Intrinsic value of American National Insurance - ANAT

Previous Close

$118.04

  Intrinsic Value

$328.43

stock screener

  Rating & Target

str. buy

+178%

  Value-price divergence*

-6%

Previous close

$118.04

 
Intrinsic value

$328.43

 
Up/down potential

+178%

 
Rating

str. buy

 
Value-price divergence*

-6%

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

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

We calculate the intrinsic value of ANAT 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 3.2

 

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, %
  6.60
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  0
  3,327
  3,419
  3,520
  3,632
  3,754
  3,887
  4,029
  4,183
  4,347
  4,522
  4,709
  4,907
  5,118
  5,341
  5,578
  5,828
  6,092
  6,371
  6,666
  6,977
  7,304
  7,650
  8,013
  8,396
  8,799
  9,223
  9,670
  10,139
  10,633
  11,152
Variable operating expenses, $m
 
  3,041
  3,125
  3,218
  3,320
  3,431
  3,552
  3,683
  3,823
  3,973
  4,133
  4,304
  4,485
  4,678
  4,882
  5,098
  5,327
  5,568
  5,823
  6,093
  6,377
  6,676
  6,992
  7,324
  7,674
  8,043
  8,430
  8,838
  9,267
  9,718
  10,193
Fixed operating expenses, $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
Total operating expenses, $m
  3,021
  3,041
  3,125
  3,218
  3,320
  3,431
  3,552
  3,683
  3,823
  3,973
  4,133
  4,304
  4,485
  4,678
  4,882
  5,098
  5,327
  5,568
  5,823
  6,093
  6,377
  6,676
  6,992
  7,324
  7,674
  8,043
  8,430
  8,838
  9,267
  9,718
  10,193
Operating income, $m
  224
  286
  294
  303
  312
  323
  334
  347
  360
  374
  389
  405
  422
  440
  459
  480
  501
  524
  548
  573
  600
  628
  658
  689
  722
  757
  793
  832
  872
  914
  959
EBITDA, $m
  269
  286
  294
  303
  312
  323
  334
  347
  360
  374
  389
  405
  422
  440
  459
  480
  501
  524
  548
  573
  600
  628
  658
  689
  722
  757
  793
  832
  872
  914
  959
Interest expense (income), $m
  0
  5
  24
  43
  65
  89
  115
  144
  174
  207
  242
  280
  320
  363
  408
  456
  507
  561
  617
  677
  741
  807
  878
  952
  1,030
  1,112
  1,199
  1,290
  1,386
  1,487
  1,593
Earnings before tax, $m
  199
  281
  270
  260
  247
  234
  219
  203
  185
  167
  146
  125
  102
  77
  51
  24
  -6
  -37
  -69
  -104
  -141
  -179
  -220
  -263
  -308
  -355
  -406
  -458
  -514
  -572
  -634
Tax expense, $m
  74
  76
  73
  70
  67
  63
  59
  55
  50
  45
  40
  34
  27
  21
  14
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  181
  205
  197
  190
  181
  171
  160
  148
  135
  122
  107
  91
  74
  56
  37
  17
  -6
  -37
  -69
  -104
  -141
  -179
  -220
  -263
  -308
  -355
  -406
  -458
  -514
  -572
  -634

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
  24,533
  25,206
  25,899
  26,669
  27,517
  28,441
  29,443
  30,524
  31,686
  32,929
  34,256
  35,671
  37,174
  38,771
  40,463
  42,254
  44,150
  46,153
  48,268
  50,500
  52,855
  55,337
  57,952
  60,707
  63,608
  66,661
  69,875
  73,256
  76,812
  80,552
  84,485
Adjusted assets (=assets-cash), $m
  24,533
  25,206
  25,899
  26,669
  27,517
  28,441
  29,443
  30,524
  31,686
  32,929
  34,256
  35,671
  37,174
  38,771
  40,463
  42,254
  44,150
  46,153
  48,268
  50,500
  52,855
  55,337
  57,952
  60,707
  63,608
  66,661
  69,875
  73,256
  76,812
  80,552
  84,485
Revenue / Adjusted assets
  0.000
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
Average production assets, $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
Working capital, $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 debt, $m
  136
  672
  1,233
  1,857
  2,544
  3,292
  4,104
  4,980
  5,920
  6,927
  8,003
  9,148
  10,366
  11,659
  13,030
  14,481
  16,016
  17,639
  19,352
  21,160
  23,067
  25,078
  27,196
  29,428
  31,777
  34,251
  36,854
  39,592
  42,473
  45,502
  48,688
Total liabilities, $m
  19,881
  20,417
  20,978
  21,602
  22,289
  23,037
  23,849
  24,725
  25,665
  26,672
  27,748
  28,893
  30,111
  31,404
  32,775
  34,226
  35,761
  37,384
  39,097
  40,905
  42,812
  44,823
  46,941
  49,173
  51,522
  53,996
  56,599
  59,337
  62,218
  65,247
  68,433
Total equity, $m
  4,652
  4,789
  4,921
  5,067
  5,228
  5,404
  5,594
  5,800
  6,020
  6,257
  6,509
  6,777
  7,063
  7,366
  7,688
  8,028
  8,388
  8,769
  9,171
  9,595
  10,042
  10,514
  11,011
  11,534
  12,086
  12,666
  13,276
  13,919
  14,594
  15,305
  16,052
Total liabilities and equity, $m
  24,533
  25,206
  25,899
  26,669
  27,517
  28,441
  29,443
  30,525
  31,685
  32,929
  34,257
  35,670
  37,174
  38,770
  40,463
  42,254
  44,149
  46,153
  48,268
  50,500
  52,854
  55,337
  57,952
  60,707
  63,608
  66,662
  69,875
  73,256
  76,812
  80,552
  84,485
Debt-to-equity ratio
  0.029
  0.140
  0.250
  0.370
  0.490
  0.610
  0.730
  0.860
  0.980
  1.110
  1.230
  1.350
  1.470
  1.580
  1.690
  1.800
  1.910
  2.010
  2.110
  2.210
  2.300
  2.390
  2.470
  2.550
  2.630
  2.700
  2.780
  2.840
  2.910
  2.970
  3.030
Adjusted equity ratio
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  181
  205
  197
  190
  181
  171
  160
  148
  135
  122
  107
  91
  74
  56
  37
  17
  -6
  -37
  -69
  -104
  -141
  -179
  -220
  -263
  -308
  -355
  -406
  -458
  -514
  -572
  -634
Depreciation, amort., depletion, $m
  45
  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
Funds from operations, $m
  585
  205
  197
  190
  181
  171
  160
  148
  135
  122
  107
  91
  74
  56
  37
  17
  -6
  -37
  -69
  -104
  -141
  -179
  -220
  -263
  -308
  -355
  -406
  -458
  -514
  -572
  -634
Change in working capital, $m
  183
  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 from operations, $m
  402
  205
  197
  190
  181
  171
  160
  148
  135
  122
  107
  91
  74
  56
  37
  17
  -6
  -37
  -69
  -104
  -141
  -179
  -220
  -263
  -308
  -355
  -406
  -458
  -514
  -572
  -634
Maintenance CAPEX, $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
New CAPEX, $m
  -47
  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 from investing activities, $m
  -555
  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
Free cash flow, $m
  -153
  205
  197
  190
  181
  171
  160
  148
  135
  122
  107
  91
  74
  56
  37
  17
  -6
  -37
  -69
  -104
  -141
  -179
  -220
  -263
  -308
  -355
  -406
  -458
  -514
  -572
  -634
Issuance/(repayment) of debt, $m
  8
  536
  561
  624
  686
  749
  812
  876
  941
  1,007
  1,075
  1,146
  1,218
  1,293
  1,371
  1,451
  1,535
  1,622
  1,713
  1,808
  1,907
  2,010
  2,119
  2,231
  2,350
  2,473
  2,603
  2,739
  2,881
  3,029
  3,186
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  5
  31
  57
  85
  115
  145
  178
  211
  247
  284
  323
  366
  417
  471
  528
  588
  651
  717
  786
  859
  936
  1,016
  1,101
  1,189
  1,283
  1,381
Cash from financing (excl. dividends), $m  
  220
  536
  561
  624
  686
  754
  843
  933
  1,026
  1,122
  1,220
  1,324
  1,429
  1,540
  1,655
  1,774
  1,901
  2,039
  2,184
  2,336
  2,495
  2,661
  2,836
  3,017
  3,209
  3,409
  3,619
  3,840
  4,070
  4,312
  4,567
Total cash flow (excl. dividends), $m
  66
  741
  759
  814
  867
  924
  1,002
  1,081
  1,161
  1,243
  1,328
  1,414
  1,504
  1,596
  1,692
  1,792
  1,895
  2,003
  2,115
  2,232
  2,354
  2,482
  2,615
  2,755
  2,901
  3,054
  3,213
  3,381
  3,556
  3,740
  3,933
Retained Cash Flow (-), $m
  -200
  -137
  -132
  -146
  -161
  -176
  -190
  -205
  -221
  -236
  -252
  -269
  -286
  -303
  -322
  -340
  -366
  -417
  -471
  -528
  -588
  -651
  -717
  -786
  -859
  -936
  -1,016
  -1,101
  -1,189
  -1,283
  -1,381
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
 
  604
  627
  667
  706
  749
  812
  876
  941
  1,007
  1,075
  1,146
  1,218
  1,293
  1,371
  1,451
  1,529
  1,586
  1,644
  1,704
  1,767
  1,831
  1,899
  1,969
  2,042
  2,118
  2,197
  2,280
  2,367
  2,457
  2,552
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
 
  579
  574
  581
  581
  580
  589
  592
  588
  579
  564
  544
  520
  492
  460
  426
  389
  345
  303
  262
  224
  189
  158
  129
  104
  82
  64
  49
  37
  27
  19
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  99.9
  99.1
  97.6
  95.6
  93.1
  90.1
  86.7
  83.0
  79.1
  74.9
  70.7
  66.4
  62.0
  57.6
  53.2
  48.9
  44.8
  40.8
  37.0
  33.5
  30.1
  27.0
  24.2
  21.5
  19.1
  16.9

American National Insurance Company, together with its subsidiaries, provides various insurance products and services in the United States, the District of Columbia, and Puerto Rico. The company’s Life segment offers whole life, term life, universal life, variable universal life, and credit life insurance products. Its Annuity segment provides deferred, variable, and single premium immediate annuity products. The company’s Health segment offers medicare supplement, supplemental, stop-loss, credit disability, and medical expense insurance. Its Property and Casualty segment provides personal lines insurance, such as auto, homeowners, boats, motorcycles, recreational vehicles, and other exposures; and commercial lines insurance, which comprise property and casualty coverage tailored for a farm, ranch, vineyard or other agricultural business, contractors, and business within the rural and suburban markets, as well as commercial property, liability, and workers’ compensation coverages. This segment also offers credit-related property insurance products comprising collateral or creditor protection insurance, and guaranteed auto protection or guaranteed asset protection insurance. The company distributes its products through career and multiple-line agents, independent agents, brokers, financial institutions, and managing general underwriters, as well as through direct marketing channels. American National Insurance Company was founded in 1905 and is headquartered in Galveston, Texas.

FINANCIAL RATIOS  of  American National Insurance (ANAT)

Valuation Ratios
P/E Ratio 17.5
Price to Sales 1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow 8.9
Growth Rates
Sales Growth Rate 6.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 42.4%
Cap. Spend. - 3 Yr. Gr. Rate 12.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 2.9%
Total Debt to Equity 2.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.9%
Return On Equity 4%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 6.9%
Oper. Margin - 3 Yr. Avg. 9.1%
Pre-Tax Margin 6.1%
Pre-Tax Margin - 3 Yr. Avg. 8.6%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 35.1%
Payout Ratio 48.6%

ANAT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ANAT stock intrinsic value calculation we used $3246 million for the last fiscal year's total revenue generated by American National Insurance. The default revenue input number comes from 2016 income statement of American National Insurance. 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 ANAT stock valuation model: a) initial revenue growth rate of 2.5% 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 ANAT is calculated based on our internal credit rating of American National Insurance, 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 American National Insurance.
    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 ANAT stock the variable cost ratio is equal to 91.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ANAT 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 American National Insurance.

Corporate tax rate of 27% is the nominal tax rate for American National Insurance. 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 ANAT 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 ANAT are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in American National Insurance 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 ANAT is equal to 0%. 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 - $4652 million for American National Insurance - 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 26.809 million for American National Insurance 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 American National Insurance at the current share price and the inputted number of shares is $3.2 billion.

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COMPANY NEWS

▶ American National Declares Quarterly Dividend   [Aug-03-17 03:23PM  GlobeNewswire]
▶ American National Insurance posts 2Q profit   [Jul-31-17 09:54PM  Associated Press]
▶ American National Declares Quarterly Dividend   [Apr-28-17 01:59PM  GlobeNewswire]
▶ American National Insurance posts 1Q profit   [Apr-24-17 03:50PM  Associated Press]
▶ American National Declares Quarterly Dividend   [Mar-02-17 01:04PM  GlobeNewswire]
▶ American National Insurance posts 4Q profit   [Feb-27-17 06:56PM  Associated Press]
▶ Hedge Funds Are Buying American National Insurance Company (ANAT)   [Dec-09-16 06:21AM  at Insider Monkey]
▶ American National Declares Quarterly Dividend   [Nov-03-16 03:31PM  GlobeNewswire]
▶ American National Declares Quarterly Dividend   [Aug-04-16 02:16PM  GlobeNewswire]
▶ American National Increases Quarterly Dividend   [Apr-29-16 02:00PM  GlobeNewswire]
▶ American National Declares Quarterly Dividend   [Feb-25-16 12:28PM  GlobeNewswire]
▶ League City hotel ready to pounce on petrochemical boom   [Jan-07-16 07:10AM  at bizjournals.com]
▶ Hedge Funds Are Dumping Agios Pharmaceuticals Inc (AGIO)   [Nov-24  01:28PM  at Insider Monkey]
▶ American National Declares Quarterly Dividend   [Oct-29  03:04PM  GlobeNewswire]
Stock chart of ANAT Financial statements of ANAT
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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