Intrinsic value of Argo Group International Holdings - AGII

Previous Close

$60.30

  Intrinsic Value

$266.88

stock screener

  Rating & Target

str. buy

+343%

  Value-price divergence*

+20%

Previous close

$60.30

 
Intrinsic value

$266.88

 
Up/down potential

+343%

 
Rating

str. buy

 
Value-price divergence*

+20%

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

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

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
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  0
  1,830
  2,091
  2,370
  2,666
  2,980
  3,310
  3,657
  4,020
  4,399
  4,794
  5,206
  5,635
  6,081
  6,544
  7,025
  7,526
  8,045
  8,586
  9,148
  9,733
  10,341
  10,975
  11,635
  12,323
  13,040
  13,789
  14,570
  15,386
  16,238
  17,128
Variable operating expenses, $m
 
  1,462
  1,668
  1,888
  2,123
  2,371
  2,632
  2,906
  3,193
  3,492
  3,805
  4,115
  4,454
  4,806
  5,172
  5,553
  5,948
  6,359
  6,787
  7,231
  7,693
  8,174
  8,675
  9,196
  9,740
  10,307
  10,899
  11,516
  12,161
  12,835
  13,539
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
  1,588
  1,797
  2,020
  2,259
  2,510
  2,775
  3,052
  3,343
  3,646
  3,962
  4,276
  4,619
  4,976
  5,346
  5,731
  6,131
  6,546
  6,979
  7,428
  7,895
  8,381
  8,887
  9,413
  9,962
  10,535
  11,133
  11,756
  12,407
  13,087
  13,797
Operating income, $m
  197
  242
  294
  349
  408
  470
  536
  605
  677
  753
  832
  930
  1,016
  1,105
  1,198
  1,294
  1,395
  1,499
  1,608
  1,721
  1,838
  1,961
  2,088
  2,221
  2,360
  2,505
  2,656
  2,814
  2,979
  3,151
  3,332
EBITDA, $m
  232
  265
  318
  375
  435
  498
  566
  636
  710
  788
  868
  953
  1,040
  1,132
  1,226
  1,325
  1,428
  1,534
  1,645
  1,761
  1,881
  2,006
  2,137
  2,273
  2,414
  2,562
  2,717
  2,878
  3,047
  3,223
  3,407
Interest expense (income), $m
  19
  19
  63
  109
  158
  211
  267
  325
  387
  451
  519
  589
  662
  738
  817
  899
  985
  1,074
  1,166
  1,262
  1,362
  1,465
  1,573
  1,686
  1,803
  1,925
  2,052
  2,185
  2,324
  2,469
  2,620
Earnings before tax, $m
  182
  223
  231
  240
  249
  259
  269
  280
  291
  302
  314
  341
  354
  367
  381
  395
  410
  425
  442
  459
  477
  495
  515
  536
  557
  580
  604
  629
  655
  683
  712
Tax expense, $m
  35
  60
  62
  65
  67
  70
  73
  76
  78
  82
  85
  92
  95
  99
  103
  107
  111
  115
  119
  124
  129
  134
  139
  145
  150
  157
  163
  170
  177
  184
  192
Net income, $m
  147
  163
  169
  175
  182
  189
  197
  204
  212
  220
  229
  249
  258
  268
  278
  288
  299
  311
  322
  335
  348
  362
  376
  391
  407
  423
  441
  459
  478
  498
  520

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
  8,317
  9,504
  10,772
  12,120
  13,545
  15,046
  16,622
  18,272
  19,995
  21,793
  23,665
  25,614
  27,639
  29,745
  31,933
  34,207
  36,570
  39,027
  41,582
  44,239
  47,005
  49,885
  52,886
  56,013
  59,274
  62,675
  66,226
  69,934
  73,808
  77,856
Adjusted assets (=assets-cash), $m
  7,205
  8,317
  9,504
  10,772
  12,120
  13,545
  15,046
  16,622
  18,272
  19,995
  21,793
  23,665
  25,614
  27,639
  29,745
  31,933
  34,207
  36,570
  39,027
  41,582
  44,239
  47,005
  49,885
  52,886
  56,013
  59,274
  62,675
  66,226
  69,934
  73,808
  77,856
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
  92
  104
  117
  131
  146
  161
  177
  194
  211
  229
  248
  268
  288
  309
  331
  354
  378
  403
  428
  455
  483
  512
  542
  574
  607
  641
  677
  714
  754
Working capital, $m
  0
  161
  184
  209
  235
  262
  291
  322
  354
  387
  422
  458
  496
  535
  576
  618
  662
  708
  756
  805
  856
  910
  966
  1,024
  1,084
  1,148
  1,213
  1,282
  1,354
  1,429
  1,507
Total debt, $m
  368
  1,202
  2,094
  3,046
  4,058
  5,128
  6,255
  7,439
  8,678
  9,973
  11,323
  12,729
  14,192
  15,713
  17,295
  18,938
  20,646
  22,420
  24,265
  26,184
  28,180
  30,257
  32,420
  34,673
  37,022
  39,470
  42,025
  44,692
  47,477
  50,386
  53,426
Total liabilities, $m
  5,412
  6,246
  7,138
  8,090
  9,102
  10,172
  11,299
  12,483
  13,722
  15,017
  16,367
  17,773
  19,236
  20,757
  22,339
  23,982
  25,690
  27,464
  29,309
  31,228
  33,224
  35,301
  37,464
  39,717
  42,066
  44,514
  47,069
  49,736
  52,521
  55,430
  58,470
Total equity, $m
  1,793
  2,071
  2,367
  2,682
  3,018
  3,373
  3,746
  4,139
  4,550
  4,979
  5,426
  5,893
  6,378
  6,882
  7,407
  7,951
  8,518
  9,106
  9,718
  10,354
  11,016
  11,704
  12,421
  13,169
  13,947
  14,759
  15,606
  16,490
  17,414
  18,378
  19,386
Total liabilities and equity, $m
  7,205
  8,317
  9,505
  10,772
  12,120
  13,545
  15,045
  16,622
  18,272
  19,996
  21,793
  23,666
  25,614
  27,639
  29,746
  31,933
  34,208
  36,570
  39,027
  41,582
  44,240
  47,005
  49,885
  52,886
  56,013
  59,273
  62,675
  66,226
  69,935
  73,808
  77,856
Debt-to-equity ratio
  0.205
  0.580
  0.880
  1.140
  1.340
  1.520
  1.670
  1.800
  1.910
  2.000
  2.090
  2.160
  2.230
  2.280
  2.340
  2.380
  2.420
  2.460
  2.500
  2.530
  2.560
  2.590
  2.610
  2.630
  2.650
  2.670
  2.690
  2.710
  2.730
  2.740
  2.760
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
  163
  169
  175
  182
  189
  197
  204
  212
  220
  229
  249
  258
  268
  278
  288
  299
  311
  322
  335
  348
  362
  376
  391
  407
  423
  441
  459
  478
  498
  520
Depreciation, amort., depletion, $m
  35
  23
  24
  26
  27
  28
  30
  31
  33
  35
  36
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  46
  48
  51
  54
  57
  61
  64
  68
  71
  75
Funds from operations, $m
  212
  186
  193
  201
  209
  217
  226
  235
  245
  255
  265
  272
  283
  295
  307
  319
  332
  346
  360
  375
  391
  407
  424
  442
  461
  481
  501
  523
  546
  570
  595
Change in working capital, $m
  31
  21
  23
  25
  26
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  49
  51
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
Cash from operations, $m
  181
  165
  170
  176
  183
  190
  197
  205
  213
  222
  230
  236
  245
  255
  266
  277
  288
  300
  313
  326
  339
  354
  368
  384
  400
  417
  435
  454
  474
  495
  517
Maintenance CAPEX, $m
  0
  -7
  -8
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -46
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -71
New CAPEX, $m
  -32
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
Cash from investing activities, $m
  -145
  -17
  -19
  -21
  -23
  -26
  -28
  -30
  -32
  -35
  -36
  -39
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -110
Free cash flow, $m
  36
  148
  151
  155
  159
  164
  170
  175
  181
  187
  194
  196
  203
  211
  219
  227
  235
  244
  253
  263
  273
  284
  295
  307
  319
  332
  345
  359
  374
  390
  406
Issuance/(repayment) of debt, $m
  0
  834
  891
  952
  1,012
  1,070
  1,127
  1,183
  1,239
  1,295
  1,350
  1,406
  1,463
  1,521
  1,581
  1,643
  1,708
  1,775
  1,845
  1,919
  1,996
  2,077
  2,163
  2,253
  2,348
  2,449
  2,555
  2,667
  2,785
  2,909
  3,040
Issuance/(repurchase) of shares, $m
  -46
  115
  127
  140
  153
  166
  177
  188
  199
  209
  219
  217
  227
  237
  246
  257
  267
  278
  289
  301
  314
  327
  341
  356
  372
  389
  406
  425
  445
  466
  489
Cash from financing (excl. dividends), $m  
  -45
  949
  1,018
  1,092
  1,165
  1,236
  1,304
  1,371
  1,438
  1,504
  1,569
  1,623
  1,690
  1,758
  1,827
  1,900
  1,975
  2,053
  2,134
  2,220
  2,310
  2,404
  2,504
  2,609
  2,720
  2,838
  2,961
  3,092
  3,230
  3,375
  3,529
Total cash flow (excl. dividends), $m
  -9
  1,097
  1,169
  1,248
  1,325
  1,400
  1,474
  1,547
  1,619
  1,691
  1,762
  1,820
  1,894
  1,969
  2,047
  2,127
  2,210
  2,297
  2,388
  2,483
  2,583
  2,688
  2,799
  2,916
  3,039
  3,169
  3,306
  3,451
  3,604
  3,765
  3,935
Retained Cash Flow (-), $m
  -125
  -278
  -296
  -316
  -336
  -355
  -374
  -392
  -411
  -429
  -448
  -466
  -485
  -504
  -524
  -545
  -566
  -588
  -612
  -636
  -662
  -689
  -717
  -747
  -779
  -812
  -847
  -884
  -923
  -965
  -1,008
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
 
  819
  873
  932
  989
  1,045
  1,100
  1,154
  1,208
  1,261
  1,315
  1,354
  1,408
  1,465
  1,522
  1,582
  1,644
  1,708
  1,776
  1,847
  1,921
  2,000
  2,082
  2,169
  2,261
  2,357
  2,459
  2,567
  2,681
  2,800
  2,927
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
 
  782
  793
  801
  800
  792
  776
  753
  724
  689
  650
  601
  557
  511
  464
  416
  370
  325
  282
  241
  204
  169
  139
  112
  89
  69
  53
  40
  29
  21
  15
Current shareholders' claim on cash, %
  100
  94.0
  88.6
  83.7
  79.2
  75.1
  71.4
  68.0
  64.9
  62.1
  59.5
  57.2
  55.1
  53.1
  51.3
  49.6
  48.0
  46.5
  45.1
  43.7
  42.4
  41.2
  40.1
  39.0
  37.9
  36.9
  35.9
  34.9
  34.0
  33.2
  32.3

Argo Group International Holdings, Ltd. underwrites specialty insurance and reinsurance products in the property and casualty market worldwide. Its Excess and Surplus Lines segment underwrites casualty, property, and professional liability coverage for contractors, manufacturers, distributors, property owners, retailers, restaurants, environmental consultants and contractors, and smaller medical facilities. This segment also provides errors and omissions, and management liability products for its wholesale and retail distribution partners; and risk management solutions for accountants, architects and engineers, commercial crime, directors and officers, employment practices, fiduciary, lawyers, miscellaneous professionals, technology, privacy, and security customers. Its Commercial Specialty segment underwrites coverage for small commercial businesses comprising retail operations, light manufacturing, services, and restaurants; offers property, liability, workers compensation, automobile, and umbrella coverage; and engages in non-risk-bearing agency and brokerage operations. This segment also offers general and automobile liability, automobile physical damage, property, inland marine, crime, public official’s and educator’s legal liabilities, employment practices, law enforcement liability, and workers compensation coverage for counties, municipalities, public schools, and other local government units and districts. The company’s International Specialty segment offers specialty property catastrophe reinsurance, and excess casualty and professional insurance; general and products, directors and officers, errors and omissions, and employment practices liabilities for various clients; and coverage for cargo and marine, property and engineering, and financial lines businesses. Its Syndicate 1200 segment underwrites property, specialty, and non-U.S. liability insurance. Argo Group International Holdings, Ltd. was founded in 1986 and is headquartered in Pembroke, Bermuda.

FINANCIAL RATIOS  of  Argo Group International Holdings (AGII)

Valuation Ratios
P/E Ratio 12.3
Price to Sales 1.1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow 12.1
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 15.3% 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 10 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 29.942 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 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]
▶ Argo Group Announces Additions to Board of Directors   [Mar-03-17 02:10PM  Business Wire]
▶ Argo Group Closes Ariel Re Acquisition   [Feb-06-17 06:52PM  Business Wire]
▶ Argo Group Announces Acquisition of Ariel Re   [07:18AM  Business Wire]
Stock chart of AGII 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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