Markel Corporation (NYSE: MKL) likes to bore us with good results over many years as CIO Tom Gayner pointed out after a conversation with a longterm shareholder.<\/p>\n
So let’s have a quick look at the “boring\u201c Q3 2013 results:<\/p>\n
As always Seeking Alpha published the transcript of their 2013 Q3 Conference Call<\/a> and the company published the 10Q<\/a>.<\/p>\n Total operating revenues grew 39% to $3 billion in 2013, from $2.2 billion in 2012.<\/p>\n The increase is due to a 42% increase in revenues from the insurance operations which includes $531 million from the Alterra segment and a 41% increase in revenues from their non-insurance operations which they refer to as Markel Ventures, as CFO Anne Waleski explained.<\/p>\n As Alterra added 6 points the combined ratio was 97% for the first nine months of 2013 compared to 96% in 2012. This highlights the integration effort still to make with Alterra.<\/p>\n Book value per common share outstanding increased 14% to $462.33 in Q3 up from $403.85 at the end of 2012.<\/p>\n And now have a look at this:<\/p>\n In the first nine months of 2013, revenue from Markel Ventures were $486 million, compared to $345 million in 2012. Net income to shareholders from Markel Ventures doubled to $18 million in 2013, compared to $9 million in 2012!<\/p>\n The last couple of quarters we already learned about the rapidly increasing importance of Markel Ventures and now its share of EBITDA from the company rose 54% to $64.2 million, up from $41.5 million a year ago!<\/p>\n At yesterday’s closing price of $ 538.58 the market valued Markel at at price\/book ratio of only 1.2<\/p>\n 2 things will more than others drive results at Markel in the future: Further improving results from the insurance segments when Alterra Holdings will be successfully integrated and the ever growing importance of Markel Ventures.<\/p>\n This stock is definitively a buy at this price!<\/p>\n","protected":false},"excerpt":{"rendered":" Markel Corporation (NYSE: MKL) likes to bore us with good results over many years as CIO Tom Gayner pointed out after a conversation with a longterm shareholder. So let’s have a quick look at the “boring\u201c Q3 2013 results: As always Seeking Alpha published the transcript of their 2013 Q3 Conference Call and the company […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"_links":{"self":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts\/1307"}],"collection":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1307"}],"version-history":[{"count":7,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts\/1307\/revisions"}],"predecessor-version":[{"id":1314,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=\/wp\/v2\/posts\/1307\/revisions\/1314"}],"wp:attachment":[{"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1307"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.blog.asmus-puhl.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}