TRV · NYQ · Financial Services
The Travelers Companies, Inc.
Also onShortfallConsensus DriftCrosscheck
Implied value per share
USD 748.18
Market price
USD 398.80
Implied upside
+87.6%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 19.9%
- Payout
- 19%
- Cost of equity
- 7.42%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 32.9bn | USD 37.7bn | USD 42.8bn | USD 47.9bn | USD 53.0bn | USD 58.0bn | USD 62.6bn | USD 66.7bn | USD 70.2bn | USD 72.9bn |
| Return on equity | 19.9% | 19.9% | 19.9% | 19.9% | 19.9% | 19.9% | 19.9% | 19.9% | 19.9% | 19.9% |
| Excess return | USD 4.1bn | USD 4.7bn | USD 5.3bn | USD 6.0bn | USD 6.6bn | USD 7.2bn | USD 7.8bn | USD 8.3bn | USD 8.8bn | USD 9.1bn |
| Present value | USD 3.8bn | USD 4.1bn | USD 4.3bn | USD 4.5bn | USD 4.6bn | USD 4.7bn | USD 4.7bn | USD 4.7bn | USD 4.6bn | USD 4.5bn |
| Book equity | USD 32.9bn |
| Present value of excess returns | USD 44.6bn |
| Terminal, growing at 2.50% | USD 92.8bn |
| Equity value | USD 170.3bn |
| Per share | USD 748.18 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 0.596 | Reported 0.397, pulled toward 1.0 (Blume) |
| Cost of equity | 7.42% | Risk-free + beta x equity risk premium |
Download as Excel
Live formulas, not pasted numbers - edit a driver and the workbook reprices.
Yahoo Finance and RBA data. General information, not advice. Methodology.