Loews Corp (L) is slightly undervalued and Markel Group Inc (MKL) is undervalued.
Against our estimates of intrinsic value, MKL trades at the wider discount: a margin of safety of +31%, against +6% for L.
Values as of the 22 Sept 2026 close.
Book value at 1.18x, the multiple a 9.2% return on equity justifies, blended with earnings, values the shares at $112.52; the price of $105.91 is 6% below that value.
Leak Score 62/100 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 | L | MKL |
|---|---|---|
| Verdict | Slightly undervalued | Undervalued |
| Price | $105.91 | $1763.36 |
| Intrinsic value | $112.52 | $2546.87 |
| Margin of safety | +6% | +31% |
| Leak Score | 62/100 (9/12) | 70/100 (10/12) |
| Market cap | $21.7B | $21.8B |
| Revenue growth, 5 years | 6.0% | 11.2% |
| Operating margin | 14.0% | 18.6% |
| Net margin | 9.0% | 13.8% |
| Return on equity | 9.2% | 12.6% |
| Debt to equity | 0.47 | 0.23 |
| P/E | 13.0x | 9.7x |
| Forward P/E | — | 15.7x |
| P/B | 1.1x | 1.1x |
| Dividend yield | 0.2% | — |