Allstate Corp (ALL) is undervalued and Markel Group Inc (MKL) is undervalued.
Against our estimates of intrinsic value, ALL trades at the wider discount: a margin of safety of +55%, against +31% for MKL.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 46.1% return on equity justifies, blended with earnings, values the shares at $506.48; the price of $229.50 is 55% below that value.
Leak Score 90/100 on 9 of 12 signals
Book value at 1.67x, the multiple a 12.6% return on equity justifies, blended with earnings, values the shares at $2546.87; the price of $1763.36 is 31% below that value.
Leak Score 70/100 on 10 of 12 signals
| Metric | ALL | MKL |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $229.50 | $1763.36 |
| Intrinsic value | $506.48 | $2546.87 |
| Margin of safety | +55% | +31% |
| Leak Score | 90/100 (9/12) | 70/100 (10/12) |
| Market cap | $58.0B | $21.8B |
| Revenue growth, 5 years | 10.1% | 11.2% |
| Operating margin | 23.8% | 18.6% |
| Net margin | 18.8% | 13.8% |
| Return on equity | 46.1% | 12.6% |
| Debt to equity | 0.22 | 0.23 |
| P/E | 4.6x | 9.7x |
| Forward P/E | 8.3x | 15.7x |
| P/B | 1.8x | 1.1x |
| Dividend yield | 1.9% | — |