Intrinsic value of Progressive Corp - PGR

Previous Close

$57.23

  Intrinsic Value

$106.33

stock screener

  Rating & Target

str. buy

+86%

Previous close

$57.23

 
Intrinsic value

$106.33

 
Up/down potential

+86%

 
Rating

str. buy

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

We calculate the intrinsic value of PGR 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  12.41
  12.40
  11.66
  10.99
  10.39
  9.86
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
Revenue, $m
  0
  26,321
  29,390
  32,621
  36,012
  39,561
  43,267
  47,132
  51,157
  55,344
  59,698
  64,224
  68,926
  73,813
  78,892
  84,172
  89,663
  95,376
  101,322
  107,513
  113,964
  120,687
  127,699
  135,014
  142,650
  150,625
  158,956
  167,664
  176,769
  186,292
  196,256
Variable operating expenses, $m
 
  23,736
  26,498
  29,406
  32,458
  35,653
  38,989
  42,468
  46,090
  49,859
  53,778
  57,807
  62,039
  66,438
  71,009
  75,762
  80,704
  85,846
  91,198
  96,771
  102,577
  108,628
  114,939
  121,524
  128,397
  135,575
  143,074
  150,912
  159,107
  167,678
  176,647
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
  21,806
  23,736
  26,498
  29,406
  32,458
  35,653
  38,989
  42,468
  46,090
  49,859
  53,778
  57,807
  62,039
  66,438
  71,009
  75,762
  80,704
  85,846
  91,198
  96,771
  102,577
  108,628
  114,939
  121,524
  128,397
  135,575
  143,074
  150,912
  159,107
  167,678
  176,647
Operating income, $m
  1,612
  2,585
  2,892
  3,214
  3,553
  3,908
  4,278
  4,664
  5,067
  5,485
  5,920
  6,417
  6,887
  7,375
  7,883
  8,410
  8,959
  9,530
  10,124
  10,742
  11,387
  12,059
  12,759
  13,490
  14,253
  15,050
  15,883
  16,753
  17,662
  18,614
  19,609
EBITDA, $m
  1,811
  2,803
  3,130
  3,474
  3,835
  4,213
  4,607
  5,019
  5,448
  5,893
  6,357
  6,839
  7,340
  7,860
  8,401
  8,963
  9,548
  10,156
  10,789
  11,449
  12,136
  12,851
  13,598
  14,377
  15,190
  16,039
  16,927
  17,854
  18,823
  19,837
  20,899
Interest expense (income), $m
  134
  145
  289
  443
  604
  774
  951
  1,137
  1,330
  1,531
  1,741
  1,958
  2,185
  2,420
  2,664
  2,918
  3,182
  3,457
  3,742
  4,040
  4,349
  4,672
  5,008
  5,358
  5,724
  6,106
  6,505
  6,921
  7,357
  7,812
  8,288
Earnings before tax, $m
  1,471
  2,440
  2,602
  2,772
  2,949
  3,134
  3,327
  3,528
  3,737
  3,954
  4,179
  4,459
  4,702
  4,956
  5,219
  5,492
  5,777
  6,073
  6,382
  6,703
  7,038
  7,387
  7,751
  8,132
  8,529
  8,944
  9,378
  9,831
  10,305
  10,802
  11,321
Tax expense, $m
  414
  659
  703
  748
  796
  846
  898
  953
  1,009
  1,068
  1,128
  1,204
  1,270
  1,338
  1,409
  1,483
  1,560
  1,640
  1,723
  1,810
  1,900
  1,995
  2,093
  2,196
  2,303
  2,415
  2,532
  2,654
  2,782
  2,916
  3,057
Net income, $m
  1,031
  1,781
  1,900
  2,023
  2,153
  2,288
  2,429
  2,575
  2,728
  2,886
  3,051
  3,255
  3,433
  3,618
  3,810
  4,009
  4,217
  4,433
  4,659
  4,893
  5,138
  5,393
  5,659
  5,936
  6,226
  6,529
  6,846
  7,177
  7,523
  7,885
  8,264

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
  33,428
  37,547
  41,925
  46,535
  51,372
  56,435
  61,722
  67,236
  72,977
  78,951
  85,162
  91,617
  98,326
  105,297
  112,542
  120,075
  127,908
  136,057
  144,539
  153,371
  162,573
  172,164
  182,167
  192,602
  203,496
  214,872
  226,757
  239,179
  252,167
  265,752
  279,966
Adjusted assets (=assets-cash), $m
  33,428
  37,547
  41,925
  46,535
  51,372
  56,435
  61,722
  67,236
  72,977
  78,951
  85,162
  91,617
  98,326
  105,297
  112,542
  120,075
  127,908
  136,057
  144,539
  153,371
  162,573
  172,164
  182,167
  192,602
  203,496
  214,872
  226,757
  239,179
  252,167
  265,752
  279,966
Revenue / Adjusted assets
  0.000
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
  0.701
Average production assets, $m
  1,572
  1,763
  1,969
  2,186
  2,413
  2,651
  2,899
  3,158
  3,428
  3,708
  4,000
  4,303
  4,618
  4,945
  5,286
  5,640
  6,007
  6,390
  6,789
  7,203
  7,636
  8,086
  8,556
  9,046
  9,558
  10,092
  10,650
  11,234
  11,844
  12,482
  13,149
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
  3,148
  6,288
  9,624
  13,136
  16,822
  20,680
  24,709
  28,911
  33,286
  37,837
  42,570
  47,489
  52,601
  57,913
  63,434
  69,174
  75,143
  81,352
  87,816
  94,546
  101,558
  108,866
  116,488
  124,440
  132,741
  141,409
  150,466
  159,931
  169,828
  180,180
  191,011
Total liabilities, $m
  25,470
  28,611
  31,947
  35,459
  39,145
  43,003
  47,032
  51,234
  55,609
  60,160
  64,893
  69,812
  74,924
  80,236
  85,757
  91,497
  97,466
  103,675
  110,139
  116,869
  123,881
  131,189
  138,811
  146,763
  155,064
  163,732
  172,789
  182,254
  192,151
  202,503
  213,334
Total equity, $m
  7,957
  8,936
  9,978
  11,075
  12,226
  13,431
  14,690
  16,002
  17,369
  18,790
  20,268
  21,805
  23,401
  25,061
  26,785
  28,578
  30,442
  32,382
  34,400
  36,502
  38,692
  40,975
  43,356
  45,839
  48,432
  51,139
  53,968
  56,925
  60,016
  63,249
  66,632
Total liabilities and equity, $m
  33,427
  37,547
  41,925
  46,534
  51,371
  56,434
  61,722
  67,236
  72,978
  78,950
  85,161
  91,617
  98,325
  105,297
  112,542
  120,075
  127,908
  136,057
  144,539
  153,371
  162,573
  172,164
  182,167
  192,602
  203,496
  214,871
  226,757
  239,179
  252,167
  265,752
  279,966
Debt-to-equity ratio
  0.396
  0.700
  0.960
  1.190
  1.380
  1.540
  1.680
  1.810
  1.920
  2.010
  2.100
  2.180
  2.250
  2.310
  2.370
  2.420
  2.470
  2.510
  2.550
  2.590
  2.620
  2.660
  2.690
  2.710
  2.740
  2.770
  2.790
  2.810
  2.830
  2.850
  2.870
Adjusted equity ratio
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238
  0.238

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,031
  1,781
  1,900
  2,023
  2,153
  2,288
  2,429
  2,575
  2,728
  2,886
  3,051
  3,255
  3,433
  3,618
  3,810
  4,009
  4,217
  4,433
  4,659
  4,893
  5,138
  5,393
  5,659
  5,936
  6,226
  6,529
  6,846
  7,177
  7,523
  7,885
  8,264
Depreciation, amort., depletion, $m
  199
  218
  238
  259
  281
  305
  329
  354
  381
  408
  437
  422
  453
  485
  518
  553
  589
  626
  666
  706
  749
  793
  839
  887
  937
  989
  1,044
  1,101
  1,161
  1,224
  1,289
Funds from operations, $m
  2,671
  1,999
  2,138
  2,283
  2,434
  2,593
  2,758
  2,930
  3,109
  3,295
  3,488
  3,677
  3,886
  4,102
  4,328
  4,562
  4,806
  5,060
  5,324
  5,599
  5,886
  6,185
  6,497
  6,823
  7,163
  7,519
  7,890
  8,278
  8,684
  9,109
  9,554
Change in working capital, $m
  -31
  0
  0
  0
  0
  0
  0
  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
  2,702
  1,999
  2,138
  2,283
  2,434
  2,593
  2,758
  2,930
  3,109
  3,295
  3,488
  3,677
  3,886
  4,102
  4,328
  4,562
  4,806
  5,060
  5,324
  5,599
  5,886
  6,185
  6,497
  6,823
  7,163
  7,519
  7,890
  8,278
  8,684
  9,109
  9,554
Maintenance CAPEX, $m
  0
  -154
  -173
  -193
  -214
  -237
  -260
  -284
  -310
  -336
  -364
  -392
  -422
  -453
  -485
  -518
  -553
  -589
  -626
  -666
  -706
  -749
  -793
  -839
  -887
  -937
  -989
  -1,044
  -1,101
  -1,161
  -1,224
New CAPEX, $m
  -215
  -192
  -206
  -216
  -227
  -238
  -248
  -259
  -270
  -281
  -292
  -303
  -315
  -327
  -340
  -354
  -368
  -383
  -398
  -415
  -432
  -450
  -470
  -490
  -512
  -534
  -558
  -583
  -610
  -638
  -668
Cash from investing activities, $m
  -2,465
  -346
  -379
  -409
  -441
  -475
  -508
  -543
  -580
  -617
  -656
  -695
  -737
  -780
  -825
  -872
  -921
  -972
  -1,024
  -1,081
  -1,138
  -1,199
  -1,263
  -1,329
  -1,399
  -1,471
  -1,547
  -1,627
  -1,711
  -1,799
  -1,892
Free cash flow, $m
  237
  1,653
  1,759
  1,873
  1,993
  2,118
  2,250
  2,387
  2,529
  2,678
  2,833
  2,981
  3,149
  3,322
  3,503
  3,690
  3,885
  4,088
  4,299
  4,519
  4,748
  4,986
  5,235
  5,494
  5,765
  6,047
  6,342
  6,651
  6,973
  7,310
  7,662
Issuance/(repayment) of debt, $m
  452
  3,140
  3,336
  3,512
  3,686
  3,858
  4,029
  4,201
  4,375
  4,552
  4,733
  4,919
  5,112
  5,312
  5,521
  5,740
  5,969
  6,210
  6,463
  6,730
  7,012
  7,309
  7,622
  7,952
  8,301
  8,668
  9,056
  9,466
  9,897
  10,352
  10,831
Issuance/(repurchase) of shares, $m
  -193
  0
  0
  0
  0
  0
  0
  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  
  269
  3,140
  3,336
  3,512
  3,686
  3,858
  4,029
  4,201
  4,375
  4,552
  4,733
  4,919
  5,112
  5,312
  5,521
  5,740
  5,969
  6,210
  6,463
  6,730
  7,012
  7,309
  7,622
  7,952
  8,301
  8,668
  9,056
  9,466
  9,897
  10,352
  10,831
Total cash flow (excl. dividends), $m
  506
  4,793
  5,095
  5,385
  5,679
  5,976
  6,279
  6,588
  6,904
  7,230
  7,566
  7,901
  8,260
  8,634
  9,024
  9,430
  9,854
  10,298
  10,762
  11,249
  11,760
  12,295
  12,857
  13,446
  14,065
  14,716
  15,399
  16,116
  16,870
  17,661
  18,493
Retained Cash Flow (-), $m
  -668
  -979
  -1,042
  -1,097
  -1,151
  -1,205
  -1,258
  -1,312
  -1,366
  -1,422
  -1,478
  -1,536
  -1,597
  -1,659
  -1,724
  -1,793
  -1,864
  -1,940
  -2,019
  -2,102
  -2,190
  -2,283
  -2,381
  -2,484
  -2,593
  -2,707
  -2,829
  -2,956
  -3,091
  -3,233
  -3,383
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
 
  3,814
  4,053
  4,288
  4,527
  4,771
  5,020
  5,276
  5,538
  5,808
  6,087
  6,364
  6,664
  6,975
  7,299
  7,637
  7,990
  8,358
  8,744
  9,147
  9,570
  10,012
  10,476
  10,963
  11,473
  12,008
  12,570
  13,160
  13,779
  14,428
  15,110
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  3,657
  3,711
  3,732
  3,728
  3,698
  3,643
  3,564
  3,461
  3,337
  3,191
  3,022
  2,844
  2,652
  2,451
  2,242
  2,030
  1,819
  1,610
  1,408
  1,216
  1,036
  869
  718
  584
  467
  367
  282
  213
  157
  114
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 Progressive Corporation is an insurance holding company. The Company's insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments. The Company's Personal Lines segment writes insurance for personal autos, and recreational and other vehicles. The Commercial Lines business writes primary liability, physical damage and other auto-related insurance for automobiles and trucks owned and/or operated predominately by small businesses as a part of the commercial auto market. ASI is a homeowner carrier in the United States, which specializes in personal and commercial property insurance, personal umbrella insurance, and primary and excess flood insurance. The Company's service business includes Commercial Auto Insurance Procedures/Plans (CAIP) and Commission-based businesses.

FINANCIAL RATIOS  of  Progressive Corp (PGR)

Valuation Ratios
P/E Ratio 32.2
Price to Sales 1.4
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 12.3
Price to Free Cash Flow 13.3
Growth Rates
Sales Growth Rate 12.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 64.1%
Cap. Spend. - 3 Yr. Gr. Rate 9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 39.6%
Total Debt to Equity 39.6%
Interest Coverage 12
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 9.8%
Ret/ On T. Cap. - 3 Yr. Avg. 12.7%
Return On Equity 13.5%
Return On Equity - 3 Yr. Avg. 17%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 7.7%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin 6.9%
Oper. Margin - 3 Yr. Avg. 9.1%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 8.4%
Net Profit Margin 4.4%
Net Profit Margin - 3 Yr. Avg. 5.7%
Effective Tax Rate 28.1%
Eff/ Tax Rate - 3 Yr. Avg. 31%
Payout Ratio 50.3%

PGR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PGR stock intrinsic value calculation we used $23417 million for the last fiscal year's total revenue generated by Progressive Corp. The default revenue input number comes from 2016 income statement of Progressive Corp. 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 PGR stock valuation model: a) initial revenue growth rate of 12.4% 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 4.3%, whose default value for PGR is calculated based on our internal credit rating of Progressive Corp, 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 Progressive Corp.
    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 PGR stock the variable cost ratio is equal to 90.2%.

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 PGR 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 Progressive Corp.

Corporate tax rate of 27% is the nominal tax rate for Progressive Corp. 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 PGR 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 PGR are equal to 6.7%.

Life of production assets of 10.2 years is the average useful life of capital assets used in Progressive Corp 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 PGR 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 - $7957 million for Progressive Corp - 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 583.629 million for Progressive Corp 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 Progressive Corp at the current share price and the inputted number of shares is $33.4 billion.

RELATED COMPANIES Price Int.Val. Rating
ALL Allstate 103.94 185.37  str.buy
MCY Mercury Genera 52.42 40.42  sell
NGHC National Gener 20.28 69.50  str.buy
IPCC Infinity Prope 106.60 88.02  hold
SAFT Safety Insuran 80.20 10.97  str.sell
SIGI Selective Insu 60.75 108.67  str.buy
HMN Horace Mann Ed 44.20 112.98  str.buy
KMPR Kemper Corp 70.95 83.29  buy
HALL Hallmark Finan 10.37 23.33  str.buy

COMPANY NEWS

▶ Progressive Reports October 2017 Results   [08:28AM  GlobeNewswire]
▶ Progressive Announces Investor Relations Conference Call   [Oct-27-17 09:13AM  GlobeNewswire]
▶ Is Progressive Corp Still a Buy After Its Earnings Report?   [Oct-19-17 12:01PM  InvestorPlace]
▶ ETFs with exposure to Progressive Corp. : October 9, 2017   [Oct-09-17 11:55AM  Capital Cube]
▶ Earnings Season Watch List: Progressive   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ Bob Evans and Progressive rise; Rite Aid and Centene skid   [Sep-19-17 04:29PM  Associated Press]
▶ Insurers Rally As Irma Damage Less Than Expected; 2 RV Makers Hit Buys   [Sep-11-17 04:21PM  Investor's Business Daily]
▶ Insurers rebound even as Irma barrels toward Florida   [Sep-08-17 06:38PM  Investing.com]
▶ 2 Top Dividend Stocks in Property Insurance   [Sep-04-17 04:29PM  Motley Fool]
▶ Weekly Wrap: All Eyes on Aftermath of Harvey   [Sep-02-17 06:00AM  Morningstar]
▶ How high will Hurricane Harvey damage go?   [10:46AM  Yahoo Finance Video]
▶ Tropical storm Harvey paralyzes Houston   [Aug-29-17 10:28AM  Yahoo Finance Video]
▶ Harvey hits Tampa Bay area insurance stocks   [07:20AM  American City Business Journals]
▶ Harvey Takes a Toll on Property-Insurance Stocks   [12:06AM  The Wall Street Journal]
▶ Property-Insurance Stocks Take Hit From Storm   [01:11PM  The Wall Street Journal]
▶ Insurance Stocks Tumble As Hurricane Harvey Impact Mounts   [11:22AM  Investor's Business Daily]
▶ Stock Futures Mixed As Houston Flooding Worsens   [08:03AM  Investor's Business Daily]
▶ Urban Outfitters and Agilent climb; Bristol-Myers skids   [Aug-16-17 04:48PM  Associated Press]
▶ Progressive Reports July 2017 Results   [08:17AM  GlobeNewswire]
Financial statements of PGR
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

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.