Intrinsic value of AmTrust Financial Services - AFSI

Previous Close

$13.70

  Intrinsic Value

$194.81

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

-20%

Previous close

$13.70

 
Intrinsic value

$194.81

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

-20%

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

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

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 2.4

 

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
  13.70
  12.83
  12.05
  11.34
  10.71
  10.14
  9.62
  9.16
  8.75
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.46
  5.41
Revenue, $m
  0
  6,233
  7,033
  7,880
  8,774
  9,713
  10,698
  11,727
  12,802
  13,921
  15,087
  16,299
  17,558
  18,868
  20,228
  21,642
  23,112
  24,641
  26,230
  27,884
  29,606
  31,399
  33,268
  35,217
  37,249
  39,370
  41,584
  43,897
  46,314
  48,841
  51,483
Variable operating expenses, $m
 
  5,457
  6,148
  6,881
  7,653
  8,465
  9,317
  10,207
  11,135
  12,103
  13,111
  14,090
  15,179
  16,311
  17,487
  18,709
  19,980
  21,301
  22,675
  24,105
  25,593
  27,144
  28,759
  30,444
  32,201
  34,034
  35,948
  37,948
  40,037
  42,221
  44,506
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
  5,572
  6,266
  7,002
  7,777
  8,592
  9,447
  10,340
  11,271
  12,243
  13,254
  14,237
  15,330
  16,465
  17,645
  18,871
  20,146
  21,471
  22,850
  24,284
  25,777
  27,332
  28,952
  30,642
  32,404
  34,242
  36,161
  38,166
  40,261
  42,450
  44,741
Operating income, $m
  563
  661
  767
  879
  997
  1,121
  1,251
  1,388
  1,530
  1,678
  1,833
  2,062
  2,229
  2,403
  2,583
  2,771
  2,966
  3,169
  3,380
  3,600
  3,829
  4,068
  4,316
  4,575
  4,846
  5,128
  5,423
  5,731
  6,053
  6,390
  6,743
EBITDA, $m
  709
  815
  931
  1,055
  1,185
  1,322
  1,466
  1,616
  1,773
  1,936
  2,107
  2,284
  2,468
  2,659
  2,858
  3,065
  3,281
  3,504
  3,737
  3,979
  4,232
  4,495
  4,769
  5,054
  5,352
  5,664
  5,989
  6,328
  6,683
  7,055
  7,443
Interest expense (income), $m
  26
  49
  143
  242
  346
  457
  573
  695
  822
  955
  1,093
  1,238
  1,387
  1,543
  1,705
  1,873
  2,048
  2,230
  2,419
  2,616
  2,820
  3,033
  3,255
  3,486
  3,727
  3,978
  4,240
  4,514
  4,800
  5,099
  5,412
Earnings before tax, $m
  500
  612
  624
  637
  650
  664
  678
  693
  708
  723
  739
  824
  842
  860
  878
  898
  918
  939
  961
  985
  1,009
  1,035
  1,061
  1,090
  1,119
  1,150
  1,183
  1,217
  1,253
  1,291
  1,331
Tax expense, $m
  85
  165
  168
  172
  176
  179
  183
  187
  191
  195
  200
  223
  227
  232
  237
  242
  248
  254
  260
  266
  272
  279
  287
  294
  302
  311
  319
  329
  338
  349
  359
Net income, $m
  411
  447
  456
  465
  475
  485
  495
  506
  517
  528
  540
  602
  614
  627
  641
  655
  670
  686
  702
  719
  737
  755
  775
  795
  817
  840
  863
  889
  915
  943
  972

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
  25,756
  29,061
  32,562
  36,255
  40,137
  44,206
  48,460
  52,900
  57,526
  62,341
  67,349
  72,556
  77,966
  83,589
  89,432
  95,505
  101,820
  108,389
  115,223
  122,339
  129,750
  137,472
  145,524
  153,922
  162,686
  171,837
  181,394
  191,382
  201,822
  212,740
Adjusted assets (=assets-cash), $m
  22,615
  25,756
  29,061
  32,562
  36,255
  40,137
  44,206
  48,460
  52,900
  57,526
  62,341
  67,349
  72,556
  77,966
  83,589
  89,432
  95,505
  101,820
  108,389
  115,223
  122,339
  129,750
  137,472
  145,524
  153,922
  162,686
  171,837
  181,394
  191,382
  201,822
  212,740
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
  848
  956
  1,072
  1,193
  1,321
  1,455
  1,595
  1,741
  1,893
  2,052
  2,217
  2,388
  2,566
  2,751
  2,943
  3,143
  3,351
  3,567
  3,792
  4,026
  4,270
  4,524
  4,789
  5,066
  5,354
  5,655
  5,970
  6,299
  6,642
  7,002
Working capital, $m
  0
  193
  218
  244
  272
  301
  332
  364
  397
  432
  468
  505
  544
  585
  627
  671
  716
  764
  813
  864
  918
  973
  1,031
  1,092
  1,155
  1,220
  1,289
  1,361
  1,436
  1,514
  1,596
Total debt, $m
  1,403
  4,079
  6,904
  9,897
  13,055
  16,374
  19,853
  23,491
  27,286
  31,242
  35,359
  39,641
  44,092
  48,718
  53,525
  58,521
  63,714
  69,113
  74,729
  80,573
  86,657
  92,993
  99,596
  106,480
  113,660
  121,154
  128,977
  137,149
  145,688
  154,615
  163,950
Total liabilities, $m
  19,346
  22,022
  24,847
  27,840
  30,998
  34,317
  37,796
  41,434
  45,229
  49,185
  53,302
  57,584
  62,035
  66,661
  71,468
  76,464
  81,657
  87,056
  92,672
  98,516
  104,600
  110,936
  117,539
  124,423
  131,603
  139,097
  146,920
  155,092
  163,631
  172,558
  181,893
Total equity, $m
  3,269
  3,735
  4,214
  4,721
  5,257
  5,820
  6,410
  7,027
  7,670
  8,341
  9,039
  9,766
  10,521
  11,305
  12,120
  12,968
  13,848
  14,764
  15,716
  16,707
  17,739
  18,814
  19,933
  21,101
  22,319
  23,590
  24,916
  26,302
  27,750
  29,264
  30,847
Total liabilities and equity, $m
  22,615
  25,757
  29,061
  32,561
  36,255
  40,137
  44,206
  48,461
  52,899
  57,526
  62,341
  67,350
  72,556
  77,966
  83,588
  89,432
  95,505
  101,820
  108,388
  115,223
  122,339
  129,750
  137,472
  145,524
  153,922
  162,687
  171,836
  181,394
  191,381
  201,822
  212,740
Debt-to-equity ratio
  0.429
  1.090
  1.640
  2.100
  2.480
  2.810
  3.100
  3.340
  3.560
  3.750
  3.910
  4.060
  4.190
  4.310
  4.420
  4.510
  4.600
  4.680
  4.750
  4.820
  4.890
  4.940
  5.000
  5.050
  5.090
  5.140
  5.180
  5.210
  5.250
  5.280
  5.310
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
  447
  456
  465
  475
  485
  495
  506
  517
  528
  540
  602
  614
  627
  641
  655
  670
  686
  702
  719
  737
  755
  775
  795
  817
  840
  863
  889
  915
  943
  972
Depreciation, amort., depletion, $m
  146
  153
  164
  176
  188
  201
  214
  228
  243
  258
  274
  222
  239
  257
  275
  294
  314
  335
  357
  379
  403
  427
  452
  479
  507
  535
  566
  597
  630
  664
  700
Funds from operations, $m
  -163
  600
  620
  641
  663
  686
  709
  734
  759
  786
  813
  824
  853
  884
  916
  950
  984
  1,021
  1,059
  1,098
  1,139
  1,182
  1,227
  1,274
  1,324
  1,375
  1,429
  1,486
  1,545
  1,607
  1,672
Change in working capital, $m
  -1,080
  23
  25
  26
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  60
  63
  66
  69
  72
  75
  78
  82
Cash from operations, $m
  917
  577
  595
  615
  635
  656
  679
  702
  726
  751
  777
  786
  814
  844
  874
  906
  939
  973
  1,009
  1,047
  1,086
  1,127
  1,169
  1,214
  1,261
  1,309
  1,360
  1,414
  1,470
  1,529
  1,590
Maintenance CAPEX, $m
  0
  -75
  -85
  -96
  -107
  -119
  -132
  -145
  -159
  -174
  -189
  -205
  -222
  -239
  -257
  -275
  -294
  -314
  -335
  -357
  -379
  -403
  -427
  -452
  -479
  -507
  -535
  -566
  -597
  -630
  -664
New CAPEX, $m
  -117
  -100
  -109
  -115
  -122
  -128
  -134
  -140
  -146
  -152
  -158
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -225
  -234
  -244
  -254
  -265
  -276
  -288
  -301
  -315
  -329
  -344
  -359
Cash from investing activities, $m
  -1,606
  -175
  -194
  -211
  -229
  -247
  -266
  -285
  -305
  -326
  -347
  -370
  -393
  -417
  -442
  -467
  -494
  -522
  -551
  -582
  -613
  -647
  -681
  -717
  -755
  -795
  -836
  -881
  -926
  -974
  -1,023
Free cash flow, $m
  -689
  403
  402
  404
  406
  409
  413
  416
  421
  425
  430
  416
  421
  427
  432
  438
  445
  451
  458
  465
  472
  480
  488
  496
  505
  514
  524
  534
  544
  555
  566
Issuance/(repayment) of debt, $m
  37
  2,676
  2,825
  2,993
  3,158
  3,319
  3,479
  3,637
  3,796
  3,955
  4,117
  4,282
  4,451
  4,626
  4,807
  4,996
  5,193
  5,399
  5,616
  5,844
  6,084
  6,336
  6,603
  6,884
  7,181
  7,493
  7,824
  8,172
  8,539
  8,927
  9,335
Issuance/(repurchase) of shares, $m
  261
  19
  24
  43
  61
  78
  95
  111
  127
  143
  159
  124
  140
  157
  174
  192
  211
  230
  251
  272
  295
  319
  345
  372
  401
  431
  463
  497
  533
  571
  611
Cash from financing (excl. dividends), $m  
  424
  2,695
  2,849
  3,036
  3,219
  3,397
  3,574
  3,748
  3,923
  4,098
  4,276
  4,406
  4,591
  4,783
  4,981
  5,188
  5,404
  5,629
  5,867
  6,116
  6,379
  6,655
  6,948
  7,256
  7,582
  7,924
  8,287
  8,669
  9,072
  9,498
  9,946
Total cash flow (excl. dividends), $m
  -280
  3,097
  3,251
  3,440
  3,625
  3,807
  3,986
  4,165
  4,343
  4,523
  4,705
  4,822
  5,013
  5,210
  5,414
  5,626
  5,848
  6,081
  6,325
  6,581
  6,851
  7,136
  7,436
  7,753
  8,087
  8,439
  8,811
  9,203
  9,617
  10,053
  10,513
Retained Cash Flow (-), $m
  -545
  -466
  -479
  -508
  -536
  -563
  -590
  -617
  -644
  -671
  -698
  -726
  -755
  -785
  -815
  -847
  -881
  -916
  -952
  -991
  -1,032
  -1,075
  -1,120
  -1,167
  -1,218
  -1,271
  -1,327
  -1,386
  -1,448
  -1,514
  -1,583
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
 
  2,631
  2,771
  2,932
  3,089
  3,244
  3,397
  3,548
  3,700
  3,852
  4,007
  4,096
  4,258
  4,425
  4,598
  4,779
  4,967
  5,165
  5,372
  5,590
  5,819
  6,061
  6,316
  6,585
  6,869
  7,168
  7,484
  7,817
  8,168
  8,539
  8,930
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
 
  2,523
  2,537
  2,552
  2,544
  2,514
  2,465
  2,397
  2,312
  2,213
  2,101
  1,945
  1,817
  1,683
  1,544
  1,403
  1,262
  1,124
  989
  861
  739
  627
  524
  432
  350
  279
  218
  168
  126
  93
  67
Current shareholders' claim on cash, %
  100
  99.2
  98.4
  97.0
  95.4
  93.5
  91.5
  89.4
  87.2
  85.1
  82.9
  81.4
  79.8
  78.3
  76.7
  75.0
  73.4
  71.8
  70.2
  68.6
  67.0
  65.4
  63.8
  62.2
  60.6
  59.1
  57.5
  56.0
  54.5
  53.0
  51.6

AmTrust Financial Services, Inc., through its subsidiaries, underwrites and provides property and casualty insurance in the United States and internationally. It operates in three segments: Small Commercial Business; Specialty Risk and Extended Warranty; and Specialty Program. The Small Commercial Business segment offers workers’ compensation insurance products; and commercial package insurance products, such as commercial property, general liability, inland marine, automobile, and umbrella coverage, as well as other property and casualty insurance products to small businesses. The Specialty Risk and Extended Warranty segment provides coverage for consumer and commercial goods; custom designed coverages, such as accidental damage plans and payment protection plans; and coverage for niche property and casualty risks, as well as specialty liability risks comprising general liability, employers’ liability, and professional and medical liability. This segment also serves as a third party administrator to provide claims handling and call center services to the consumer products and automotive industries. The Specialty Program segment provides workers’ compensation, general liability, commercial auto liability, property coverage, excess and surplus lines programs, and other specialty commercial property and casualty insurance products to small and middle market companies. The company also provides reinsurance services primarily for personal and commercial automotive business. AmTrust Financial Services, Inc. distributes its policies through a network of retail and wholesale agents, as well as through third-party brokers, agents, retailers, or administrators. The company was founded in 1998 and is based in New York, New York.

FINANCIAL RATIOS  of  AmTrust Financial Services (AFSI)

Valuation Ratios
P/E Ratio 5.7
Price to Sales 0.4
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 2.5
Price to Free Cash Flow 2.9
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 13.7% 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 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 10 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 175.658 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 $2.4 billion.

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COMPANY NEWS

▶ [$$] AmTrust Shares Drop On Profit Decline   [Aug-09-17 05:09PM  The Wall Street Journal]
▶ AmTrust Financial misses Street 2Q forecasts   [Aug-08-17 11:54PM  Associated Press]
▶ [$$] 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]
▶ Airline Shares and Whistle-Blowers   [09:34AM  Bloomberg]
Stock chart of AFSI 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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