Intrinsic value of Alleghany - Y

Previous Close

$585.50

  Intrinsic Value

$636.59

stock screener

  Rating & Target

hold

+9%

Previous close

$585.50

 
Intrinsic value

$636.59

 
Up/down potential

+9%

 
Rating

hold

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 9.0

 

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, %
  20.32
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  6,300
  6,444
  6,610
  6,796
  7,002
  7,228
  7,474
  7,741
  8,028
  8,336
  8,665
  9,017
  9,392
  9,790
  10,212
  10,659
  11,133
  11,634
  12,163
  12,722
  13,312
  13,934
  14,589
  15,280
  16,007
  16,773
  17,580
  18,428
  19,320
  20,259
Variable operating expenses, $m
 
  5,260
  5,380
  5,517
  5,672
  5,843
  6,031
  6,235
  6,456
  6,695
  6,950
  7,196
  7,488
  7,799
  8,129
  8,480
  8,851
  9,245
  9,661
  10,100
  10,564
  11,054
  11,570
  12,115
  12,688
  13,292
  13,928
  14,598
  15,302
  16,043
  16,823
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
  5,260
  5,380
  5,517
  5,672
  5,843
  6,031
  6,235
  6,456
  6,695
  6,950
  7,196
  7,488
  7,799
  8,129
  8,480
  8,851
  9,245
  9,661
  10,100
  10,564
  11,054
  11,570
  12,115
  12,688
  13,292
  13,928
  14,598
  15,302
  16,043
  16,823
Operating income, $m
  729
  1,040
  1,065
  1,093
  1,124
  1,159
  1,197
  1,239
  1,284
  1,333
  1,385
  1,470
  1,529
  1,593
  1,660
  1,732
  1,808
  1,888
  1,973
  2,063
  2,158
  2,258
  2,363
  2,475
  2,592
  2,715
  2,845
  2,982
  3,126
  3,277
  3,436
EBITDA, $m
  889
  1,129
  1,155
  1,185
  1,218
  1,255
  1,295
  1,339
  1,387
  1,439
  1,494
  1,553
  1,616
  1,683
  1,754
  1,830
  1,910
  1,995
  2,085
  2,180
  2,280
  2,386
  2,497
  2,615
  2,738
  2,869
  3,006
  3,151
  3,303
  3,462
  3,631
Interest expense (income), $m
  81
  83
  101
  121
  145
  172
  201
  234
  269
  307
  348
  393
  440
  490
  544
  601
  662
  726
  794
  866
  942
  1,022
  1,106
  1,196
  1,290
  1,389
  1,493
  1,603
  1,719
  1,840
  1,968
Earnings before tax, $m
  648
  957
  964
  971
  979
  987
  996
  1,005
  1,015
  1,026
  1,037
  1,077
  1,090
  1,103
  1,116
  1,131
  1,146
  1,162
  1,179
  1,197
  1,216
  1,236
  1,257
  1,279
  1,302
  1,326
  1,352
  1,379
  1,407
  1,437
  1,468
Tax expense, $m
  187
  258
  260
  262
  264
  267
  269
  271
  274
  277
  280
  291
  294
  298
  301
  305
  309
  314
  318
  323
  328
  334
  339
  345
  352
  358
  365
  372
  380
  388
  396
Net income, $m
  457
  699
  704
  709
  715
  721
  727
  734
  741
  749
  757
  786
  795
  805
  815
  826
  837
  849
  861
  874
  888
  902
  918
  934
  950
  968
  987
  1,006
  1,027
  1,049
  1,072

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
  24,229
  24,786
  25,423
  26,138
  26,931
  27,800
  28,747
  29,772
  30,876
  32,061
  33,329
  34,681
  36,122
  37,652
  39,276
  40,998
  42,820
  44,746
  46,782
  48,932
  51,200
  53,592
  56,113
  58,769
  61,567
  64,513
  67,614
  70,876
  74,309
  77,919
Adjusted assets (=assets-cash), $m
  23,757
  24,229
  24,786
  25,423
  26,138
  26,931
  27,800
  28,747
  29,772
  30,876
  32,061
  33,329
  34,681
  36,122
  37,652
  39,276
  40,998
  42,820
  44,746
  46,782
  48,932
  51,200
  53,592
  56,113
  58,769
  61,567
  64,513
  67,614
  70,876
  74,309
  77,919
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
  302
  309
  317
  326
  336
  347
  359
  372
  385
  400
  416
  433
  451
  470
  490
  512
  534
  558
  584
  611
  639
  669
  700
  733
  768
  805
  844
  885
  927
  972
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
  1,795
  2,167
  2,591
  3,067
  3,595
  4,174
  4,805
  5,487
  6,222
  7,012
  7,856
  8,757
  9,716
  10,735
  11,817
  12,963
  14,177
  15,460
  16,816
  18,247
  19,758
  21,351
  23,030
  24,799
  26,663
  28,625
  30,690
  32,863
  35,149
  37,553
Total liabilities, $m
  15,817
  16,136
  16,508
  16,932
  17,408
  17,936
  18,515
  19,146
  19,828
  20,563
  21,353
  22,197
  23,098
  24,057
  25,076
  26,158
  27,304
  28,518
  29,801
  31,157
  32,588
  34,099
  35,692
  37,371
  39,140
  41,004
  42,966
  45,031
  47,204
  49,490
  51,894
Total equity, $m
  7,940
  8,092
  8,279
  8,491
  8,730
  8,995
  9,285
  9,602
  9,944
  10,313
  10,708
  11,132
  11,584
  12,065
  12,576
  13,118
  13,693
  14,302
  14,945
  15,625
  16,343
  17,101
  17,900
  18,742
  19,629
  20,563
  21,547
  22,583
  23,673
  24,819
  26,025
Total liabilities and equity, $m
  23,757
  24,228
  24,787
  25,423
  26,138
  26,931
  27,800
  28,748
  29,772
  30,876
  32,061
  33,329
  34,682
  36,122
  37,652
  39,276
  40,997
  42,820
  44,746
  46,782
  48,931
  51,200
  53,592
  56,113
  58,769
  61,567
  64,513
  67,614
  70,877
  74,309
  77,919
Debt-to-equity ratio
  0.186
  0.220
  0.260
  0.310
  0.350
  0.400
  0.450
  0.500
  0.550
  0.600
  0.650
  0.710
  0.760
  0.810
  0.850
  0.900
  0.950
  0.990
  1.030
  1.080
  1.120
  1.160
  1.190
  1.230
  1.260
  1.300
  1.330
  1.360
  1.390
  1.420
  1.440
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
  699
  704
  709
  715
  721
  727
  734
  741
  749
  757
  786
  795
  805
  815
  826
  837
  849
  861
  874
  888
  902
  918
  934
  950
  968
  987
  1,006
  1,027
  1,049
  1,072
Depreciation, amort., depletion, $m
  160
  89
  90
  92
  94
  96
  98
  100
  103
  106
  109
  83
  87
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
  185
  194
Funds from operations, $m
  1,303
  788
  794
  801
  808
  817
  825
  834
  844
  854
  865
  869
  882
  895
  909
  924
  939
  955
  973
  991
  1,010
  1,030
  1,051
  1,074
  1,097
  1,122
  1,148
  1,175
  1,204
  1,234
  1,266
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
  788
  794
  801
  808
  817
  825
  834
  844
  854
  865
  869
  882
  895
  909
  924
  939
  955
  973
  991
  1,010
  1,030
  1,051
  1,074
  1,097
  1,122
  1,148
  1,175
  1,204
  1,234
  1,266
Maintenance CAPEX, $m
  0
  -59
  -60
  -62
  -63
  -65
  -67
  -69
  -72
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -185
New CAPEX, $m
  -24
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
Cash from investing activities, $m
  -673
  -65
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -150
  -158
  -165
  -173
  -182
  -191
  -200
  -210
  -220
  -230
Free cash flow, $m
  120
  722
  727
  731
  736
  741
  747
  753
  759
  766
  774
  774
  782
  790
  800
  809
  820
  830
  842
  854
  866
  880
  894
  908
  924
  940
  957
  976
  995
  1,015
  1,036
Issuance/(repayment) of debt, $m
  0
  319
  371
  424
  476
  528
  579
  631
  683
  735
  789
  844
  901
  959
  1,019
  1,082
  1,146
  1,213
  1,283
  1,356
  1,432
  1,511
  1,593
  1,679
  1,769
  1,863
  1,962
  2,065
  2,173
  2,286
  2,405
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
  29
  63
  98
  134
Cash from financing (excl. dividends), $m  
  -17
  319
  371
  424
  476
  528
  579
  631
  683
  735
  789
  844
  901
  959
  1,019
  1,082
  1,146
  1,213
  1,283
  1,356
  1,432
  1,511
  1,593
  1,679
  1,769
  1,863
  1,962
  2,094
  2,236
  2,384
  2,539
Total cash flow (excl. dividends), $m
  119
  1,042
  1,098
  1,155
  1,212
  1,269
  1,326
  1,384
  1,442
  1,502
  1,563
  1,618
  1,683
  1,750
  1,819
  1,891
  1,966
  2,044
  2,125
  2,210
  2,298
  2,390
  2,487
  2,588
  2,693
  2,804
  2,919
  3,070
  3,230
  3,398
  3,574
Retained Cash Flow (-), $m
  -385
  -152
  -186
  -213
  -239
  -265
  -290
  -316
  -342
  -369
  -396
  -423
  -452
  -481
  -511
  -542
  -575
  -609
  -644
  -680
  -718
  -758
  -799
  -842
  -887
  -934
  -984
  -1,036
  -1,090
  -1,146
  -1,206
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
 
  889
  912
  943
  974
  1,004
  1,036
  1,067
  1,100
  1,133
  1,167
  1,195
  1,231
  1,269
  1,308
  1,349
  1,391
  1,435
  1,481
  1,530
  1,580
  1,633
  1,688
  1,745
  1,806
  1,869
  1,935
  2,034
  2,140
  2,252
  2,369
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
 
  841
  812
  785
  754
  719
  680
  638
  593
  547
  500
  450
  403
  357
  313
  271
  232
  195
  162
  133
  107
  85
  66
  50
  38
  28
  20
  14
  10
  6
  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
  100.0
  99.9
  99.6
  99.3
  98.8

Alleghany Corporation is an insurance holding company. The Company, through its subsidiary Alleghany Insurance Holdings LLC (AIHL) and its subsidiaries, is engaged in the property and casualty insurance business. AIHL's insurance operations are conducted by its subsidiaries RSUI Group, Inc. (RSUI), CapSpecialty, Inc. (CapSpecialty) and Pacific Compensation Corporation (PacificComp). Its segments include reinsurance and insurance. Its reinsurance segment consists of property and casualty reinsurance operations conducted by Transatlantic Holdings, Inc. reinsurance operating subsidiaries. Its insurance segment consists of property and casualty insurance operations conducted by AIHL through its insurance operating subsidiaries RSUI, CapSpecialty and PacificComp. AIHL Re LLC, which is a captive reinsurance company, provides reinsurance to its insurance operating subsidiaries and affiliates.

FINANCIAL RATIOS  of  Alleghany (Y)

Valuation Ratios
P/E Ratio 19.7
Price to Sales 1.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow 11.7
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% 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 15.425 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 $9.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to Alleghany Corp. : November 20, 2017   [Nov-20-17 01:38PM  Capital Cube]
▶ ETFs with exposure to Alleghany Corp. : November 8, 2017   [Nov-08-17 06:44PM  Capital Cube]
▶ Alleghany reports 3Q loss   [Nov-06-17 05:39AM  Associated Press]
▶ New Strong Sell Stocks for October 23rd   [Oct-23-17 08:10AM  Zacks]
▶ New Strong Sell Stocks for October 16th   [Oct-16-17 08:43AM  Zacks]
▶ ETFs with exposure to Alleghany Corp. : October 9, 2017   [Oct-09-17 12:13PM  Capital Cube]
▶ ETFs with exposure to Alleghany Corp. : September 9, 2017   [Sep-09-17 01:30AM  Capital Cube]
▶ 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]
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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