Intrinsic value of AmTrust Financial Services - AFSI

Previous Close

$12.68

  Intrinsic Value

$75.42

stock screener

  Rating & Target

str. buy

+495%

Previous close

$12.68

 
Intrinsic value

$75.42

 
Up/down potential

+495%

 
Rating

str. buy

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

We calculate the intrinsic value of AFSI 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  18.33
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  0
  5,679
  5,892
  6,120
  6,363
  6,623
  6,899
  7,193
  7,504
  7,834
  8,183
  8,553
  8,943
  9,355
  9,789
  10,247
  10,730
  11,239
  11,774
  12,338
  12,932
  13,556
  14,213
  14,904
  15,631
  16,395
  17,199
  18,043
  18,930
  19,863
  20,843
Variable operating expenses, $m
 
  4,978
  5,162
  5,359
  5,569
  5,794
  6,033
  6,287
  6,556
  6,841
  7,143
  7,394
  7,731
  8,087
  8,462
  8,858
  9,276
  9,715
  10,178
  10,666
  11,179
  11,719
  12,287
  12,884
  13,513
  14,173
  14,868
  15,598
  16,365
  17,171
  18,018
Fixed operating expenses, $m
 
  115
  118
  121
  124
  127
  130
  133
  136
  140
  143
  147
  151
  154
  158
  162
  166
  170
  175
  179
  184
  188
  193
  198
  203
  208
  213
  218
  224
  229
  235
Total operating expenses, $m
  4,919
  5,093
  5,280
  5,480
  5,693
  5,921
  6,163
  6,420
  6,692
  6,981
  7,286
  7,541
  7,882
  8,241
  8,620
  9,020
  9,442
  9,885
  10,353
  10,845
  11,363
  11,907
  12,480
  13,082
  13,716
  14,381
  15,081
  15,816
  16,589
  17,400
  18,253
Operating income, $m
  563
  586
  612
  640
  670
  702
  736
  773
  812
  853
  897
  1,012
  1,061
  1,113
  1,168
  1,227
  1,288
  1,353
  1,421
  1,493
  1,569
  1,649
  1,734
  1,822
  1,916
  2,014
  2,118
  2,227
  2,342
  2,463
  2,590
EBITDA, $m
  709
  741
  770
  801
  835
  871
  909
  950
  994
  1,040
  1,089
  1,141
  1,197
  1,255
  1,316
  1,381
  1,450
  1,523
  1,599
  1,680
  1,765
  1,854
  1,948
  2,048
  2,152
  2,262
  2,378
  2,500
  2,628
  2,763
  2,905
Interest expense (income), $m
  26
  49
  74
  101
  129
  159
  191
  225
  261
  300
  341
  384
  430
  478
  529
  582
  639
  699
  762
  828
  898
  971
  1,048
  1,130
  1,215
  1,305
  1,399
  1,499
  1,603
  1,713
  1,828
Earnings before tax, $m
  500
  537
  538
  540
  541
  543
  546
  548
  550
  553
  556
  628
  632
  636
  640
  644
  649
  654
  659
  665
  671
  678
  685
  693
  701
  710
  719
  729
  739
  750
  762
Tax expense, $m
  85
  145
  145
  146
  146
  147
  147
  148
  149
  149
  150
  170
  171
  172
  173
  174
  175
  177
  178
  180
  181
  183
  185
  187
  189
  192
  194
  197
  200
  203
  206
Net income, $m
  411
  392
  393
  394
  395
  397
  398
  400
  402
  404
  406
  459
  461
  464
  467
  470
  474
  477
  481
  486
  490
  495
  500
  506
  512
  518
  525
  532
  539
  548
  556

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
  22,615
  23,468
  24,346
  25,287
  26,294
  27,367
  28,509
  29,722
  31,009
  32,373
  33,816
  35,342
  36,953
  38,655
  40,450
  42,343
  44,338
  46,440
  48,654
  50,984
  53,437
  56,018
  58,733
  61,589
  64,592
  67,749
  71,069
  74,558
  78,225
  82,079
  86,129
Adjusted assets (=assets-cash), $m
  22,615
  23,468
  24,346
  25,287
  26,294
  27,367
  28,509
  29,722
  31,009
  32,373
  33,816
  35,342
  36,953
  38,655
  40,450
  42,343
  44,338
  46,440
  48,654
  50,984
  53,437
  56,018
  58,733
  61,589
  64,592
  67,749
  71,069
  74,558
  78,225
  82,079
  86,129
Revenue / Adjusted assets
  0.000
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
Average production assets, $m
  748
  772
  801
  832
  865
  901
  938
  978
  1,021
  1,065
  1,113
  1,163
  1,216
  1,272
  1,331
  1,394
  1,459
  1,528
  1,601
  1,678
  1,759
  1,844
  1,933
  2,027
  2,126
  2,230
  2,339
  2,454
  2,575
  2,701
  2,835
Working capital, $m
  0
  176
  183
  190
  197
  205
  214
  223
  233
  243
  254
  265
  277
  290
  303
  318
  333
  348
  365
  382
  401
  420
  441
  462
  485
  508
  533
  559
  587
  616
  646
Total debt, $m
  1,403
  2,122
  2,873
  3,678
  4,538
  5,456
  6,432
  7,469
  8,570
  9,736
  10,970
  12,274
  13,652
  15,107
  16,642
  18,260
  19,966
  21,763
  23,656
  25,649
  27,746
  29,952
  32,274
  34,715
  37,283
  39,983
  42,821
  45,804
  48,939
  52,234
  55,697
Total liabilities, $m
  19,346
  20,065
  20,816
  21,621
  22,481
  23,399
  24,375
  25,412
  26,513
  27,679
  28,913
  30,217
  31,595
  33,050
  34,585
  36,203
  37,909
  39,706
  41,599
  43,592
  45,689
  47,895
  50,217
  52,658
  55,226
  57,926
  60,764
  63,747
  66,882
  70,177
  73,640
Total equity, $m
  3,269
  3,403
  3,530
  3,667
  3,813
  3,968
  4,134
  4,310
  4,496
  4,694
  4,903
  5,125
  5,358
  5,605
  5,865
  6,140
  6,429
  6,734
  7,055
  7,393
  7,748
  8,123
  8,516
  8,930
  9,366
  9,824
  10,305
  10,811
  11,343
  11,901
  12,489
Total liabilities and equity, $m
  22,615
  23,468
  24,346
  25,288
  26,294
  27,367
  28,509
  29,722
  31,009
  32,373
  33,816
  35,342
  36,953
  38,655
  40,450
  42,343
  44,338
  46,440
  48,654
  50,985
  53,437
  56,018
  58,733
  61,588
  64,592
  67,750
  71,069
  74,558
  78,225
  82,078
  86,129
Debt-to-equity ratio
  0.429
  0.620
  0.810
  1.000
  1.190
  1.370
  1.560
  1.730
  1.910
  2.070
  2.240
  2.400
  2.550
  2.700
  2.840
  2.970
  3.110
  3.230
  3.350
  3.470
  3.580
  3.690
  3.790
  3.890
  3.980
  4.070
  4.160
  4.240
  4.310
  4.390
  4.460
Adjusted equity ratio
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  411
  392
  393
  394
  395
  397
  398
  400
  402
  404
  406
  459
  461
  464
  467
  470
  474
  477
  481
  486
  490
  495
  500
  506
  512
  518
  525
  532
  539
  548
  556
Depreciation, amort., depletion, $m
  146
  155
  158
  161
  165
  169
  173
  177
  182
  187
  192
  129
  135
  141
  148
  155
  162
  170
  178
  186
  195
  205
  215
  225
  236
  248
  260
  273
  286
  300
  315
Funds from operations, $m
  -163
  547
  550
  555
  560
  565
  571
  577
  584
  591
  598
  588
  596
  605
  615
  625
  636
  647
  659
  672
  686
  700
  715
  731
  748
  766
  785
  804
  825
  848
  871
Change in working capital, $m
  -1,080
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  30
Cash from operations, $m
  917
  541
  544
  548
  552
  557
  563
  568
  574
  581
  588
  576
  584
  593
  601
  611
  621
  631
  643
  655
  667
  681
  695
  710
  725
  742
  760
  778
  798
  819
  841
Maintenance CAPEX, $m
  0
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -109
  -113
  -118
  -124
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -186
  -195
  -205
  -215
  -225
  -236
  -248
  -260
  -273
  -286
  -300
New CAPEX, $m
  -117
  -24
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -133
Cash from investing activities, $m
  -1,606
  -107
  -115
  -120
  -125
  -131
  -138
  -144
  -151
  -158
  -165
  -174
  -182
  -191
  -200
  -210
  -221
  -231
  -243
  -255
  -267
  -280
  -294
  -309
  -324
  -340
  -357
  -375
  -394
  -413
  -433
Free cash flow, $m
  -689
  433
  429
  428
  427
  426
  425
  424
  423
  422
  422
  403
  402
  401
  401
  401
  400
  400
  400
  400
  400
  400
  400
  401
  401
  402
  403
  404
  405
  406
  407
Issuance/(repayment) of debt, $m
  37
  719
  750
  805
  860
  918
  976
  1,037
  1,100
  1,166
  1,234
  1,304
  1,378
  1,455
  1,535
  1,618
  1,706
  1,797
  1,893
  1,993
  2,097
  2,207
  2,321
  2,442
  2,568
  2,700
  2,838
  2,983
  3,135
  3,295
  3,463
Issuance/(repurchase) of shares, $m
  422
  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
  11
  31
Cash from financing (excl. dividends), $m  
  424
  719
  750
  805
  860
  918
  976
  1,037
  1,100
  1,166
  1,234
  1,304
  1,378
  1,455
  1,535
  1,618
  1,706
  1,797
  1,893
  1,993
  2,097
  2,207
  2,321
  2,442
  2,568
  2,700
  2,838
  2,983
  3,135
  3,306
  3,494
Total cash flow (excl. dividends), $m
  -280
  1,152
  1,180
  1,233
  1,287
  1,343
  1,401
  1,461
  1,524
  1,588
  1,656
  1,707
  1,780
  1,856
  1,936
  2,019
  2,106
  2,197
  2,293
  2,392
  2,497
  2,607
  2,722
  2,842
  2,969
  3,102
  3,241
  3,387
  3,540
  3,712
  3,901
Retained Cash Flow (-), $m
  -545
  -134
  -127
  -136
  -146
  -156
  -166
  -176
  -187
  -198
  -209
  -221
  -234
  -247
  -260
  -274
  -289
  -305
  -321
  -338
  -356
  -374
  -394
  -414
  -435
  -458
  -481
  -506
  -532
  -559
  -587
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
 
  1,019
  1,052
  1,096
  1,141
  1,188
  1,236
  1,286
  1,337
  1,391
  1,446
  1,486
  1,546
  1,610
  1,676
  1,745
  1,817
  1,892
  1,972
  2,055
  2,141
  2,233
  2,328
  2,428
  2,533
  2,644
  2,759
  2,881
  3,008
  3,153
  3,314
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
 
  977
  963
  954
  940
  921
  897
  868
  836
  799
  758
  706
  660
  612
  563
  512
  462
  412
  363
  316
  272
  231
  193
  159
  129
  103
  81
  62
  47
  34
  25
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
  99.9
  99.5

Amtrust Financial Services, Inc. (AmTrust) is an insurance holding company. The Company, through its subsidiaries, provides specialty property and casualty insurance focusing on workers' compensation and commercial package coverage for small business, specialty risk and extended warranty coverage, and property and casualty coverage for middle market business. Its segments include Small Commercial Business, Specialty Risk and Extended Warranty, and Specialty Program. The Small Commercial Business segment is engaged in providing workers' compensation, commercial package and other commercial insurance lines produced by wholesale agents, retail agents and brokers in the United States. The Specialty Risk and Extended Warranty segment is engaged in providing coverage for consumer and commercial goods and custom designed coverages. The Specialty Program segment is engaged in writing commercial insurance for defined classes of insureds through general and other wholesale agents.

FINANCIAL RATIOS  of  AmTrust Financial Services (AFSI)

Valuation Ratios
P/E Ratio 5.3
Price to Sales 0.4
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 2.4
Price to Free Cash Flow 2.7
Growth Rates
Sales Growth Rate 18.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -23%
Cap. Spend. - 3 Yr. Gr. Rate 23.9%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 37.8%
Total Debt to Equity 42.9%
Interest Coverage 20
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 9.6%
Ret/ On T. Cap. - 3 Yr. Avg. 13%
Return On Equity 13.7%
Return On Equity - 3 Yr. Avg. 18.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 12.3%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin 10.3%
Oper. Margin - 3 Yr. Avg. 10%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 9.9%
Net Profit Margin 7.5%
Net Profit Margin - 3 Yr. Avg. 9.2%
Effective Tax Rate 17%
Eff/ Tax Rate - 3 Yr. Avg. 10.7%
Payout Ratio 38%

AFSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AFSI stock intrinsic value calculation we used $5482 million for the last fiscal year's total revenue generated by AmTrust Financial Services. The default revenue input number comes from 2016 income statement of AmTrust Financial Services. 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 AFSI stock valuation model: a) initial revenue growth rate of 3.6% 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 AFSI is calculated based on our internal credit rating of AmTrust Financial Services, 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 AmTrust Financial Services.
    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 AFSI stock the variable cost ratio is equal to 87.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $112 million in the base year in the intrinsic value calculation for AFSI 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 3.5% for AmTrust Financial Services.

Corporate tax rate of 27% is the nominal tax rate for AmTrust Financial Services. 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 AFSI 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 AFSI are equal to 13.6%.

Life of production assets of 9 years is the average useful life of capital assets used in AmTrust Financial Services 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 AFSI is equal to 3.1%. 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 - $3269 million for AmTrust Financial Services - 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 197.617 million for AmTrust Financial Services 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 AmTrust Financial Services at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ EU mergers and takeovers (Jan 12)   [07:38AM  Reuters]
▶ In Buyout, AmTrust Takes Its Problems Private   [Jan-11-18 11:02AM  Barrons.com]
▶ 10 Dividend Stocks You Can Set and Forget   [02:22PM  InvestorPlace]
▶ EU mergers and takeovers (Jan 3)   [Jan-03-18 06:36AM  Reuters]
▶ EU mergers and takeovers (Dec 22)   [07:06AM  Reuters]
▶ New Strong Sell Stocks for November 13th   [Nov-13-17 11:17AM  Zacks]
▶ [$$] A Harvey Weinstein Operative Played Another Role   [12:07AM  The Wall Street Journal]
▶ AmTrust Financial reports 3Q loss   [07:25PM  Associated Press]
▶ [$$] A Harvey Weinstein Operative Played Another Role   [05:28PM  The Wall Street Journal]
▶ AmTrust: Spinners Keep Spinning?   [Nov-07-17 09:49AM  Barrons.com]
▶ [$$] AmTrust Sells Stake in U.S. Fee Businesses to Private Equity Firm   [Nov-06-17 07:37PM  The Wall Street Journal]
▶ [$$] Mysterious Strangers Dog Controversial Insurers Critics   [Aug-30-17 01:41AM  The Wall Street Journal]
▶ [$$] AmTrust Shares Drop On Profit Decline   [Aug-09-17 05:09PM  The Wall Street Journal]
▶ AmTrust Financial misses Street 2Q forecasts   [Aug-08-17 11:54PM  Associated Press]
▶ [$$] AmTrust Unloads Some Claims Risk   [Jul-06-17 05:30PM  The Wall Street Journal]
▶ 3 Stocks That Have Been Cut in Half This Year   [Jul-03-17 09:01AM  Motley Fool]
Financial statements of AFSI
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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