Intrinsic value of American Financial Group - AFG

Previous Close

$103.26

  Intrinsic Value

$271.06

stock screener

  Rating & Target

str. buy

+163%

Previous close

$103.26

 
Intrinsic value

$271.06

 
Up/down potential

+163%

 
Rating

str. buy

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

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
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  0
  6,758
  6,926
  7,115
  7,326
  7,558
  7,810
  8,085
  8,381
  8,699
  9,039
  9,403
  9,791
  10,203
  10,640
  11,104
  11,595
  12,115
  12,664
  13,244
  13,856
  14,502
  15,182
  15,900
  16,655
  17,451
  18,288
  19,170
  20,097
  21,072
  22,098
Variable operating expenses, $m
 
  2,324
  2,382
  2,446
  2,518
  2,597
  2,683
  2,777
  2,878
  2,986
  3,102
  3,206
  3,339
  3,479
  3,628
  3,786
  3,954
  4,131
  4,318
  4,516
  4,725
  4,945
  5,177
  5,422
  5,679
  5,951
  6,236
  6,537
  6,853
  7,185
  7,535
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
  5,974
  6,123
  6,281
  6,449
  6,626
  6,813
  7,010
  7,217
  7,433
  7,660
  7,878
  8,128
  8,388
  8,660
  8,943
  9,240
  9,549
  9,872
  10,209
  10,560
  10,926
  11,308
  11,706
  12,120
  12,553
  13,003
  13,473
  13,963
  14,472
  15,004
Operating income, $m
  864
  784
  803
  834
  877
  932
  998
  1,075
  1,164
  1,265
  1,379
  1,524
  1,663
  1,815
  1,980
  2,160
  2,355
  2,565
  2,792
  3,035
  3,296
  3,576
  3,875
  4,194
  4,535
  4,898
  5,285
  5,697
  6,134
  6,600
  7,093
EBITDA, $m
  998
  811
  830
  861
  904
  959
  1,025
  1,103
  1,193
  1,294
  1,408
  1,534
  1,673
  1,825
  1,991
  2,171
  2,367
  2,577
  2,804
  3,048
  3,310
  3,590
  3,890
  4,210
  4,552
  4,916
  5,303
  5,716
  6,155
  6,621
  7,115
Interest expense (income), $m
  75
  85
  120
  203
  296
  401
  515
  641
  776
  923
  1,080
  1,249
  1,429
  1,621
  1,825
  2,041
  2,271
  2,514
  2,771
  3,043
  3,330
  3,633
  3,953
  4,290
  4,645
  5,019
  5,413
  5,827
  6,263
  6,722
  7,205
Earnings before tax, $m
  787
  699
  683
  632
  581
  531
  482
  435
  388
  343
  298
  276
  234
  194
  156
  119
  84
  51
  21
  -8
  -34
  -57
  -78
  -95
  -110
  -120
  -127
  -130
  -129
  -123
  -112
Tax expense, $m
  119
  189
  185
  171
  157
  143
  130
  117
  105
  93
  81
  74
  63
  52
  42
  32
  23
  14
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  649
  510
  499
  461
  424
  388
  352
  317
  283
  250
  218
  201
  171
  142
  114
  87
  61
  37
  15
  -8
  -34
  -57
  -78
  -95
  -110
  -120
  -127
  -130
  -129
  -123
  -112

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
  56,321
  57,717
  59,294
  61,049
  62,980
  65,087
  67,373
  69,840
  72,490
  75,328
  78,359
  81,588
  85,022
  88,668
  92,534
  96,627
  100,957
  105,534
  110,367
  115,468
  120,848
  126,520
  132,497
  138,793
  145,423
  152,402
  159,746
  167,473
  175,602
  184,150
Adjusted assets (=assets-cash), $m
  55,072
  56,321
  57,717
  59,294
  61,049
  62,980
  65,087
  67,373
  69,840
  72,490
  75,328
  78,359
  81,588
  85,022
  88,668
  92,534
  96,627
  100,957
  105,534
  110,367
  115,468
  120,848
  126,520
  132,497
  138,793
  145,423
  152,402
  159,746
  167,473
  175,602
  184,150
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
  35
  36
  37
  38
  39
  40
  42
  43
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  73
  76
  79
  83
  87
  91
  96
  100
  105
  110
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
  1,816
  3,073
  4,492
  6,071
  7,809
  9,706
  11,763
  13,983
  16,368
  18,922
  21,650
  24,556
  27,647
  30,929
  34,408
  38,091
  41,988
  46,107
  50,457
  55,048
  59,890
  64,995
  70,375
  76,041
  82,008
  88,289
  94,899
  101,853
  109,169
  116,862
Total liabilities, $m
  50,156
  50,689
  51,946
  53,365
  54,944
  56,682
  58,579
  60,636
  62,856
  65,241
  67,795
  70,523
  73,429
  76,520
  79,802
  83,281
  86,964
  90,861
  94,980
  99,330
  103,921
  108,763
  113,868
  119,248
  124,914
  130,881
  137,162
  143,772
  150,726
  158,042
  165,735
Total equity, $m
  4,916
  5,632
  5,772
  5,929
  6,105
  6,298
  6,509
  6,737
  6,984
  7,249
  7,533
  7,836
  8,159
  8,502
  8,867
  9,253
  9,663
  10,096
  10,553
  11,037
  11,547
  12,085
  12,652
  13,250
  13,879
  14,542
  15,240
  15,975
  16,747
  17,560
  18,415
Total liabilities and equity, $m
  55,072
  56,321
  57,718
  59,294
  61,049
  62,980
  65,088
  67,373
  69,840
  72,490
  75,328
  78,359
  81,588
  85,022
  88,669
  92,534
  96,627
  100,957
  105,533
  110,367
  115,468
  120,848
  126,520
  132,498
  138,793
  145,423
  152,402
  159,747
  167,473
  175,602
  184,150
Debt-to-equity ratio
  0.261
  0.320
  0.530
  0.760
  0.990
  1.240
  1.490
  1.750
  2.000
  2.260
  2.510
  2.760
  3.010
  3.250
  3.490
  3.720
  3.940
  4.160
  4.370
  4.570
  4.770
  4.960
  5.140
  5.310
  5.480
  5.640
  5.790
  5.940
  6.080
  6.220
  6.350
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
  510
  499
  461
  424
  388
  352
  317
  283
  250
  218
  201
  171
  142
  114
  87
  61
  37
  15
  -8
  -34
  -57
  -78
  -95
  -110
  -120
  -127
  -130
  -129
  -123
  -112
Depreciation, amort., depletion, $m
  134
  27
  27
  27
  27
  27
  28
  28
  28
  29
  29
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
Funds from operations, $m
  1,498
  537
  526
  488
  451
  415
  380
  345
  312
  279
  247
  211
  181
  152
  124
  98
  73
  50
  28
  5
  -20
  -43
  -63
  -80
  -93
  -103
  -109
  -111
  -109
  -102
  -90
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
  537
  526
  488
  451
  415
  380
  345
  312
  279
  247
  211
  181
  152
  124
  98
  73
  50
  28
  5
  -20
  -43
  -63
  -80
  -93
  -103
  -109
  -111
  -109
  -102
  -90
Maintenance CAPEX, $m
  0
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
New CAPEX, $m
  -49
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
Cash from investing activities, $m
  -2,981
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -24
  -25
  -26
Free cash flow, $m
  -1,831
  531
  518
  480
  443
  407
  371
  336
  302
  269
  236
  200
  169
  140
  112
  85
  59
  35
  13
  -10
  -36
  -60
  -81
  -98
  -113
  -124
  -131
  -134
  -133
  -127
  -116
Issuance/(repayment) of debt, $m
  284
  533
  1,257
  1,419
  1,579
  1,738
  1,897
  2,057
  2,220
  2,385
  2,554
  2,728
  2,906
  3,091
  3,281
  3,479
  3,684
  3,897
  4,119
  4,350
  4,591
  4,842
  5,105
  5,379
  5,666
  5,967
  6,281
  6,610
  6,954
  7,315
  7,694
Issuance/(repurchase) of shares, $m
  -98
  206
  0
  0
  0
  0
  0
  0
  0
  15
  66
  102
  152
  202
  251
  300
  348
  396
  443
  491
  544
  595
  645
  693
  739
  783
  825
  865
  902
  936
  967
Cash from financing (excl. dividends), $m  
  2,903
  739
  1,257
  1,419
  1,579
  1,738
  1,897
  2,057
  2,220
  2,400
  2,620
  2,830
  3,058
  3,293
  3,532
  3,779
  4,032
  4,293
  4,562
  4,841
  5,135
  5,437
  5,750
  6,072
  6,405
  6,750
  7,106
  7,475
  7,856
  8,251
  8,661
Total cash flow (excl. dividends), $m
  1,072
  1,269
  1,775
  1,899
  2,022
  2,144
  2,268
  2,393
  2,522
  2,669
  2,857
  3,030
  3,228
  3,433
  3,644
  3,864
  4,091
  4,328
  4,574
  4,831
  5,098
  5,378
  5,669
  5,974
  6,293
  6,626
  6,975
  7,341
  7,724
  8,124
  8,544
Retained Cash Flow (-), $m
  -324
  -716
  -140
  -158
  -175
  -193
  -211
  -229
  -247
  -265
  -284
  -303
  -323
  -343
  -365
  -387
  -409
  -433
  -458
  -491
  -544
  -595
  -645
  -693
  -739
  -783
  -825
  -865
  -902
  -936
  -967
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
 
  553
  1,635
  1,742
  1,847
  1,951
  2,057
  2,165
  2,275
  2,404
  2,573
  2,726
  2,905
  3,089
  3,280
  3,477
  3,682
  3,895
  4,117
  4,340
  4,554
  4,782
  5,024
  5,281
  5,554
  5,843
  6,150
  6,476
  6,822
  7,189
  7,578
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
 
  530
  1,497
  1,516
  1,520
  1,513
  1,493
  1,462
  1,422
  1,381
  1,349
  1,295
  1,240
  1,175
  1,101
  1,021
  936
  847
  758
  668
  579
  495
  417
  346
  283
  227
  179
  139
  106
  78
  57
Current shareholders' claim on cash, %
  100
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.8
  97.7
  97.2
  96.5
  95.5
  94.2
  92.8
  91.1
  89.3
  87.3
  85.3
  83.2
  81.1
  78.9
  76.7
  74.4
  72.3
  70.1
  68.0
  66.0
  64.1
  62.2
  60.4

American Financial Group, Inc. (AFG) is a holding company engaged primarily in property and casualty insurance businesses. The Company, through Great American Insurance Group, focuses on commercial products for businesses, and is engaged in the sale of fixed and fixed-indexed annuities in the retail, financial institutions and education markets. It has four segments: Property and casualty insurance, Annuity, Run-off long-term care and life, and Other. It reports its property and casualty insurance business in specialty sub-segments, including Property and transportation, Specialty casualty and Specialty financial. AFG sells traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets through independent producers and through direct relationships with certain financial institutions. AFG also sells single premium annuities in financial institutions through direct relationships with certain banks and through independent agents and brokers.

FINANCIAL RATIOS  of  American Financial Group (AFG)

Valuation Ratios
P/E Ratio 13.8
Price to Sales 1.4
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 7.8
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 2.2% 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 1.7 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 88.068 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 Group, Inc. Declares Special Dividend   [Nov-06-17 04:38PM  Business Wire]
▶ Catastrophes cause American Financial to cut outlook, stock gets slammed   [Nov-02-17 12:02PM  American City Business Journals]
▶ American Financial beats 3Q profit forecasts   [Oct-31-17 04:59PM  Associated Press]
▶ American Financial Group, Inc. Declares Quarterly Dividend   [Oct-02-17 04:32PM  Business Wire]
▶ Stocks Showing Improved Relative Strength: American Financial   [03:00AM  Investor's Business Daily]
▶ American Financial Shows Rising Relative Strength; Still Shy Of Key Benchmark   [Sep-11-17 03:00AM  Investor's Business Daily]
▶ American Financial Group hikes annual dividend by 12%   [Aug-23-17 05:02PM  MarketWatch]
▶ American Financial beats 2Q profit forecasts   [12:08AM  Associated Press]
▶ American Financial Group, Inc. Declares Quarterly Dividend   [Jul-03-17 09:04AM  Business Wire]
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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