Markel Corp Stock Research

Market Summary

USD1328.65+14.70

Market Closed

1.12%

MKL Alerts

3 major insider buys recently.
Big jump in Revenue (Y/Y)
Big jump in Earnings (Y/Y)

MKL Stock Price

MKL RSI Chart

MKL Valuation

Market Cap

18.2B

Price/Earnings (Trailing)

55.48

Price/Sales (Trailing)

1.43

EV/EBITDA

15.62

Price/Free Cashflow

7.77

MKL Price/Sales (Trailing)

MKL Profitability

EBT Margin

-1.27%

Return on Equity

-1.64%

Return on Assets

-0.43%

Free Cashflow Yield

12.88%

MKL Fundamentals

MKL Revenue

Revenue (TTM)

12.7B

Revenue Y/Y

39.8%

Revenue Q/Q

-13.47%

MKL Earnings

Earnings (TTM)

327.4M

Earnings Y/Y

1.0K%

Earnings Q/Q

-29.15%

Price Action

52 Week Range

1064.091458.56

(Low)(High)

Last 7 days

-2.3%

Last 30 days

1.3%

Last 90 days

-0.5%

Trailing 12 Months

-3.5%

MKL Financial Health

Debt/Equity

0.31

Debt/Cashflow

0.66

MKL Investor Care

Buy Backs (1Y)

1.59%

Diluted EPS (TTM)

20.31

Peers (Alternatives to Markel)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PGR	80.9B	52.1B	-4.00%	10.00%	112.13	1.63	6.08%	-60.84%
TRV	39.8B	37.8B	-2.45%	0.63%	14.22	1.05	6.99%	-29.09%
AIG	39.6B	51.6B	6.42%	-4.08%	3.86	0.7	-3.37%	-38.13%
ALL	28.8B	52.9B	-3.97%	-15.88%	-12.04	0.54	4.73%	-167.90%
RE	24.5B	12.4B	-5.12%	26.78%	41.05	1.97	3.58%	-56.71%
HIG	23.3B	22.9B	0.31%	-2.34%	11.93	1.05	1.76%	-25.56%
Y	11.4B	-	0.57%	29.95%	32.11	0.97	-	-
AFG	9.7B	7.2B	-4.93%	-11.85%	11.83	1.35	8.46%	-56.06%
MID-CAP
RNR	8.3B	6.5B	-8.64%	24.01%	-80.86	1.27	18.12%	27.70%
ESGR	3.9B	1.6B	3.06%	6.01%	-21.91	2.4	-	-308.14%
SMALL-CAP
HMN	1.4B	1.4B	-0.16%	-25.99%	-529.92	1	2.59%	-108.90%
PLMR	1.2B	338.2M	-4.28%	-23.19%	21.71	3.53	22.24%	25.58%
PRA	990.7M	1.1B	-31.02%	-46.30%	-2.5K	0.9	-7.68%	-102.27%
JRVR	758.8M	847.3M	6.72%	-22.00%	24.98	0.9	7.01%	151.37%

Financials for Markel

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	8.9%	12,712	11,675	11,223	10,844	12,552
Costs and Expenses	2.0%	12,009	11,768	11,192	10,644	10,095
EBITDA	7.0%	414	387	2,863	-	-
EBITDA Margin	-0.7%	0.04*	0.04*	0.23*	-	-
Earnings Before Taxes	497.1%	591	-148	91.00	194	2,337
EBT Margin	-260.2%	-0.01*	0.01*	0.02*	0.19*	-
Interest Expenses	-0.1%	196	196	195	194	191
Net Income	252.9%	327	-214	-31.60	91.00	1,800
Net Income Margin	-529.4%	-0.02*	0.00*	0.01*	0.14*	-
Free Cahsflow	8.7%	2,455	2,258	2,182	2,205	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	2.3%	50,942	49,791	48,421	47,947	48,985
Cash Equivalents	-2.5%	4,032	4,137	3,541	3,699	5,208
Goodwill	0.2%	2,643	2,639	2,797	2,770	2,774
Liabilities	1.7%	36,661	36,054	35,550	34,684	34,398
Long Term Debt	-5.0%	3,897	4,104	4,131	4,502	4,429
Shareholder's Equity	4.5%	13,744	13,151	12,294	12,756	14,101
Retained Earnings	4.3%	10,255	9,833	9,256	9,290	10,278
Minority Interest	-28.6%	45.00	63.00	65.00	11.00	6.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	-4.8%	2,579	2,709	2,532	2,382	2,371
Cashflow From Investing	-3.5%	-1,728	-1,670	-1,488	-1,103	-1,910
Cashflow From Financing	-66.1%	-988	-595	-560	-581	297
Buy Backs	0.9%	293	291	292	272	264

Risks for MKL

What is the probability of a big loss on MKL?

51.5%

Probability that Markel stock will be more than 20% underwater in next one year

19.2%

Probability that Markel stock will be more than 30% underwater in next one year.

18.5%

Probability that Markel stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does MKL drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Markel was unfortunately bought at previous high price.

Drawdowns

Returns for MKL

Cumulative Returns on MKL

9.6%

10-Year Cumulative Returns

4.6%

7-Year Cumulative Returns

3.2%

5-Year Cumulative Returns

13.1%

3-Year Cumulative Returns

What are the long-term rolling returns for MKL?

FIve years rolling returns for Markel.

Annualized Returns

Which funds bought or sold MKL recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-05-23	Toroso Investments, LLC	new	-	408,000	408,000	0.01%
2023-05-22	FDx Advisors, Inc.	unchanged	-	-	1,732,000	0.07%
2023-05-22	Raleigh Capital Management Inc.	new	-	3,832	3,832	-%
2023-05-22	AMERIPRISE FINANCIAL INC	added	30.94	1,687,780	7,941,780	-%
2023-05-18	NEW YORK STATE COMMON RETIREMENT FUND	reduced	-12.47	-3,615,000	20,266,000	0.03%
2023-05-18	CENTAURUS FINANCIAL, INC.	reduced	-13.84	-656,000	3,332,000	0.27%
2023-05-18	JPMORGAN CHASE & CO	added	17.08	2,186,970	18,381,000	-%
2023-05-17	Advisory Services Network, LLC	unchanged	-	-25,251	804,768	0.02%
2023-05-17	Chevy Chase Trust Holdings, LLC	reduced	-14.34	-116,767	572,280	-%
2023-05-17	CHECK CAPITAL MANAGEMENT INC/CA	added	27.75	16,851,000	87,460,000	3.90%

Latest Funds Activity

Are funds buying MKL calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own MKL

No. of Funds

Markel News

Schedule 13G FIlings of Markel

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	8.99%	1,208,726	SC 13G/A
Feb 24, 2022	blackrock inc.	4.5%	619,942	SC 13G/A
Feb 10, 2021	vanguard group inc	8.82%	1,215,423	SC 13G/A
Jan 29, 2021	blackrock inc.	6.0%	824,768	SC 13G/A
Feb 12, 2020	vanguard group inc	8.86%	1,224,995	SC 13G/A
Feb 05, 2020	blackrock inc.	6.6%	917,249	SC 13G/A

MKL Fair Value

Recent SEC filings of Markel

View All Filings

Date Filed	Form Type	Document
May 26, 2023	8-K	Current Report
May 25, 2023	4	Insider Trading
May 19, 2023	8-K	Current Report
May 18, 2023	4	Insider Trading
May 18, 2023	4	Insider Trading
May 18, 2023	4	Insider Trading
May 18, 2023	4	Insider Trading
May 18, 2023	4	Insider Trading
May 18, 2023	4	Insider Trading
May 18, 2023	4	Insider Trading

Latest Insider Trading transactions for MKL

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-05-17	Connell K Bruce	acquired	-	-	122	-
2023-05-17	Housel Morgan E.	acquired	-	-	122	-
2023-05-17	Morrison Harold Lawrence Jr.	acquired	-	-	122	-
2023-05-17	Puckett A. Lynne	acquired	-	-	122	-
2023-05-17	OREILLY MICHAEL	acquired	-	-	122	-
2023-05-17	Besca Mark	acquired	-	-	122	-
2023-05-17	Leopold Diane	acquired	-	-	122	-
2023-05-17	Harris Greta J	acquired	-	-	122	-
2023-05-17	Cunningham Lawrence A	acquired	-	-	122	-
2023-05-16	Noble Jeremy Andrew	acquired	-	-	368	president, insurance

About Markel

Thomas S. Gayner

www.markelcorp.com

20300

Markel Corporation, a diverse financial holding company, markets and underwrites specialty insurance products in the United States, Bermuda, the United Kingdom, rest of Europe, Canada, the Asia Pacific, and the Middle East. Its Insurance segment offers general and professional liability, personal lines, marine and energy, specialty programs, and workers' compensation insurance products; and property coverages that include fire, allied lines, and other specialized property coverages, including catastrophe-exposed property risks, such as earthquake and wind. This segment also offers credit and surety products, and collateral protection insurance products. The company's Reinsurance segment offers transaction, healthcare, and environmental impairment liability; and specialty treaty reinsurance products comprising structured and whole turnover credit, political risk, mortgage and contract, and commercial surety reinsurance programs. Its Markel Ventures segment provides equipment used in baking systems and food processing; portable dredges; over-the-road car haulers and transportation equipment; and laminated oak and composite wood flooring, tube and tank trailers, as well as ornamental plants and residential homes, handbags, and architectural products. This segment also provides consulting, and other types of services to businesses and consumers, including distribution of exterior building products, crane rental, fire protection, and life safety services, management and technology consulting, and retail intelligence services. The company's Other segment provides healthcare, leasing and investment services, as well as operates as an insurance and investment fund manager offering a range of investment products, including insurance-linked securities, catastrophe bonds, insurance swaps, and weather derivatives; and program services. it also manages funds with third parties. Markel Corporation was founded in 1930 and is based in Glen Allen, Virginia.

MKL Income Statement

2023-03-31

Consolidated Statements Of Income (Loss) And Comprehensive Income (Loss) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

OPERATING REVENUES

Earned premiums

$ 1,967,704

$ 1,759,770

Net investment income

159,335

92,304

Net investment gains (losses)

372,563

(358,399)

Products revenues

577,926

481,621

Services and other revenues

565,861

630,940

Total Operating Revenues

3,643,389

2,606,236

OPERATING EXPENSES

Losses and loss adjustment expenses

1,173,014

972,372

Underwriting, acquisition and insurance expenses

675,705

590,365

Products expenses

515,756

447,819

Services and other expenses

480,619

^[1]

589,891

Amortization of intangible assets

44,399

^[2]

46,049

^[3]

Total Operating Expenses

2,889,493

2,646,496

Operating Income (Loss)

753,896

(40,260)

Interest expense

(49,438)

(49,692)

Net foreign exchange gains (losses)

(32,928)

23,004

Income (Loss) Before Income Taxes

671,530

(66,948)

Income tax (expense) benefit

(133,731)

18,136

Net Income (Loss)

537,799

(48,812)

Net income attributable to noncontrolling interests

(49,147)

(2,929)

Net Income (Loss) to Shareholders

488,652

(51,741)

Preferred stock dividends

Net Income (Loss) to Common Shareholders

488,652

(51,741)

OTHER COMPREHENSIVE INCOME (LOSS)

Net holding gains (losses) arising during the period

161,206

(521,200)

Reclassification adjustments for net losses included in net income (loss)

2,994

437

Change in net unrealized gains (losses) on available-for-sale investments, net of taxes

164,200

(520,763)

Change in discount rate for life and annuity benefits, net of taxes

(9,052)

60,693

Change in foreign currency translation adjustments, net of taxes

2,579

(1,248)

Change in net actuarial pension loss, net of taxes

1,132

Total Other Comprehensive Income (Loss)

157,745

(460,186)

Comprehensive Income (Loss)

695,544

(508,998)

Comprehensive income attributable to noncontrolling interests

(49,179)

(2,916)

Comprehensive Income (Loss) to Shareholders

$ 646,365

$ (511,914)

NET INCOME (LOSS) PER COMMON SHARE

Basic

$ 37.33

$ (6.50)

Diluted

^[4]

$ 37.26

$ (6.50)

[1]	Services and other expenses for Other for the three months ended March 31, 2023 included $44.8 million of favorable loss reserve development on the run-off of reinsurance contracts written by Markel CATCo Re Ltd., all of which was attributable to noncontrolling interests. See Note 11.
[2]	Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.6 million for the three months ended March 31, 2023.
[3]	Segment profit for the Markel Ventures segment includes amortization of intangible assets attributable to Markel Ventures. Amortization of intangible assets attributable to the Company's underwriting segments, included in Other, was $9.8 million for the three months ended March 31, 2022.
[4]	The impact of 27 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the three months ended March 31, 2022 because the effect would have been anti-dilutive.

MKL Balance Sheet

2023-03-31

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets [Abstract]
Fixed maturity securities, available-for-sale (amortized cost of $13,142,991 in 2023 and $12,805,887 in 2022)	$ 12,403,118	$ 11,856,835
Equity securities (cost of $3,169,913 in 2023 and $3,100,040 in 2022)	8,113,476	7,671,912
Short-term investments, available-for-sale (estimated fair value approximates cost)	2,487,501	2,669,262
Total Investments	23,004,095	22,198,009
Cash and cash equivalents	4,031,952	4,137,432
Restricted cash and cash equivalents	972,901	1,084,081
Receivables	3,192,078	2,961,056
Reinsurance recoverables	8,585,580	8,446,745
Deferred policy acquisition costs	994,365	925,483
Prepaid reinsurance premiums	2,162,117	2,066,114
Goodwill	2,642,877	2,638,838
Intangible assets	1,706,206	1,747,464
Other assets	3,650,090	3,586,037
Total Assets	50,942,261	49,791,259
Liabilities and Equity [Abstract]
Unpaid losses and loss adjustment expenses	21,306,793	20,947,898
Life and annuity benefits	668,848	650,721
Unearned premiums	6,570,373	6,220,748
Payables to insurance and reinsurance companies	800,371	669,742
Senior long-term debt and other debt (estimated fair value of $3,450,000 in 2023 and $3,541,000 in 2022)	3,896,766	4,103,629
Other liabilities	3,417,906	3,461,482
Total Liabilities	36,661,057	36,054,220
Redeemable noncontrolling interests	491,883	523,154
Commitments and contingencies
Shareholders' equity:
Preferred Stock	591,891	591,891
Common stock	3,506,972	3,493,893
Retained earnings	10,255,401	9,832,804
Accumulated other comprehensive loss	(609,781)	(767,494)
Total Shareholders' Equity	13,744,483	13,151,094
Noncontrolling interests	44,838	62,791
Total Equity	13,789,321	13,213,885
Total Liabilities and Equity	$ 50,942,261	$ 49,791,259