Intrinsic value of PICO Holdings - PICO

Previous Close

$16.45

  Intrinsic Value

$64.19

stock screener

  Rating & Target

str. buy

+290%

  Value-price divergence*

+678%

Previous close

$16.45

 
Intrinsic value

$64.19

 
Up/down potential

+290%

 
Rating

str. buy

 
Value-price divergence*

+678%

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

We calculate the intrinsic value of PICO 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 0.4

 

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, %
  27.18
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  365
  584
  902
  1,349
  1,958
  2,762
  3,797
  5,097
  6,693
  8,612
  10,878
  13,508
  16,515
  19,906
  23,684
  27,849
  32,395
  37,316
  42,604
  48,252
  54,249
  60,589
  67,265
  74,271
  81,605
  89,266
  97,254
  105,573
  114,228
  123,227
  132,581
Variable operating expenses, $m
 
  478
  739
  1,105
  1,603
  2,262
  3,110
  4,175
  5,482
  7,054
  8,909
  11,063
  13,526
  16,303
  19,397
  22,808
  26,531
  30,562
  34,893
  39,518
  44,430
  49,623
  55,090
  60,828
  66,835
  73,109
  79,651
  86,464
  93,552
  100,923
  108,583
Fixed operating expenses, $m
 
  88
  90
  93
  95
  97
  100
  102
  105
  107
  110
  113
  116
  119
  122
  125
  128
  131
  134
  137
  141
  144
  148
  152
  156
  159
  163
  168
  172
  176
  180
Total operating expenses, $m
  383
  566
  829
  1,198
  1,698
  2,359
  3,210
  4,277
  5,587
  7,161
  9,019
  11,176
  13,642
  16,422
  19,519
  22,933
  26,659
  30,693
  35,027
  39,655
  44,571
  49,767
  55,238
  60,980
  66,991
  73,268
  79,814
  86,632
  93,724
  101,099
  108,763
Operating income, $m
  -18
  18
  73
  152
  259
  403
  588
  820
  1,107
  1,451
  1,859
  2,332
  2,874
  3,484
  4,165
  4,916
  5,736
  6,623
  7,577
  8,596
  9,678
  10,822
  12,027
  13,291
  14,615
  15,998
  17,440
  18,941
  20,503
  22,128
  23,817
EBITDA, $m
  -16
  25
  84
  168
  284
  437
  635
  884
  1,190
  1,559
  1,994
  2,500
  3,079
  3,732
  4,460
  5,262
  6,139
  7,087
  8,107
  9,196
  10,353
  11,576
  12,863
  14,215
  15,630
  17,108
  18,649
  20,254
  21,924
  23,660
  25,465
Interest expense (income), $m
  0
  6
  13
  24
  39
  59
  86
  120
  164
  217
  281
  357
  445
  545
  658
  785
  924
  1,076
  1,240
  1,417
  1,605
  1,806
  2,018
  2,241
  2,475
  2,720
  2,976
  3,242
  3,520
  3,809
  4,110
Earnings before tax, $m
  -18
  12
  60
  128
  221
  344
  502
  700
  943
  1,234
  1,578
  1,975
  2,429
  2,939
  3,507
  4,131
  4,812
  5,548
  6,337
  7,179
  8,073
  9,016
  10,009
  11,051
  12,140
  13,278
  14,464
  15,699
  16,983
  18,319
  19,707
Tax expense, $m
  -6
  3
  16
  35
  60
  93
  136
  189
  255
  333
  426
  533
  656
  794
  947
  1,115
  1,299
  1,498
  1,711
  1,938
  2,180
  2,434
  2,703
  2,984
  3,278
  3,585
  3,905
  4,239
  4,585
  4,946
  5,321
Net income, $m
  -22
  9
  44
  93
  161
  251
  366
  511
  688
  901
  1,152
  1,442
  1,773
  2,146
  2,560
  3,016
  3,513
  4,050
  4,626
  5,241
  5,893
  6,582
  7,307
  8,067
  8,863
  9,693
  10,559
  11,460
  12,398
  13,373
  14,386

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  61
  0
  0
  0
  0
  0
  0
  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
  676
  985
  1,522
  2,275
  3,302
  4,658
  6,404
  8,596
  11,287
  14,523
  18,344
  22,779
  27,850
  33,568
  39,940
  46,962
  54,628
  62,927
  71,846
  81,369
  91,483
  102,174
  113,432
  125,247
  137,615
  150,533
  164,003
  178,031
  192,627
  207,803
  223,576
Adjusted assets (=assets-cash), $m
  615
  985
  1,522
  2,275
  3,302
  4,658
  6,404
  8,596
  11,287
  14,523
  18,344
  22,779
  27,850
  33,568
  39,940
  46,962
  54,628
  62,927
  71,846
  81,369
  91,483
  102,174
  113,432
  125,247
  137,615
  150,533
  164,003
  178,031
  192,627
  207,803
  223,576
Revenue / Adjusted assets
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
Average production assets, $m
  136
  218
  337
  503
  730
  1,030
  1,416
  1,901
  2,497
  3,212
  4,058
  5,039
  6,160
  7,425
  8,834
  10,388
  12,083
  13,919
  15,891
  17,998
  20,235
  22,600
  25,090
  27,703
  30,439
  33,296
  36,276
  39,379
  42,607
  45,964
  49,453
Working capital, $m
  0
  -58
  -90
  -135
  -196
  -276
  -380
  -510
  -669
  -861
  -1,088
  -1,351
  -1,651
  -1,991
  -2,368
  -2,785
  -3,239
  -3,732
  -4,260
  -4,825
  -5,425
  -6,059
  -6,726
  -7,427
  -8,161
  -8,927
  -9,725
  -10,557
  -11,423
  -12,323
  -13,258
Total debt, $m
  161
  370
  674
  1,101
  1,682
  2,449
  3,438
  4,678
  6,201
  8,033
  10,196
  12,706
  15,576
  18,813
  22,419
  26,394
  30,733
  35,430
  40,478
  45,868
  51,592
  57,644
  64,015
  70,703
  77,703
  85,015
  92,639
  100,579
  108,840
  117,429
  126,357
Total liabilities, $m
  348
  557
  861
  1,288
  1,869
  2,636
  3,625
  4,865
  6,388
  8,220
  10,383
  12,893
  15,763
  19,000
  22,606
  26,581
  30,920
  35,617
  40,665
  46,055
  51,779
  57,831
  64,202
  70,890
  77,890
  85,202
  92,826
  100,766
  109,027
  117,616
  126,544
Total equity, $m
  328
  427
  660
  988
  1,433
  2,022
  2,779
  3,731
  4,898
  6,303
  7,961
  9,886
  12,087
  14,569
  17,334
  20,382
  23,709
  27,310
  31,181
  35,314
  39,704
  44,344
  49,229
  54,357
  59,725
  65,331
  71,177
  77,266
  83,600
  90,186
  97,032
Total liabilities and equity, $m
  676
  984
  1,521
  2,276
  3,302
  4,658
  6,404
  8,596
  11,286
  14,523
  18,344
  22,779
  27,850
  33,569
  39,940
  46,963
  54,629
  62,927
  71,846
  81,369
  91,483
  102,175
  113,431
  125,247
  137,615
  150,533
  164,003
  178,032
  192,627
  207,802
  223,576
Debt-to-equity ratio
  0.491
  0.870
  1.020
  1.110
  1.170
  1.210
  1.240
  1.250
  1.270
  1.270
  1.280
  1.290
  1.290
  1.290
  1.290
  1.290
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
Adjusted equity ratio
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -22
  9
  44
  93
  161
  251
  366
  511
  688
  901
  1,152
  1,442
  1,773
  2,146
  2,560
  3,016
  3,513
  4,050
  4,626
  5,241
  5,893
  6,582
  7,307
  8,067
  8,863
  9,693
  10,559
  11,460
  12,398
  13,373
  14,386
Depreciation, amort., depletion, $m
  2
  7
  11
  17
  24
  34
  47
  63
  83
  107
  135
  168
  205
  247
  294
  346
  403
  464
  530
  600
  674
  753
  836
  923
  1,015
  1,110
  1,209
  1,313
  1,420
  1,532
  1,648
Funds from operations, $m
  1
  16
  55
  110
  186
  285
  414
  574
  772
  1,008
  1,287
  1,610
  1,978
  2,393
  2,855
  3,362
  3,916
  4,514
  5,156
  5,841
  6,568
  7,335
  8,143
  8,991
  9,877
  10,803
  11,768
  12,773
  13,818
  14,905
  16,034
Change in working capital, $m
  7
  -22
  -32
  -45
  -61
  -80
  -104
  -130
  -160
  -192
  -227
  -263
  -301
  -339
  -378
  -416
  -455
  -492
  -529
  -565
  -600
  -634
  -668
  -701
  -733
  -766
  -799
  -832
  -866
  -900
  -935
Cash from operations, $m
  -6
  38
  87
  155
  246
  366
  517
  704
  931
  1,200
  1,514
  1,873
  2,279
  2,732
  3,232
  3,779
  4,370
  5,006
  5,685
  6,406
  7,167
  7,969
  8,811
  9,691
  10,611
  11,569
  12,567
  13,605
  14,684
  15,805
  16,970
Maintenance CAPEX, $m
  0
  -5
  -7
  -11
  -17
  -24
  -34
  -47
  -63
  -83
  -107
  -135
  -168
  -205
  -247
  -294
  -346
  -403
  -464
  -530
  -600
  -674
  -753
  -836
  -923
  -1,015
  -1,110
  -1,209
  -1,313
  -1,420
  -1,532
New CAPEX, $m
  0
  -82
  -119
  -167
  -227
  -300
  -386
  -485
  -595
  -716
  -845
  -981
  -1,122
  -1,265
  -1,409
  -1,553
  -1,696
  -1,836
  -1,973
  -2,106
  -2,237
  -2,365
  -2,490
  -2,613
  -2,736
  -2,857
  -2,979
  -3,103
  -3,228
  -3,357
  -3,489
Cash from investing activities, $m
  8
  -87
  -126
  -178
  -244
  -324
  -420
  -532
  -658
  -799
  -952
  -1,116
  -1,290
  -1,470
  -1,656
  -1,847
  -2,042
  -2,239
  -2,437
  -2,636
  -2,837
  -3,039
  -3,243
  -3,449
  -3,659
  -3,872
  -4,089
  -4,312
  -4,541
  -4,777
  -5,021
Free cash flow, $m
  2
  -49
  -39
  -23
  3
  41
  97
  172
  273
  401
  561
  757
  990
  1,262
  1,576
  1,931
  2,328
  2,767
  3,248
  3,769
  4,330
  4,930
  5,567
  6,241
  6,952
  7,697
  8,477
  9,293
  10,143
  11,028
  11,949
Issuance/(repayment) of debt, $m
  4
  209
  304
  427
  581
  768
  988
  1,241
  1,523
  1,832
  2,163
  2,510
  2,870
  3,237
  3,606
  3,975
  4,339
  4,697
  5,048
  5,390
  5,724
  6,051
  6,372
  6,687
  7,000
  7,312
  7,624
  7,940
  8,261
  8,590
  8,928
Issuance/(repurchase) of shares, $m
  -1
  152
  189
  234
  284
  338
  391
  440
  480
  504
  507
  483
  428
  336
  205
  32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  2
  361
  493
  661
  865
  1,106
  1,379
  1,681
  2,003
  2,336
  2,670
  2,993
  3,298
  3,573
  3,811
  4,007
  4,339
  4,697
  5,048
  5,390
  5,724
  6,051
  6,372
  6,687
  7,000
  7,312
  7,624
  7,940
  8,261
  8,590
  8,928
Total cash flow (excl. dividends), $m
  4
  313
  454
  637
  868
  1,147
  1,476
  1,853
  2,275
  2,736
  3,230
  3,750
  4,287
  4,835
  5,387
  5,937
  6,667
  7,465
  8,296
  9,160
  10,055
  10,981
  11,939
  12,929
  13,952
  15,009
  16,102
  17,232
  18,404
  19,617
  20,876
Retained Cash Flow (-), $m
  18
  -160
  -233
  -327
  -445
  -589
  -758
  -951
  -1,168
  -1,405
  -1,658
  -1,925
  -2,201
  -2,482
  -2,765
  -3,048
  -3,327
  -3,602
  -3,871
  -4,133
  -4,389
  -4,640
  -4,886
  -5,128
  -5,368
  -5,606
  -5,846
  -6,088
  -6,334
  -6,586
  -6,846
Prev. year cash balance distribution, $m
 
  61
  0
  0
  0
  0
  0
  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
 
  213
  221
  310
  422
  558
  718
  902
  1,107
  1,332
  1,572
  1,825
  2,086
  2,353
  2,622
  2,890
  3,340
  3,863
  4,425
  5,027
  5,665
  6,341
  7,053
  7,801
  8,584
  9,402
  10,255
  11,144
  12,069
  13,031
  14,031
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  199
  191
  247
  307
  367
  424
  473
  512
  536
  545
  539
  518
  484
  441
  391
  359
  323
  283
  241
  200
  161
  126
  96
  71
  51
  35
  24
  15
  10
  6
Current shareholders' claim on cash, %
  100
  66.7
  48.1
  36.7
  29.3
  24.3
  20.8
  18.2
  16.4
  15.0
  14.0
  13.3
  12.8
  12.5
  12.4
  12.4
  12.4
  12.4
  12.4
  12.4
  12.4
  12.4
  12.4
  12.4
  12.4
  12.4
  12.4
  12.4
  12.4
  12.4
  12.4

PICO Holdings, Inc., together with its subsidiaries, engages in water resource and water storage, real estate activities in the United States. The company’s Water Resources and Water Storage Operations segment acquires and develops water resources for end-users, such as water utilities, municipalities, developers, or industrial users; and develops and operates water storage facilities and stored water in Arizona. Its Real Estate Operations segment is involved in homebuilding and land development operations in California, Washington, North Carolina, South Carolina, and Tennessee. This segment designs, constructs, and sells single-family homes on various lots. As of December 31, 2015, this segment owned or controlled approximately 5,878 lots; and property portfolio consisted of 93 communities in 39 cities in West and Southeast markets. PICO Holdings, Inc. was founded in 1981 and is headquartered in La Jolla, California.

FINANCIAL RATIOS  of  PICO Holdings (PICO)

Valuation Ratios
P/E Ratio -17.3
Price to Sales 1
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -63.3
Price to Free Cash Flow -63.3
Growth Rates
Sales Growth Rate 27.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 49.1%
Total Debt to Equity 49.1%
Interest Coverage 0
Management Effectiveness
Return On Assets -3.3%
Ret/ On Assets - 3 Yr. Avg. -6.7%
Return On Total Capital -4.4%
Ret/ On T. Cap. - 3 Yr. Avg. -9.6%
Return On Equity -6.5%
Return On Equity - 3 Yr. Avg. -13.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 20.3%
Gross Margin - 3 Yr. Avg. 19.7%
EBITDA Margin -4.4%
EBITDA Margin - 3 Yr. Avg. -11.2%
Operating Margin -4.9%
Oper. Margin - 3 Yr. Avg. -13.3%
Pre-Tax Margin -4.9%
Pre-Tax Margin - 3 Yr. Avg. -13.3%
Net Profit Margin -6%
Net Profit Margin - 3 Yr. Avg. -20.5%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 17.2%
Payout Ratio 0%

PICO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PICO stock intrinsic value calculation we used $365 million for the last fiscal year's total revenue generated by PICO Holdings. The default revenue input number comes from 2016 income statement of PICO 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 PICO stock valuation model: a) initial revenue growth rate of 60% 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 7.2%, whose default value for PICO is calculated based on our internal credit rating of PICO 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 PICO 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 PICO stock the variable cost ratio is equal to 81.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $86 million in the base year in the intrinsic value calculation for PICO 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 PICO Holdings.

Corporate tax rate of 27% is the nominal tax rate for PICO 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 PICO 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 PICO are equal to 37.3%.

Life of production assets of 68 years is the average useful life of capital assets used in PICO 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 PICO is equal to -10%. 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 - $328 million for PICO 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 22.738 million for PICO 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 PICO Holdings at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
CWT California Wat 37.95 15.28  str.sell
LEN Lennar Cl A 54.09 119.06  str.buy
GWRS Global Water R 9.30 8.84  hold
DHI D.R. Horton 36.83 116.35  str.buy
SJW SJW Group 54.80 61.32  buy
AWK American Water 81.59 30.91  str.sell
AWR American State 49.25 24.82  sell

COMPANY NEWS

▶ 2 Stocks That Could Offer Value for Shareholders   [Aug-14-17 09:00AM  TheStreet.com]
▶ Pico posts 2Q profit   [Aug-10-17 12:11AM  Associated Press]
▶ [$$] Barron's First-Half Grades for Stock-Picking Are In   [Jul-15-17 12:38AM  Barrons.com]
▶ ETFs with exposure to PICO Holdings, Inc. : July 14, 2017   [Jul-14-17 04:15PM  Capital Cube]
▶ ETFs with exposure to PICO Holdings, Inc. : June 2, 2017   [Jun-02-17 02:24PM  Capital Cube]
▶ ETFs with exposure to PICO Holdings, Inc. : May 11, 2017   [May-11-17 05:19PM  Capital Cube]
▶ PICO Holdings Piques My Interest   [Apr-17-17 11:00AM  TheStreet.com]
▶ [$$] Medical Properties Trust Gets a Good Diagnosis   [Mar-11-17 12:36AM  Barrons.com]
▶ Pico reports 4Q loss   [06:17AM  Associated Press]
▶ How PICO Holdings Inc (PICO) Stacks Up Against Its Peers   [Dec-13-16 05:05AM  at Insider Monkey]
▶ [$$] This Water Rights Firm's Stock Can Spring Higher   [Oct-20-16 07:04AM  at Barrons.com]
▶ [$$] A Turnaround Is in the Works at PICO Holdings   [Sep-17-16 03:19AM  at Barrons.com]
▶ PICO Holdings Announces Director Resignation   [06:00AM  GlobeNewswire]
Stock chart of PICO Financial statements of PICO
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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