Intrinsic value of Argo Group International Holdings - AGII

Previous Close

$60.55

  Intrinsic Value

$276.84

stock screener

  Rating & Target

str. buy

+357%

Previous close

$60.55

 
Intrinsic value

$276.84

 
Up/down potential

+357%

 
Rating

str. buy

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

We calculate the intrinsic value of AGII 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 1.8

 

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, %
  6.01
  16.20
  15.08
  14.07
  13.16
  12.35
  11.61
  10.95
  10.36
  9.82
  9.34
  8.91
  8.51
  8.16
  7.85
  7.56
  7.31
  7.08
  6.87
  6.68
  6.51
  6.36
  6.23
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
Revenue, $m
  0
  1,844
  2,122
  2,421
  2,740
  3,078
  3,435
  3,811
  4,206
  4,619
  5,051
  5,501
  5,969
  6,456
  6,963
  7,489
  8,036
  8,605
  9,196
  9,810
  10,449
  11,114
  11,806
  12,526
  13,277
  14,060
  14,876
  15,727
  16,616
  17,544
  18,514
Variable operating expenses, $m
 
  1,473
  1,693
  1,929
  2,181
  2,448
  2,730
  3,028
  3,340
  3,666
  4,007
  4,348
  4,718
  5,103
  5,503
  5,920
  6,352
  6,802
  7,269
  7,754
  8,259
  8,785
  9,332
  9,901
  10,495
  11,113
  11,758
  12,431
  13,134
  13,867
  14,634
Fixed operating expenses, $m
 
  126
  129
  132
  136
  139
  143
  146
  150
  154
  157
  161
  165
  170
  174
  178
  183
  187
  192
  197
  202
  207
  212
  217
  222
  228
  234
  240
  246
  252
  258
Total operating expenses, $m
  1,390
  1,599
  1,822
  2,061
  2,317
  2,587
  2,873
  3,174
  3,490
  3,820
  4,164
  4,509
  4,883
  5,273
  5,677
  6,098
  6,535
  6,989
  7,461
  7,951
  8,461
  8,992
  9,544
  10,118
  10,717
  11,341
  11,992
  12,671
  13,380
  14,119
  14,892
Operating income, $m
  197
  245
  300
  360
  423
  491
  562
  637
  716
  799
  886
  991
  1,086
  1,183
  1,285
  1,391
  1,502
  1,616
  1,735
  1,859
  1,988
  2,123
  2,263
  2,408
  2,560
  2,719
  2,884
  3,056
  3,237
  3,425
  3,622
EBITDA, $m
  232
  273
  330
  392
  457
  527
  601
  679
  761
  846
  936
  1,029
  1,127
  1,228
  1,333
  1,443
  1,557
  1,675
  1,799
  1,927
  2,060
  2,199
  2,344
  2,494
  2,651
  2,815
  2,986
  3,165
  3,351
  3,546
  3,749
Interest expense (income), $m
  19
  19
  65
  114
  167
  224
  284
  347
  414
  484
  558
  634
  714
  797
  884
  974
  1,067
  1,164
  1,265
  1,370
  1,479
  1,593
  1,711
  1,833
  1,961
  2,095
  2,233
  2,378
  2,529
  2,687
  2,852
Earnings before tax, $m
  182
  226
  235
  245
  256
  267
  278
  290
  302
  315
  328
  357
  371
  386
  402
  418
  435
  452
  470
  489
  509
  530
  552
  575
  599
  624
  650
  678
  707
  738
  770
Tax expense, $m
  35
  61
  64
  66
  69
  72
  75
  78
  82
  85
  89
  96
  100
  104
  108
  113
  117
  122
  127
  132
  137
  143
  149
  155
  162
  168
  176
  183
  191
  199
  208
Net income, $m
  147
  165
  172
  179
  187
  195
  203
  212
  221
  230
  240
  261
  271
  282
  293
  305
  317
  330
  343
  357
  372
  387
  403
  420
  437
  456
  475
  495
  516
  539
  562

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
  7,205
  8,382
  9,646
  11,004
  12,452
  13,990
  15,615
  17,325
  19,119
  20,997
  22,958
  25,002
  27,131
  29,346
  31,649
  34,042
  36,529
  39,114
  41,800
  44,593
  47,497
  50,519
  53,664
  56,939
  60,351
  63,907
  67,617
  71,487
  75,527
  79,746
  84,154
Adjusted assets (=assets-cash), $m
  7,205
  8,382
  9,646
  11,004
  12,452
  13,990
  15,615
  17,325
  19,119
  20,997
  22,958
  25,002
  27,131
  29,346
  31,649
  34,042
  36,529
  39,114
  41,800
  44,593
  47,497
  50,519
  53,664
  56,939
  60,351
  63,907
  67,617
  71,487
  75,527
  79,746
  84,154
Revenue / Adjusted assets
  0.000
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
Average production assets, $m
  71
  81
  93
  107
  121
  135
  151
  168
  185
  203
  222
  242
  263
  284
  306
  330
  354
  379
  405
  432
  460
  489
  519
  551
  584
  619
  655
  692
  731
  772
  815
Working capital, $m
  0
  162
  187
  213
  241
  271
  302
  335
  370
  407
  444
  484
  525
  568
  613
  659
  707
  757
  809
  863
  920
  978
  1,039
  1,102
  1,168
  1,237
  1,309
  1,384
  1,462
  1,544
  1,629
Total debt, $m
  368
  1,251
  2,200
  3,220
  4,308
  5,462
  6,683
  7,967
  9,315
  10,725
  12,197
  13,733
  15,331
  16,995
  18,724
  20,522
  22,389
  24,330
  26,348
  28,445
  30,626
  32,895
  35,257
  37,717
  40,279
  42,950
  45,736
  48,643
  51,677
  54,845
  58,155
Total liabilities, $m
  5,412
  6,295
  7,244
  8,264
  9,352
  10,506
  11,727
  13,011
  14,359
  15,769
  17,241
  18,777
  20,375
  22,039
  23,768
  25,566
  27,433
  29,374
  31,392
  33,489
  35,670
  37,939
  40,301
  42,761
  45,323
  47,994
  50,780
  53,687
  56,721
  59,889
  63,199
Total equity, $m
  1,793
  2,087
  2,402
  2,740
  3,101
  3,484
  3,888
  4,314
  4,761
  5,228
  5,717
  6,226
  6,756
  7,307
  7,881
  8,476
  9,096
  9,739
  10,408
  11,104
  11,827
  12,579
  13,362
  14,178
  15,027
  15,913
  16,837
  17,800
  18,806
  19,857
  20,954
Total liabilities and equity, $m
  7,205
  8,382
  9,646
  11,004
  12,453
  13,990
  15,615
  17,325
  19,120
  20,997
  22,958
  25,003
  27,131
  29,346
  31,649
  34,042
  36,529
  39,113
  41,800
  44,593
  47,497
  50,518
  53,663
  56,939
  60,350
  63,907
  67,617
  71,487
  75,527
  79,746
  84,153
Debt-to-equity ratio
  0.205
  0.600
  0.920
  1.180
  1.390
  1.570
  1.720
  1.850
  1.960
  2.050
  2.130
  2.210
  2.270
  2.330
  2.380
  2.420
  2.460
  2.500
  2.530
  2.560
  2.590
  2.620
  2.640
  2.660
  2.680
  2.700
  2.720
  2.730
  2.750
  2.760
  2.780
Adjusted equity ratio
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  147
  165
  172
  179
  187
  195
  203
  212
  221
  230
  240
  261
  271
  282
  293
  305
  317
  330
  343
  357
  372
  387
  403
  420
  437
  456
  475
  495
  516
  539
  562
Depreciation, amort., depletion, $m
  35
  28
  30
  32
  34
  36
  39
  41
  44
  47
  50
  38
  41
  44
  48
  51
  55
  59
  63
  67
  72
  76
  81
  86
  91
  97
  102
  108
  114
  121
  127
Funds from operations, $m
  212
  193
  202
  211
  221
  231
  242
  253
  265
  277
  289
  299
  312
  326
  341
  356
  372
  389
  407
  425
  444
  463
  484
  506
  528
  552
  577
  603
  631
  659
  689
Change in working capital, $m
  31
  23
  24
  26
  28
  30
  31
  33
  35
  36
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
  82
  85
Cash from operations, $m
  181
  170
  177
  185
  193
  201
  210
  220
  230
  241
  252
  259
  271
  283
  297
  310
  324
  339
  355
  371
  387
  405
  423
  442
  462
  483
  505
  528
  552
  578
  604
Maintenance CAPEX, $m
  0
  -11
  -13
  -15
  -17
  -19
  -21
  -24
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -55
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -97
  -102
  -108
  -114
  -121
New CAPEX, $m
  -32
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
Cash from investing activities, $m
  -145
  -22
  -25
  -28
  -31
  -34
  -37
  -41
  -43
  -47
  -51
  -55
  -59
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -95
  -101
  -106
  -113
  -119
  -125
  -133
  -139
  -147
  -155
  -164
Free cash flow, $m
  36
  149
  152
  157
  162
  168
  173
  180
  186
  193
  201
  204
  213
  221
  230
  239
  249
  259
  269
  280
  292
  304
  316
  329
  343
  358
  373
  389
  405
  423
  441
Issuance/(repayment) of debt, $m
  0
  883
  949
  1,019
  1,088
  1,155
  1,220
  1,284
  1,348
  1,410
  1,473
  1,535
  1,599
  1,663
  1,729
  1,797
  1,868
  1,941
  2,017
  2,097
  2,181
  2,269
  2,362
  2,460
  2,563
  2,671
  2,786
  2,906
  3,034
  3,168
  3,310
Issuance/(repurchase) of shares, $m
  -46
  129
  143
  159
  174
  188
  202
  214
  226
  238
  249
  248
  259
  270
  280
  291
  302
  314
  326
  338
  351
  365
  380
  396
  412
  430
  449
  469
  490
  512
  535
Cash from financing (excl. dividends), $m  
  -45
  1,012
  1,092
  1,178
  1,262
  1,343
  1,422
  1,498
  1,574
  1,648
  1,722
  1,783
  1,858
  1,933
  2,009
  2,088
  2,170
  2,255
  2,343
  2,435
  2,532
  2,634
  2,742
  2,856
  2,975
  3,101
  3,235
  3,375
  3,524
  3,680
  3,845
Total cash flow (excl. dividends), $m
  -9
  1,161
  1,244
  1,335
  1,424
  1,511
  1,595
  1,678
  1,760
  1,841
  1,922
  1,988
  2,070
  2,154
  2,239
  2,327
  2,419
  2,513
  2,612
  2,716
  2,824
  2,938
  3,058
  3,185
  3,318
  3,459
  3,607
  3,764
  3,929
  4,103
  4,287
Retained Cash Flow (-), $m
  -125
  -294
  -315
  -338
  -361
  -383
  -405
  -426
  -447
  -468
  -488
  -509
  -530
  -551
  -573
  -596
  -619
  -644
  -669
  -695
  -723
  -752
  -783
  -815
  -850
  -886
  -924
  -964
  -1,006
  -1,051
  -1,098
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
 
  867
  930
  997
  1,063
  1,128
  1,191
  1,252
  1,313
  1,374
  1,434
  1,479
  1,540
  1,602
  1,666
  1,732
  1,799
  1,870
  1,943
  2,020
  2,101
  2,186
  2,275
  2,369
  2,469
  2,573
  2,684
  2,800
  2,923
  3,052
  3,189
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  828
  844
  857
  860
  854
  839
  817
  787
  751
  709
  657
  609
  559
  507
  456
  405
  355
  308
  264
  223
  185
  152
  122
  97
  76
  58
  43
  32
  23
  16
Current shareholders' claim on cash, %
  100
  93.4
  87.5
  82.1
  77.3
  72.9
  69.0
  65.5
  62.3
  59.3
  56.7
  54.4
  52.2
  50.3
  48.4
  46.7
  45.1
  43.7
  42.3
  41.0
  39.7
  38.6
  37.4
  36.4
  35.4
  34.4
  33.5
  32.6
  31.7
  30.9
  30.1

Argo Group International Holdings, Ltd. is an underwriter of specialty insurance and reinsurance products in the property and casualty market. The Company operates through four segments: Excess and Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Excess and Surplus Lines segment carriers focus on risks that the standard (admitted) market is unwilling or unable to underwrite. The Excess and Surplus Lines segment consists of two operating platforms: Colony Specialty and Argo Pro. Commercial Specialty segment provides property, casualty and surety coverages designed to meet the insurance needs of businesses within certain markets. International Specialty segment underwrites insurance and reinsurance risks. It operate as Argo Re, the Casualty and Professional Lines unit of Argo Insurance in Bermuda, and Argo Seguros Brazil, S.A. in Brazil. The Syndicate 1200 segment underwrites around the world property, specialty and non-United States liability insurance.

FINANCIAL RATIOS  of  Argo Group International Holdings (AGII)

Valuation Ratios
P/E Ratio 12.4
Price to Sales 1.1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow 12.2
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 68.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.2%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 12.7%
Total Debt to Equity 20.5%
Interest Coverage 11
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 8.1%
Return On Equity 8.5%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 14.9%
EBITDA Margin - 3 Yr. Avg. 16.2%
Operating Margin 12.4%
Oper. Margin - 3 Yr. Avg. 13.1%
Pre-Tax Margin 11.5%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 9.3%
Net Profit Margin - 3 Yr. Avg. 10.7%
Effective Tax Rate 19.2%
Eff/ Tax Rate - 3 Yr. Avg. 14.3%
Payout Ratio 18.4%

AGII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGII stock intrinsic value calculation we used $1587 million for the last fiscal year's total revenue generated by Argo Group International Holdings. The default revenue input number comes from 2016 income statement of Argo Group International Holdings. 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 AGII stock valuation model: a) initial revenue growth rate of 16.2% 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 4.7%, whose default value for AGII is calculated based on our internal credit rating of Argo Group International Holdings, 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 Argo Group International Holdings.
    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 AGII stock the variable cost ratio is equal to 80%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $123 million in the base year in the intrinsic value calculation for AGII 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 5.2% for Argo Group International Holdings.

Corporate tax rate of 27% is the nominal tax rate for Argo Group International Holdings. 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 AGII 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 AGII are equal to 4.4%.

Life of production assets of 6.4 years is the average useful life of capital assets used in Argo Group International Holdings 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 AGII is equal to 8.8%. 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 - $1793 million for Argo Group International Holdings - 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 30.094 million for Argo Group International Holdings 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 Argo Group International Holdings at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ Argo Group reports 3Q loss   [05:37AM  Associated Press]
▶ Argo Group Reports Third Quarter 2017 Results   [Nov-02-17 04:25PM  Business Wire]
▶ Argo Group Releases 2017 Mid-Year Report   [Aug-30-17 12:04PM  Business Wire]
▶ Argo Group posts 2Q profit   [Aug-07-17 11:57PM  Associated Press]
▶ After sluggish year Argo Group profits jump by double digits   [May-05-17 02:35PM  American City Business Journals]
▶ Argo Group posts 1Q profit   [May-03-17 05:24PM  Associated Press]
▶ Argo Group Announces Financial Reporting Change   [May-01-17 08:00AM  Business Wire]
▶ New Strong Buy Stocks for April 10th   [Apr-10-17 09:07AM  Zacks]
▶ New Strong Buy Stocks for March 30th   [Mar-30-17 10:51AM  Zacks]
▶ Argo Group Releases 2016 Annual Report   [Mar-20-17 11:41AM  Business Wire]
Financial statements of AGII
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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