Intrinsic value of Navigators Group - NAVG

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$53.05

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$53.05

 
Intrinsic value

$190.76

 
Up/down potential

+260%

 
Rating

str. buy

 
Value-price divergence* premium content

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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
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  0
  1,366
  1,545
  1,734
  1,935
  2,146
  2,367
  2,599
  2,841
  3,093
  3,355
  3,628
  3,912
  4,207
  4,514
  4,833
  5,164
  5,508
  5,866
  6,239
  6,627
  7,030
  7,451
  7,890
  8,347
  8,824
  9,323
  9,843
  10,387
  10,955
  11,549
Variable operating expenses, $m
 
  1,195
  1,351
  1,517
  1,693
  1,877
  2,071
  2,273
  2,485
  2,705
  2,935
  3,173
  3,421
  3,679
  3,947
  4,226
  4,516
  4,817
  5,130
  5,456
  5,795
  6,148
  6,516
  6,900
  7,300
  7,717
  8,153
  8,608
  9,083
  9,580
  10,100
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
  1,195
  1,351
  1,517
  1,693
  1,877
  2,071
  2,273
  2,485
  2,705
  2,935
  3,173
  3,421
  3,679
  3,947
  4,226
  4,516
  4,817
  5,130
  5,456
  5,795
  6,148
  6,516
  6,900
  7,300
  7,717
  8,153
  8,608
  9,083
  9,580
  10,100
Operating income, $m
  133
  171
  193
  217
  242
  269
  297
  326
  356
  388
  420
  455
  491
  528
  567
  606
  648
  691
  736
  783
  832
  882
  935
  990
  1,048
  1,107
  1,170
  1,235
  1,304
  1,375
  1,449
EBITDA, $m
  138
  171
  194
  218
  243
  269
  297
  326
  357
  388
  421
  455
  491
  528
  567
  606
  648
  691
  736
  783
  832
  882
  935
  990
  1,048
  1,107
  1,170
  1,235
  1,304
  1,375
  1,449
Interest expense (income), $m
  15
  15
  44
  75
  108
  142
  179
  217
  257
  299
  342
  388
  435
  484
  535
  588
  643
  700
  760
  822
  886
  953
  1,023
  1,096
  1,171
  1,250
  1,333
  1,419
  1,509
  1,603
  1,701
Earnings before tax, $m
  118
  156
  149
  142
  135
  127
  118
  109
  99
  89
  78
  68
  56
  44
  32
  19
  5
  -9
  -24
  -39
  -54
  -71
  -88
  -105
  -124
  -143
  -163
  -184
  -205
  -228
  -252
Tax expense, $m
  35
  42
  40
  38
  36
  34
  32
  29
  27
  24
  21
  18
  15
  12
  9
  5
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  83
  114
  109
  104
  98
  92
  86
  79
  72
  65
  57
  49
  41
  32
  23
  14
  4
  -9
  -24
  -39
  -54
  -71
  -88
  -105
  -124
  -143
  -163
  -184
  -205
  -228
  -252

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
  5,485
  6,203
  6,966
  7,771
  8,618
  9,507
  10,437
  11,409
  12,421
  13,475
  14,572
  15,712
  16,897
  18,128
  19,408
  20,738
  22,121
  23,559
  25,055
  26,613
  28,234
  29,924
  31,686
  33,523
  35,439
  37,440
  39,530
  41,713
  43,995
  46,382
Adjusted assets (=assets-cash), $m
  4,814
  5,485
  6,203
  6,966
  7,771
  8,618
  9,507
  10,437
  11,409
  12,421
  13,475
  14,572
  15,712
  16,897
  18,128
  19,408
  20,738
  22,121
  23,559
  25,055
  26,613
  28,234
  29,924
  31,686
  33,523
  35,439
  37,440
  39,530
  41,713
  43,995
  46,382
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
  769
  1,312
  1,887
  2,495
  3,135
  3,806
  4,508
  5,242
  6,006
  6,802
  7,630
  8,491
  9,385
  10,315
  11,281
  12,285
  13,329
  14,415
  15,545
  16,720
  17,945
  19,221
  20,551
  21,938
  23,385
  24,895
  26,473
  28,122
  29,845
  31,646
Total liabilities, $m
  3,636
  4,141
  4,684
  5,259
  5,867
  6,507
  7,178
  7,880
  8,614
  9,378
  10,174
  11,002
  11,863
  12,757
  13,687
  14,653
  15,657
  16,701
  17,787
  18,917
  20,092
  21,317
  22,593
  23,923
  25,310
  26,757
  28,267
  29,845
  31,494
  33,217
  35,018
Total equity, $m
  1,178
  1,344
  1,520
  1,707
  1,904
  2,112
  2,329
  2,557
  2,795
  3,043
  3,301
  3,570
  3,849
  4,140
  4,441
  4,755
  5,081
  5,420
  5,772
  6,139
  6,520
  6,917
  7,331
  7,763
  8,213
  8,683
  9,173
  9,685
  10,220
  10,779
  11,364
Total liabilities and equity, $m
  4,814
  5,485
  6,204
  6,966
  7,771
  8,619
  9,507
  10,437
  11,409
  12,421
  13,475
  14,572
  15,712
  16,897
  18,128
  19,408
  20,738
  22,121
  23,559
  25,056
  26,612
  28,234
  29,924
  31,686
  33,523
  35,440
  37,440
  39,530
  41,714
  43,996
  46,382
Debt-to-equity ratio
  0.224
  0.570
  0.860
  1.110
  1.310
  1.480
  1.630
  1.760
  1.880
  1.970
  2.060
  2.140
  2.210
  2.270
  2.320
  2.370
  2.420
  2.460
  2.500
  2.530
  2.560
  2.590
  2.620
  2.650
  2.670
  2.690
  2.710
  2.730
  2.750
  2.770
  2.780
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
  114
  109
  104
  98
  92
  86
  79
  72
  65
  57
  49
  41
  32
  23
  14
  4
  -9
  -24
  -39
  -54
  -71
  -88
  -105
  -124
  -143
  -163
  -184
  -205
  -228
  -252
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
  114
  110
  104
  99
  93
  87
  80
  73
  65
  58
  49
  41
  32
  23
  14
  4
  -9
  -24
  -39
  -54
  -71
  -88
  -105
  -124
  -143
  -163
  -184
  -205
  -228
  -252
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
  114
  110
  104
  99
  93
  87
  80
  73
  65
  58
  49
  41
  32
  23
  14
  4
  -9
  -24
  -39
  -54
  -71
  -88
  -105
  -124
  -143
  -163
  -184
  -205
  -228
  -252
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
  114
  110
  104
  99
  93
  87
  80
  73
  65
  58
  49
  41
  32
  23
  14
  4
  -9
  -24
  -39
  -54
  -71
  -88
  -105
  -124
  -143
  -163
  -184
  -205
  -228
  -252
Issuance/(repayment) of debt, $m
  0
  505
  542
  576
  608
  640
  671
  702
  733
  764
  796
  828
  861
  895
  930
  966
  1,004
  1,044
  1,086
  1,130
  1,176
  1,224
  1,276
  1,330
  1,387
  1,447
  1,511
  1,578
  1,648
  1,723
  1,802
Issuance/(repurchase) of shares, $m
  2
  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
  505
  542
  576
  608
  640
  671
  702
  733
  764
  796
  828
  861
  895
  930
  966
  1,004
  1,044
  1,086
  1,130
  1,176
  1,224
  1,276
  1,330
  1,387
  1,447
  1,511
  1,578
  1,648
  1,723
  1,802
Total cash flow (excl. dividends), $m
  -1
  619
  652
  680
  707
  733
  758
  782
  806
  830
  854
  877
  902
  927
  953
  980
  1,008
  1,035
  1,062
  1,091
  1,121
  1,154
  1,188
  1,224
  1,263
  1,304
  1,348
  1,394
  1,443
  1,495
  1,550
Retained Cash Flow (-), $m
  -82
  -166
  -176
  -187
  -197
  -208
  -218
  -228
  -238
  -248
  -258
  -269
  -279
  -290
  -302
  -314
  -326
  -339
  -352
  -367
  -382
  -397
  -414
  -432
  -450
  -470
  -490
  -512
  -535
  -559
  -585
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
 
  454
  476
  493
  510
  525
  540
  554
  568
  582
  595
  609
  622
  637
  651
  666
  682
  696
  710
  724
  740
  756
  774
  793
  813
  835
  858
  882
  908
  936
  965
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
 
  432
  431
  421
  409
  393
  375
  355
  333
  310
  286
  262
  237
  213
  189
  166
  144
  124
  104
  87
  72
  58
  46
  36
  28
  21
  16
  12
  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

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 18.6
Price to Sales 1.3
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 7
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 14% 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 1.3 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 29.282 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

▶ 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]
▶ Navigators Initiates Dividend   [May-26-16 07:00AM  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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