MeritValue

PARTNERRE LTD

PREJFdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

PARTNERRE LTD earns about 8% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $79.19 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2019FY 2020FY 2021FY 2022FY 2023
Revenue$7.88B1$7.37B2$7.4B3$5.73B3$9.12B3
Net income$936.7M4$254.2M5$764.2M6−$939.8M6$2.32B6
Operating cash flow$998.9M7$1.12B8$1.23B9$1.47B9$2.24B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$1.4B10$1.97B11$1.9B12$1.85B13$1.88B13
Cash & equivalents$1.48B14$2.35B15$660.9M15$1.25B15$1.1B15
Diluted shares100.0M100.0M100.0M100.0M100.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$842.44
your share of equity
Profit it earned you last year
$231.81
Free cash flow it threw off
—
Debt you’d be carrying
$188.36

10 shares is a claim on $842.44 of net worth that earned you $231.81 last year, against $188.36 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
8% avg · 5y
FY19 14%FY20 4%FY21 10%FY22 -10%FY23 22%

It earned an average 8% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 35% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$79.19
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$764.2M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2019-12-31 · accession 0000911421-22-000011 (Revenues)
  2. 20-F · period ending 2020-12-31 · accession 0000911421-23-000012 (Revenues)
  3. 20-F · period ending 2021-12-31 · accession 0000911421-24-000018 (Revenues)
  4. 20-F · period ending 2019-12-31 · accession 0000911421-22-000011 (NetIncomeLoss)
  5. 20-F · period ending 2020-12-31 · accession 0000911421-23-000012 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0000911421-24-000018 (NetIncomeLoss)
  7. 20-F · period ending 2019-12-31 · accession 0000911421-22-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2020-12-31 · accession 0000911421-23-000012 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0000911421-24-000018 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2019-12-31 · accession 0000911421-21-000026 (LongTermDebt)
  11. 20-F · period ending 2020-12-31 · accession 0000911421-22-000011 (LongTermDebt)
  12. 20-F · period ending 2021-12-31 · accession 0000911421-23-000012 (LongTermDebt)
  13. 20-F · period ending 2022-12-31 · accession 0000911421-24-000018 (LongTermDebt)
  14. 20-F · period ending 2019-12-31 · accession 0000911421-20-000007 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2020-12-31 · accession 0000911421-24-000018 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)