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574.36 (1y: +13%)
Market Cap 3.55 B P/E(ttm) 16.00
Enterprise Value 3.55 B P/B 1.00
WTM- NYSE (USA)
White Mountains Insurance Group Ltd.
  • Currently 1/5
Business Predictability Rank: 1-Star
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
Read more:
What is Predictability Rank?
Performances of real portfolio
Top Ranked Predictable Companies
$574.36
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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 6/10

vs
industry		 vs
history
Cash to Debt No Debt
WTM's Cash to Debt is ranked higher than
95% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 1.70 vs. WTM: No Debt )
WTM' s 10-Year Cash to Debt Range
Min: 0.02   Max: No Debt
Current: No Debt
Equity to Asset 0.289
WTM's Equity to Asset is ranked higher than
68% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 0.24 vs. WTM: 0.289 )
WTM' s 10-Year Equity to Asset Range
Min: 0.09   Max: 0.3
Current: 0.29
0.09
0.3
Interest Coverage 5.9
WTM's Interest Coverage is ranked higher than
58% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 10.60 vs. WTM: 5.9 )
WTM' s 10-Year Interest Coverage Range
Min: 1   Max: 23
Current: 5.9
1
23
F-Score: 4
Z-Score: 0.78
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 6/10

vs
industry		 vs
history
Operating margin (%) 10.80
WTM's Operating margin (%) is ranked higher than
76% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 9.10 vs. WTM: 10.80 )
WTM' s 10-Year Operating margin (%) Range
Min: -38.6   Max: 43.8
Current: 10.8
-38.6
43.8
Net-margin (%) 8.5
WTM's Net-margin (%) is ranked higher than
78% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 5.30 vs. WTM: 8.5 )
WTM' s 10-Year Net-margin (%) Range
Min: -18.8   Max: 48.1
Current: 8.5
-18.8
48.1
ROE (%) 5.6
WTM's ROE (%) is ranked higher than
62% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 6.20 vs. WTM: 5.6 )
WTM' s 10-Year ROE (%) Range
Min: -19.2   Max: 39
Current: 5.6
-19.2
39
ROA (%) 1.6
WTM's ROA (%) is ranked higher than
64% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 1.60 vs. WTM: 1.6 )
WTM' s 10-Year ROA (%) Range
Min: -3.5   Max: 11.5
Current: 1.6
-3.5
11.5
Revenue Growth (%) -8.1
WTM's Revenue Growth (%) is ranked lower than
65% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 3.10 vs. WTM: -8.1 )
WTM' s 10-Year Revenue Growth (%) Range
Min: -10.4   Max: 49.8
Current: -8.1
-10.4
49.8
EBITDA Growth (%) -18.2
WTM's EBITDA Growth (%) is ranked lower than
61% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 0.00 vs. WTM: -18.2 )
WTM' s 10-Year EBITDA Growth (%) Range
Min: -29.2   Max: 20.9
Current: -18.2
-29.2
20.9
EPS Growth (%) -12.9
WTM's EPS Growth (%) is ranked lower than
56% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 0.00 vs. WTM: -12.9 )
WTM' s 10-Year EPS Growth (%) Range
Min: -28.1   Max: 42.2
Current: -12.9
-28.1
42.2
» WTM's 10-Y Financials

Financials


Revenue & Net Income
Equity & Asset
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades
Q2 2012

WTM Guru Trades in Q2 2012

Martin Whitman 21,628 sh (New)
Third Avenue Management 165,979 sh (+39.39%)
Jim Simons 14,000 sh (-17.65%)
Steven Cohen 577 sh (-18.27%)
Chuck Royce 5,310 sh (-39.73%)
Diamond Hill Capital 13,538 sh (-41.01%)
» More
Q3 2012

WTM Guru Trades in Q3 2012

Steven Cohen 712 sh (+23.4%)
Third Avenue Management 197,416 sh (+18.94%)
Martin Whitman 32,520 sh (+50.36%)
Jim Simons Sold Out
Chuck Royce 3,760 sh (-29.19%)
Diamond Hill Capital 6,967 sh (-48.54%)
» More
Q4 2012

WTM Guru Trades in Q4 2012

Third Avenue Management 236,434 sh (+19.76%)
Martin Whitman 42,953 sh (+32.08%)
Chuck Royce 3,760 sh (unchged)
Diamond Hill Capital 6,967 sh (unchged)
Steven Cohen Sold Out
» More
Q1 2013

WTM Guru Trades in Q1 2013

John Burbank 359 sh (New)
Jim Simons 14,200 sh (New)
Third Avenue Management 262,694 sh (+11.11%)
Martin Whitman 45,636 sh (+6.25%)
Chuck Royce 3,760 sh (unchged)
Diamond Hill Capital Sold Out
» More
» Details

Insider Trades

Latest Guru Trades with WTM

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
John Burbank 2013-03-31 New Buy0.01%$515 - $579.31 $ 574.364%359
Martin Whitman 2012-10-31 Add 32.08%0.23%$509.6 - $534.63 $ 574.3611%42953
Martin Whitman 2012-07-31 Add 50.36%0.22%$499 - $545.91 $ 574.3610%32520
Martin Whitman 2012-04-30 New Buy0.44%$451.24 - $527.16 $ 574.3616%21628
George Soros 2011-12-31 Sold Out 0.03%$398.21 - $453.46 $ 574.3635%0
Tom Gayner 2011-09-30 Sold Out 1.6843%$377 - $431.32 $ 574.3641%0
George Soros 2011-03-31 Reduce -34.13%0.01%$335.6 - $379.75 $ 574.3661%3667
Bruce Berkowitz 2010-03-31 Sold Out 0.02%$316.98 - $358.04 $ 574.3670%0
Dodge & Cox 2010-03-31 Sold Out $316.98 - $358.04 $ 574.3670%0
Premium More recent guru trades are included for Premium Members only!!
» Financial Charts

Peter Lynch Chart

Guru Investment Theses on White Mountains Insurance Group Ltd.

Third Avenue Management Comments on White Mountains Insurance Group - Jun 28, 2012

From Third Avenue Management's second-quarter letter:

We also initiated a position in the common stock of White Mountains Insurance Group Ltd. (WTM), a Bermuda-based holding company whose principal businesses are conducted through property and casualty insurance and reinsurance subsidiaries. White Mountains Common was recommended for investment last year by John Mauro, a research analyst on Third Avenue's international team, when the company announced the sale of its Esurance subsidiary at a terrific price (about 2.5 times tangible book value) to the Allstate Corporation. White Mountains Common was subsequently purchased in the Third Avenue International Value Fund and discussed in that fund's July 31, 2011 shareholder letter. Impressively, White Mountains' tangible book value has increased at about 15% per year since 1985, with much of the growth driven by timely resource conversion activity (e.g., buying and selling of businesses), such as the recent Esurance sale.

In recent years, White Mountains' management has also been engaged in precisely the type of resource conversion activity discussed in Martin Whitman's Chairman's letter this quarter, e.g., repurchasing White Mountains Common. Since 2007, White Mountains has repurchased 37% of its outstanding common shares in a combination of open market repurchases, privately negotiated transactions and tender offers. Most recently, the company repurchased about 11% of its outstanding shares in a tender offer at $500 per share in March 2012 (versus a price of $523 per share on April 30, 2012). White Mountains Common was purchased during the quarter in the Fund at a modest discount to the company's March 31, 2012 book value per share of $560.

Check out Martin Whitman latest stock trades

Top Ranked Articles about White Mountains Insurance Group Ltd.

Third Avenue Management Comments on White Mountains Insurance Group
June 28, 2012
From Third Avenue Management's second-quarter letter: Read more...

Ratios

vs
industry		 vs
history
P/E(ttm) 16.00
WTM's P/E(ttm) is ranked higher than
57% of the 135 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 13.80 vs. WTM: 16.00 )
WTM' s 10-Year P/E(ttm) Range
Min: 2.21   Max: 89.58
Current: 16
2.21
89.58
P/B 1.00
WTM's P/B is ranked higher than
70% of the 150 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 1.09 vs. WTM: 1.00 )
WTM' s 10-Year P/B Range
Min: 0.51   Max: 1.98
Current: 1
0.51
1.98
P/S 1.50
WTM's P/S is ranked lower than
56% of the 158 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 1.11 vs. WTM: 1.50 )
WTM' s 10-Year P/S Range
Min: 0.48   Max: 2.28
Current: 1.5
0.48
2.28
EV-to-EBIT 12.8
WTM's EV-to-EBIT is ranked higher than
54% of the 119 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 11.19 vs. WTM: 12.8 )
WTM' s 10-Year EV-to-EBIT Range
Min: 3   Max: 357.3
Current: 12.8
3
357.3
Shiller P/E 17.6
WTM's Shiller P/E is ranked lower than
100% of the Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: vs. WTM: 17.6 )
WTM' s 10-Year Shiller P/E Range
Min: 6.83   Max: 27.28
Current: 17.6
6.83
27.28

Dividend & Buy Back

vs
industry		 vs
history
Dividend Yield 0.20
WTM's Dividend Yield is ranked lower than
73% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 1.92 vs. WTM: 0.20 )
WTM' s 10-Year Dividend Yield Range
Min: 0.15   Max: 2.83
Current: 0.2
0.15
2.83
Dividend Payout 0.021
WTM's Dividend Payout is ranked higher than
97% of the 109 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 0.40 vs. WTM: 0.021 )
WTM' s 10-Year Dividend Payout Range
Min: 0.01   Max: 0.3
Current: 0.02
0.01
0.3
Yield on cost (5-Year) 0.05
WTM's Yield on cost (5-Year) is ranked lower than
75% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 2.06 vs. WTM: 0.05 )
WTM' s 10-Year Yield on cost (5-Year) Range
Min: 0.04   Max: 0.71
Current: 0.05
0.04
0.71
Share Buyback Rate 6.4
WTM's Share Buyback Rate is ranked higher than
95% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 0.00 vs. WTM: 6.4 )
WTM' s 10-Year Share Buyback Rate Range
Min: 7.8   Max: -13.4
Current: 6.4

Valuation & Return

vs
industry		 vs
history
Price/Tangible Book 1
WTM's Price/Tangible Book is ranked higher than
70% of the 145 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 1.10 vs. WTM: 1 )
WTM' s 10-Year Price/Tangible Book Range
Min: 0.8   Max: 1.8
Current: 1
0.8
1.8
Price/DCF (Projected) 1.2
WTM's Price/DCF (Projected) is ranked lower than
65% of the 82 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 0.60 vs. WTM: 1.2 )
WTM' s 10-Year Price/DCF (Projected) Range
Min: 0.9   Max: 11.2
Current: 1.2
0.9
11.2
Price/Median PS Value 1.3
WTM's Price/Median PS Value is ranked higher than
50% of the 145 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 1.10 vs. WTM: 1.3 )
WTM' s 10-Year Price/Median PS Value Range
Min: 0.6   Max: 1.9
Current: 1.3
0.6
1.9
Price/Graham Number 0.8
WTM's Price/Graham Number is ranked higher than
64% of the 124 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 0.80 vs. WTM: 0.8 )
WTM' s 10-Year Price/Graham Number Range
Min: 0.4   Max: 1.5
Current: 0.8
0.4
1.5
Earnings Yield (Greenblatt) 7.80
WTM's Earnings Yield (Greenblatt) is ranked higher than
70% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 6.70 vs. WTM: 7.80 )
WTM' s 10-Year Earnings Yield (Greenblatt) Range
Min: 0.3   Max: 33.3
Current: 7.8
0.3
33.3
Forward Rate of Return (Yacktman) -0.2
WTM's Forward Rate of Return (Yacktman) is ranked lower than
52% of the 165 Companies
in the Global Insurance - Property & Casualty industry.

( Industry Median: 0.00 vs. WTM: -0.2 )
WTM' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -8.9   Max: 7.2
Current: -0.2
-8.9
7.2

Business Description

White Mountains Insurance Group Ltd. is an exempted Bermuda limited liability company whose main businesses are conducted through its property and casualty insurance and reinsurance subsidiaries and affiliates. White Mountains' reportable segments are OneBeacon, White Mountains Re, Esurance and Other Operations. The OneBeacon segment consists of OneBeacon Insurance Group, Ltd., an exempted Bermuda limited liability company that owns a family of U.S.-based property and casualty insurance companies, most of which operate in a multi-company pool. OneBeacon offers a range of specialty, commercial and personal products and services sold mainly through select independent agents and brokers. The White Mountains Re segment consists of White Mountains Re Ltd., an exempted Bermuda limited liability company, and its subsidiaries. White Mountains Re offers reinsurance capacity for property, casualty, accident & health, agriculture, aviation and space, and certain other exposures on a worldwide basis through its subsidiaries, Sirius International Insurance Corporation (WMRe Sirius) and White Mountains Reinsurance Company of America. The Esurance segment consists of Esurance Holdings, Inc., its subsidiaries and Answer Financial Inc. Esurance sells personal auto insurance directly to customers online and through select online agents. Answer Financial, which White Mountains acquired during 2008, is an independent personal insurance agency that sells insurance online and through call centers for many insurance companies, including Esurance, utilizing a comparison quoting platform. OneBeacon's business is managed through two underwriting units: specialty lines; and personal lines, nearly all of which is subject to the Personal Lines Transaction. OneBeacon's specialty lines businesses are national in scope, while its personal lines have been exclusively available in the eight Northeastern states (the New England states, New York and New Jersey). OneBeacon's specialty lines are a collection of niche businesses that focus on solving the unique needs of particular customer groups on a national scale. OneBeacon's specialty lines businesses provide distinct products and offer tailored coverages and services, managed by teams of market specialists. OneBeacon's specialty lines businesses include: OneBeacon Professional Insurance (OBPI); Collector Cars and Boats; International Marine Underwriters (IMU); Technology; Property and Inland Marine (PIM): A.W.G. Dewar (Dewar); Specialty Accident and Health (A&H); Entertainment Brokers International Insurance Services (EBI); Financial Services; OneBeacon Specialty Property (OBSP); OneBeacon Government Risks (OBGR); and OneBeacon Energy (OBEG). OneBeacon's traditional personal lines provided a comprehensive suite of personal insurance products sold through select independent agents with a focus on eight Northeastern states. OneBeacon's personal lines products include: Automobile; Homeowners; and Package. OneBeacon
Company Website
SEC Reports
Industry: Insurance - Property & Casualty
Compare:RLI, TRV, MBI, QBIEY, TKOMY
» More Articles for WTM

Headlines

Articles On GuruFocus.com
comment on WTM Feb 24 2013 
Martin Whitman's Third Avenue Management Third-Quarter Letter Aug 29 2012 
Goodhaven Semi-Annual Report (Managed by Ex-Fairholme Managers Pitkowsky/Trauner) Jul 25 2012 
Mercury General Corp. (MCY) Dividend Stock Analysis Jul 13 2012 
Valuation of Martin Whitman’s Four New Buys Jul 10 2012 
Third Avenue Value Fund Buys Devon Energy, Comeric, Applied Materials, Alleghany, White Mountains In Jul 10 2012 
Third Avenue Management Comments on White Mountains Insurance Group Jun 28 2012 
Marty Whitman's Third Ave Management Second Quarter Letter Jun 28 2012 
Interview With Marty Whitman's Successor at the Third Avenue Value Fund Jun 28 2012 
Third Avenue Management Buys Lowes, Teleflex, American Eagle Outfitters, Tellabs, Sells Pharmaceutic Nov 17 2011 

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Rating Action on Selective Insurance - Analyst Blog Jun 14 2013 - ZACKS

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