Intrinsic value of National General Holdings - NGHC

Previous Close

$20.67

  Intrinsic Value

$124.82

stock screener

  Rating & Target

str. buy

+504%

Previous close

$20.67

 
Intrinsic value

$124.82

 
Up/down potential

+504%

 
Rating

str. buy

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

We calculate the intrinsic value of NGHC 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 2.2

 

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, %
  42.05
  35.30
  32.27
  29.54
  27.09
  24.88
  22.89
  21.10
  19.49
  18.04
  16.74
  15.56
  14.51
  13.56
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.32
  7.98
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
Revenue, $m
  0
  4,772
  6,312
  8,177
  10,392
  12,977
  15,948
  19,313
  23,078
  27,242
  31,802
  36,752
  42,084
  47,789
  53,859
  60,286
  67,061
  74,179
  81,637
  89,431
  97,563
  106,036
  114,853
  124,022
  133,554
  143,460
  153,753
  164,451
  175,571
  187,134
  199,161
Variable operating expenses, $m
 
  4,394
  5,807
  7,518
  9,551
  11,923
  14,649
  17,737
  21,192
  25,013
  29,197
  33,724
  38,616
  43,852
  49,422
  55,319
  61,536
  68,067
  74,910
  82,063
  89,525
  97,299
  105,390
  113,804
  122,550
  131,639
  141,085
  150,901
  161,105
  171,715
  182,751
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
  3,276
  4,394
  5,807
  7,518
  9,551
  11,923
  14,649
  17,737
  21,192
  25,013
  29,197
  33,724
  38,616
  43,852
  49,422
  55,319
  61,536
  68,067
  74,910
  82,063
  89,525
  97,299
  105,390
  113,804
  122,550
  131,639
  141,085
  150,901
  161,105
  171,715
  182,751
Operating income, $m
  250
  378
  505
  658
  841
  1,054
  1,299
  1,576
  1,886
  2,229
  2,605
  3,028
  3,467
  3,938
  4,438
  4,967
  5,525
  6,112
  6,726
  7,369
  8,039
  8,737
  9,463
  10,219
  11,004
  11,820
  12,668
  13,550
  14,466
  15,419
  16,410
EBITDA, $m
  345
  495
  654
  847
  1,077
  1,345
  1,653
  2,001
  2,391
  2,823
  3,295
  3,808
  4,361
  4,952
  5,581
  6,247
  6,949
  7,687
  8,460
  9,267
  10,110
  10,988
  11,902
  12,852
  13,840
  14,866
  15,933
  17,041
  18,194
  19,392
  20,638
Interest expense (income), $m
  33
  39
  126
  233
  363
  518
  698
  906
  1,141
  1,403
  1,694
  2,012
  2,358
  2,730
  3,128
  3,552
  4,001
  4,473
  4,970
  5,491
  6,035
  6,603
  7,194
  7,809
  8,450
  9,115
  9,806
  10,525
  11,272
  12,048
  12,855
Earnings before tax, $m
  210
  339
  379
  425
  478
  536
  600
  670
  745
  826
  911
  1,016
  1,110
  1,208
  1,309
  1,415
  1,525
  1,639
  1,756
  1,878
  2,004
  2,134
  2,269
  2,409
  2,555
  2,705
  2,862
  3,025
  3,195
  3,371
  3,555
Tax expense, $m
  43
  92
  102
  115
  129
  145
  162
  181
  201
  223
  246
  274
  300
  326
  354
  382
  412
  442
  474
  507
  541
  576
  613
  651
  690
  730
  773
  817
  863
  910
  960
Net income, $m
  172
  248
  277
  310
  349
  391
  438
  489
  544
  603
  665
  742
  810
  882
  956
  1,033
  1,113
  1,196
  1,282
  1,371
  1,463
  1,558
  1,657
  1,759
  1,865
  1,975
  2,089
  2,208
  2,332
  2,461
  2,595

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
  7,245
  9,799
  12,961
  16,790
  21,338
  26,647
  32,747
  39,658
  47,388
  55,938
  65,301
  75,465
  86,414
  98,130
  110,594
  123,790
  137,702
  152,319
  167,632
  183,637
  200,335
  217,732
  235,837
  254,666
  274,239
  294,579
  315,715
  337,682
  360,516
  384,258
  408,955
Adjusted assets (=assets-cash), $m
  7,245
  9,799
  12,961
  16,790
  21,338
  26,647
  32,747
  39,658
  47,388
  55,938
  65,301
  75,465
  86,414
  98,130
  110,594
  123,790
  137,702
  152,319
  167,632
  183,637
  200,335
  217,732
  235,837
  254,666
  274,239
  294,579
  315,715
  337,682
  360,516
  384,258
  408,955
Revenue / Adjusted assets
  0.000
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
Average production assets, $m
  487
  659
  871
  1,128
  1,434
  1,791
  2,201
  2,665
  3,185
  3,759
  4,389
  5,072
  5,808
  6,595
  7,433
  8,319
  9,254
  10,237
  11,266
  12,342
  13,464
  14,633
  15,850
  17,115
  18,430
  19,797
  21,218
  22,694
  24,229
  25,824
  27,484
Working capital, $m
  0
  115
  151
  196
  249
  311
  383
  464
  554
  654
  763
  882
  1,010
  1,147
  1,293
  1,447
  1,609
  1,780
  1,959
  2,146
  2,342
  2,545
  2,756
  2,977
  3,205
  3,443
  3,690
  3,947
  4,214
  4,491
  4,780
Total debt, $m
  838
  2,728
  5,065
  7,895
  11,256
  15,179
  19,687
  24,794
  30,507
  36,825
  43,745
  51,256
  59,347
  68,005
  77,216
  86,968
  97,249
  108,051
  119,367
  131,195
  143,535
  156,391
  169,771
  183,685
  198,149
  213,181
  228,801
  245,034
  261,908
  279,454
  297,705
Total liabilities, $m
  5,351
  7,241
  9,578
  12,408
  15,769
  19,692
  24,200
  29,307
  35,020
  41,338
  48,258
  55,769
  63,860
  72,518
  81,729
  91,481
  101,762
  112,564
  123,880
  135,708
  148,048
  160,904
  174,284
  188,198
  202,662
  217,694
  233,314
  249,547
  266,421
  283,967
  302,218
Total equity, $m
  1,894
  2,557
  3,383
  4,382
  5,569
  6,955
  8,547
  10,351
  12,368
  14,600
  17,044
  19,696
  22,554
  25,612
  28,865
  32,309
  35,940
  39,755
  43,752
  47,929
  52,288
  56,828
  61,554
  66,468
  71,576
  76,885
  82,402
  88,135
  94,095
  100,291
  106,737
Total liabilities and equity, $m
  7,245
  9,798
  12,961
  16,790
  21,338
  26,647
  32,747
  39,658
  47,388
  55,938
  65,302
  75,465
  86,414
  98,130
  110,594
  123,790
  137,702
  152,319
  167,632
  183,637
  200,336
  217,732
  235,838
  254,666
  274,238
  294,579
  315,716
  337,682
  360,516
  384,258
  408,955
Debt-to-equity ratio
  0.442
  1.070
  1.500
  1.800
  2.020
  2.180
  2.300
  2.400
  2.470
  2.520
  2.570
  2.600
  2.630
  2.660
  2.680
  2.690
  2.710
  2.720
  2.730
  2.740
  2.750
  2.750
  2.760
  2.760
  2.770
  2.770
  2.780
  2.780
  2.780
  2.790
  2.790
Adjusted equity ratio
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  172
  248
  277
  310
  349
  391
  438
  489
  544
  603
  665
  742
  810
  882
  956
  1,033
  1,113
  1,196
  1,282
  1,371
  1,463
  1,558
  1,657
  1,759
  1,865
  1,975
  2,089
  2,208
  2,332
  2,461
  2,595
Depreciation, amort., depletion, $m
  95
  117
  150
  189
  236
  291
  354
  426
  505
  594
  691
  780
  893
  1,015
  1,143
  1,280
  1,424
  1,575
  1,733
  1,899
  2,071
  2,251
  2,438
  2,633
  2,835
  3,046
  3,264
  3,491
  3,728
  3,973
  4,228
Funds from operations, $m
  423
  364
  426
  500
  585
  682
  792
  915
  1,050
  1,197
  1,356
  1,522
  1,704
  1,896
  2,099
  2,313
  2,537
  2,771
  3,015
  3,269
  3,534
  3,809
  4,095
  4,392
  4,700
  5,021
  5,354
  5,700
  6,060
  6,434
  6,823
Change in working capital, $m
  108
  30
  37
  45
  53
  62
  71
  81
  90
  100
  109
  119
  128
  137
  146
  154
  163
  171
  179
  187
  195
  203
  212
  220
  229
  238
  247
  257
  267
  278
  289
Cash from operations, $m
  315
  335
  389
  455
  532
  620
  721
  834
  959
  1,097
  1,246
  1,403
  1,576
  1,759
  1,954
  2,159
  2,374
  2,600
  2,836
  3,082
  3,339
  3,606
  3,883
  4,172
  4,472
  4,783
  5,107
  5,443
  5,793
  6,156
  6,535
Maintenance CAPEX, $m
  0
  -75
  -101
  -134
  -174
  -221
  -276
  -339
  -410
  -490
  -578
  -675
  -780
  -893
  -1,015
  -1,143
  -1,280
  -1,424
  -1,575
  -1,733
  -1,899
  -2,071
  -2,251
  -2,438
  -2,633
  -2,835
  -3,046
  -3,264
  -3,491
  -3,728
  -3,973
New CAPEX, $m
  -35
  -172
  -213
  -257
  -306
  -357
  -410
  -464
  -520
  -575
  -629
  -683
  -736
  -787
  -838
  -887
  -935
  -982
  -1,029
  -1,076
  -1,122
  -1,169
  -1,217
  -1,265
  -1,315
  -1,367
  -1,421
  -1,476
  -1,535
  -1,596
  -1,660
Cash from investing activities, $m
  -462
  -247
  -314
  -391
  -480
  -578
  -686
  -803
  -930
  -1,065
  -1,207
  -1,358
  -1,516
  -1,680
  -1,853
  -2,030
  -2,215
  -2,406
  -2,604
  -2,809
  -3,021
  -3,240
  -3,468
  -3,703
  -3,948
  -4,202
  -4,467
  -4,740
  -5,026
  -5,324
  -5,633
Free cash flow, $m
  -147
  88
  75
  63
  52
  43
  36
  31
  30
  32
  39
  45
  59
  78
  101
  129
  159
  194
  232
  274
  318
  365
  415
  468
  523
  581
  640
  702
  767
  833
  902
Issuance/(repayment) of debt, $m
  32
  1,890
  2,337
  2,830
  3,361
  3,923
  4,508
  5,107
  5,713
  6,319
  6,920
  7,511
  8,091
  8,658
  9,211
  9,752
  10,281
  10,802
  11,316
  11,828
  12,340
  12,856
  13,380
  13,915
  14,464
  15,031
  15,620
  16,233
  16,874
  17,546
  18,251
Issuance/(repurchase) of shares, $m
  204
  416
  549
  689
  838
  994
  1,154
  1,314
  1,473
  1,629
  1,779
  1,911
  2,048
  2,176
  2,297
  2,411
  2,518
  2,619
  2,715
  2,807
  2,896
  2,983
  3,069
  3,156
  3,243
  3,334
  3,427
  3,525
  3,628
  3,736
  3,851
Cash from financing (excl. dividends), $m  
  189
  2,306
  2,886
  3,519
  4,199
  4,917
  5,662
  6,421
  7,186
  7,948
  8,699
  9,422
  10,139
  10,834
  11,508
  12,163
  12,799
  13,421
  14,031
  14,635
  15,236
  15,839
  16,449
  17,071
  17,707
  18,365
  19,047
  19,758
  20,502
  21,282
  22,102
Total cash flow (excl. dividends), $m
  38
  2,394
  2,961
  3,582
  4,252
  4,960
  5,697
  6,452
  7,216
  7,980
  8,737
  9,467
  10,198
  10,913
  11,610
  12,291
  12,958
  13,615
  14,263
  14,908
  15,554
  16,204
  16,864
  17,538
  18,231
  18,946
  19,688
  20,461
  21,268
  22,115
  23,004
Retained Cash Flow (-), $m
  -380
  -663
  -825
  -999
  -1,187
  -1,386
  -1,592
  -1,804
  -2,018
  -2,232
  -2,444
  -2,653
  -2,858
  -3,058
  -3,253
  -3,444
  -3,631
  -3,815
  -3,997
  -4,177
  -4,358
  -4,541
  -4,725
  -4,914
  -5,108
  -5,309
  -5,517
  -5,733
  -5,960
  -6,197
  -6,446
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
 
  1,731
  2,136
  2,583
  3,065
  3,575
  4,105
  4,649
  5,198
  5,748
  6,293
  6,814
  7,341
  7,855
  8,357
  8,847
  9,327
  9,800
  10,266
  10,731
  11,195
  11,664
  12,139
  12,624
  13,122
  13,637
  14,171
  14,727
  15,309
  15,918
  16,558
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  1,630
  1,882
  2,118
  2,323
  2,486
  2,600
  2,659
  2,662
  2,612
  2,512
  2,365
  2,190
  1,991
  1,777
  1,558
  1,341
  1,133
  939
  764
  609
  476
  365
  273
  200
  143
  100
  68
  45
  29
  18
Current shareholders' claim on cash, %
  100
  84.1
  71.1
  60.5
  52.0
  45.1
  39.4
  34.8
  31.0
  27.9
  25.3
  23.0
  21.2
  19.5
  18.1
  16.9
  15.9
  14.9
  14.1
  13.4
  12.7
  12.1
  11.6
  11.1
  10.6
  10.2
  9.9
  9.5
  9.2
  8.9
  8.6

National General Holdings Corp. is a specialty personal lines insurance holding company. Through its subsidiaries, the Company provides a range of insurance products, including personal and commercial automobile, homeowners, umbrella, recreational vehicle, supplemental health, lender-placed and other niche products. It operates through two segments: Property and Casualty (P&C) and Accident and Health (A&H). Its P&C segment offers its P&C insurance products through a network of agents, a number of affinity partners and through direct-response marketing programs. Its A&H segment provides accident and non-major medical health insurance products targeting its existing P&C policyholders and the anticipated market of employed persons who are uninsured or underinsured. The P&C segment operates its business through three distribution channels: agency, affinity and direct. The A&H segment provides supplemental accident and health insurance products.

FINANCIAL RATIOS  of  National General Holdings (NGHC)

Valuation Ratios
P/E Ratio 12.8
Price to Sales 0.6
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 7.9
Growth Rates
Sales Growth Rate 42%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 52.2%
Cap. Spend. - 3 Yr. Gr. Rate 26%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 39.7%
Total Debt to Equity 44.2%
Interest Coverage 7
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8%
Return On Equity 10.1%
Return On Equity - 3 Yr. Avg. 11%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 9.6%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 6%
Pre-Tax Margin - 3 Yr. Avg. 6.5%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 20.5%
Eff/ Tax Rate - 3 Yr. Avg. 16.7%
Payout Ratio 19.8%

NGHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NGHC stock intrinsic value calculation we used $3527 million for the last fiscal year's total revenue generated by National General Holdings. The default revenue input number comes from 2016 income statement of National General Holdings. 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 NGHC stock valuation model: a) initial revenue growth rate of 35.3% 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 6.2%, whose default value for NGHC is calculated based on our internal credit rating of National General Holdings, 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 National General Holdings.
    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 NGHC stock the variable cost ratio is equal to 92.2%.

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 NGHC 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 4.6% for National General Holdings.

Corporate tax rate of 27% is the nominal tax rate for National General Holdings. 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 NGHC 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 NGHC are equal to 13.8%.

Life of production assets of 6.5 years is the average useful life of capital assets used in National General Holdings 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 NGHC is equal to 2.4%. 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 - $1894 million for National General Holdings - 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 106.777 million for National General Holdings 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 National General Holdings at the current share price and the inputted number of shares is $2.2 billion.

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Financial statements of NGHC
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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