m
  -66,547
  -98,115
  -139,953
  -193,642
  -260,517
  -341,590
  -437,484
  -548,423
  -674,253
  -814,489
  -968,390
  -1,135,047
  -1,313,458
  -1,502,617
  -1,701,572
  -1,909,478
  -2,125,631
  -2,349,490
  -2,580,681
  -2,819,003
  -3,064,411
  -3,317,013
  -3,577,043
  -3,844,856
  -4,120,907
  -4,405,736
  -4,699,960
  -5,004,257
  -5,319,360
  -5,646,053
Free cash flow, $m
  1,220
  4,120
  7,587
  11,951
  17,481
  24,308
  32,537
  42,244
  53,477
  66,254
  80,506
  96,331
  113,624
  132,330
  152,394
  173,757
  196,364
  220,169
  245,131
  271,222
  298,424
  326,728
  356,139
  386,671
  418,347
  451,201
  485,277
  520,624
  557,302
  595,376
Issuance/(repayment) of debt, $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
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $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 cash flow (excl. dividends), $m
  1,220
  4,120
  7,587
  11,951
  17,481
  24,308
  32,537
  42,244
  53,477
  66,254
  80,506
  96,331
  113,624
  132,330
  152,394
  173,757
  196,364
  220,169
  245,131
  271,222
  298,424
  326,728
  356,139
  386,671
  418,347
  451,201
  485,277
  520,624
  557,302
  595,376
Retained Cash Flow (-), $m
  -2,003
  -453
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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
  44
  70
  108
  161
  234
  330
  454
  609
  800
  1,030
  1,300
  1,615
  1,974
  2,380
  2,831
  3,329
  3,873
  4,461
  5,093
  5,768
  6,485
  7,243
  8,041
  8,879
  9,756
  10,672
  11,626
  12,621
  13,656
  14,732
Cash available for distribution, $m
  -782
  3,666
  7,587
  11,951
  17,481
  24,308
  32,537
  42,244
  53,477
  66,254
  80,506
  96,331
  113,624
  132,330
  152,394
  173,757
  196,364
  220,169
  245,131
  271,222
  298,424
  326,728
  356,139
  386,671
  418,347
  451,201
  485,277
  520,624
  557,302
  595,376
Discount rate, %
  13.50
  14.18
  14.88
  15.63
  16.41
  17.23
  18.09
  19.00
  19.95
  20.94
  21.99
  23.09
  24.24
  25.46
  26.73
  28.07
  29.47
  30.94
  32.49
  34.11
  35.82
  37.61
  39.49
  41.47
  43.54
  45.72
  48.00
  50.40
  52.92
  55.57
PV of cash for distribution, $m
  -689
  2,813
  5,004
  6,686
  8,178
  9,365
  10,159
  10,508
  10,406
  9,895
  9,042
  7,964
  6,759
  5,531
  4,363
  3,319
  2,434
  1,719
  1,169
  765
  482
  291
  169
  94
  50
  25
  12
  6
  2
  1
Current shareholders' claim on cash, %
  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

Athene Holding Ltd. is an insurance holding company. The Company's segments include Retirement Services, Corporate and Other. Retirement Services segment consists of the United States and Bermuda operations, which issue and reinsure retirement savings products and institutional products. Retirement Services has retail operations, which provide annuity retirement solutions to its policyholders. Retirement Services has reinsurance operations, which reinsure multi-year guaranteed annuities, fixed indexed annuities, traditional one year guarantee fixed deferred annuities, immediate annuities and institutional products from its reinsurance partners. It offers two product lines: annuities and funding agreements. It offers deferred and immediate annuities, which are focused on the needs and objectives of people preparing for, approaching or living in retirement. It focuses on issuing funding agreements to institutional investors. Its life and other products include other retail products.

FINANCIAL RATIOS  of  Athene Holding (ATH)

Valuation Ratios
P/E Ratio 12.4
Price to Sales 2.4
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 8.4
Growth Rates
Sales Growth Rate 47.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 85
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 1%
Return On Total Capital 13.2%
Ret/ On T. Cap. - 3 Yr. Avg. 12.8%
Return On Equity 13.2%
Return On Equity - 3 Yr. Avg. 14.9%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 26.9%
EBITDA Margin - 3 Yr. Avg. 25.2%
Operating Margin 18.2%
Oper. Margin - 3 Yr. Avg. 17.8%
Pre-Tax Margin 18.3%
Pre-Tax Margin - 3 Yr. Avg. 17.8%
Net Profit Margin 19.6%
Net Profit Margin - 3 Yr. Avg. 17.3%
Effective Tax Rate -6.9%
Eff/ Tax Rate - 3 Yr. Avg. 1.9%
Payout Ratio 0%

ATH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATH stock intrinsic value calculation we used $8727 million for the last fiscal year's total revenue generated by Athene Holding. The default revenue input number comes from 2017 income statement of Athene Holding. 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 ATH stock valuation model: a) initial revenue growth rate of 60% 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 13.5%, whose default value for ATH is calculated based on our internal credit rating of Athene Holding, 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 Athene Holding.
    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 ATH stock the variable cost ratio is equal to 82.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $11 million in the base year in the intrinsic value calculation for ATH 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 5.4% for Athene Holding.

Corporate tax rate of 27% is the nominal tax rate for Athene Holding. 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 ATH stock is equal to 0.5%.

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 ATH are equal to 1089.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Athene Holding 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 ATH is equal to -1037.5%. 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 - $0 million for Athene Holding - 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 200 million for Athene Holding 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 Athene Holding at the current share price and the inputted number of shares is $10.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Athene Holding Ltd. Class A to Host Earnings Call   [Aug-03-18 07:00AM  ACCESSWIRE]
▶ Athene Holding Ltd. Reports Second Quarter 2018 Results   [Aug-02-18 04:15PM  Business Wire]
▶ Athene Holding Ltd. Class A to Host Earnings Call   [May-04-18 07:30AM  ACCESSWIRE]
▶ Athene Holding Ltd. Reports First Quarter 2018 Results   [May-03-18 04:16PM  Business Wire]
▶ Five Insurance Stocks to Consider Amid Higher Interest Rates   [Apr-16-18 09:54PM  Insider Monkey]
▶ Athene Holding Ltd. Class A to Host Earnings Call   [Feb-22-18 07:50AM  ACCESSWIRE]
▶ Athene Holding Ltd. Announces Pricing of Senior Notes   [Jan-09-18 06:10PM  Business Wire]
▶ Athene Holding Ltd. Announces Deconsolidation of AGER   [Jan-01-18 04:00PM  Business Wire]
▶ Time To Lock In Profits, Hunt Bargains: TD Ameritrade   [Dec-13-17 02:15PM  Investopedia]
▶ Athene Holding (ATH) Jumps: Stock Rises 7.5%   [Dec-11-17 08:46AM  Zacks]
▶ Athene Signs Pension Buyout Agreement with MillerCoors   [Dec-01-17 05:04PM  Business Wire]
▶ Athene Holding Ltd. Class A to Host Earnings Call   [Nov-07-17 07:10AM  ACCESSWIRE]
▶ Athene Holding Ltd. Reports┬áThird Quarter 2017 Results   [Nov-06-17 04:17PM  Business Wire]
▶ Athene Trying To Close In On Key Technical Measure   [Oct-11-17 03:00AM  Investor's Business Daily]
▶ Prudential Earns RS Rating Upgrade   [Oct-09-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Prudential   [Sep-28-17 03:00AM  Investor's Business Daily]
▶ Lincoln National Earns Relative Strength Rating Upgrade   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ New IPO With 113% EPS Growth Tries To Break Out Again   [Sep-13-17 10:42AM  Investor's Business Daily]
▶ Stocks Showing Improved Relative Strength: Lincoln National   [03:00AM  Investor's Business Daily]
▶ Bulls Shrug Off Bad News; Can These 5 Breakouts Bloom?   [Sep-01-17 12:07PM  Investor's Business Daily]
▶ Voya Financial Sees RS Rating Improve To 71   [Aug-28-17 03:00AM  Investor's Business Daily]
▶ AGER to Acquire Aegon Ireland   [01:09AM  Business Wire]
▶ Athene Holding Ltd. Reports Second Quarter 2017 Results   [Aug-09-17 04:14PM  Business Wire]
▶ ETFs with exposure to Athene Holding Ltd. : July 11, 2017   [Jul-11-17 02:03PM  Capital Cube]
▶ ETFs with exposure to Athene Holding Ltd. : June 19, 2017   [Jun-19-17 02:56PM  Capital Cube]
▶ ETFs with exposure to Athene Holding Ltd. : June 8, 2017   [Jun-08-17 01:23PM  Capital Cube]
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