Intrinsic value of CNA Financial - CNA

Previous Close

$47.82

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$47.82

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of CNA 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  2.05
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  9,733
  9,957
  10,213
  10,500
  10,818
  11,167
  11,548
  11,959
  12,403
  12,879
  13,388
  13,932
  14,510
  15,125
  15,777
  16,469
  17,201
  17,975
  18,793
  19,656
  20,567
  21,528
  22,541
  23,608
  24,732
  25,915
  27,161
  28,471
  29,850
  31,300
Variable operating expenses, $m
 
  1,674
  1,713
  1,757
  1,806
  1,861
  1,921
  1,986
  2,057
  2,133
  2,215
  2,303
  2,396
  2,496
  2,601
  2,714
  2,833
  2,959
  3,092
  3,232
  3,381
  3,538
  3,703
  3,877
  4,061
  4,254
  4,457
  4,672
  4,897
  5,134
  5,384
Fixed operating expenses, $m
 
  6,743
  6,892
  7,043
  7,198
  7,356
  7,518
  7,684
  7,853
  8,025
  8,202
  8,382
  8,567
  8,755
  8,948
  9,145
  9,346
  9,552
  9,762
  9,977
  10,196
  10,420
  10,650
  10,884
  11,123
  11,368
  11,618
  11,874
  12,135
  12,402
  12,675
Total operating expenses, $m
  8,151
  8,417
  8,605
  8,800
  9,004
  9,217
  9,439
  9,670
  9,910
  10,158
  10,417
  10,685
  10,963
  11,251
  11,549
  11,859
  12,179
  12,511
  12,854
  13,209
  13,577
  13,958
  14,353
  14,761
  15,184
  15,622
  16,075
  16,546
  17,032
  17,536
  18,059
Operating income, $m
  1,296
  1,316
  1,353
  1,413
  1,496
  1,601
  1,728
  1,878
  2,050
  2,244
  2,462
  2,703
  2,968
  3,259
  3,576
  3,919
  4,290
  4,691
  5,121
  5,584
  6,079
  6,609
  7,176
  7,780
  8,424
  9,110
  9,840
  10,615
  11,439
  12,314
  13,242
EBITDA, $m
  1,373
  7,017
  7,185
  7,395
  7,647
  7,938
  8,270
  8,643
  9,056
  9,510
  10,006
  10,546
  11,130
  11,759
  12,436
  13,161
  13,938
  14,767
  15,651
  16,592
  17,594
  18,657
  19,787
  20,984
  22,253
  23,598
  25,021
  26,526
  28,118
  29,800
  31,578
Interest expense (income), $m
  157
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
  2,531
Earnings before tax, $m
  1,137
  -1,215
  -1,178
  -1,118
  -1,035
  -930
  -803
  -653
  -481
  -287
  -69
  172
  437
  728
  1,045
  1,388
  1,759
  2,160
  2,590
  3,053
  3,548
  4,078
  4,645
  5,249
  5,893
  6,579
  7,309
  8,084
  8,908
  9,783
  10,711
Tax expense, $m
  278
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  46
  118
  197
  282
  375
  475
  583
  699
  824
  958
  1,101
  1,254
  1,417
  1,591
  1,776
  1,973
  2,183
  2,405
  2,641
  2,892
Net income, $m
  859
  -1,215
  -1,178
  -1,118
  -1,035
  -930
  -803
  -653
  -481
  -287
  -69
  126
  319
  531
  763
  1,013
  1,284
  1,577
  1,891
  2,228
  2,590
  2,977
  3,391
  3,832
  4,302
  4,803
  5,335
  5,902
  6,503
  7,142
  7,819

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
  55,233
  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
Adjusted assets (=assets-cash), $m
  55,233
  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
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  361
  57,015
  58,326
  59,825
  61,508
  63,373
  65,419
  67,647
  70,059
  72,657
  75,445
  78,428
  81,611
  85,000
  88,602
  92,424
  96,475
  100,762
  105,296
  110,087
  115,145
  120,482
  126,111
  132,044
  138,295
  144,879
  151,811
  159,107
  166,785
  174,862
  183,358
Working capital, $m
  0
  -45,063
  -46,099
  -47,284
  -48,614
  -50,088
  -51,705
  -53,466
  -55,372
  -57,426
  -59,630
  -61,987
  -64,503
  -67,182
  -70,029
  -73,050
  -76,251
  -79,639
  -83,223
  -87,009
  -91,007
  -95,226
  -99,674
  -104,364
  -109,304
  -114,508
  -119,987
  -125,754
  -131,822
  -138,206
  -144,921
Total debt, $m
  2,710
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
  46,870
Total liabilities, $m
  43,264
  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 equity, $m
  11,969
  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 liabilities and equity, $m
  55,233
  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
Debt-to-equity ratio
  0.226
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.217
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  859
  -1,215
  -1,178
  -1,118
  -1,035
  -930
  -803
  -653
  -481
  -287
  -69
  126
  319
  531
  763
  1,013
  1,284
  1,577
  1,891
  2,228
  2,590
  2,977
  3,391
  3,832
  4,302
  4,803
  5,335
  5,902
  6,503
  7,142
  7,819
Depreciation, amort., depletion, $m
  77
  5,701
  5,833
  5,983
  6,151
  6,337
  6,542
  6,765
  7,006
  7,266
  7,545
  7,843
  8,161
  8,500
  8,860
  9,242
  9,647
  10,076
  10,530
  11,009
  11,514
  12,048
  12,611
  13,204
  13,829
  14,488
  15,181
  15,911
  16,678
  17,486
  18,336
Funds from operations, $m
  1,558
  4,486
  4,654
  4,864
  5,116
  5,407
  5,739
  6,112
  6,525
  6,979
  7,475
  7,968
  8,481
  9,032
  9,623
  10,256
  10,932
  11,653
  12,421
  13,237
  14,105
  15,025
  16,002
  17,036
  18,131
  19,290
  20,516
  21,812
  23,181
  24,628
  26,155
Change in working capital, $m
  142
  -884
  -1,036
  -1,185
  -1,330
  -1,474
  -1,617
  -1,761
  -1,906
  -2,054
  -2,204
  -2,358
  -2,516
  -2,679
  -2,847
  -3,021
  -3,201
  -3,389
  -3,584
  -3,786
  -3,998
  -4,218
  -4,449
  -4,689
  -4,941
  -5,204
  -5,479
  -5,767
  -6,068
  -6,384
  -6,715
Cash from operations, $m
  1,416
  5,370
  5,691
  6,049
  6,446
  6,881
  7,356
  7,873
  8,431
  9,032
  9,679
  10,326
  10,996
  11,710
  12,470
  13,276
  14,133
  15,041
  16,004
  17,024
  18,103
  19,244
  20,450
  21,725
  23,072
  24,494
  25,995
  27,579
  29,250
  31,012
  32,870
Maintenance CAPEX, $m
  0
  -5,590
  -5,701
  -5,833
  -5,983
  -6,151
  -6,337
  -6,542
  -6,765
  -7,006
  -7,266
  -7,545
  -7,843
  -8,161
  -8,500
  -8,860
  -9,242
  -9,647
  -10,076
  -10,530
  -11,009
  -11,514
  -12,048
  -12,611
  -13,204
  -13,829
  -14,488
  -15,181
  -15,911
  -16,678
  -17,486
New CAPEX, $m
  -146
  -1,115
  -1,311
  -1,499
  -1,683
  -1,865
  -2,046
  -2,228
  -2,412
  -2,598
  -2,788
  -2,983
  -3,183
  -3,389
  -3,602
  -3,822
  -4,050
  -4,287
  -4,534
  -4,791
  -5,058
  -5,337
  -5,629
  -5,933
  -6,251
  -6,584
  -6,932
  -7,296
  -7,678
  -8,077
  -8,496
Cash from investing activities, $m
  -846
  -6,705
  -7,012
  -7,332
  -7,666
  -8,016
  -8,383
  -8,770
  -9,177
  -9,604
  -10,054
  -10,528
  -11,026
  -11,550
  -12,102
  -12,682
  -13,292
  -13,934
  -14,610
  -15,321
  -16,067
  -16,851
  -17,677
  -18,544
  -19,455
  -20,413
  -21,420
  -22,477
  -23,589
  -24,755
  -25,982
Free cash flow, $m
  570
  -1,335
  -1,322
  -1,282
  -1,220
  -1,134
  -1,027
  -897
  -746
  -572
  -375
  -201
  -30
  160
  368
  594
  840
  1,106
  1,394
  1,703
  2,036
  2,392
  2,774
  3,181
  3,617
  4,081
  4,575
  5,102
  5,661
  6,256
  6,888
Issuance/(repayment) of debt, $m
  140
  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
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  140
  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 cash flow (excl. dividends), $m
  697
  -1,335
  -1,322
  -1,282
  -1,220
  -1,134
  -1,027
  -897
  -746
  -572
  -375
  -201
  -30
  160
  368
  594
  840
  1,106
  1,394
  1,703
  2,036
  2,392
  2,774
  3,181
  3,617
  4,081
  4,575
  5,102
  5,661
  6,256
  6,888
Retained Cash Flow (-), $m
  -213
  -1,215
  -1,178
  -1,118
  -1,035
  -930
  -803
  -653
  -481
  -287
  -69
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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
 
  -1,215
  -1,178
  -1,118
  -1,035
  -930
  -803
  -653
  -481
  -287
  -69
  0
  0
  160
  368
  594
  840
  1,106
  1,394
  1,703
  2,036
  2,392
  2,774
  3,181
  3,617
  4,081
  4,575
  5,102
  5,661
  6,256
  6,888
Discount rate, %
 
  15.10
  15.86
  16.65
  17.48
  18.35
  19.27
  20.24
  21.25
  22.31
  23.43
  24.60
  25.83
  27.12
  28.47
  29.90
  31.39
  32.96
  34.61
  36.34
  38.16
  40.06
  42.07
  44.17
  46.38
  48.70
  51.13
  53.69
  56.38
  59.19
  62.15
PV of cash for distribution, $m
 
  -1,056
  -878
  -704
  -543
  -400
  -279
  -180
  -103
  -47
  -8
  0
  0
  7
  11
  12
  11
  9
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CNA Financial Corporation is an insurance holding company. The Company's segments include Specialty, Commercial, International, Life & Group Non-Core, and Corporate & Other Non-Core. Its Specialty segment provides a range of professional, financial, and specialty property, and casualty products and services. The Commercial segment includes property and casualty insurance products and services to small, middle-market and large businesses. Its International segment provides management and professional liability coverages, as well as a range of other property and casualty insurance products and services. The Life & Group Non-Core segment primarily includes the results of its individual and group long term care businesses that are in run-off. Its Corporate & Other Non-Core segment primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off.

FINANCIAL RATIOS  of  CNA Financial (CNA)

Valuation Ratios
P/E Ratio 15.1
Price to Sales 1.4
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 10.2
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.8%
Cap. Spend. - 3 Yr. Gr. Rate 9.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 22.6%
Total Debt to Equity 22.6%
Interest Coverage 8
Management Effectiveness
Return On Assets 1.8%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 7.2%
Return On Equity - 3 Yr. Avg. 5.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 14.5%
EBITDA Margin - 3 Yr. Avg. 12.7%
Operating Margin 13.7%
Oper. Margin - 3 Yr. Avg. 11.9%
Pre-Tax Margin 12%
Pre-Tax Margin - 3 Yr. Avg. 10.1%
Net Profit Margin 9.1%
Net Profit Margin - 3 Yr. Avg. 7.1%
Effective Tax Rate 24.5%
Eff/ Tax Rate - 3 Yr. Avg. 21.2%
Payout Ratio 94.6%

CNA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CNA stock intrinsic value calculation we used $9542 million for the last fiscal year's total revenue generated by CNA Financial. The default revenue input number comes from 2016 income statement of CNA Financial. 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 CNA stock valuation model: a) initial revenue growth rate of 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 15.1%, whose default value for CNA is calculated based on our internal credit rating of CNA Financial, 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 CNA Financial.
    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 CNA stock the variable cost ratio is equal to 17.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6598 million in the base year in the intrinsic value calculation for CNA 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 5.4% for CNA Financial.

Corporate tax rate of 27% is the nominal tax rate for CNA Financial. 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 CNA 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 CNA are equal to 585.8%.

Life of production assets of 10 years is the average useful life of capital assets used in CNA Financial 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 CNA is equal to -463%. 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 - $0 million for CNA Financial - 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 271 million for CNA Financial 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 CNA Financial at the current share price and the inputted number of shares is $13.0 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Why CNA Financial Corporation (NYSE:CNA) Could Be A Buy   [Jun-25-18 12:12PM  Simply Wall St.]
▶ What Do CNAs Dividends Say About its Intrinsic Value?   [Jun-22-18 12:04PM  InvestorPlace]
▶ CNA Opens New Global Headquarters   [Jun-01-18 08:00AM  PR Newswire]
▶ You Should Diversify With These Dividend Stocks   [May-23-18 09:02AM  Simply Wall St.]
▶ Bonds are the greatest threat to stocks right now: trader   [Apr-30-18 03:27PM  Yahoo Finance]
▶ CNA Financial: 1Q Earnings Snapshot   [06:31AM  Associated Press]
▶ 10 Ways to Strengthen Your Small Retail Business   [Mar-25-18 05:53PM  PR Newswire]
▶ Best NYSE Dividend Picks For The Day   [08:02AM  Simply Wall St.]
▶ CNA Financial beats 4Q profit forecasts   [06:43AM  Associated Press]
▶ Top 5 Dividend Stocks in the FTSE for 2018   [Dec-28-17 06:00AM  Investopedia]
Financial statements of CNA
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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