Intrinsic value of Donegal Group Cl A - DGICA

Previous Close

$15.31

  Intrinsic Value

$70.84

stock screener

  Rating & Target

str. buy

+363%

  Value-price divergence*

+75%

Previous close

$15.31

 
Intrinsic value

$70.84

 
Up/down potential

+363%

 
Rating

str. buy

 
Value-price divergence*

+75%

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
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  0
  741
  796
  854
  914
  977
  1,042
  1,109
  1,180
  1,253
  1,329
  1,409
  1,491
  1,578
  1,668
  1,762
  1,860
  1,963
  2,070
  2,182
  2,300
  2,423
  2,551
  2,686
  2,827
  2,974
  3,129
  3,291
  3,461
  3,639
  3,826
Variable operating expenses, $m
 
  527
  567
  608
  651
  695
  741
  790
  840
  892
  946
  1,002
  1,061
  1,122
  1,186
  1,253
  1,323
  1,396
  1,472
  1,552
  1,635
  1,723
  1,814
  1,910
  2,010
  2,115
  2,225
  2,340
  2,461
  2,588
  2,721
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
  691
  735
  780
  828
  876
  927
  980
  1,035
  1,092
  1,151
  1,212
  1,276
  1,343
  1,412
  1,485
  1,561
  1,639
  1,722
  1,808
  1,897
  1,992
  2,089
  2,192
  2,299
  2,412
  2,529
  2,652
  2,780
  2,915
  3,057
Operating income, $m
  42
  49
  61
  74
  87
  101
  115
  130
  145
  162
  179
  197
  216
  235
  256
  277
  300
  324
  348
  375
  402
  431
  462
  493
  527
  563
  600
  639
  680
  724
  770
EBITDA, $m
  49
  51
  63
  75
  89
  102
  117
  132
  147
  164
  181
  199
  217
  237
  258
  279
  302
  326
  351
  377
  405
  434
  465
  497
  531
  566
  604
  643
  685
  728
  774
Interest expense (income), $m
  1
  3
  6
  9
  13
  16
  20
  24
  28
  32
  37
  41
  46
  51
  56
  62
  68
  74
  80
  86
  93
  100
  107
  115
  123
  132
  141
  150
  160
  170
  181
Earnings before tax, $m
  41
  47
  55
  65
  74
  84
  95
  106
  117
  129
  142
  156
  169
  184
  199
  215
  232
  250
  269
  288
  309
  331
  354
  378
  404
  431
  459
  489
  520
  554
  589
Tax expense, $m
  10
  13
  15
  17
  20
  23
  26
  29
  32
  35
  38
  42
  46
  50
  54
  58
  63
  68
  73
  78
  83
  89
  96
  102
  109
  116
  124
  132
  141
  149
  159
Net income, $m
  31
  34
  40
  47
  54
  61
  69
  77
  85
  94
  103
  114
  124
  134
  145
  157
  170
  183
  196
  211
  226
  242
  258
  276
  295
  314
  335
  357
  380
  404
  430

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
  1,751
  1,882
  2,019
  2,161
  2,309
  2,463
  2,623
  2,789
  2,962
  3,142
  3,330
  3,526
  3,730
  3,943
  4,165
  4,398
  4,640
  4,894
  5,159
  5,437
  5,727
  6,031
  6,349
  6,682
  7,032
  7,397
  7,780
  8,182
  8,603
  9,045
Adjusted assets (=assets-cash), $m
  1,623
  1,751
  1,882
  2,019
  2,161
  2,309
  2,463
  2,623
  2,789
  2,962
  3,142
  3,330
  3,526
  3,730
  3,943
  4,165
  4,398
  4,640
  4,894
  5,159
  5,437
  5,727
  6,031
  6,349
  6,682
  7,032
  7,397
  7,780
  8,182
  8,603
  9,045
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
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  39
  42
  44
  46
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
  168
  264
  364
  468
  576
  688
  805
  926
  1,052
  1,184
  1,321
  1,464
  1,613
  1,768
  1,931
  2,100
  2,277
  2,463
  2,656
  2,859
  3,071
  3,293
  3,525
  3,768
  4,023
  4,290
  4,570
  4,863
  5,170
  5,493
Total liabilities, $m
  1,185
  1,278
  1,374
  1,474
  1,578
  1,686
  1,798
  1,915
  2,036
  2,162
  2,294
  2,431
  2,574
  2,723
  2,878
  3,041
  3,210
  3,387
  3,573
  3,766
  3,969
  4,181
  4,403
  4,635
  4,878
  5,133
  5,400
  5,680
  5,973
  6,280
  6,603
Total equity, $m
  439
  473
  508
  545
  584
  623
  665
  708
  753
  800
  848
  899
  952
  1,007
  1,065
  1,125
  1,187
  1,253
  1,321
  1,393
  1,468
  1,546
  1,628
  1,714
  1,804
  1,899
  1,997
  2,101
  2,209
  2,323
  2,442
Total liabilities and equity, $m
  1,624
  1,751
  1,882
  2,019
  2,162
  2,309
  2,463
  2,623
  2,789
  2,962
  3,142
  3,330
  3,526
  3,730
  3,943
  4,166
  4,397
  4,640
  4,894
  5,159
  5,437
  5,727
  6,031
  6,349
  6,682
  7,032
  7,397
  7,781
  8,182
  8,603
  9,045
Debt-to-equity ratio
  0.169
  0.360
  0.520
  0.670
  0.800
  0.920
  1.030
  1.140
  1.230
  1.320
  1.400
  1.470
  1.540
  1.600
  1.660
  1.720
  1.770
  1.820
  1.860
  1.910
  1.950
  1.990
  2.020
  2.060
  2.090
  2.120
  2.150
  2.180
  2.200
  2.230
  2.250
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
  47
  54
  61
  69
  77
  85
  94
  103
  114
  124
  134
  145
  157
  170
  183
  196
  211
  226
  242
  258
  276
  295
  314
  335
  357
  380
  404
  430
Depreciation, amort., depletion, $m
  7
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
Funds from operations, $m
  84
  36
  42
  49
  56
  63
  71
  79
  87
  96
  106
  115
  125
  136
  147
  159
  172
  185
  199
  213
  228
  245
  261
  279
  298
  318
  339
  361
  384
  409
  434
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
  79
  87
  96
  106
  115
  125
  136
  147
  159
  172
  185
  199
  213
  228
  245
  261
  279
  298
  318
  339
  361
  384
  409
  434
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
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
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
Free cash flow, $m
  9
  34
  40
  47
  54
  61
  69
  77
  85
  94
  103
  113
  123
  133
  145
  156
  168
  181
  195
  209
  224
  240
  257
  275
  293
  313
  333
  355
  378
  402
  428
Issuance/(repayment) of debt, $m
  -12
  94
  96
  100
  104
  108
  112
  117
  121
  126
  132
  137
  143
  149
  156
  162
  170
  177
  185
  194
  203
  212
  222
  232
  243
  255
  267
  280
  293
  307
  322
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
  94
  96
  100
  104
  108
  112
  117
  121
  126
  132
  137
  143
  149
  156
  162
  170
  177
  185
  194
  203
  212
  222
  232
  243
  255
  267
  280
  293
  307
  322
Total cash flow (excl. dividends), $m
  10
  128
  137
  147
  158
  169
  181
  194
  207
  220
  235
  250
  266
  282
  300
  319
  338
  359
  380
  403
  427
  452
  479
  507
  536
  568
  600
  635
  671
  710
  750
Retained Cash Flow (-), $m
  -31
  -34
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -68
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -114
  -119
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
 
  94
  101
  110
  119
  129
  140
  150
  162
  174
  186
  199
  213
  227
  243
  259
  275
  293
  312
  331
  352
  374
  397
  421
  447
  473
  502
  531
  563
  596
  631
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
 
  90
  92
  95
  98
  100
  101
  101
  100
  99
  96
  93
  89
  85
  79
  74
  68
  62
  55
  49
  43
  37
  31
  26
  21
  17
  14
  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., an insurance holding company, provides property and casualty insurance to businesses and individuals in the Mid-Atlantic, Midwestern, New England, and southern states. It operates through four segments: Investment Function, Personal Lines of Insurance, Commercial Lines of Insurance, and Investment in DFSC. The company offers private passenger automobile policies that provide protection against liability for bodily injury and property damage arising from automobile accidents, as well as protection against loss from damage to automobiles. It also provides homeowners policies, which offer coverage for damage to residences and their contents from a range of perils, including fire, lightning, windstorm, and theft; and liability of the insured arising from injury to other persons or their property. In addition, the company offers commercial automobile policies; commercial multi-peril policies that provide protection to businesses against various perils, primarily combining liability and physical damage coverages; and workersÂ’ compensation policies, which offer benefits to employees for injuries sustained during employment. Further, it operates as a unitary savings and loan holding company. The company markets its insurance products through a network of approximately 2,400 independent insurance agencies. Donegal Group Inc. was founded in 1986 and is headquartered in Marietta, Pennsylvania. Donegal Group Inc. is a subsidiary of Donegal Mutual Insurance Company.

FINANCIAL RATIOS  of  Donegal Group Cl A (DGICA)

Valuation Ratios
P/E Ratio 13.4
Price to Sales 0.6
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 6.9
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 7.8% 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 10 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 26.142 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 27.60 42.91  str.buy
SAFT Safety Insuran 71.65 11.22  str.sell
STFC State Auto Fin 25.68 25.19  hold
HMN Horace Mann Ed 37.40 181.68  str.buy
IPCC Infinity Prope 92.10 82.75  hold
NAVG Navigators Gro 56.10 118.16  str.buy
BWINB Baldwin&Lyons 22.05 37.78  str.buy
ERIE Erie Indemnity 123.70 129.15  hold

COMPANY NEWS

▶ 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]
▶ Donegal posts 1Q profit   [08:23AM  AP]
Stock chart of DGICA 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.