Intrinsic value of American Financial Group - AFG

Previous Close

$104.47

  Intrinsic Value

$365.75

stock screener

  Rating & Target

str. buy

+250%

  Value-price divergence*

-40%

Previous close

$104.47

 
Intrinsic value

$365.75

 
Up/down potential

+250%

 
Rating

str. buy

 
Value-price divergence*

-40%

Our model is not good at valuating stocks of financial companies, such as AFG.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AFG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.47
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  0
  6,858
  7,120
  7,401
  7,701
  8,021
  8,360
  8,720
  9,102
  9,506
  9,934
  10,385
  10,862
  11,366
  11,896
  12,456
  13,045
  13,666
  14,320
  15,008
  15,732
  16,494
  17,295
  18,137
  19,023
  19,955
  20,934
  21,963
  23,045
  24,181
  25,375
Variable operating expenses, $m
 
  2,358
  2,448
  2,544
  2,646
  2,755
  2,871
  2,993
  3,124
  3,261
  3,407
  3,541
  3,704
  3,876
  4,057
  4,247
  4,448
  4,660
  4,883
  5,118
  5,364
  5,624
  5,897
  6,185
  6,487
  6,804
  7,138
  7,489
  7,858
  8,246
  8,653
Fixed operating expenses, $m
 
  3,650
  3,741
  3,835
  3,931
  4,029
  4,130
  4,233
  4,339
  4,447
  4,558
  4,672
  4,789
  4,909
  5,032
  5,157
  5,286
  5,418
  5,554
  5,693
  5,835
  5,981
  6,131
  6,284
  6,441
  6,602
  6,767
  6,936
  7,110
  7,287
  7,469
Total operating expenses, $m
  5,749
  6,008
  6,189
  6,379
  6,577
  6,784
  7,001
  7,226
  7,463
  7,708
  7,965
  8,213
  8,493
  8,785
  9,089
  9,404
  9,734
  10,078
  10,437
  10,811
  11,199
  11,605
  12,028
  12,469
  12,928
  13,406
  13,905
  14,425
  14,968
  15,533
  16,122
Operating income, $m
  864
  849
  931
  1,023
  1,125
  1,237
  1,360
  1,494
  1,640
  1,798
  1,968
  2,172
  2,369
  2,581
  2,808
  3,051
  3,311
  3,588
  3,883
  4,197
  4,532
  4,888
  5,267
  5,669
  6,096
  6,548
  7,029
  7,538
  8,077
  8,648
  9,253
EBITDA, $m
  998
  873
  955
  1,046
  1,148
  1,261
  1,384
  1,518
  1,664
  1,822
  1,993
  2,177
  2,375
  2,587
  2,814
  3,057
  3,317
  3,594
  3,890
  4,205
  4,540
  4,897
  5,276
  5,678
  6,105
  6,558
  7,039
  7,549
  8,089
  8,660
  9,266
Interest expense (income), $m
  75
  85
  169
  299
  438
  587
  745
  913
  1,091
  1,280
  1,480
  1,692
  1,915
  2,151
  2,400
  2,663
  2,940
  3,232
  3,539
  3,863
  4,203
  4,562
  4,939
  5,335
  5,752
  6,191
  6,652
  7,137
  7,646
  8,181
  8,744
Earnings before tax, $m
  787
  765
  762
  724
  687
  650
  615
  581
  549
  518
  488
  480
  454
  430
  408
  388
  371
  356
  344
  335
  329
  327
  328
  334
  343
  358
  377
  401
  431
  467
  509
Tax expense, $m
  119
  206
  206
  195
  185
  176
  166
  157
  148
  140
  132
  130
  123
  116
  110
  105
  100
  96
  93
  90
  89
  88
  89
  90
  93
  97
  102
  108
  116
  126
  137
Net income, $m
  649
  558
  556
  528
  501
  475
  449
  424
  401
  378
  356
  351
  331
  314
  298
  283
  271
  260
  251
  244
  240
  239
  240
  244
  251
  261
  275
  293
  315
  341
  372

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  55,072
  57,147
  59,336
  61,678
  64,177
  66,839
  69,668
  72,670
  75,852
  79,220
  82,782
  86,545
  90,520
  94,713
  99,136
  103,798
  108,710
  113,884
  119,331
  125,065
  131,098
  137,446
  144,123
  151,144
  158,527
  166,289
  174,449
  183,025
  192,038
  201,509
  211,461
Adjusted assets (=assets-cash), $m
  55,072
  57,147
  59,336
  61,678
  64,177
  66,839
  69,668
  72,670
  75,852
  79,220
  82,782
  86,545
  90,520
  94,713
  99,136
  103,798
  108,710
  113,884
  119,331
  125,065
  131,098
  137,446
  144,123
  151,144
  158,527
  166,289
  174,449
  183,025
  192,038
  201,509
  211,461
Revenue / Adjusted assets
  0.000
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
Average production assets, $m
  34
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  82
  86
  91
  95
  100
  105
  110
  115
  121
  127
Working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  1,283
  2,560
  4,529
  6,637
  8,887
  11,282
  13,828
  16,530
  19,393
  22,425
  25,630
  29,018
  32,595
  36,369
  40,349
  44,545
  48,966
  53,622
  58,525
  63,685
  69,115
  74,828
  80,838
  87,157
  93,802
  100,788
  108,131
  115,849
  123,961
  132,485
  141,442
Total liabilities, $m
  50,156
  51,433
  53,402
  55,510
  57,760
  60,155
  62,701
  65,403
  68,266
  71,298
  74,503
  77,891
  81,468
  85,242
  89,222
  93,418
  97,839
  102,495
  107,398
  112,558
  117,988
  123,701
  129,711
  136,030
  142,675
  149,661
  157,004
  164,722
  172,834
  181,358
  190,315
Total equity, $m
  4,916
  5,715
  5,934
  6,168
  6,418
  6,684
  6,967
  7,267
  7,585
  7,922
  8,278
  8,655
  9,052
  9,471
  9,914
  10,380
  10,871
  11,388
  11,933
  12,506
  13,110
  13,745
  14,412
  15,114
  15,853
  16,629
  17,445
  18,302
  19,204
  20,151
  21,146
Total liabilities and equity, $m
  55,072
  57,148
  59,336
  61,678
  64,178
  66,839
  69,668
  72,670
  75,851
  79,220
  82,781
  86,546
  90,520
  94,713
  99,136
  103,798
  108,710
  113,883
  119,331
  125,064
  131,098
  137,446
  144,123
  151,144
  158,528
  166,290
  174,449
  183,024
  192,038
  201,509
  211,461
Debt-to-equity ratio
  0.261
  0.450
  0.760
  1.080
  1.380
  1.690
  1.980
  2.270
  2.560
  2.830
  3.100
  3.350
  3.600
  3.840
  4.070
  4.290
  4.500
  4.710
  4.900
  5.090
  5.270
  5.440
  5.610
  5.770
  5.920
  6.060
  6.200
  6.330
  6.460
  6.570
  6.690
Adjusted equity ratio
  0.089
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  649
  558
  556
  528
  501
  475
  449
  424
  401
  378
  356
  351
  331
  314
  298
  283
  271
  260
  251
  244
  240
  239
  240
  244
  251
  261
  275
  293
  315
  341
  372
Depreciation, amort., depletion, $m
  134
  23
  23
  24
  24
  24
  24
  24
  24
  25
  25
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  12
  12
  13
Funds from operations, $m
  1,498
  582
  580
  552
  525
  499
  473
  449
  425
  403
  381
  356
  337
  320
  304
  289
  277
  267
  258
  252
  248
  247
  248
  253
  260
  271
  285
  304
  326
  353
  384
Change in working capital, $m
  348
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  1,150
  582
  580
  552
  525
  499
  473
  449
  425
  403
  381
  356
  337
  320
  304
  289
  277
  267
  258
  252
  248
  247
  248
  253
  260
  271
  285
  304
  326
  353
  384
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -12
  -12
New CAPEX, $m
  -49
  0
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Cash from investing activities, $m
  -2,981
  -3
  -4
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -12
  -12
  -12
  -13
  -13
  -15
  -15
  -15
  -16
  -18
  -18
Free cash flow, $m
  -1,831
  578
  575
  547
  520
  493
  467
  443
  419
  396
  374
  348
  329
  312
  295
  281
  268
  257
  248
  241
  237
  235
  236
  240
  247
  257
  271
  288
  310
  336
  366
Issuance/(repayment) of debt, $m
  284
  1,277
  1,970
  2,108
  2,249
  2,395
  2,546
  2,702
  2,863
  3,031
  3,206
  3,387
  3,577
  3,774
  3,980
  4,196
  4,421
  4,656
  4,903
  5,160
  5,430
  5,713
  6,009
  6,319
  6,645
  6,986
  7,343
  7,718
  8,112
  8,524
  8,957
Issuance/(repurchase) of shares, $m
  -98
  241
  0
  0
  0
  0
  0
  0
  0
  0
  0
  26
  66
  106
  145
  183
  221
  258
  294
  329
  363
  396
  428
  459
  488
  515
  541
  565
  587
  606
  624
Cash from financing (excl. dividends), $m  
  2,903
  1,518
  1,970
  2,108
  2,249
  2,395
  2,546
  2,702
  2,863
  3,031
  3,206
  3,413
  3,643
  3,880
  4,125
  4,379
  4,642
  4,914
  5,197
  5,489
  5,793
  6,109
  6,437
  6,778
  7,133
  7,501
  7,884
  8,283
  8,699
  9,130
  9,581
Total cash flow (excl. dividends), $m
  1,072
  2,095
  2,545
  2,655
  2,769
  2,889
  3,013
  3,145
  3,282
  3,427
  3,580
  3,762
  3,972
  4,191
  4,420
  4,659
  4,909
  5,171
  5,444
  5,731
  6,030
  6,344
  6,673
  7,018
  7,379
  7,758
  8,155
  8,571
  9,008
  9,466
  9,947
Retained Cash Flow (-), $m
  -324
  -799
  -219
  -234
  -250
  -266
  -283
  -300
  -318
  -337
  -356
  -376
  -397
  -419
  -442
  -466
  -491
  -517
  -545
  -573
  -603
  -635
  -668
  -702
  -738
  -776
  -816
  -858
  -901
  -947
  -995
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,296
  2,326
  2,421
  2,519
  2,622
  2,731
  2,844
  2,964
  3,090
  3,224
  3,385
  3,575
  3,772
  3,978
  4,193
  4,418
  4,653
  4,900
  5,157
  5,427
  5,710
  6,006
  6,316
  6,641
  6,982
  7,339
  7,714
  8,107
  8,519
  8,951
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,243
  2,130
  2,107
  2,074
  2,033
  1,982
  1,922
  1,853
  1,775
  1,690
  1,608
  1,525
  1,434
  1,335
  1,231
  1,123
  1,013
  902
  794
  690
  591
  498
  414
  338
  272
  214
  166
  125
  93
  67
Current shareholders' claim on cash, %
  100
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.4
  97.2
  96.8
  96.2
  95.4
  94.5
  93.4
  92.2
  91.0
  89.6
  88.2
  86.8
  85.4
  83.9
  82.5
  81.0
  79.6
  78.3
  76.9
  75.6
  74.4

American Financial Group, Inc., through its subsidiaries, provides property and casualty insurance products in the United States. It operates through four segments: Property and Casualty Insurance, Annuity, Run-Off Long-Term Care and Life, and Other. The company offers property and transportation insurance, which includes physical damage and liability coverage for buses, trucks and recreational vehicles, inland and ocean marine, agricultural-related products, and other property coverages; specialty casualty insurance, including primarily excess and surplus, general liability, executive liability, professional liability, umbrella and excess liability, and specialty coverage in targeted markets and customized programs for small to mid-sized businesses; and specialty financial insurance products comprising risk management insurance programs for leasing and financing institutions, surety and fidelity products, and trade credit insurance. It sells its property and casualty insurance products through independent insurance agents and brokers, as well as through employee agents. The company also provides traditional fixed and fixed-indexed annuities to the retail, financial institutions, and education markets; and workers' compensation insurance under the Summit brand name, as well as engages in the commercial real estate operations in Cincinnati, Whitefield, New Hampshire, Chesapeake Bay, Charleston, Palm Beach, greater Chicago, and Pittsburgh. American Financial Group, Inc. was founded in 1872 and is headquartered in Cincinnati, Ohio.

FINANCIAL RATIOS  of  American Financial Group (AFG)

Valuation Ratios
P/E Ratio 14
Price to Sales 1.4
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow 8.2
Growth Rates
Sales Growth Rate 5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -52%
Cap. Spend. - 3 Yr. Gr. Rate -1.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 26.1%
Total Debt to Equity 26.1%
Interest Coverage 11
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 11%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 13.7%
Return On Equity - 3 Yr. Avg. 10.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 15.1%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 11.8%
Pre-Tax Margin 11.9%
Pre-Tax Margin - 3 Yr. Avg. 10.6%
Net Profit Margin 9.8%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 15.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.3%
Payout Ratio 28.5%

AFG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AFG stock intrinsic value calculation we used $6613 million for the last fiscal year's total revenue generated by American Financial Group. The default revenue input number comes from 2016 income statement of American Financial Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AFG stock valuation model: a) initial revenue growth rate of 3.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for AFG is calculated based on our internal credit rating of American Financial Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of American Financial Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AFG stock the variable cost ratio is equal to 34.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3561 million in the base year in the intrinsic value calculation for AFG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.6% for American Financial Group.

Corporate tax rate of 27% is the nominal tax rate for American Financial Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AFG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AFG are equal to 0.5%.

Life of production assets of 10 years is the average useful life of capital assets used in American Financial Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AFG is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4916 million for American Financial Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 86.684 million for American Financial Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of American Financial Group at the current share price and the inputted number of shares is $9.1 billion.

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COMPANY NEWS

▶ American Financial beats 2Q profit forecasts   [12:08AM  Associated Press]
▶ American Financial Group, Inc. Declares Quarterly Dividend   [Jul-03-17 09:04AM  Business Wire]
▶ American Financial reveals gain on Cincinnatian sale, declares huge dividend   [May-04-17 05:15PM  American City Business Journals]
▶ American Financial beats 1Q profit forecasts   [05:02AM  Associated Press]
▶ These Cincinnati public companies have the most cash on hand: SLIDESHOW   [Apr-17-17 02:35PM  American City Business Journals]
▶ American Financial gives Lindners huge pay hike   [Apr-12-17 04:21PM  American City Business Journals]
▶ American Financial Group, Inc. Declares Quarterly Dividend   [Apr-03-17 09:41AM  Business Wire]
Stock chart of AFG Financial statements of AFG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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