Intrinsic value of AmTrust Financial Services - AFSI

Previous Close

$14.02

  Intrinsic Value

$191.11

stock screener

  Rating & Target

str. buy

+999%

Previous close

$14.02

 
Intrinsic value

$191.11

 
Up/down potential

+999%

 
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

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 2.7

 

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
  16.80
  15.62
  14.56
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
Revenue, $m
  0
  6,403
  7,403
  8,481
  9,634
  10,862
  12,162
  13,533
  14,973
  16,482
  18,060
  19,706
  21,421
  23,206
  25,062
  26,992
  28,998
  31,081
  33,247
  35,498
  37,839
  40,274
  42,808
  45,445
  48,193
  51,056
  54,042
  57,156
  60,406
  63,799
  67,344
Variable operating expenses, $m
 
  5,604
  6,468
  7,400
  8,397
  9,459
  10,582
  11,767
  13,013
  14,317
  15,681
  17,035
  18,518
  20,061
  21,666
  23,334
  25,067
  26,869
  28,741
  30,687
  32,711
  34,816
  37,006
  39,286
  41,661
  44,137
  46,717
  49,409
  52,219
  55,152
  58,216
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
  5,719
  6,586
  7,521
  8,521
  9,586
  10,712
  11,900
  13,149
  14,457
  15,824
  17,182
  18,669
  20,215
  21,824
  23,496
  25,233
  27,039
  28,916
  30,866
  32,895
  35,004
  37,199
  39,484
  41,864
  44,345
  46,930
  49,627
  52,443
  55,381
  58,451
Operating income, $m
  563
  684
  817
  960
  1,113
  1,277
  1,450
  1,632
  1,824
  2,025
  2,236
  2,524
  2,753
  2,991
  3,239
  3,496
  3,764
  4,042
  4,331
  4,632
  4,945
  5,270
  5,609
  5,962
  6,329
  6,712
  7,112
  7,528
  7,963
  8,418
  8,892
EBITDA, $m
  709
  850
  998
  1,157
  1,328
  1,510
  1,702
  1,905
  2,119
  2,343
  2,577
  2,822
  3,076
  3,341
  3,617
  3,904
  4,202
  4,512
  4,834
  5,169
  5,517
  5,879
  6,256
  6,648
  7,057
  7,484
  7,928
  8,392
  8,876
  9,382
  9,910
Interest expense (income), $m
  26
  49
  164
  287
  421
  563
  715
  876
  1,045
  1,224
  1,410
  1,605
  1,809
  2,021
  2,242
  2,471
  2,710
  2,958
  3,215
  3,483
  3,762
  4,051
  4,352
  4,665
  4,992
  5,331
  5,685
  6,055
  6,440
  6,842
  7,261
Earnings before tax, $m
  500
  635
  653
  673
  693
  713
  735
  756
  779
  802
  825
  919
  944
  970
  997
  1,025
  1,054
  1,084
  1,116
  1,149
  1,183
  1,219
  1,257
  1,296
  1,337
  1,381
  1,426
  1,474
  1,524
  1,576
  1,631
Tax expense, $m
  85
  172
  176
  182
  187
  193
  198
  204
  210
  216
  223
  248
  255
  262
  269
  277
  285
  293
  301
  310
  319
  329
  339
  350
  361
  373
  385
  398
  411
  426
  440
Net income, $m
  411
  464
  477
  491
  506
  521
  536
  552
  569
  585
  603
  671
  689
  708
  728
  748
  769
  792
  815
  839
  864
  890
  917
  946
  976
  1,008
  1,041
  1,076
  1,112
  1,150
  1,191

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
  26,459
  30,591
  35,045
  39,812
  44,885
  50,256
  55,921
  61,873
  68,109
  74,628
  81,430
  88,517
  95,893
  103,564
  111,538
  119,825
  128,436
  137,385
  146,688
  156,360
  166,421
  176,891
  187,791
  199,145
  210,976
  223,312
  236,181
  249,610
  263,632
  278,279
Adjusted assets (=assets-cash), $m
  22,615
  26,459
  30,591
  35,045
  39,812
  44,885
  50,256
  55,921
  61,873
  68,109
  74,628
  81,430
  88,517
  95,893
  103,564
  111,538
  119,825
  128,436
  137,385
  146,688
  156,360
  166,421
  176,891
  187,791
  199,145
  210,976
  223,312
  236,181
  249,610
  263,632
  278,279
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
  871
  1,007
  1,153
  1,310
  1,477
  1,654
  1,840
  2,036
  2,242
  2,456
  2,680
  2,913
  3,156
  3,408
  3,671
  3,944
  4,227
  4,522
  4,828
  5,146
  5,477
  5,822
  6,181
  6,554
  6,944
  7,350
  7,773
  8,215
  8,677
  9,159
Working capital, $m
  0
  198
  229
  263
  299
  337
  377
  420
  464
  511
  560
  611
  664
  719
  777
  837
  899
  964
  1,031
  1,100
  1,173
  1,248
  1,327
  1,409
  1,494
  1,583
  1,675
  1,772
  1,873
  1,978
  2,088
Total debt, $m
  1,403
  4,679
  8,213
  12,020
  16,096
  20,433
  25,026
  29,869
  34,958
  40,290
  45,864
  51,680
  57,739
  64,046
  70,604
  77,422
  84,507
  91,870
  99,521
  107,475
  115,745
  124,347
  133,299
  142,618
  152,326
  162,442
  172,989
  183,991
  195,474
  207,463
  219,986
Total liabilities, $m
  19,346
  22,622
  26,156
  29,963
  34,039
  38,376
  42,969
  47,812
  52,901
  58,233
  63,807
  69,623
  75,682
  81,989
  88,547
  95,365
  102,450
  109,813
  117,464
  125,418
  133,688
  142,290
  151,242
  160,561
  170,269
  180,385
  190,932
  201,934
  213,417
  225,406
  237,929
Total equity, $m
  3,269
  3,836
  4,436
  5,082
  5,773
  6,508
  7,287
  8,108
  8,972
  9,876
  10,821
  11,807
  12,835
  13,904
  15,017
  16,173
  17,375
  18,623
  19,921
  21,270
  22,672
  24,131
  25,649
  27,230
  28,876
  30,592
  32,380
  34,246
  36,193
  38,227
  40,350
Total liabilities and equity, $m
  22,615
  26,458
  30,592
  35,045
  39,812
  44,884
  50,256
  55,920
  61,873
  68,109
  74,628
  81,430
  88,517
  95,893
  103,564
  111,538
  119,825
  128,436
  137,385
  146,688
  156,360
  166,421
  176,891
  187,791
  199,145
  210,977
  223,312
  236,180
  249,610
  263,633
  278,279
Debt-to-equity ratio
  0.429
  1.220
  1.850
  2.370
  2.790
  3.140
  3.430
  3.680
  3.900
  4.080
  4.240
  4.380
  4.500
  4.610
  4.700
  4.790
  4.860
  4.930
  5.000
  5.050
  5.110
  5.150
  5.200
  5.240
  5.280
  5.310
  5.340
  5.370
  5.400
  5.430
  5.450
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
  464
  477
  491
  506
  521
  536
  552
  569
  585
  603
  671
  689
  708
  728
  748
  769
  792
  815
  839
  864
  890
  917
  946
  976
  1,008
  1,041
  1,076
  1,112
  1,150
  1,191
Depreciation, amort., depletion, $m
  146
  165
  181
  197
  214
  233
  252
  273
  295
  318
  342
  298
  324
  351
  379
  408
  438
  470
  502
  536
  572
  609
  647
  687
  728
  772
  817
  864
  913
  964
  1,018
Funds from operations, $m
  -163
  629
  657
  688
  720
  754
  789
  825
  863
  903
  944
  968
  1,013
  1,059
  1,106
  1,156
  1,208
  1,261
  1,317
  1,375
  1,436
  1,499
  1,564
  1,633
  1,705
  1,779
  1,858
  1,939
  2,025
  2,115
  2,208
Change in working capital, $m
  -1,080
  29
  31
  33
  36
  38
  40
  42
  45
  47
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  75
  79
  82
  85
  89
  93
  97
  101
  105
  110
Cash from operations, $m
  917
  601
  626
  654
  684
  716
  748
  783
  819
  856
  895
  917
  960
  1,003
  1,049
  1,096
  1,145
  1,197
  1,250
  1,305
  1,363
  1,423
  1,486
  1,551
  1,619
  1,691
  1,765
  1,843
  1,924
  2,009
  2,098
Maintenance CAPEX, $m
  0
  -83
  -97
  -112
  -128
  -146
  -164
  -184
  -204
  -226
  -249
  -273
  -298
  -324
  -351
  -379
  -408
  -438
  -470
  -502
  -536
  -572
  -609
  -647
  -687
  -728
  -772
  -817
  -864
  -913
  -964
New CAPEX, $m
  -117
  -123
  -136
  -147
  -157
  -167
  -177
  -186
  -196
  -205
  -215
  -224
  -233
  -243
  -252
  -262
  -273
  -283
  -295
  -306
  -318
  -331
  -345
  -359
  -374
  -389
  -406
  -424
  -442
  -461
  -482
Cash from investing activities, $m
  -1,606
  -206
  -233
  -259
  -285
  -313
  -341
  -370
  -400
  -431
  -464
  -497
  -531
  -567
  -603
  -641
  -681
  -721
  -765
  -808
  -854
  -903
  -954
  -1,006
  -1,061
  -1,117
  -1,178
  -1,241
  -1,306
  -1,374
  -1,446
Free cash flow, $m
  -689
  395
  394
  396
  399
  403
  408
  413
  418
  425
  432
  421
  429
  437
  446
  455
  465
  475
  486
  497
  508
  520
  533
  546
  559
  573
  588
  603
  619
  635
  652
Issuance/(repayment) of debt, $m
  37
  3,276
  3,534
  3,808
  4,076
  4,337
  4,593
  4,843
  5,089
  5,332
  5,574
  5,816
  6,059
  6,306
  6,559
  6,818
  7,085
  7,363
  7,652
  7,954
  8,270
  8,602
  8,952
  9,320
  9,707
  10,116
  10,547
  11,002
  11,482
  11,989
  12,523
Issuance/(repurchase) of shares, $m
  422
  104
  122
  155
  186
  215
  243
  269
  295
  319
  343
  316
  339
  361
  385
  408
  432
  457
  483
  510
  539
  569
  601
  634
  670
  708
  748
  790
  835
  883
  933
Cash from financing (excl. dividends), $m  
  424
  3,380
  3,656
  3,963
  4,262
  4,552
  4,836
  5,112
  5,384
  5,651
  5,917
  6,132
  6,398
  6,667
  6,944
  7,226
  7,517
  7,820
  8,135
  8,464
  8,809
  9,171
  9,553
  9,954
  10,377
  10,824
  11,295
  11,792
  12,317
  12,872
  13,456
Total cash flow (excl. dividends), $m
  -280
  3,775
  4,050
  4,358
  4,660
  4,955
  5,243
  5,525
  5,802
  6,076
  6,348
  6,552
  6,826
  7,105
  7,389
  7,681
  7,982
  8,295
  8,620
  8,961
  9,317
  9,691
  10,085
  10,499
  10,936
  11,397
  11,883
  12,395
  12,936
  13,507
  14,108
Retained Cash Flow (-), $m
  -545
  -567
  -599
  -646
  -691
  -736
  -779
  -821
  -863
  -904
  -945
  -986
  -1,028
  -1,069
  -1,112
  -1,156
  -1,202
  -1,249
  -1,298
  -1,349
  -1,403
  -1,459
  -1,518
  -1,581
  -1,646
  -1,716
  -1,789
  -1,866
  -1,947
  -2,033
  -2,124
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
 
  3,207
  3,450
  3,713
  3,969
  4,219
  4,464
  4,704
  4,939
  5,172
  5,403
  5,566
  5,799
  6,035
  6,277
  6,525
  6,781
  7,046
  7,323
  7,612
  7,915
  8,232
  8,567
  8,919
  9,290
  9,681
  10,094
  10,529
  10,989
  11,473
  11,985
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
 
  3,075
  3,159
  3,231
  3,268
  3,271
  3,240
  3,178
  3,087
  2,971
  2,833
  2,643
  2,475
  2,295
  2,107
  1,915
  1,723
  1,533
  1,349
  1,172
  1,006
  852
  711
  585
  473
  377
  294
  226
  170
  125
  90
Current shareholders' claim on cash, %
  100
  96.4
  92.8
  89.1
  85.4
  81.8
  78.3
  75.1
  71.9
  69.0
  66.3
  64.1
  62.0
  60.0
  58.0
  56.2
  54.5
  52.8
  51.3
  49.7
  48.3
  46.9
  45.5
  44.2
  43.0
  41.8
  40.6
  39.4
  38.3
  37.3
  36.2

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 5.8
Price to Sales 0.4
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 2.6
Price to Free Cash Flow 3
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 16.8% 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 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 196.148 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 $2.7 billion.

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COMPANY NEWS

▶ [$$] Mysterious Strangers Dog Controversial Insurers Critics   [Aug-30-17 01:41AM  The Wall Street Journal]
▶ [$$] 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]
▶ [$$] AmTrust Unloads Some Claims Risk   [Jul-06-17 05:30PM  The Wall Street Journal]
▶ 3 Stocks That Have Been Cut in Half This Year   [Jul-03-17 09:01AM  Motley Fool]
▶ [$$] AmTrust Swaps Finance Chiefs   [Jun-05-17 08:39PM  The Wall Street Journal]
▶ [$$] AmTrust Swaps Finance Chiefs   [12:59PM  The Wall Street Journal]
▶ [$$] AmTrust Financial Services Shares Tumble After Earnings Shortfall   [May-10-17 01:08AM  The Wall Street Journal]
▶ [$$] AmTrust Shares Tumble on Earnings Miss   [04:27PM  The Wall Street Journal]
▶ AmTrust Financial misses 1Q profit forecasts   [May-08-17 05:11PM  Associated Press]
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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