Loews Corporation: Still Cheap on Sum-of-the-Parts Valuation Basis

Loews Corporation is a diversified holding company with the majority of its intrinsic value attributable to majority stakes in three publicly traded subsidiaries: CNA Financial, Diamond Offshore, and Boardwalk Pipeline. Based on market quotations as of May 10, 2013, the value of shares owned by Loews in these three publicly traded subsidiaries was $16,360 million. This implies an undemanding valuation for the rest of Loews which we refer to as the “Loews stub”.

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