Intrinsic value of American Financial Group - AFG

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$98.39

  Intrinsic Value

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  Value-price divergence*

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$98.39

 
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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 8.5

 

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
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  0
  6,864
  7,133
  7,421
  7,727
  8,052
  8,398
  8,764
  9,152
  9,562
  9,996
  10,454
  10,937
  11,447
  11,985
  12,551
  13,148
  13,776
  14,437
  15,133
  15,865
  16,635
  17,445
  18,297
  19,192
  20,133
  21,122
  22,162
  23,255
  24,403
  25,609
Variable operating expenses, $m
 
  2,361
  2,452
  2,550
  2,655
  2,766
  2,884
  3,008
  3,141
  3,281
  3,428
  3,565
  3,730
  3,903
  4,087
  4,280
  4,483
  4,697
  4,923
  5,160
  5,410
  5,672
  5,949
  6,239
  6,544
  6,865
  7,203
  7,557
  7,930
  8,321
  8,733
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
  6,011
  6,193
  6,385
  6,586
  6,795
  7,014
  7,241
  7,480
  7,728
  7,986
  8,237
  8,519
  8,812
  9,119
  9,437
  9,769
  10,115
  10,477
  10,853
  11,245
  11,653
  12,080
  12,523
  12,985
  13,467
  13,970
  14,493
  15,040
  15,608
  16,202
Operating income, $m
  864
  854
  940
  1,036
  1,141
  1,258
  1,385
  1,523
  1,673
  1,835
  2,009
  2,217
  2,419
  2,635
  2,866
  3,114
  3,378
  3,660
  3,960
  4,280
  4,620
  4,982
  5,366
  5,774
  6,207
  6,666
  7,153
  7,669
  8,216
  8,795
  9,407
EBITDA, $m
  998
  880
  967
  1,063
  1,169
  1,286
  1,413
  1,552
  1,702
  1,864
  2,039
  2,227
  2,430
  2,646
  2,878
  3,126
  3,391
  3,674
  3,975
  4,295
  4,636
  4,998
  5,383
  5,792
  6,226
  6,686
  7,174
  7,691
  8,239
  8,819
  9,433
Interest expense (income), $m
  75
  85
  172
  305
  448
  599
  760
  931
  1,113
  1,305
  1,508
  1,722
  1,949
  2,188
  2,441
  2,707
  2,987
  3,282
  3,593
  3,921
  4,265
  4,628
  5,009
  5,410
  5,831
  6,274
  6,740
  7,230
  7,745
  8,286
  8,854
Earnings before tax, $m
  787
  769
  768
  730
  694
  659
  624
  592
  560
  530
  501
  495
  470
  447
  426
  407
  391
  377
  367
  359
  355
  354
  357
  364
  376
  392
  413
  439
  471
  509
  553
Tax expense, $m
  119
  208
  207
  197
  187
  178
  169
  160
  151
  143
  135
  134
  127
  121
  115
  110
  106
  102
  99
  97
  96
  96
  96
  98
  101
  106
  111
  119
  127
  137
  149
Net income, $m
  649
  561
  560
  533
  507
  481
  456
  432
  409
  387
  366
  361
  343
  326
  311
  297
  285
  276
  268
  262
  259
  259
  261
  266
  274
  286
  301
  320
  344
  372
  404

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
  57,202
  59,445
  61,839
  64,390
  67,103
  69,982
  73,035
  76,268
  79,687
  83,301
  87,118
  91,145
  95,394
  99,873
  104,592
  109,563
  114,798
  120,308
  126,107
  132,207
  138,625
  145,374
  152,471
  159,933
  167,776
  176,020
  184,685
  193,790
  203,358
  213,411
Adjusted assets (=assets-cash), $m
  55,072
  57,202
  59,445
  61,839
  64,390
  67,103
  69,982
  73,035
  76,268
  79,687
  83,301
  87,118
  91,145
  95,394
  99,873
  104,592
  109,563
  114,798
  120,308
  126,107
  132,207
  138,625
  145,374
  152,471
  159,933
  167,776
  176,020
  184,685
  193,790
  203,358
  213,411
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
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  101
  106
  111
  116
  122
  128
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
  2,609
  4,627
  6,782
  9,078
  11,519
  14,111
  16,859
  19,768
  22,846
  26,098
  29,533
  33,158
  36,981
  41,012
  45,260
  49,734
  54,445
  59,404
  64,623
  70,114
  75,889
  81,964
  88,351
  95,066
  102,125
  109,545
  117,343
  125,538
  134,149
  143,197
Total liabilities, $m
  50,156
  51,482
  53,500
  55,655
  57,951
  60,392
  62,984
  65,732
  68,641
  71,719
  74,971
  78,406
  82,031
  85,854
  89,885
  94,133
  98,607
  103,318
  108,277
  113,496
  118,987
  124,762
  130,837
  137,224
  143,939
  150,998
  158,418
  166,216
  174,411
  183,022
  192,070
Total equity, $m
  4,916
  5,720
  5,944
  6,184
  6,439
  6,710
  6,998
  7,304
  7,627
  7,969
  8,330
  8,712
  9,115
  9,539
  9,987
  10,459
  10,956
  11,480
  12,031
  12,611
  13,221
  13,862
  14,537
  15,247
  15,993
  16,778
  17,602
  18,468
  19,379
  20,336
  21,341
Total liabilities and equity, $m
  55,072
  57,202
  59,444
  61,839
  64,390
  67,102
  69,982
  73,036
  76,268
  79,688
  83,301
  87,118
  91,146
  95,393
  99,872
  104,592
  109,563
  114,798
  120,308
  126,107
  132,208
  138,624
  145,374
  152,471
  159,932
  167,776
  176,020
  184,684
  193,790
  203,358
  213,411
Debt-to-equity ratio
  0.261
  0.460
  0.780
  1.100
  1.410
  1.720
  2.020
  2.310
  2.590
  2.870
  3.130
  3.390
  3.640
  3.880
  4.110
  4.330
  4.540
  4.740
  4.940
  5.120
  5.300
  5.470
  5.640
  5.790
  5.940
  6.090
  6.220
  6.350
  6.480
  6.600
  6.710
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
  561
  560
  533
  507
  481
  456
  432
  409
  387
  366
  361
  343
  326
  311
  297
  285
  276
  268
  262
  259
  259
  261
  266
  274
  286
  301
  320
  344
  372
  404
Depreciation, amort., depletion, $m
  134
  27
  27
  27
  28
  28
  28
  29
  29
  29
  30
  10
  11
  11
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  26
Funds from operations, $m
  1,498
  588
  587
  560
  534
  509
  484
  461
  438
  416
  396
  371
  354
  337
  323
  310
  299
  289
  282
  277
  275
  275
  278
  284
  293
  306
  322
  343
  367
  396
  430
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
  579
  587
  560
  534
  509
  484
  461
  438
  416
  396
  371
  354
  337
  323
  310
  299
  289
  282
  277
  275
  275
  278
  284
  293
  306
  322
  343
  367
  396
  430
Maintenance CAPEX, $m
  0
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
New CAPEX, $m
  -49
  0
  -1
  -1
  -2
  -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
  -7
  -8
  -8
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -19
  -20
  -21
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
Free cash flow, $m
  -1,831
  572
  579
  552
  525
  499
  474
  450
  427
  405
  384
  359
  341
  324
  309
  295
  283
  273
  265
  259
  256
  255
  257
  262
  271
  282
  297
  316
  339
  367
  399
Issuance/(repayment) of debt, $m
  284
  1,326
  2,018
  2,155
  2,296
  2,441
  2,592
  2,748
  2,909
  3,077
  3,253
  3,435
  3,625
  3,824
  4,031
  4,248
  4,474
  4,711
  4,959
  5,219
  5,491
  5,776
  6,074
  6,387
  6,715
  7,059
  7,420
  7,798
  8,195
  8,611
  9,048
Issuance/(repurchase) of shares, $m
  -98
  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 financing (excl. dividends), $m  
  2,903
  1,326
  2,018
  2,155
  2,296
  2,441
  2,592
  2,748
  2,909
  3,077
  3,253
  3,435
  3,625
  3,824
  4,031
  4,248
  4,474
  4,711
  4,959
  5,219
  5,491
  5,776
  6,074
  6,387
  6,715
  7,059
  7,420
  7,798
  8,195
  8,611
  9,048
Total cash flow (excl. dividends), $m
  1,072
  1,898
  2,597
  2,707
  2,821
  2,941
  3,066
  3,198
  3,336
  3,483
  3,637
  3,794
  3,966
  4,147
  4,339
  4,542
  4,757
  4,984
  5,224
  5,478
  5,747
  6,031
  6,332
  6,650
  6,986
  7,341
  7,717
  8,114
  8,534
  8,978
  9,447
Retained Cash Flow (-), $m
  -324
  -804
  -224
  -239
  -255
  -271
  -288
  -305
  -323
  -342
  -361
  -382
  -403
  -425
  -448
  -472
  -497
  -523
  -551
  -580
  -610
  -642
  -675
  -710
  -746
  -784
  -824
  -866
  -911
  -957
  -1,005
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
 
  1,094
  2,373
  2,467
  2,566
  2,669
  2,778
  2,893
  3,013
  3,141
  3,275
  3,412
  3,563
  3,723
  3,892
  4,070
  4,260
  4,461
  4,673
  4,898
  5,137
  5,389
  5,657
  5,940
  6,240
  6,557
  6,893
  7,248
  7,624
  8,021
  8,442
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
 
  1,049
  2,172
  2,147
  2,113
  2,069
  2,016
  1,954
  1,883
  1,804
  1,717
  1,620
  1,521
  1,415
  1,306
  1,195
  1,083
  971
  861
  754
  653
  557
  469
  389
  318
  255
  201
  156
  118
  88
  64
Current shareholders' claim on cash, %
  100
  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
  100.0

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 13.2
Price to Sales 1.3
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 7.8
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 3.8% 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 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 $8.5 billion.


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COMPANY NEWS

▶ 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]
▶ American Financial Group, Inc. Declares Quarterly Dividend   [Jan-03-17 02:36PM  Business Wire]
Stock chart of AFG Financial statements of AFG Annual reports 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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