Intrinsic value of Maiden Holdings - MHLD

Previous Close

$3.95

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$3.95

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of MHLD 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 0.3

 

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, %
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  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
Revenue, $m
  3,123
  3,332
  3,550
  3,777
  4,013
  4,258
  4,514
  4,781
  5,059
  5,349
  5,652
  5,968
  6,299
  6,644
  7,005
  7,383
  7,778
  8,192
  8,625
  9,078
  9,553
  10,050
  10,572
  11,118
  11,691
  12,291
  12,921
  13,581
  14,274
  15,000
Variable operating expenses, $m
  3,044
  3,249
  3,461
  3,682
  3,912
  4,152
  4,401
  4,661
  4,932
  5,215
  5,511
  5,819
  6,141
  6,478
  6,830
  7,198
  7,584
  7,987
  8,409
  8,851
  9,314
  9,799
  10,307
  10,840
  11,398
  11,984
  12,598
  13,242
  13,917
  14,625
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
  3,044
  3,249
  3,461
  3,682
  3,912
  4,152
  4,401
  4,661
  4,932
  5,215
  5,511
  5,819
  6,141
  6,478
  6,830
  7,198
  7,584
  7,987
  8,409
  8,851
  9,314
  9,799
  10,307
  10,840
  11,398
  11,984
  12,598
  13,242
  13,917
  14,625
Operating income, $m
  78
  83
  89
  94
  100
  106
  113
  120
  126
  134
  141
  149
  157
  166
  175
  185
  194
  205
  216
  227
  239
  251
  264
  278
  292
  307
  323
  340
  357
  375
EBITDA, $m
  767
  819
  872
  928
  986
  1,046
  1,109
  1,175
  1,243
  1,314
  1,389
  1,466
  1,548
  1,632
  1,721
  1,814
  1,911
  2,013
  2,119
  2,230
  2,347
  2,469
  2,597
  2,732
  2,872
  3,020
  3,175
  3,337
  3,507
  3,686
Interest expense (income), $m
  28
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
  287
Earnings before tax, $m
  -209
  -204
  -198
  -193
  -187
  -181
  -174
  -168
  -161
  -153
  -146
  -138
  -130
  -121
  -112
  -103
  -93
  -82
  -71
  -60
  -48
  -36
  -23
  -9
  5
  20
  36
  52
  70
  88
Tax expense, $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
  1
  5
  10
  14
  19
  24
Net income, $m
  -209
  -204
  -198
  -193
  -187
  -181
  -174
  -168
  -161
  -153
  -146
  -138
  -130
  -121
  -112
  -103
  -93
  -82
  -71
  -60
  -48
  -36
  -23
  -9
  4
  15
  26
  38
  51
  64

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
  6,891
  7,354
  7,835
  8,335
  8,856
  9,398
  9,963
  10,551
  11,165
  11,806
  12,474
  13,172
  13,901
  14,664
  15,461
  16,294
  17,166
  18,079
  19,034
  20,035
  21,083
  22,181
  23,331
  24,537
  25,801
  27,127
  28,516
  29,974
  31,502
  33,105
Working capital, $m
  -5,705
  -6,088
  -6,486
  -6,900
  -7,331
  -7,780
  -8,247
  -8,735
  -9,243
  -9,773
  -10,326
  -10,904
  -11,508
  -12,139
  -12,799
  -13,489
  -14,210
  -14,966
  -15,757
  -16,585
  -17,453
  -18,362
  -19,314
  -20,312
  -21,359
  -22,456
  -23,606
  -24,813
  -26,078
  -27,405
Total debt, $m
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
  5,317
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
  -209
  -204
  -198
  -193
  -187
  -181
  -174
  -168
  -161
  -153
  -146
  -138
  -130
  -121
  -112
  -103
  -93
  -82
  -71
  -60
  -48
  -36
  -23
  -9
  4
  15
  26
  38
  51
  64
Depreciation, amort., depletion, $m
  689
  735
  783
  834
  886
  940
  996
  1,055
  1,117
  1,181
  1,247
  1,317
  1,390
  1,466
  1,546
  1,629
  1,717
  1,808
  1,903
  2,003
  2,108
  2,218
  2,333
  2,454
  2,580
  2,713
  2,852
  2,997
  3,150
  3,311
Funds from operations, $m
  480
  532
  585
  641
  699
  759
  822
  888
  956
  1,027
  1,102
  1,179
  1,261
  1,345
  1,434
  1,527
  1,624
  1,726
  1,832
  1,943
  2,060
  2,182
  2,310
  2,445
  2,584
  2,727
  2,878
  3,036
  3,201
  3,375
Change in working capital, $m
  -368
  -383
  -398
  -414
  -431
  -449
  -468
  -487
  -508
  -530
  -553
  -578
  -604
  -631
  -660
  -690
  -722
  -756
  -791
  -828
  -868
  -909
  -952
  -998
  -1,046
  -1,097
  -1,150
  -1,206
  -1,265
  -1,327
Cash from operations, $m
  848
  914
  983
  1,055
  1,130
  1,208
  1,290
  1,375
  1,464
  1,557
  1,655
  1,757
  1,864
  1,976
  2,094
  2,217
  2,346
  2,481
  2,623
  2,772
  2,928
  3,091
  3,263
  3,443
  3,630
  3,824
  4,028
  4,242
  4,466
  4,702
Maintenance CAPEX, $m
  -645
  -689
  -735
  -783
  -834
  -886
  -940
  -996
  -1,055
  -1,117
  -1,181
  -1,247
  -1,317
  -1,390
  -1,466
  -1,546
  -1,629
  -1,717
  -1,808
  -1,903
  -2,003
  -2,108
  -2,218
  -2,333
  -2,454
  -2,580
  -2,713
  -2,852
  -2,997
  -3,150
New CAPEX, $m
  -443
  -462
  -481
  -500
  -521
  -542
  -565
  -589
  -614
  -640
  -668
  -698
  -729
  -762
  -797
  -834
  -872
  -913
  -955
  -1,001
  -1,048
  -1,098
  -1,151
  -1,206
  -1,264
  -1,325
  -1,390
  -1,457
  -1,528
  -1,603
Cash from investing activities, $m
  -1,088
  -1,151
  -1,216
  -1,283
  -1,355
  -1,428
  -1,505
  -1,585
  -1,669
  -1,757
  -1,849
  -1,945
  -2,046
  -2,152
  -2,263
  -2,380
  -2,501
  -2,630
  -2,763
  -2,904
  -3,051
  -3,206
  -3,369
  -3,539
  -3,718
  -3,905
  -4,103
  -4,309
  -4,525
  -4,753
Free cash flow, $m
  -240
  -237
  -233
  -229
  -224
  -220
  -215
  -210
  -205
  -200
  -194
  -188
  -182
  -176
  -169
  -163
  -156
  -148
  -140
  -132
  -124
  -115
  -106
  -96
  -87
  -81
  -74
  -67
  -59
  -52
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
  -240
  -237
  -233
  -229
  -224
  -220
  -215
  -210
  -205
  -200
  -194
  -188
  -182
  -176
  -169
  -163
  -156
  -148
  -140
  -132
  -124
  -115
  -106
  -96
  -87
  -81
  -74
  -67
  -59
  -52
Retained Cash Flow (-), $m
  -209
  -204
  -198
  -193
  -187
  -181
  -174
  -168
  -161
  -153
  -146
  -138
  -130
  -121
  -112
  -103
  -93
  -82
  -71
  -60
  -48
  -36
  -23
  -9
  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
  0
  0
  0
  0
  0
  0
  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
  -209
  -204
  -198
  -193
  -187
  -181
  -174
  -168
  -161
  -153
  -146
  -138
  -130
  -121
  -112
  -103
  -93
  -82
  -71
  -60
  -48
  -36
  -23
  -9
  0
  0
  0
  0
  0
  0
Discount rate, %
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.71
  24.89
  26.14
  27.44
  28.81
  30.25
  31.77
  33.36
  35.02
  36.77
  38.61
  40.54
  42.57
  44.70
  46.93
  49.28
  51.75
  54.33
PV of cash for distribution, $m
  -185
  -157
  -132
  -109
  -89
  -71
  -56
  -43
  -32
  -24
  -17
  -12
  -8
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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

Maiden Holdings, Ltd. (Maiden) is a holding company. The Company focuses on serving the needs of regional and specialty insurers in the United States, Europe and select other global markets by providing reinsurance solutions designed to support their capital needs. It operates through two segments: Diversified Reinsurance and AmTrust Reinsurance. The Diversified Reinsurance segment consists of a portfolio of property and casualty reinsurance business focusing on regional and specialty property, and casualty insurance companies located, primarily in the United States and Europe. AmTrust is a multinational specialty property and casualty insurance holding company with operations in the United States, Europe and Bermuda. The Company provides reinsurance through its subsidiaries, Maiden Reinsurance Ltd. and Maiden Reinsurance North America, Inc. Internationally, the Company provides insurance sales and distribution services through Maiden Global Holdings, Ltd. and its subsidiaries.

FINANCIAL RATIOS  of  Maiden Holdings (MHLD)

Valuation Ratios
P/E Ratio 7
Price to Sales 0.1
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 0.7
Price to Free Cash Flow 0.7
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 25.8%
Total Debt to Equity 25.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 3.6%
Return On Equity - 3 Yr. Avg. 7.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 3.6%
EBITDA Margin - 3 Yr. Avg. 5.8%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 5%
Pre-Tax Margin 1.8%
Pre-Tax Margin - 3 Yr. Avg. 3.7%
Net Profit Margin 1.8%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate 4%
Eff/ Tax Rate - 3 Yr. Avg. 2.5%
Payout Ratio 157.1%

MHLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MHLD stock intrinsic value calculation we used $2921 million for the last fiscal year's total revenue generated by Maiden Holdings. The default revenue input number comes from 2017 income statement of Maiden Holdings. 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 MHLD stock valuation model: a) initial revenue growth rate of 6.9% 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 13.2%, whose default value for MHLD is calculated based on our internal credit rating of Maiden Holdings, 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 Maiden Holdings.
    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 MHLD stock the variable cost ratio is equal to 97.5%.

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 MHLD 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 Maiden Holdings.

Corporate tax rate of 27% is the nominal tax rate for Maiden Holdings. 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 MHLD 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 MHLD are equal to 220.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Maiden Holdings 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 MHLD is equal to -182.7%. 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 Maiden Holdings - 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 86 million for Maiden Holdings 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 Maiden Holdings at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Maiden Holdings: 2Q Earnings Snapshot   [Aug-09-18 09:33AM  Associated Press]
▶ The AmTrust Buyout Could Be a No-Lose Deal for Investors   [Jul-05-18 05:26PM  InvestorPlace]
▶ Maiden Holdings: 1Q Earnings Snapshot   [May-10-18 05:08AM  Associated Press]
▶ When Should You Buy Maiden Holdings Ltd (NASDAQ:MHLD)?   [Mar-15-18 05:58PM  Simply Wall St.]
▶ Maiden Holdings reports 4Q loss   [02:21PM  Associated Press]
▶ Maiden Holdings reports 3Q loss   [Nov-08-17 06:06PM  Associated Press]
▶ All You Need To Know About Maiden Holdings Ltds (MHLD) Risks   [Oct-02-17 01:12PM  Simply Wall St.]
▶ Should You Buy Maiden Holdings Ltd (MHLD) Now?   [Sep-12-17 12:37PM  Simply Wall St.]
▶ The Market In 5 Minutes   [Aug-10-17 09:28AM  Benzinga]
▶ Maiden Holdings reports 2Q loss   [Aug-08-17 10:50PM  Associated Press]
▶ ETFs with exposure to Maiden Holdings Ltd. : June 6, 2017   [Jun-06-17 11:45AM  Capital Cube]
▶ Maiden Holdings posts 1Q profit   [May-08-17 06:06PM  Associated Press]
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