Subject: Re: Slightly OT: MKL for sale
Their intrinsic value calc eliminates the float liability entirely. Does it include deferred tax liabilities?

I don't know how to attach a file here but their calculation seems to take a multiple of 12 to "adjusted 3-year average operating earnings" which include investment gains in addition to underwriting income. Then they add equity securities' market value (from what I can tell w/o deferred tax liabilities), and cash; then subtract debt & minority interests. There seems to be a bit of double counting here (investment income for example includes dividend income from equities I think) and a bit aggressive as well as no allowance is made for deferred taxes.