Intrinsic value of ProAssurance - PRA

Previous Close

$60.80

  Intrinsic Value

$259.42

stock screener

  Rating & Target

str. buy

+327%

  Value-price divergence*

+314%

Previous close

$60.80

 
Intrinsic value

$259.42

 
Up/down potential

+327%

 
Rating

str. buy

 
Value-price divergence*

+314%

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

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

We calculate the intrinsic value of PRA 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 3.2

 

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, %
  12.56
  19.70
  18.23
  16.91
  15.72
  14.64
  13.68
  12.81
  12.03
  11.33
  10.70
  10.13
  9.61
  9.15
  8.74
  8.36
  8.03
  7.72
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.85
  5.77
  5.69
Revenue, $m
  0
  1,062
  1,255
  1,468
  1,698
  1,947
  2,213
  2,497
  2,797
  3,114
  3,447
  3,796
  4,161
  4,542
  4,939
  5,352
  5,781
  6,228
  6,692
  7,174
  7,675
  8,196
  8,738
  9,301
  9,887
  10,498
  11,133
  11,796
  12,486
  13,207
  13,958
Variable operating expenses, $m
 
  435
  511
  594
  684
  781
  885
  995
  1,113
  1,236
  1,366
  1,481
  1,624
  1,772
  1,927
  2,088
  2,256
  2,430
  2,611
  2,799
  2,995
  3,198
  3,410
  3,629
  3,858
  4,096
  4,344
  4,603
  4,872
  5,153
  5,447
Fixed operating expenses, $m
 
  339
  348
  356
  365
  374
  384
  393
  403
  413
  424
  434
  445
  456
  468
  479
  491
  504
  516
  529
  542
  556
  570
  584
  599
  614
  629
  645
  661
  677
  694
Total operating expenses, $m
  690
  774
  859
  950
  1,049
  1,155
  1,269
  1,388
  1,516
  1,649
  1,790
  1,915
  2,069
  2,228
  2,395
  2,567
  2,747
  2,934
  3,127
  3,328
  3,537
  3,754
  3,980
  4,213
  4,457
  4,710
  4,973
  5,248
  5,533
  5,830
  6,141
Operating income, $m
  197
  287
  397
  517
  649
  792
  945
  1,108
  1,281
  1,464
  1,657
  1,880
  2,092
  2,313
  2,544
  2,784
  3,034
  3,294
  3,564
  3,845
  4,138
  4,442
  4,758
  5,088
  5,430
  5,788
  6,160
  6,548
  6,953
  7,376
  7,817
EBITDA, $m
  229
  319
  431
  554
  688
  833
  989
  1,156
  1,332
  1,519
  1,715
  1,921
  2,136
  2,362
  2,596
  2,841
  3,095
  3,360
  3,636
  3,922
  4,220
  4,529
  4,851
  5,187
  5,536
  5,899
  6,278
  6,674
  7,086
  7,516
  7,966
Interest expense (income), $m
  15
  17
  42
  69
  98
  131
  166
  203
  243
  285
  329
  376
  425
  476
  529
  585
  642
  703
  765
  830
  898
  968
  1,041
  1,117
  1,196
  1,278
  1,363
  1,452
  1,545
  1,642
  1,743
Earnings before tax, $m
  176
  270
  355
  449
  551
  661
  779
  905
  1,039
  1,180
  1,328
  1,505
  1,668
  1,838
  2,015
  2,199
  2,391
  2,591
  2,799
  3,015
  3,240
  3,474
  3,717
  3,971
  4,235
  4,510
  4,797
  5,096
  5,408
  5,734
  6,075
Tax expense, $m
  25
  73
  96
  121
  149
  178
  210
  244
  280
  319
  359
  406
  450
  496
  544
  594
  646
  700
  756
  814
  875
  938
  1,004
  1,072
  1,143
  1,218
  1,295
  1,376
  1,460
  1,548
  1,640
Net income, $m
  151
  197
  259
  327
  402
  482
  569
  661
  758
  861
  970
  1,099
  1,217
  1,341
  1,471
  1,606
  1,746
  1,892
  2,043
  2,201
  2,365
  2,536
  2,714
  2,899
  3,091
  3,292
  3,502
  3,720
  3,948
  4,186
  4,435

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
  5,065
  6,067
  7,173
  8,386
  9,704
  11,125
  12,647
  14,267
  15,984
  17,794
  19,697
  21,692
  23,777
  25,953
  28,220
  30,580
  33,035
  35,587
  38,238
  40,994
  43,858
  46,834
  49,930
  53,149
  56,499
  59,986
  63,618
  67,404
  71,350
  75,466
  79,762
Adjusted assets (=assets-cash), $m
  5,065
  6,067
  7,173
  8,386
  9,704
  11,125
  12,647
  14,267
  15,984
  17,794
  19,697
  21,692
  23,777
  25,953
  28,220
  30,580
  33,035
  35,587
  38,238
  40,994
  43,858
  46,834
  49,930
  53,149
  56,499
  59,986
  63,618
  67,404
  71,350
  75,466
  79,762
Revenue / Adjusted assets
  0.000
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
  0.175
Average production assets, $m
  88
  105
  124
  145
  168
  193
  219
  247
  277
  308
  341
  376
  412
  450
  489
  530
  572
  617
  662
  710
  760
  811
  865
  921
  979
  1,039
  1,102
  1,168
  1,236
  1,307
  1,382
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
  448
  1,095
  1,809
  2,591
  3,441
  4,358
  5,339
  6,384
  7,491
  8,659
  9,887
  11,173
  12,518
  13,922
  15,384
  16,906
  18,490
  20,135
  21,846
  23,623
  25,470
  27,390
  29,387
  31,463
  33,624
  35,873
  38,216
  40,657
  43,203
  45,858
  48,629
Total liabilities, $m
  3,266
  3,913
  4,627
  5,409
  6,259
  7,176
  8,157
  9,202
  10,309
  11,477
  12,705
  13,991
  15,336
  16,740
  18,202
  19,724
  21,308
  22,953
  24,664
  26,441
  28,288
  30,208
  32,205
  34,281
  36,442
  38,691
  41,034
  43,475
  46,021
  48,676
  51,447
Total equity, $m
  1,799
  2,154
  2,546
  2,977
  3,445
  3,949
  4,490
  5,065
  5,674
  6,317
  6,993
  7,701
  8,441
  9,213
  10,018
  10,856
  11,727
  12,633
  13,575
  14,553
  15,570
  16,626
  17,725
  18,868
  20,057
  21,295
  22,585
  23,928
  25,329
  26,791
  28,316
Total liabilities and equity, $m
  5,065
  6,067
  7,173
  8,386
  9,704
  11,125
  12,647
  14,267
  15,983
  17,794
  19,698
  21,692
  23,777
  25,953
  28,220
  30,580
  33,035
  35,586
  38,239
  40,994
  43,858
  46,834
  49,930
  53,149
  56,499
  59,986
  63,619
  67,403
  71,350
  75,467
  79,763
Debt-to-equity ratio
  0.249
  0.510
  0.710
  0.870
  1.000
  1.100
  1.190
  1.260
  1.320
  1.370
  1.410
  1.450
  1.480
  1.510
  1.540
  1.560
  1.580
  1.590
  1.610
  1.620
  1.640
  1.650
  1.660
  1.670
  1.680
  1.680
  1.690
  1.700
  1.710
  1.710
  1.720
Adjusted equity ratio
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355
  0.355

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  151
  197
  259
  327
  402
  482
  569
  661
  758
  861
  970
  1,099
  1,217
  1,341
  1,471
  1,606
  1,746
  1,892
  2,043
  2,201
  2,365
  2,536
  2,714
  2,899
  3,091
  3,292
  3,502
  3,720
  3,948
  4,186
  4,435
Depreciation, amort., depletion, $m
  32
  32
  34
  37
  39
  42
  45
  48
  51
  54
  58
  40
  44
  48
  53
  57
  62
  66
  71
  76
  82
  87
  93
  99
  105
  112
  119
  126
  133
  141
  149
Funds from operations, $m
  130
  230
  294
  364
  441
  524
  613
  708
  809
  915
  1,027
  1,139
  1,262
  1,390
  1,523
  1,662
  1,807
  1,958
  2,115
  2,278
  2,447
  2,623
  2,807
  2,998
  3,197
  3,404
  3,620
  3,846
  4,081
  4,327
  4,583
Change in working capital, $m
  -39
  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
  169
  226
  294
  364
  441
  524
  613
  708
  809
  915
  1,027
  1,139
  1,262
  1,390
  1,523
  1,662
  1,807
  1,958
  2,115
  2,278
  2,447
  2,623
  2,807
  2,998
  3,197
  3,404
  3,620
  3,846
  4,081
  4,327
  4,583
Maintenance CAPEX, $m
  0
  -9
  -11
  -13
  -16
  -18
  -21
  -24
  -27
  -30
  -33
  -37
  -40
  -44
  -48
  -53
  -57
  -62
  -66
  -71
  -76
  -82
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -133
  -141
New CAPEX, $m
  0
  -17
  -19
  -21
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -66
  -68
  -71
  -74
Cash from investing activities, $m
  -279
  -26
  -30
  -34
  -39
  -43
  -47
  -52
  -57
  -61
  -66
  -72
  -76
  -82
  -87
  -94
  -100
  -106
  -112
  -119
  -126
  -134
  -141
  -149
  -157
  -165
  -175
  -185
  -194
  -204
  -215
Free cash flow, $m
  -110
  199
  263
  330
  403
  482
  566
  657
  753
  854
  961
  1,068
  1,185
  1,308
  1,436
  1,569
  1,708
  1,852
  2,002
  2,159
  2,321
  2,490
  2,666
  2,849
  3,040
  3,238
  3,445
  3,661
  3,887
  4,122
  4,368
Issuance/(repayment) of debt, $m
  100
  647
  713
  782
  850
  917
  982
  1,045
  1,107
  1,168
  1,228
  1,286
  1,345
  1,404
  1,462
  1,522
  1,583
  1,646
  1,710
  1,777
  1,847
  1,920
  1,996
  2,076
  2,161
  2,249
  2,343
  2,441
  2,545
  2,655
  2,771
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  
  105
  647
  713
  782
  850
  917
  982
  1,045
  1,107
  1,168
  1,228
  1,286
  1,345
  1,404
  1,462
  1,522
  1,583
  1,646
  1,710
  1,777
  1,847
  1,920
  1,996
  2,076
  2,161
  2,249
  2,343
  2,441
  2,545
  2,655
  2,771
Total cash flow (excl. dividends), $m
  -5
  846
  977
  1,112
  1,253
  1,398
  1,548
  1,702
  1,860
  2,022
  2,189
  2,354
  2,530
  2,711
  2,898
  3,091
  3,291
  3,498
  3,713
  3,936
  4,168
  4,410
  4,662
  4,925
  5,200
  5,488
  5,788
  6,103
  6,432
  6,777
  7,139
Retained Cash Flow (-), $m
  159
  -355
  -393
  -431
  -468
  -504
  -540
  -575
  -609
  -643
  -676
  -708
  -740
  -772
  -805
  -838
  -871
  -906
  -941
  -978
  -1,017
  -1,057
  -1,099
  -1,143
  -1,189
  -1,238
  -1,289
  -1,344
  -1,401
  -1,461
  -1,525
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
 
  491
  584
  682
  785
  894
  1,008
  1,127
  1,251
  1,379
  1,513
  1,646
  1,790
  1,939
  2,093
  2,253
  2,420
  2,592
  2,771
  2,958
  3,152
  3,353
  3,563
  3,783
  4,011
  4,250
  4,499
  4,759
  5,031
  5,316
  5,614
Discount rate, %
 
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
 
  470
  531
  588
  638
  681
  716
  741
  757
  763
  759
  743
  721
  691
  653
  610
  561
  510
  456
  402
  349
  299
  251
  207
  168
  134
  104
  80
  59
  43
  31
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

ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation, and Lloyd's Syndicate segments. It offers professional liability insurance for healthcare professionals and facilities; professional liability insurance for attorneys; liability insurance for medical technology and life sciences risks; and workers' compensation insurance for employers, groups, and associations. The company markets its products through independent agencies and brokers, as well as an internal sales force. ProAssurance Corporation was founded in 1976 and is headquartered in Birmingham, Alabama.

FINANCIAL RATIOS  of  ProAssurance (PRA)

Valuation Ratios
P/E Ratio 21.4
Price to Sales 3.7
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 19.2
Price to Free Cash Flow 19.2
Growth Rates
Sales Growth Rate 12.6%
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 24.9%
Total Debt to Equity 24.9%
Interest Coverage 13
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 8%
Return On Equity - 3 Yr. Avg. 7.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 25.1%
EBITDA Margin - 3 Yr. Avg. 28.7%
Operating Margin 22.2%
Oper. Margin - 3 Yr. Avg. 23.9%
Pre-Tax Margin 19.8%
Pre-Tax Margin - 3 Yr. Avg. 22.3%
Net Profit Margin 17%
Net Profit Margin - 3 Yr. Avg. 18.3%
Effective Tax Rate 14.2%
Eff/ Tax Rate - 3 Yr. Avg. 16.4%
Payout Ratio 78.8%

PRA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PRA stock intrinsic value calculation we used $887 million for the last fiscal year's total revenue generated by ProAssurance. The default revenue input number comes from 2016 income statement of ProAssurance. 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 PRA stock valuation model: a) initial revenue growth rate of 19.7% 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 4.6%, whose default value for PRA is calculated based on our internal credit rating of ProAssurance, 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 ProAssurance.
    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 PRA stock the variable cost ratio is equal to 41.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $331 million in the base year in the intrinsic value calculation for PRA 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 3.8% for ProAssurance.

Corporate tax rate of 27% is the nominal tax rate for ProAssurance. 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 PRA 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 PRA are equal to 9.9%.

Life of production assets of 9.3 years is the average useful life of capital assets used in ProAssurance 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 PRA 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 - $1799 million for ProAssurance - 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 53.112 million for ProAssurance 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 ProAssurance at the current share price and the inputted number of shares is $3.2 billion.

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COMPANY NEWS

▶ ProAssurance Declares Quarterly Dividend   [04:15PM  PR Newswire]
▶ ProAssurance posts 4Q profit   [Feb-22-17 06:26PM  Associated Press]
▶ Is ProAssurance Corporation (PRA) a Good Stock To Buy?   [Dec-08-16 02:44PM  at Insider Monkey]
▶ ProAssurance Declares Quarterly Dividend   [04:50PM  PR Newswire]
▶ ProAssurance Declares Quarterly Dividend   [04:30PM  PR Newswire]
Stock chart of PRA Financial statements of PRA
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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