Intrinsic value of RLI - RLI

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$56.27

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$56.27

 
Intrinsic value

$57.59

 
Up/down potential

+2%

 
Rating

hold

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of RLI 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 2.5

 

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, %
  2.64
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  0
  836
  858
  883
  910
  940
  973
  1,008
  1,046
  1,086
  1,130
  1,176
  1,225
  1,277
  1,333
  1,391
  1,454
  1,519
  1,589
  1,662
  1,739
  1,821
  1,906
  1,997
  2,092
  2,192
  2,298
  2,409
  2,526
  2,648
  2,778
Variable operating expenses, $m
 
  632
  648
  667
  687
  710
  734
  760
  789
  819
  852
  880
  917
  956
  997
  1,041
  1,087
  1,137
  1,188
  1,243
  1,301
  1,362
  1,426
  1,494
  1,565
  1,640
  1,719
  1,802
  1,890
  1,981
  2,078
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
  663
  632
  648
  667
  687
  710
  734
  760
  789
  819
  852
  880
  917
  956
  997
  1,041
  1,087
  1,137
  1,188
  1,243
  1,301
  1,362
  1,426
  1,494
  1,565
  1,640
  1,719
  1,802
  1,890
  1,981
  2,078
Operating income, $m
  154
  204
  210
  216
  223
  230
  239
  247
  257
  267
  278
  296
  309
  322
  336
  350
  366
  383
  400
  419
  438
  458
  480
  503
  527
  552
  579
  607
  636
  667
  700
EBITDA, $m
  160
  213
  219
  225
  232
  240
  248
  257
  267
  277
  288
  300
  312
  326
  340
  355
  371
  387
  405
  424
  444
  464
  486
  509
  534
  559
  586
  614
  644
  675
  708
Interest expense (income), $m
  0
  5
  7
  9
  11
  13
  15
  18
  21
  24
  28
  31
  35
  39
  44
  48
  53
  58
  64
  70
  76
  82
  89
  96
  104
  112
  120
  129
  138
  148
  158
Earnings before tax, $m
  157
  199
  203
  207
  212
  217
  223
  229
  236
  243
  250
  265
  273
  282
  292
  302
  313
  324
  336
  349
  362
  376
  391
  407
  423
  440
  458
  478
  498
  519
  541
Tax expense, $m
  42
  54
  55
  56
  57
  59
  60
  62
  64
  66
  68
  71
  74
  76
  79
  82
  84
  88
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  134
  140
  146
Net income, $m
  115
  145
  148
  151
  155
  159
  163
  167
  172
  177
  183
  193
  199
  206
  213
  221
  228
  237
  245
  255
  264
  275
  285
  297
  309
  321
  335
  349
  363
  379
  395

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
  2,778
  2,842
  2,918
  3,002
  3,095
  3,197
  3,308
  3,428
  3,557
  3,695
  3,842
  3,999
  4,167
  4,344
  4,533
  4,733
  4,944
  5,167
  5,403
  5,652
  5,915
  6,192
  6,484
  6,792
  7,116
  7,457
  7,816
  8,193
  8,591
  9,008
  9,448
Adjusted assets (=assets-cash), $m
  2,778
  2,842
  2,918
  3,002
  3,095
  3,197
  3,308
  3,428
  3,557
  3,695
  3,842
  3,999
  4,167
  4,344
  4,533
  4,733
  4,944
  5,167
  5,403
  5,652
  5,915
  6,192
  6,484
  6,792
  7,116
  7,457
  7,816
  8,193
  8,591
  9,008
  9,448
Revenue / Adjusted assets
  0.000
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
Average production assets, $m
  52
  53
  54
  56
  57
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
  159
  167
  175
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
  149
  193
  246
  306
  371
  443
  521
  605
  695
  792
  896
  1,007
  1,124
  1,249
  1,382
  1,522
  1,671
  1,828
  1,994
  2,169
  2,353
  2,548
  2,753
  2,970
  3,197
  3,437
  3,689
  3,955
  4,234
  4,528
  4,837
Total liabilities, $m
  1,954
  1,998
  2,051
  2,111
  2,176
  2,248
  2,326
  2,410
  2,500
  2,597
  2,701
  2,812
  2,929
  3,054
  3,187
  3,327
  3,476
  3,633
  3,799
  3,974
  4,158
  4,353
  4,558
  4,775
  5,002
  5,242
  5,494
  5,760
  6,039
  6,333
  6,642
Total equity, $m
  824
  844
  867
  892
  919
  950
  983
  1,018
  1,056
  1,097
  1,141
  1,188
  1,238
  1,290
  1,346
  1,406
  1,468
  1,535
  1,605
  1,679
  1,757
  1,839
  1,926
  2,017
  2,113
  2,215
  2,321
  2,433
  2,551
  2,676
  2,806
Total liabilities and equity, $m
  2,778
  2,842
  2,918
  3,003
  3,095
  3,198
  3,309
  3,428
  3,556
  3,694
  3,842
  4,000
  4,167
  4,344
  4,533
  4,733
  4,944
  5,168
  5,404
  5,653
  5,915
  6,192
  6,484
  6,792
  7,115
  7,457
  7,815
  8,193
  8,590
  9,009
  9,448
Debt-to-equity ratio
  0.181
  0.230
  0.280
  0.340
  0.400
  0.470
  0.530
  0.590
  0.660
  0.720
  0.790
  0.850
  0.910
  0.970
  1.030
  1.080
  1.140
  1.190
  1.240
  1.290
  1.340
  1.390
  1.430
  1.470
  1.510
  1.550
  1.590
  1.630
  1.660
  1.690
  1.720
Adjusted equity ratio
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  115
  145
  148
  151
  155
  159
  163
  167
  172
  177
  183
  193
  199
  206
  213
  221
  228
  237
  245
  255
  264
  275
  285
  297
  309
  321
  335
  349
  363
  379
  395
Depreciation, amort., depletion, $m
  6
  9
  9
  9
  9
  9
  9
  10
  10
  10
  10
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
Funds from operations, $m
  209
  154
  157
  161
  164
  168
  172
  177
  182
  187
  193
  197
  203
  210
  217
  225
  233
  241
  250
  260
  270
  280
  291
  303
  315
  328
  342
  356
  371
  387
  404
Change in working capital, $m
  35
  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
  174
  158
  157
  161
  164
  168
  172
  177
  182
  187
  193
  197
  203
  210
  217
  225
  233
  241
  250
  260
  270
  280
  291
  303
  315
  328
  342
  356
  371
  387
  404
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
New CAPEX, $m
  -16
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
Cash from investing activities, $m
  -54
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
Free cash flow, $m
  120
  154
  153
  156
  160
  163
  167
  172
  176
  181
  187
  191
  197
  203
  210
  217
  225
  233
  241
  250
  260
  270
  280
  291
  303
  315
  328
  342
  356
  371
  387
Issuance/(repayment) of debt, $m
  0
  44
  53
  59
  66
  72
  78
  84
  91
  97
  104
  111
  118
  125
  133
  140
  149
  157
  166
  175
  185
  195
  205
  216
  228
  240
  252
  265
  279
  294
  309
Issuance/(repurchase) of shares, $m
  -1
  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  
  8
  44
  53
  59
  66
  72
  78
  84
  91
  97
  104
  111
  118
  125
  133
  140
  149
  157
  166
  175
  185
  195
  205
  216
  228
  240
  252
  265
  279
  294
  309
Total cash flow (excl. dividends), $m
  129
  198
  206
  216
  225
  235
  245
  256
  267
  278
  290
  301
  314
  328
  342
  357
  373
  390
  407
  425
  444
  464
  486
  508
  531
  555
  581
  607
  636
  665
  696
Retained Cash Flow (-), $m
  -1
  -20
  -22
  -25
  -28
  -30
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -107
  -112
  -118
  -124
  -130
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
 
  178
  184
  191
  197
  205
  212
  220
  229
  237
  246
  254
  264
  275
  286
  298
  310
  323
  337
  351
  366
  382
  399
  416
  435
  454
  474
  495
  518
  541
  566
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
 
  171
  168
  166
  163
  159
  154
  149
  143
  136
  129
  121
  113
  105
  96
  88
  79
  70
  62
  54
  47
  40
  33
  27
  22
  18
  14
  11
  8
  6
  4
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

RLI Corp., through its subsidiaries, underwrites property and casualty insurance primarily in the United States. Its Casualty segment provides commercial and personal umbrella coverage products; and general liability products consisting of coverage for third party liability of commercial insureds, including manufacturers, contractors, apartments, real estate investment trusts, and mercantile. This segment also offers coverages in the area of environmental liability for underground storage tanks, contractors and asbestos, and environmental remediation specialists; commercial automobile liability and physical damage insurance products; other types of commercial automobile risks; and incidental insurance coverages, including general liability, excess liability, and motor truck cargo. In addition, this segment provides professional liability coverages, such as errors and omission, general liability, property, automobile, excess liability, and worker’s compensation; property and casualty insurance coverages to small contractors and other small-to-medium sized retail businesses; management liability coverages, such as directors and officers, liability insurance, fiduciary liability, and fidelity coverages; medical professional liability insurance; and other products, including coverage for security guards and home business insurance for small business owners. The company’s Property segment comprises primarily of commercial fire; earthquake; difference in conditions; marine; facultative and treaty reinsurance, including crop; and personal lines policies, such as recreational vehicle and Hawaii homeowners coverages. Its Surety segment specializes in writing small-to-large commercial and contract surety coverages, as well as surety coverages for energy, petrochemical, and refining industries; and offers miscellaneous bonds, including license and permit, notary, and court bonds. RLI Corp. was founded in 1965 and is headquartered in Peoria, Illinois.

FINANCIAL RATIOS  of  RLI (RLI)

Valuation Ratios
P/E Ratio 21.5
Price to Sales 3
Price to Book 3
Price to Tangible Book
Price to Cash Flow 14.2
Price to Free Cash Flow 15.6
Growth Rates
Sales Growth Rate 2.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 60%
Cap. Spend. - 3 Yr. Gr. Rate -8.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 18.1%
Total Debt to Equity 18.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 11.8%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 14%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 20%
EBITDA Margin - 3 Yr. Avg. 23.5%
Operating Margin 18.8%
Oper. Margin - 3 Yr. Avg. 22.3%
Pre-Tax Margin 19.2%
Pre-Tax Margin - 3 Yr. Avg. 22.8%
Net Profit Margin 14.1%
Net Profit Margin - 3 Yr. Avg. 16.3%
Effective Tax Rate 26.8%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 106.1%

RLI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RLI stock intrinsic value calculation we used $816 million for the last fiscal year's total revenue generated by RLI. The default revenue input number comes from 2016 income statement of RLI. 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 RLI stock valuation model: a) initial revenue growth rate of 2.4% 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 RLI is calculated based on our internal credit rating of RLI, 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 RLI.
    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 RLI stock the variable cost ratio is equal to 75.6%.

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 RLI 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 RLI.

Corporate tax rate of 27% is the nominal tax rate for RLI. 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 RLI 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 RLI are equal to 6.3%.

Life of production assets of 19.8 years is the average useful life of capital assets used in RLI 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 RLI 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 - $824 million for RLI - 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 44.485 million for RLI 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 RLI at the current share price and the inputted number of shares is $2.5 billion.


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COMPANY NEWS

▶ ETFs with exposure to RLI Corp. : May 18, 2017   [May-18-17 01:59PM  Capital Cube]
▶ RLI Increases Regular Dividend for 42nd Consecutive Year   [May-04-17 04:00PM  Business Wire]
▶ ETFs with exposure to RLI Corp. : May 2, 2017   [May-02-17 04:33PM  Capital Cube]
▶ RLI Corp. posts 1Q profit   [Apr-19-17 04:16PM  Associated Press]
▶ RLI Reports First Quarter 2017 Results   [04:00PM  Business Wire]
▶ RLI First Quarter Earnings Release & Teleconference   [Mar-30-17 04:00PM  Business Wire]
▶ First Midwest Bancorp, Inc. Appoints Two New Directors   [Feb-27-17 12:32PM  GlobeNewswire]
▶ RLI Declares Dividend   [09:44AM  Business Wire]
▶ ETFs with exposure to RLI Corp. : February 2, 2017   [Feb-02-17 02:33PM  Capital Cube]
▶ Is Chimera Investment Corporation (CIM) A Good Stock To Buy?   [Dec-13-16 04:47AM  at Insider Monkey]
▶ Is RLI Corp. (RLI) A Good Stock To Buy?   [Dec-12-16 11:31PM  at Insider Monkey]
▶ RLI Declares Regular and Special Dividend   [04:00PM  Business Wire]
▶ RLI Reports Third Quarter 2016 Results   [04:00PM  Business Wire]
▶ RLI 3rd Quarter Earnings Release & Teleconference   [Sep-28-16 04:00PM  Business Wire]
Stock chart of RLI Financial statements of RLI Annual reports of RLI
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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