No. of Recommendations: 21
FWIW, as always.
Per share values are per B.
Book: $301
Current price: $479
Current P/B: 1.6
5-groves value: $414 (15x Op. earnings, 30% of float ($51B) deducted from cash, 10y avg insurance underwriting earnings at 10x)
5-groves optimistic: $468 (17.5x Op. earnings, 0% of float ($0B) deducted from cash, 10y avg insurance underwriting earnings at 17.5x)
Shareholder Equity + Float + 1/2 Deferred Taxes: $390
Highest buyback: $418
Estimated earnings power per share: $29.54 Current PE 16.2 (Op. earnings + estimate of ongoing cap gains)
Cash: $153 per B share
If value is 1.55x book, we are about 66% 'equities', 34% cash/fixed
I'll be donating shares to our DAF. Other than that I'm a hold.