Intrinsic value of CNA Financial - CNA

Previous Close

$53.27

  Intrinsic Value

$57.29

stock screener

  Rating & Target

hold

+8%

Previous close

$53.27

 
Intrinsic value

$57.29

 
Up/down potential

+8%

 
Rating

hold

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

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 14.4

 

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, %
  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
  9,636
  9,858
  10,111
  10,395
  10,710
  11,056
  11,433
  11,840
  12,280
  12,751
  13,255
  13,793
  14,366
  14,974
  15,620
  16,305
  17,030
  17,796
  18,605
  19,460
  20,362
  21,314
  22,316
  23,373
  24,486
  25,657
  26,890
  28,188
  29,553
  30,989
Variable operating expenses, $m
 
  8,903
  9,108
  9,341
  9,604
  9,895
  10,214
  10,561
  10,937
  11,342
  11,777
  12,227
  12,723
  13,252
  13,813
  14,409
  15,041
  15,709
  16,416
  17,163
  17,951
  18,784
  19,661
  20,586
  21,561
  22,587
  23,668
  24,805
  26,002
  27,262
  28,586
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
  8,151
  8,903
  9,108
  9,341
  9,604
  9,895
  10,214
  10,561
  10,937
  11,342
  11,777
  12,227
  12,723
  13,252
  13,813
  14,409
  15,041
  15,709
  16,416
  17,163
  17,951
  18,784
  19,661
  20,586
  21,561
  22,587
  23,668
  24,805
  26,002
  27,262
  28,586
Operating income, $m
  1,296
  733
  750
  769
  792
  816
  843
  872
  904
  938
  974
  1,028
  1,069
  1,114
  1,161
  1,211
  1,264
  1,320
  1,380
  1,443
  1,509
  1,579
  1,653
  1,730
  1,812
  1,898
  1,989
  2,085
  2,186
  2,291
  2,403
EBITDA, $m
  1,373
  803
  821
  842
  866
  892
  921
  952
  986
  1,023
  1,062
  1,104
  1,149
  1,197
  1,247
  1,301
  1,358
  1,418
  1,482
  1,550
  1,621
  1,696
  1,775
  1,859
  1,947
  2,039
  2,137
  2,240
  2,348
  2,462
  2,581
Interest expense (income), $m
  157
  163
  214
  275
  345
  423
  509
  604
  708
  820
  940
  1,070
  1,208
  1,356
  1,514
  1,681
  1,858
  2,046
  2,245
  2,456
  2,678
  2,913
  3,161
  3,422
  3,698
  3,988
  4,294
  4,616
  4,954
  5,311
  5,686
Earnings before tax, $m
  1,137
  570
  536
  494
  447
  393
  333
  268
  196
  118
  34
  -42
  -139
  -242
  -353
  -470
  -594
  -726
  -866
  -1,013
  -1,170
  -1,334
  -1,508
  -1,692
  -1,886
  -2,090
  -2,305
  -2,531
  -2,769
  -3,020
  -3,283
Tax expense, $m
  278
  154
  145
  134
  121
  106
  90
  72
  53
  32
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  859
  416
  391
  361
  326
  287
  243
  195
  143
  86
  25
  -42
  -139
  -242
  -353
  -470
  -594
  -726
  -866
  -1,013
  -1,170
  -1,334
  -1,508
  -1,692
  -1,886
  -2,090
  -2,305
  -2,531
  -2,769
  -3,020
  -3,283

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
  56,351
  57,647
  59,128
  60,791
  62,634
  64,657
  66,859
  69,242
  71,810
  74,566
  77,514
  80,660
  84,010
  87,570
  91,347
  95,350
  99,588
  104,069
  108,804
  113,803
  119,078
  124,641
  130,505
  136,683
  143,190
  150,041
  157,253
  164,841
  172,824
  181,221
Adjusted assets (=assets-cash), $m
  55,233
  56,351
  57,647
  59,128
  60,791
  62,634
  64,657
  66,859
  69,242
  71,810
  74,566
  77,514
  80,660
  84,010
  87,570
  91,347
  95,350
  99,588
  104,069
  108,804
  113,803
  119,078
  124,641
  130,505
  136,683
  143,190
  150,041
  157,253
  164,841
  172,824
  181,221
Revenue / Adjusted assets
  0.000
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
  0.171
Average production assets, $m
  361
  366
  375
  384
  395
  407
  420
  434
  450
  467
  485
  504
  524
  546
  569
  594
  620
  647
  676
  707
  739
  774
  810
  848
  888
  930
  975
  1,022
  1,071
  1,123
  1,178
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
  2,710
  3,568
  4,583
  5,743
  7,046
  8,489
  10,072
  11,796
  13,663
  15,673
  17,831
  20,140
  22,603
  25,226
  28,013
  30,971
  34,105
  37,423
  40,932
  44,639
  48,554
  52,684
  57,040
  61,631
  66,469
  71,564
  76,928
  82,575
  88,516
  94,767
  101,342
Total liabilities, $m
  43,264
  44,122
  45,137
  46,297
  47,600
  49,043
  50,626
  52,350
  54,217
  56,227
  58,385
  60,694
  63,157
  65,780
  68,567
  71,525
  74,659
  77,977
  81,486
  85,193
  89,108
  93,238
  97,594
  102,185
  107,023
  112,118
  117,482
  123,129
  129,070
  135,321
  141,896
Total equity, $m
  11,969
  12,228
  12,509
  12,831
  13,192
  13,592
  14,030
  14,508
  15,026
  15,583
  16,181
  16,821
  17,503
  18,230
  19,003
  19,822
  20,691
  21,611
  22,583
  23,610
  24,695
  25,840
  27,047
  28,320
  29,660
  31,072
  32,559
  34,124
  35,770
  37,503
  39,325
Total liabilities and equity, $m
  55,233
  56,350
  57,646
  59,128
  60,792
  62,635
  64,656
  66,858
  69,243
  71,810
  74,566
  77,515
  80,660
  84,010
  87,570
  91,347
  95,350
  99,588
  104,069
  108,803
  113,803
  119,078
  124,641
  130,505
  136,683
  143,190
  150,041
  157,253
  164,840
  172,824
  181,221
Debt-to-equity ratio
  0.226
  0.290
  0.370
  0.450
  0.530
  0.620
  0.720
  0.810
  0.910
  1.010
  1.100
  1.200
  1.290
  1.380
  1.470
  1.560
  1.650
  1.730
  1.810
  1.890
  1.970
  2.040
  2.110
  2.180
  2.240
  2.300
  2.360
  2.420
  2.470
  2.530
  2.580
Adjusted equity ratio
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217
  0.217

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  859
  416
  391
  361
  326
  287
  243
  195
  143
  86
  25
  -42
  -139
  -242
  -353
  -470
  -594
  -726
  -866
  -1,013
  -1,170
  -1,334
  -1,508
  -1,692
  -1,886
  -2,090
  -2,305
  -2,531
  -2,769
  -3,020
  -3,283
Depreciation, amort., depletion, $m
  77
  70
  71
  73
  74
  76
  78
  80
  83
  85
  88
  76
  79
  83
  86
  90
  94
  98
  102
  107
  112
  117
  123
  128
  135
  141
  148
  155
  162
  170
  178
Funds from operations, $m
  1,558
  486
  462
  434
  401
  363
  322
  276
  226
  171
  113
  34
  -60
  -160
  -266
  -380
  -500
  -628
  -763
  -906
  -1,057
  -1,217
  -1,386
  -1,564
  -1,751
  -1,949
  -2,157
  -2,376
  -2,607
  -2,849
  -3,105
Change in working capital, $m
  142
  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
  1,416
  486
  462
  434
  401
  363
  322
  276
  226
  171
  113
  34
  -60
  -160
  -266
  -380
  -500
  -628
  -763
  -906
  -1,057
  -1,217
  -1,386
  -1,564
  -1,751
  -1,949
  -2,157
  -2,376
  -2,607
  -2,849
  -3,105
Maintenance CAPEX, $m
  0
  -55
  -55
  -57
  -58
  -60
  -62
  -64
  -66
  -68
  -71
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -123
  -128
  -135
  -141
  -148
  -155
  -162
  -170
New CAPEX, $m
  -146
  -5
  -8
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
Cash from investing activities, $m
  -846
  -60
  -63
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -127
  -133
  -139
  -146
  -153
  -161
  -168
  -177
  -186
  -195
  -204
  -214
  -225
Free cash flow, $m
  570
  426
  398
  367
  332
  291
  247
  198
  144
  86
  24
  -58
  -156
  -261
  -372
  -490
  -616
  -749
  -890
  -1,039
  -1,197
  -1,364
  -1,539
  -1,724
  -1,920
  -2,126
  -2,342
  -2,571
  -2,811
  -3,064
  -3,330
Issuance/(repayment) of debt, $m
  140
  858
  1,015
  1,160
  1,302
  1,443
  1,583
  1,724
  1,866
  2,011
  2,158
  2,309
  2,463
  2,623
  2,787
  2,958
  3,134
  3,318
  3,509
  3,707
  3,914
  4,130
  4,356
  4,591
  4,838
  5,095
  5,364
  5,646
  5,942
  6,251
  6,575
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  35
  113
  195
  282
  374
  471
  573
  682
  822
  969
  1,125
  1,289
  1,463
  1,645
  1,838
  2,041
  2,254
  2,479
  2,716
  2,965
  3,226
  3,502
  3,791
  4,096
  4,416
  4,752
  5,105
Cash from financing (excl. dividends), $m  
  140
  858
  1,015
  1,160
  1,337
  1,556
  1,778
  2,006
  2,240
  2,482
  2,731
  2,991
  3,285
  3,592
  3,912
  4,247
  4,597
  4,963
  5,347
  5,748
  6,168
  6,609
  7,072
  7,556
  8,064
  8,597
  9,155
  9,742
  10,358
  11,003
  11,680
Total cash flow (excl. dividends), $m
  697
  1,285
  1,413
  1,527
  1,669
  1,847
  2,026
  2,204
  2,385
  2,568
  2,755
  2,932
  3,129
  3,331
  3,540
  3,757
  3,981
  4,214
  4,456
  4,709
  4,972
  5,246
  5,532
  5,831
  6,144
  6,471
  6,813
  7,171
  7,546
  7,939
  8,351
Retained Cash Flow (-), $m
  -213
  -259
  -281
  -321
  -361
  -400
  -439
  -478
  -517
  -557
  -598
  -682
  -822
  -969
  -1,125
  -1,289
  -1,463
  -1,645
  -1,838
  -2,041
  -2,254
  -2,479
  -2,716
  -2,965
  -3,226
  -3,502
  -3,791
  -4,096
  -4,416
  -4,752
  -5,105
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
 
  1,026
  1,132
  1,206
  1,308
  1,447
  1,587
  1,727
  1,868
  2,011
  2,157
  2,250
  2,307
  2,362
  2,415
  2,467
  2,518
  2,569
  2,618
  2,668
  2,717
  2,767
  2,817
  2,867
  2,918
  2,970
  3,022
  3,076
  3,131
  3,187
  3,245
Discount rate, %
 
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
 
  981
  1,030
  1,040
  1,063
  1,103
  1,127
  1,136
  1,131
  1,113
  1,083
  1,016
  930
  842
  754
  667
  584
  505
  431
  363
  301
  246
  198
  157
  122
  93
  70
  51
  37
  26
  18
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  99.8
  99.1
  97.9
  96.3
  94.3
  91.9
  89.2
  86.2
  82.8
  79.2
  75.3
  71.3
  67.2
  63.0
  58.9
  54.8
  50.8
  46.9
  43.1
  39.5
  36.1
  32.9
  29.9
  27.0
  24.4
  22.0
  19.8

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 16.8
Price to Sales 1.5
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 10.2
Price to Free Cash Flow 11.3
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 $9447 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 4.6%, 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 92.4%.

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 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 6% 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 3.8%.

Life of production assets of 6.6 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 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 - $11969 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 270.945 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 $14.4 billion.

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COMPANY NEWS

▶ CNA Ready to Assist with California Wildfire Claims   [Dec-08-17 11:33AM  PR Newswire]
▶ Dentist's Advantage Insurance Program   [Dec-05-17 01:07PM  PR Newswire]
▶ Value-Adding Financial Dividend Stocks To Buy Now   [Nov-16-17 12:02PM  Simply Wall St.]
▶ CNA Canada Celebrates 100 Years in Business   [Nov-07-17 05:42PM  CNW Group]
▶ CNA Launches CNA.com Online Quoting for Small Businesses   [Nov-06-17 10:30AM  PR Newswire]
▶ Moody's Upgrades CNA Rating   [Nov-01-17 04:32PM  PR Newswire]
▶ Company News For Oct 31, 2017   [10:32AM  Zacks]
▶ CNA Financial posts 3Q profit   [06:50AM  Associated Press]
▶ CNA Releases Slip and Fall Study Report   [Oct-25-17 10:22AM  PR Newswire]
▶ CNA Relocates its Nashville Branch   [11:17AM  PR Newswire]
▶ CNA Announces New Member to Board of Directors   [Oct-13-17 04:30PM  PR Newswire]
▶ 2 Top Dividend Stocks in Property Insurance   [Sep-04-17 04:29PM  Motley Fool]
▶ CNA Canada Launches New Website   [Aug-01-17 02:58PM  PR Newswire]
▶ CNA Financial beats 2Q profit forecasts   [Jul-31-17 09:34PM  Associated Press]
▶ CNA Names Uptime Institute as New Allied Vendor   [Jul-11-17 09:05AM  PR Newswire]
▶ CNA Creates New Affinity Programs Unit   [09:22AM  PR Newswire]
▶ CNA's Sarah Pang Receives IICF Inclusion Champion Award   [Jun-09-17 10:15AM  PR Newswire]
▶ CNA Announces Scott Weber as New General Counsel   [Jun-02-17 06:00AM  PR Newswire]
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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