Intrinsic value of Donegal Group Cl A - DGICA

Previous Close

$16.38

  Intrinsic Value

$67.14

stock screener

  Rating & Target

str. buy

+310%

  Value-price divergence*

+30%

Previous close

$16.38

 
Intrinsic value

$67.14

 
Up/down potential

+310%

 
Rating

str. buy

 
Value-price divergence*

+30%

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

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

We calculate the intrinsic value of DGICA 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 0.4

 

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, %
  8.19
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
Revenue, $m
  0
  739
  793
  850
  908
  969
  1,033
  1,099
  1,167
  1,239
  1,313
  1,391
  1,471
  1,556
  1,644
  1,736
  1,832
  1,932
  2,037
  2,147
  2,262
  2,382
  2,508
  2,640
  2,778
  2,923
  3,075
  3,233
  3,400
  3,575
  3,758
Variable operating expenses, $m
 
  526
  565
  605
  647
  690
  735
  782
  831
  881
  934
  989
  1,046
  1,106
  1,169
  1,234
  1,303
  1,374
  1,449
  1,527
  1,609
  1,694
  1,784
  1,877
  1,976
  2,079
  2,186
  2,299
  2,418
  2,542
  2,672
Fixed operating expenses, $m
 
  164
  168
  172
  177
  181
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  238
  243
  250
  256
  262
  269
  275
  282
  289
  297
  304
  312
  319
  327
  336
Total operating expenses, $m
  645
  690
  733
  777
  824
  871
  921
  972
  1,026
  1,081
  1,139
  1,199
  1,261
  1,327
  1,395
  1,466
  1,541
  1,617
  1,699
  1,783
  1,871
  1,963
  2,059
  2,159
  2,265
  2,376
  2,490
  2,611
  2,737
  2,869
  3,008
Operating income, $m
  42
  49
  61
  73
  85
  98
  112
  127
  142
  157
  174
  192
  210
  229
  249
  270
  292
  315
  339
  365
  391
  419
  449
  480
  513
  548
  584
  622
  663
  705
  750
EBITDA, $m
  49
  51
  63
  75
  88
  101
  115
  130
  145
  161
  178
  195
  213
  233
  253
  274
  296
  319
  344
  370
  397
  425
  455
  487
  520
  555
  591
  630
  671
  714
  759
Interest expense (income), $m
  1
  3
  6
  9
  12
  16
  20
  24
  28
  32
  36
  40
  45
  50
  55
  60
  66
  72
  78
  84
  91
  98
  105
  113
  121
  129
  138
  147
  156
  167
  177
Earnings before tax, $m
  41
  46
  55
  64
  73
  82
  92
  103
  114
  126
  138
  151
  165
  179
  194
  209
  226
  243
  261
  280
  300
  322
  344
  368
  393
  419
  446
  476
  506
  539
  573
Tax expense, $m
  10
  13
  15
  17
  20
  22
  25
  28
  31
  34
  37
  41
  44
  48
  52
  57
  61
  66
  71
  76
  81
  87
  93
  99
  106
  113
  121
  128
  137
  145
  155
Net income, $m
  31
  34
  40
  46
  53
  60
  68
  75
  83
  92
  101
  110
  120
  131
  141
  153
  165
  177
  191
  205
  219
  235
  251
  268
  287
  306
  326
  347
  370
  393
  418

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
  1,623
  1,748
  1,876
  2,009
  2,148
  2,292
  2,441
  2,597
  2,759
  2,928
  3,104
  3,288
  3,479
  3,678
  3,886
  4,104
  4,331
  4,568
  4,817
  5,076
  5,348
  5,632
  5,930
  6,242
  6,568
  6,910
  7,268
  7,644
  8,038
  8,451
  8,884
Adjusted assets (=assets-cash), $m
  1,623
  1,748
  1,876
  2,009
  2,148
  2,292
  2,441
  2,597
  2,759
  2,928
  3,104
  3,288
  3,479
  3,678
  3,886
  4,104
  4,331
  4,568
  4,817
  5,076
  5,348
  5,632
  5,930
  6,242
  6,568
  6,910
  7,268
  7,644
  8,038
  8,451
  8,884
Revenue / Adjusted assets
  0.000
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
Average production assets, $m
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
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
  74
  166
  259
  357
  458
  563
  672
  786
  904
  1,028
  1,156
  1,290
  1,429
  1,575
  1,727
  1,886
  2,052
  2,225
  2,406
  2,596
  2,794
  3,002
  3,219
  3,446
  3,685
  3,934
  4,196
  4,470
  4,758
  5,059
  5,375
Total liabilities, $m
  1,185
  1,276
  1,369
  1,467
  1,568
  1,673
  1,782
  1,896
  2,014
  2,138
  2,266
  2,400
  2,539
  2,685
  2,837
  2,996
  3,162
  3,335
  3,516
  3,706
  3,904
  4,112
  4,329
  4,556
  4,795
  5,044
  5,306
  5,580
  5,868
  6,169
  6,485
Total equity, $m
  439
  472
  506
  542
  580
  619
  659
  701
  745
  791
  838
  888
  939
  993
  1,049
  1,108
  1,169
  1,233
  1,300
  1,371
  1,444
  1,521
  1,601
  1,685
  1,773
  1,866
  1,962
  2,064
  2,170
  2,282
  2,399
Total liabilities and equity, $m
  1,624
  1,748
  1,875
  2,009
  2,148
  2,292
  2,441
  2,597
  2,759
  2,929
  3,104
  3,288
  3,478
  3,678
  3,886
  4,104
  4,331
  4,568
  4,816
  5,077
  5,348
  5,633
  5,930
  6,241
  6,568
  6,910
  7,268
  7,644
  8,038
  8,451
  8,884
Debt-to-equity ratio
  0.169
  0.350
  0.510
  0.660
  0.790
  0.910
  1.020
  1.120
  1.210
  1.300
  1.380
  1.450
  1.520
  1.590
  1.650
  1.700
  1.750
  1.800
  1.850
  1.890
  1.930
  1.970
  2.010
  2.050
  2.080
  2.110
  2.140
  2.170
  2.190
  2.220
  2.240
Adjusted equity ratio
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  31
  34
  40
  46
  53
  60
  68
  75
  83
  92
  101
  110
  120
  131
  141
  153
  165
  177
  191
  205
  219
  235
  251
  268
  287
  306
  326
  347
  370
  393
  418
Depreciation, amort., depletion, $m
  7
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
Funds from operations, $m
  84
  36
  42
  49
  56
  63
  71
  78
  87
  95
  104
  114
  124
  134
  145
  157
  169
  182
  196
  210
  225
  241
  257
  275
  293
  313
  333
  355
  378
  402
  427
Change in working capital, $m
  24
  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
  60
  36
  42
  49
  56
  63
  71
  78
  87
  95
  104
  114
  124
  134
  145
  157
  169
  182
  196
  210
  225
  241
  257
  275
  293
  313
  333
  355
  378
  402
  427
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
New CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  -51
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
Free cash flow, $m
  9
  34
  40
  46
  53
  60
  67
  75
  83
  92
  101
  110
  119
  130
  141
  152
  164
  176
  190
  204
  218
  234
  250
  267
  285
  304
  324
  346
  368
  392
  416
Issuance/(repayment) of debt, $m
  -12
  92
  94
  97
  101
  105
  109
  114
  118
  123
  128
  134
  140
  146
  152
  159
  166
  173
  181
  190
  198
  208
  217
  228
  238
  250
  262
  274
  287
  301
  316
Issuance/(repurchase) of shares, $m
  14
  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  
  2
  92
  94
  97
  101
  105
  109
  114
  118
  123
  128
  134
  140
  146
  152
  159
  166
  173
  181
  190
  198
  208
  217
  228
  238
  250
  262
  274
  287
  301
  316
Total cash flow (excl. dividends), $m
  10
  125
  134
  144
  154
  165
  177
  189
  202
  215
  229
  244
  259
  275
  293
  311
  330
  350
  371
  393
  417
  441
  467
  495
  524
  554
  586
  620
  655
  693
  732
Retained Cash Flow (-), $m
  -31
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -47
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
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
 
  93
  99
  108
  117
  126
  136
  147
  158
  169
  181
  194
  207
  222
  236
  252
  268
  286
  304
  323
  343
  364
  387
  411
  435
  462
  489
  518
  549
  581
  616
Discount rate, %
 
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
 
  89
  90
  93
  96
  97
  98
  98
  98
  96
  94
  91
  87
  82
  77
  72
  66
  60
  54
  48
  42
  36
  30
  25
  21
  17
  13
  10
  8
  6
  4
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

Donegal Group Inc. (DGI) is an insurance holding company whose insurance subsidiaries offer personal and commercial lines of property and casualty insurance. The Company offered its insurance business to various businesses and individuals in 21 Mid-Atlantic, Midwestern, New England and Southern states, as of December 31, 2016. It has four segments: investment function, personal lines of insurance, commercial lines of insurance and investment in Donegal Financial Services Corporation (DFSC). Its insurance operations include two segments: personal lines of insurance and commercial lines of insurance. The personal lines of insurance, which its insurance subsidiaries write consists of private passenger automobile and homeowners insurance. The commercial lines of insurance, which its insurance subsidiaries write consists of commercial automobile, commercial multi-peril and workers' compensation insurance. It holds interests in DFSC, which is a unitary savings and loan holding company.

FINANCIAL RATIOS  of  Donegal Group Cl A (DGICA)

Valuation Ratios
P/E Ratio 14.3
Price to Sales 0.6
Price to Book 1
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 7.4
Growth Rates
Sales Growth Rate 8.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 16.9%
Total Debt to Equity 16.9%
Interest Coverage 42
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 5.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 7.1%
EBITDA Margin - 3 Yr. Avg. 5.5%
Operating Margin 6.1%
Oper. Margin - 3 Yr. Avg. 4.4%
Pre-Tax Margin 6%
Pre-Tax Margin - 3 Yr. Avg. 4.4%
Net Profit Margin 4.5%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 24.4%
Eff/ Tax Rate - 3 Yr. Avg. 18.5%
Payout Ratio 45.2%

DGICA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DGICA stock intrinsic value calculation we used $687 million for the last fiscal year's total revenue generated by Donegal Group Cl A. The default revenue input number comes from 2016 income statement of Donegal Group Cl A. 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 DGICA stock valuation model: a) initial revenue growth rate of 7.6% 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 4.4%, whose default value for DGICA is calculated based on our internal credit rating of Donegal Group Cl A, 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 Donegal Group Cl A.
    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 DGICA stock the variable cost ratio is equal to 71.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $160 million in the base year in the intrinsic value calculation for DGICA 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 Donegal Group Cl A.

Corporate tax rate of 27% is the nominal tax rate for Donegal Group Cl A. 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 DGICA 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 DGICA are equal to 1.2%.

Life of production assets of 2 years is the average useful life of capital assets used in Donegal Group Cl A 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 DGICA 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 - $439 million for Donegal Group Cl A - 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 26.924 million for Donegal Group Cl A 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 Donegal Group Cl A at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
EMCI EMC Insurance 29.20 43.91  str.buy
SAFT Safety Insuran 79.80 10.90  str.sell
STFC State Auto Fin 26.54 26.01  hold
HMN Horace Mann Ed 40.95 131.70  str.buy
IPCC Infinity Prope 94.65 87.79  hold
NAVG Navigators Gro 58.10 118.02  str.buy
BWINB Baldwin&Lyons 23.05 39.29  str.buy
ERIE Erie Indemnity 123.09 120.70  hold

COMPANY NEWS

▶ Donegal Group Inc. Announces Third Quarter 2017 Webcast   [Sep-01-17 10:00AM  GlobeNewswire]
▶ Donegal Group Inc. Announces Quarterly Dividend   [Jul-20-17 03:00PM  GlobeNewswire]
▶ Donegal reports 2Q loss   [Jul-19-17 11:29PM  Associated Press]
▶ ETFs with exposure to Donegal Group, Inc. : June 1, 2017   [Jun-01-17 01:44PM  Capital Cube]
▶ Donegal Group Inc. Announces Second Quarter 2017 Webcast   [May-31-17 01:09PM  GlobeNewswire]
▶ Donegal posts 1Q profit   [Apr-19-17 08:11AM  Associated Press]
▶ Donegal Group Inc. Announces First Quarter 2017 Webcast   [Mar-21-17 02:13PM  GlobeNewswire]
▶ Donegal Group Inc. Announces Fourth Quarter 2016 Webcast   [Jan-13-17 08:00AM  GlobeNewswire]
▶ Is Zoes Kitchen Inc (ZOES) A Good Stock To Buy?   [Dec-20-16 02:00PM  at Insider Monkey]
▶ Donegal Group Inc. Announces Third Quarter 2016 Webcast   [Sep-15-16 09:14AM  GlobeNewswire]
▶ Donegal Group Inc. Announces Second Quarter 2016 Webcast   [Jun-15-16 09:45AM  GlobeNewswire]
Financial statements of DGICA
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.