Intrinsic value of Old Republic International - ORI

Previous Close

$19.60

  Intrinsic Value

$47.03

stock screener

  Rating & Target

str. buy

+140%

Previous close

$19.60

 
Intrinsic value

$47.03

 
Up/down potential

+140%

 
Rating

str. buy

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

We calculate the intrinsic value of ORI 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 5.2

 

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, %
  2.34
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  0
  6,137
  6,389
  6,656
  6,941
  7,242
  7,561
  7,899
  8,257
  8,634
  9,032
  9,452
  9,895
  10,362
  10,854
  11,372
  11,917
  12,490
  13,094
  13,729
  14,397
  15,099
  15,838
  16,614
  17,430
  18,288
  19,189
  20,136
  21,131
  22,177
  23,275
Variable operating expenses, $m
 
  3,271
  3,405
  3,548
  3,699
  3,860
  4,030
  4,210
  4,401
  4,602
  4,814
  5,038
  5,274
  5,523
  5,785
  6,061
  6,352
  6,657
  6,979
  7,318
  7,674
  8,048
  8,442
  8,855
  9,290
  9,747
  10,228
  10,733
  11,263
  11,820
  12,406
Fixed operating expenses, $m
 
  2,119
  2,172
  2,226
  2,282
  2,339
  2,397
  2,457
  2,518
  2,581
  2,646
  2,712
  2,780
  2,849
  2,921
  2,994
  3,068
  3,145
  3,224
  3,304
  3,387
  3,472
  3,558
  3,647
  3,739
  3,832
  3,928
  4,026
  4,127
  4,230
  4,336
Total operating expenses, $m
  5,164
  5,390
  5,577
  5,774
  5,981
  6,199
  6,427
  6,667
  6,919
  7,183
  7,460
  7,750
  8,054
  8,372
  8,706
  9,055
  9,420
  9,802
  10,203
  10,622
  11,061
  11,520
  12,000
  12,502
  13,029
  13,579
  14,156
  14,759
  15,390
  16,050
  16,742
Operating income, $m
  736
  747
  812
  883
  960
  1,043
  1,134
  1,232
  1,337
  1,451
  1,572
  1,702
  1,841
  1,990
  2,148
  2,317
  2,497
  2,688
  2,891
  3,107
  3,336
  3,580
  3,838
  4,111
  4,401
  4,708
  5,033
  5,377
  5,742
  6,127
  6,534
EBITDA, $m
  736
  747
  812
  883
  960
  1,043
  1,134
  1,232
  1,337
  1,451
  1,572
  1,702
  1,841
  1,990
  2,148
  2,317
  2,497
  2,688
  2,891
  3,107
  3,336
  3,580
  3,838
  4,111
  4,401
  4,708
  5,033
  5,377
  5,742
  6,127
  6,534
Interest expense (income), $m
  41
  54
  74
  95
  117
  141
  166
  193
  221
  251
  283
  316
  351
  389
  428
  469
  512
  558
  606
  657
  710
  766
  825
  887
  952
  1,020
  1,092
  1,167
  1,247
  1,330
  1,418
Earnings before tax, $m
  686
  694
  738
  788
  843
  903
  968
  1,039
  1,116
  1,199
  1,289
  1,386
  1,490
  1,601
  1,720
  1,848
  1,984
  2,130
  2,285
  2,451
  2,627
  2,814
  3,013
  3,225
  3,450
  3,688
  3,942
  4,210
  4,495
  4,796
  5,116
Tax expense, $m
  219
  187
  199
  213
  227
  244
  261
  281
  301
  324
  348
  374
  402
  432
  465
  499
  536
  575
  617
  662
  709
  760
  814
  871
  931
  996
  1,064
  1,137
  1,214
  1,295
  1,381
Net income, $m
  467
  506
  539
  575
  615
  659
  707
  758
  815
  876
  941
  1,012
  1,087
  1,169
  1,256
  1,349
  1,449
  1,555
  1,668
  1,789
  1,917
  2,054
  2,200
  2,354
  2,518
  2,692
  2,877
  3,073
  3,281
  3,501
  3,735

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
  18,592
  19,360
  20,153
  20,998
  21,895
  22,846
  23,853
  24,919
  26,046
  27,236
  28,492
  29,818
  31,215
  32,688
  34,239
  35,872
  37,592
  39,402
  41,307
  43,310
  45,417
  47,632
  49,962
  52,411
  54,985
  57,690
  60,533
  63,521
  66,660
  69,958
  73,423
Adjusted assets (=assets-cash), $m
  18,592
  19,360
  20,153
  20,998
  21,895
  22,846
  23,853
  24,919
  26,046
  27,236
  28,492
  29,818
  31,215
  32,688
  34,239
  35,872
  37,592
  39,402
  41,307
  43,310
  45,417
  47,632
  49,962
  52,411
  54,985
  57,690
  60,533
  63,521
  66,660
  69,958
  73,423
Revenue / Adjusted assets
  0.000
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
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
  1,529
  2,103
  2,706
  3,346
  4,027
  4,749
  5,514
  6,323
  7,178
  8,081
  9,035
  10,041
  11,101
  12,219
  13,396
  14,636
  15,941
  17,315
  18,761
  20,281
  21,880
  23,562
  25,330
  27,189
  29,143
  31,196
  33,354
  35,621
  38,004
  40,507
  43,137
Total liabilities, $m
  14,120
  14,694
  15,297
  15,937
  16,618
  17,340
  18,105
  18,914
  19,769
  20,672
  21,626
  22,632
  23,692
  24,810
  25,987
  27,227
  28,532
  29,906
  31,352
  32,872
  34,471
  36,153
  37,921
  39,780
  41,734
  43,787
  45,945
  48,212
  50,595
  53,098
  55,728
Total equity, $m
  4,472
  4,666
  4,857
  5,061
  5,277
  5,506
  5,749
  6,006
  6,277
  6,564
  6,867
  7,186
  7,523
  7,878
  8,252
  8,645
  9,060
  9,496
  9,955
  10,438
  10,945
  11,479
  12,041
  12,631
  13,251
  13,903
  14,589
  15,309
  16,065
  16,860
  17,695
Total liabilities and equity, $m
  18,592
  19,360
  20,154
  20,998
  21,895
  22,846
  23,854
  24,920
  26,046
  27,236
  28,493
  29,818
  31,215
  32,688
  34,239
  35,872
  37,592
  39,402
  41,307
  43,310
  45,416
  47,632
  49,962
  52,411
  54,985
  57,690
  60,534
  63,521
  66,660
  69,958
  73,423
Debt-to-equity ratio
  0.342
  0.450
  0.560
  0.660
  0.760
  0.860
  0.960
  1.050
  1.140
  1.230
  1.320
  1.400
  1.480
  1.550
  1.620
  1.690
  1.760
  1.820
  1.880
  1.940
  2.000
  2.050
  2.100
  2.150
  2.200
  2.240
  2.290
  2.330
  2.370
  2.400
  2.440
Adjusted equity ratio
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  467
  506
  539
  575
  615
  659
  707
  758
  815
  876
  941
  1,012
  1,087
  1,169
  1,256
  1,349
  1,449
  1,555
  1,668
  1,789
  1,917
  2,054
  2,200
  2,354
  2,518
  2,692
  2,877
  3,073
  3,281
  3,501
  3,735
Depreciation, amort., depletion, $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
Funds from operations, $m
  880
  506
  539
  575
  615
  659
  707
  758
  815
  876
  941
  1,012
  1,087
  1,169
  1,256
  1,349
  1,449
  1,555
  1,668
  1,789
  1,917
  2,054
  2,200
  2,354
  2,518
  2,692
  2,877
  3,073
  3,281
  3,501
  3,735
Change in working capital, $m
  243
  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
  637
  506
  539
  575
  615
  659
  707
  758
  815
  876
  941
  1,012
  1,087
  1,169
  1,256
  1,349
  1,449
  1,555
  1,668
  1,789
  1,917
  2,054
  2,200
  2,354
  2,518
  2,692
  2,877
  3,073
  3,281
  3,501
  3,735
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
  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
Cash from investing activities, $m
  -1,036
  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
  -399
  506
  539
  575
  615
  659
  707
  758
  815
  876
  941
  1,012
  1,087
  1,169
  1,256
  1,349
  1,449
  1,555
  1,668
  1,789
  1,917
  2,054
  2,200
  2,354
  2,518
  2,692
  2,877
  3,073
  3,281
  3,501
  3,735
Issuance/(repayment) of debt, $m
  573
  574
  602
  641
  681
  722
  765
  809
  855
  903
  954
  1,006
  1,061
  1,118
  1,177
  1,240
  1,305
  1,374
  1,445
  1,521
  1,599
  1,682
  1,768
  1,859
  1,954
  2,053
  2,158
  2,268
  2,383
  2,503
  2,630
Issuance/(repurchase) of shares, $m
  8
  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  
  579
  574
  602
  641
  681
  722
  765
  809
  855
  903
  954
  1,006
  1,061
  1,118
  1,177
  1,240
  1,305
  1,374
  1,445
  1,521
  1,599
  1,682
  1,768
  1,859
  1,954
  2,053
  2,158
  2,268
  2,383
  2,503
  2,630
Total cash flow (excl. dividends), $m
  180
  1,081
  1,141
  1,216
  1,296
  1,381
  1,471
  1,567
  1,670
  1,779
  1,895
  2,018
  2,148
  2,287
  2,433
  2,589
  2,754
  2,929
  3,114
  3,309
  3,517
  3,736
  3,968
  4,213
  4,472
  4,746
  5,035
  5,341
  5,664
  6,005
  6,365
Retained Cash Flow (-), $m
  -591
  -194
  -191
  -204
  -216
  -229
  -243
  -257
  -272
  -287
  -303
  -319
  -337
  -355
  -374
  -394
  -414
  -436
  -459
  -483
  -508
  -534
  -561
  -590
  -620
  -652
  -685
  -720
  -757
  -795
  -835
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
 
  887
  950
  1,013
  1,080
  1,151
  1,228
  1,311
  1,398
  1,492
  1,592
  1,698
  1,811
  1,932
  2,059
  2,195
  2,339
  2,492
  2,655
  2,827
  3,009
  3,202
  3,406
  3,623
  3,852
  4,094
  4,350
  4,621
  4,907
  5,210
  5,530
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  837
  842
  838
  829
  814
  795
  769
  739
  703
  663
  619
  571
  522
  470
  419
  367
  318
  271
  227
  187
  151
  120
  93
  71
  53
  38
  27
  19
  12
  8
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

Old Republic International Corporation is a holding company. The Company is engaged in business of insurance underwriting and related services. The Company conducts its operations through various regulated insurance company subsidiaries, which are organized into three segments: General Insurance Group, Title Insurance Group and the Republic Financial Indemnity Group (RFIG) Run-off Business. The Company's General Insurance segment consists of property and liability insurance, and offers coverages to businesses, government and other institutions. The Company's Title Insurance Group business consists of the issuance of policies to real estate purchasers and investors based upon searches of the public records, which contain information concerning interests in real property. The Company's RFIG run-off business consists of its mortgage guaranty and consumer credit indemnity (CCI) operations.

FINANCIAL RATIOS  of  Old Republic International (ORI)

Valuation Ratios
P/E Ratio 11
Price to Sales 0.9
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 8.1
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 34.2%
Total Debt to Equity 34.2%
Interest Coverage 18
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.7%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 12.3%
EBITDA Margin - 3 Yr. Avg. 11.8%
Operating Margin 12.5%
Oper. Margin - 3 Yr. Avg. 11.9%
Pre-Tax Margin 11.6%
Pre-Tax Margin - 3 Yr. Avg. 11.2%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 31.9%
Eff/ Tax Rate - 3 Yr. Avg. 32.6%
Payout Ratio 41.5%

ORI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ORI stock intrinsic value calculation we used $5901 million for the last fiscal year's total revenue generated by Old Republic International. The default revenue input number comes from 2016 income statement of Old Republic International. 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 ORI stock valuation model: a) initial revenue growth rate of 4% 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 5.9%, whose default value for ORI is calculated based on our internal credit rating of Old Republic International, 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 Old Republic International.
    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 ORI stock the variable cost ratio is equal to 53.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2067 million in the base year in the intrinsic value calculation for ORI 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 Old Republic International.

Corporate tax rate of 27% is the nominal tax rate for Old Republic International. 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 ORI 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 ORI are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Old Republic International 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 ORI 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 - $4472 million for Old Republic International - 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 263.776 million for Old Republic International 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 Old Republic International at the current share price and the inputted number of shares is $5.2 billion.

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COMPANY NEWS

▶ Old Republic Announces Third Quarter Special Charges   [Oct-17-17 02:08PM  PR Newswire]
▶ Old Republic posts 2Q profit   [Jul-28-17 01:36AM  Associated Press]
▶ The Top Dividend-Growing Financial Sector Stocks   [Jul-12-17 02:44PM  Market Realist]
▶ Old Republic posts 1Q profit   [Apr-27-17 09:22AM  Associated Press]
▶ Why Public Liability Insurance Is Ignored Among Insurers   [Mar-28-17 05:13PM  GuruFocus.com]
▶ Hedge Funds Like What Panera Bread Co (PNRA) Is Cooking Up   [Nov-23-16 09:14PM  at Insider Monkey]
Financial statements of ORI
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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