Intrinsic value of Navigators Group - NAVG

Previous Close

$55.25

  Intrinsic Value

$118.27

stock screener

  Rating & Target

str. buy

+114%

  Value-price divergence*

+107%

Previous close

$55.25

 
Intrinsic value

$118.27

 
Up/down potential

+114%

 
Rating

str. buy

 
Value-price divergence*

+107%

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

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

We calculate the intrinsic value of NAVG 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 1.6

 

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, %
  12.91
  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
  1,289
  1,384
  1,482
  1,584
  1,690
  1,801
  1,916
  2,035
  2,160
  2,290
  2,425
  2,566
  2,713
  2,867
  3,027
  3,195
  3,370
  3,553
  3,744
  3,945
  4,155
  4,374
  4,604
  4,845
  5,097
  5,361
  5,639
  5,929
  6,233
  6,553
Variable operating expenses, $m
 
  1,128
  1,211
  1,297
  1,386
  1,479
  1,575
  1,676
  1,781
  1,889
  2,003
  2,121
  2,244
  2,373
  2,507
  2,647
  2,794
  2,947
  3,107
  3,275
  3,450
  3,633
  3,825
  4,026
  4,237
  4,457
  4,689
  4,931
  5,185
  5,451
  5,730
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
  1,065
  1,128
  1,211
  1,297
  1,386
  1,479
  1,575
  1,676
  1,781
  1,889
  2,003
  2,121
  2,244
  2,373
  2,507
  2,647
  2,794
  2,947
  3,107
  3,275
  3,450
  3,633
  3,825
  4,026
  4,237
  4,457
  4,689
  4,931
  5,185
  5,451
  5,730
Operating income, $m
  133
  161
  173
  185
  198
  212
  225
  240
  255
  270
  287
  304
  322
  341
  360
  380
  401
  423
  446
  470
  495
  521
  549
  578
  608
  640
  673
  708
  744
  782
  822
EBITDA, $m
  138
  162
  174
  186
  199
  212
  226
  240
  255
  271
  287
  304
  322
  341
  360
  380
  401
  423
  446
  470
  495
  521
  549
  578
  608
  640
  673
  708
  744
  782
  822
Interest expense (income), $m
  15
  15
  31
  47
  64
  82
  100
  119
  139
  160
  181
  204
  227
  251
  277
  303
  331
  360
  390
  422
  455
  490
  526
  564
  604
  645
  689
  734
  782
  833
  885
Earnings before tax, $m
  118
  146
  142
  138
  134
  130
  125
  121
  116
  111
  106
  101
  95
  89
  83
  77
  70
  63
  56
  48
  40
  32
  23
  14
  5
  -5
  -16
  -27
  -38
  -50
  -63
Tax expense, $m
  35
  39
  38
  37
  36
  35
  34
  33
  31
  30
  29
  27
  26
  24
  22
  21
  19
  17
  15
  13
  11
  9
  6
  4
  1
  0
  0
  0
  0
  0
  0
Net income, $m
  83
  107
  104
  101
  98
  95
  92
  88
  85
  81
  77
  74
  69
  65
  61
  56
  51
  46
  41
  35
  29
  23
  17
  10
  3
  -5
  -16
  -27
  -38
  -50
  -63

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
  4,814
  5,177
  5,557
  5,952
  6,362
  6,789
  7,232
  7,694
  8,174
  8,675
  9,196
  9,739
  10,305
  10,896
  11,513
  12,157
  12,830
  13,533
  14,269
  15,038
  15,843
  16,685
  17,567
  18,490
  19,457
  20,470
  21,532
  22,645
  23,811
  25,034
  26,316
Adjusted assets (=assets-cash), $m
  4,814
  5,177
  5,557
  5,952
  6,362
  6,789
  7,232
  7,694
  8,174
  8,675
  9,196
  9,739
  10,305
  10,896
  11,513
  12,157
  12,830
  13,533
  14,269
  15,038
  15,843
  16,685
  17,567
  18,490
  19,457
  20,470
  21,532
  22,645
  23,811
  25,034
  26,316
Revenue / Adjusted assets
  0.000
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
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
  264
  537
  823
  1,122
  1,431
  1,754
  2,089
  2,437
  2,800
  3,177
  3,571
  3,981
  4,408
  4,855
  5,320
  5,807
  6,315
  6,846
  7,401
  7,982
  8,589
  9,225
  9,891
  10,588
  11,318
  12,083
  12,885
  13,725
  14,605
  15,529
  16,497
Total liabilities, $m
  3,636
  3,909
  4,195
  4,494
  4,803
  5,126
  5,461
  5,809
  6,172
  6,549
  6,943
  7,353
  7,780
  8,227
  8,692
  9,179
  9,687
  10,218
  10,773
  11,354
  11,961
  12,597
  13,263
  13,960
  14,690
  15,455
  16,257
  17,097
  17,977
  18,901
  19,869
Total equity, $m
  1,178
  1,268
  1,361
  1,458
  1,559
  1,663
  1,772
  1,885
  2,003
  2,125
  2,253
  2,386
  2,525
  2,670
  2,821
  2,979
  3,143
  3,316
  3,496
  3,684
  3,881
  4,088
  4,304
  4,530
  4,767
  5,015
  5,275
  5,548
  5,834
  6,133
  6,448
Total liabilities and equity, $m
  4,814
  5,177
  5,556
  5,952
  6,362
  6,789
  7,233
  7,694
  8,175
  8,674
  9,196
  9,739
  10,305
  10,897
  11,513
  12,158
  12,830
  13,534
  14,269
  15,038
  15,842
  16,685
  17,567
  18,490
  19,457
  20,470
  21,532
  22,645
  23,811
  25,034
  26,317
Debt-to-equity ratio
  0.224
  0.420
  0.600
  0.770
  0.920
  1.050
  1.180
  1.290
  1.400
  1.500
  1.580
  1.670
  1.750
  1.820
  1.890
  1.950
  2.010
  2.060
  2.120
  2.170
  2.210
  2.260
  2.300
  2.340
  2.370
  2.410
  2.440
  2.470
  2.500
  2.530
  2.560
Adjusted equity ratio
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  83
  107
  104
  101
  98
  95
  92
  88
  85
  81
  77
  74
  69
  65
  61
  56
  51
  46
  41
  35
  29
  23
  17
  10
  3
  -5
  -16
  -27
  -38
  -50
  -63
Depreciation, amort., depletion, $m
  5
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  350
  107
  105
  102
  99
  95
  92
  89
  85
  82
  78
  74
  69
  65
  61
  56
  51
  46
  41
  35
  29
  23
  17
  10
  3
  -5
  -16
  -27
  -38
  -50
  -63
Change in working capital, $m
  126
  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
  224
  107
  105
  102
  99
  95
  92
  89
  85
  82
  78
  74
  69
  65
  61
  56
  51
  46
  41
  35
  29
  23
  17
  10
  3
  -5
  -16
  -27
  -38
  -50
  -63
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
  -4
  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
  -211
  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
  13
  107
  105
  102
  99
  95
  92
  89
  85
  82
  78
  74
  69
  65
  61
  56
  51
  46
  41
  35
  29
  23
  17
  10
  3
  -5
  -16
  -27
  -38
  -50
  -63
Issuance/(repayment) of debt, $m
  0
  273
  287
  298
  310
  322
  335
  348
  363
  378
  393
  410
  428
  446
  466
  486
  508
  531
  555
  581
  608
  636
  666
  697
  730
  765
  802
  840
  881
  923
  968
Issuance/(repurchase) of shares, $m
  2
  0
  0
  0
  3
  10
  17
  25
  33
  42
  51
  59
  69
  80
  90
  102
  114
  126
  140
  153
  168
  183
  199
  216
  234
  254
  276
  299
  324
  350
  377
Cash from financing (excl. dividends), $m  
  2
  273
  287
  298
  313
  332
  352
  373
  396
  420
  444
  469
  497
  526
  556
  588
  622
  657
  695
  734
  776
  819
  865
  913
  964
  1,019
  1,078
  1,139
  1,205
  1,273
  1,345
Total cash flow (excl. dividends), $m
  -1
  380
  391
  400
  411
  427
  444
  462
  481
  501
  522
  543
  566
  591
  617
  644
  673
  703
  735
  769
  805
  842
  882
  923
  967
  1,013
  1,062
  1,113
  1,166
  1,223
  1,282
Retained Cash Flow (-), $m
  -82
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -216
  -226
  -237
  -254
  -276
  -299
  -324
  -350
  -377
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
 
  289
  298
  303
  310
  323
  336
  349
  363
  378
  394
  410
  428
  446
  466
  486
  508
  531
  555
  581
  608
  636
  666
  697
  730
  760
  786
  813
  842
  873
  905
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  276
  270
  259
  249
  242
  233
  224
  213
  202
  189
  176
  163
  149
  135
  121
  108
  94
  82
  70
  59
  49
  40
  32
  25
  19
  15
  11
  8
  5
  4
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  99.9
  99.4
  98.7
  97.7
  96.4
  95.0
  93.3
  91.5
  89.6
  87.6
  85.4
  83.2
  81.0
  78.6
  76.3
  73.9
  71.5
  69.1
  66.7
  64.3
  61.9
  59.6
  57.3
  55.0
  52.7
  50.5
  48.3

The Navigators Group, Inc., together with its subsidiaries, underwrites ocean marine, property and casualty, professional liability, and specialty insurance products and services in the United States and internationally. The company operates through the U.S. Insurance, International Insurance, and Global Reinsurance segments. It provides marine insurance products comprising cargo, craft, hull, inland marine, and marine liability insurance products, as well as customs bonds, fishing vessels, transport, war, other marine, protection and indemnity, specie and fine art insurance, and energy liability; and energy and engineering insurance products consisting of onshore and offshore energy, power station, and construction project, property, life sciences, political violence and terrorism, and other property and casualty. The company also offers monoline environmental impairment liability; commercial retail and specialty wholesale excess casualty; general liability; and auto, global package, life sciences, and property insurance products. In addition, it provides directors and officers’ insurance products; and errors and omissions (E&O) insurance products, such as architects and engineers, accountants, miscellaneous professional liability, real estate E&O, and other E&O; and other professional liability insurance products. Further, the company offers accident and health, marine, property and casualty, professional and management liability, agriculture, surety, and other reinsurance products. It distributes its products through international, national, and regional retail and wholesale insurance brokers. The Navigators Group, Inc. was founded in 1982 and is headquartered in Stamford, Connecticut.

FINANCIAL RATIOS  of  Navigators Group (NAVG)

Valuation Ratios
P/E Ratio 19.4
Price to Sales 1.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 7.2
Price to Free Cash Flow 7.3
Growth Rates
Sales Growth Rate 12.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -16.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 22.4%
Total Debt to Equity 22.4%
Interest Coverage 9
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 5.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin 11.1%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 9.8%
Pre-Tax Margin - 3 Yr. Avg. 11.5%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 29.7%
Eff/ Tax Rate - 3 Yr. Avg. 31%
Payout Ratio 4.8%

NAVG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NAVG stock intrinsic value calculation we used $1198 million for the last fiscal year's total revenue generated by Navigators Group. The default revenue input number comes from 2016 income statement of Navigators Group. 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 NAVG 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 4.9%, whose default value for NAVG is calculated based on our internal credit rating of Navigators Group, 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 Navigators Group.
    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 NAVG stock the variable cost ratio is equal to 87.5%.

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 NAVG 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 5.7% for Navigators Group.

Corporate tax rate of 27% is the nominal tax rate for Navigators Group. 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 NAVG 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 NAVG are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Navigators Group 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 NAVG 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 - $1178 million for Navigators Group - 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 28.922 million for Navigators Group 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 Navigators Group at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Navigators Hires Jim Rhyner to Run Navigators Pro   [Aug-15-17 09:20AM  GlobeNewswire]
▶ Navigators Promotes Pat Milner to President of NavTech   [Aug-10-17 04:02PM  GlobeNewswire]
▶ Navigators Reports Second Quarter 2017 Earnings   [Aug-03-17 04:01PM  GlobeNewswire]
▶ Navigators Announces Second Quarter 2017 Dividend   [May-25-17 04:01PM  GlobeNewswire]
▶ Navigators posts 1Q profit   [May-04-17 07:01PM  Associated Press]
▶ New Strong Sell Stocks for March 14th   [Mar-14-17 10:45AM  Zacks]
▶ Navigators posts 4Q profit   [Feb-16-17 04:59PM  Associated Press]
▶ Navigators Appoints Jacob Ingerslev as Global Cyber Leader   [Feb-01-17 09:02AM  GlobeNewswire]
▶ Navigators Appoints Asia Leadership Team   [Jan-04-17 09:00AM  GlobeNewswire]
▶ Navigators Names Meryl D. Hartzband to Board of Directors   [Dec-07-16 04:14PM  GlobeNewswire]
▶ Navigators Group's board OKs stock split   [Dec-06-16 04:25PM  at MarketWatch]
▶ Navigators Announces Two-for-One Stock Split   [04:01PM  GlobeNewswire]
▶ Navigators Reports Third Quarter 2016 Earnings   [Nov-03-16 05:23PM  GlobeNewswire]
▶ Navigators Announces Global Claims Leadership   [Aug-25-16 11:00AM  GlobeNewswire]
▶ Navigators Reports Second Quarter 2016 Earnings   [Aug-04-16 04:05PM  GlobeNewswire]
▶ Navigators Estimates Catastrophe Losses for Second Quarter   [Jul-15-16 04:35PM  GlobeNewswire]
Stock chart of NAVG Financial statements of NAVG
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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