Intrinsic value of RLI - RLI

Previous Close

$77.66

  Intrinsic Value

$2.54

stock screener

  Rating & Target

str. sell

-97%

Previous close

$77.66

 
Intrinsic value

$2.54

 
Up/down potential

-97%

 
Rating

str. sell

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

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

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, %
  2.64
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  813
  832
  853
  877
  904
  933
  965
  999
  1,036
  1,076
  1,118
  1,164
  1,212
  1,263
  1,318
  1,376
  1,437
  1,501
  1,570
  1,642
  1,718
  1,798
  1,883
  1,972
  2,066
  2,165
  2,269
  2,378
  2,493
  2,614
Variable operating expenses, $m
 
  660
  675
  692
  712
  733
  757
  783
  811
  841
  873
  905
  942
  981
  1,022
  1,066
  1,113
  1,163
  1,215
  1,270
  1,329
  1,390
  1,455
  1,524
  1,596
  1,672
  1,752
  1,836
  1,924
  2,018
  2,116
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
  660
  675
  692
  712
  733
  757
  783
  811
  841
  873
  905
  942
  981
  1,022
  1,066
  1,113
  1,163
  1,215
  1,270
  1,329
  1,390
  1,455
  1,524
  1,596
  1,672
  1,752
  1,836
  1,924
  2,018
  2,116
Operating income, $m
  154
  153
  156
  161
  165
  170
  176
  182
  188
  195
  203
  213
  222
  231
  241
  251
  262
  274
  286
  299
  313
  328
  343
  359
  376
  394
  413
  433
  454
  476
  499
EBITDA, $m
  160
  449
  459
  471
  484
  499
  515
  533
  552
  572
  594
  618
  643
  669
  698
  728
  760
  793
  829
  867
  907
  949
  993
  1,040
  1,089
  1,141
  1,195
  1,253
  1,313
  1,377
  1,444
Interest expense (income), $m
  0
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
  119
Earnings before tax, $m
  157
  34
  37
  41
  46
  51
  57
  63
  69
  76
  84
  94
  103
  112
  122
  132
  143
  155
  167
  180
  194
  209
  224
  240
  257
  275
  294
  314
  334
  356
  380
Tax expense, $m
  42
  9
  10
  11
  12
  14
  15
  17
  19
  21
  23
  25
  28
  30
  33
  36
  39
  42
  45
  49
  52
  56
  60
  65
  69
  74
  79
  85
  90
  96
  102
Net income, $m
  115
  25
  27
  30
  34
  37
  41
  46
  51
  56
  61
  69
  75
  82
  89
  97
  105
  113
  122
  132
  142
  152
  163
  175
  188
  201
  214
  229
  244
  260
  277

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
  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
Adjusted assets (=assets-cash), $m
  2,778
  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
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  119
  2,939
  3,006
  3,084
  3,170
  3,266
  3,372
  3,487
  3,611
  3,745
  3,889
  4,043
  4,207
  4,381
  4,567
  4,764
  4,973
  5,194
  5,427
  5,674
  5,935
  6,210
  6,500
  6,806
  7,128
  7,468
  7,825
  8,201
  8,597
  9,013
  9,451
Working capital, $m
  0
  -2,075
  -2,122
  -2,177
  -2,238
  -2,306
  -2,380
  -2,461
  -2,549
  -2,644
  -2,745
  -2,854
  -2,970
  -3,093
  -3,224
  -3,363
  -3,510
  -3,666
  -3,831
  -4,006
  -4,190
  -4,384
  -4,589
  -4,805
  -5,032
  -5,272
  -5,524
  -5,789
  -6,069
  -6,363
  -6,672
Total debt, $m
  149
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
  2,207
Total liabilities, $m
  1,954
  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 equity, $m
  824
  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 liabilities and equity, $m
  2,778
  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
Debt-to-equity ratio
  0.181
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.297
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  115
  25
  27
  30
  34
  37
  41
  46
  51
  56
  61
  69
  75
  82
  89
  97
  105
  113
  122
  132
  142
  152
  163
  175
  188
  201
  214
  229
  244
  260
  277
Depreciation, amort., depletion, $m
  6
  296
  303
  311
  319
  329
  339
  351
  363
  377
  391
  404
  421
  438
  457
  476
  497
  519
  543
  567
  594
  621
  650
  681
  713
  747
  782
  820
  860
  901
  945
Funds from operations, $m
  209
  321
  330
  341
  353
  366
  381
  397
  414
  432
  452
  473
  496
  520
  546
  573
  602
  632
  665
  699
  735
  773
  813
  856
  900
  947
  997
  1,049
  1,104
  1,162
  1,222
Change in working capital, $m
  35
  -41
  -48
  -55
  -61
  -68
  -74
  -81
  -88
  -95
  -101
  -109
  -116
  -123
  -131
  -139
  -147
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -227
  -240
  -252
  -265
  -279
  -294
  -309
Cash from operations, $m
  174
  361
  378
  395
  414
  434
  455
  478
  502
  527
  554
  582
  612
  643
  677
  712
  749
  788
  830
  873
  919
  967
  1,018
  1,072
  1,128
  1,187
  1,249
  1,315
  1,383
  1,455
  1,531
Maintenance CAPEX, $m
  0
  -288
  -294
  -301
  -308
  -317
  -327
  -337
  -349
  -361
  -375
  -389
  -404
  -421
  -438
  -457
  -476
  -497
  -519
  -543
  -567
  -594
  -621
  -650
  -681
  -713
  -747
  -782
  -820
  -860
  -901
New CAPEX, $m
  -16
  -57
  -68
  -77
  -87
  -96
  -105
  -115
  -124
  -134
  -144
  -154
  -164
  -175
  -186
  -197
  -209
  -221
  -234
  -247
  -261
  -275
  -290
  -306
  -322
  -339
  -357
  -376
  -396
  -416
  -438
Cash from investing activities, $m
  -54
  -345
  -362
  -378
  -395
  -413
  -432
  -452
  -473
  -495
  -519
  -543
  -568
  -596
  -624
  -654
  -685
  -718
  -753
  -790
  -828
  -869
  -911
  -956
  -1,003
  -1,052
  -1,104
  -1,158
  -1,216
  -1,276
  -1,339
Free cash flow, $m
  120
  17
  16
  17
  19
  21
  23
  26
  29
  32
  36
  39
  43
  48
  53
  58
  64
  70
  77
  84
  91
  99
  107
  116
  125
  135
  145
  156
  167
  179
  192
Issuance/(repayment) of debt, $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
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
  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 cash flow (excl. dividends), $m
  129
  17
  16
  17
  19
  21
  23
  26
  29
  32
  36
  39
  43
  48
  53
  58
  64
  70
  77
  84
  91
  99
  107
  116
  125
  135
  145
  156
  167
  179
  192
Retained Cash Flow (-), $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
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
 
  17
  16
  17
  19
  21
  23
  26
  29
  32
  36
  39
  43
  48
  53
  58
  64
  70
  77
  84
  91
  99
  107
  116
  125
  135
  145
  156
  167
  179
  192
Discount rate, %
 
  13.60
  14.28
  14.99
  15.74
  16.53
  17.36
  18.23
  19.14
  20.09
  21.10
  22.15
  23.26
  24.42
  25.64
  26.93
  28.27
  29.69
  31.17
  32.73
  34.37
  36.08
  37.89
  39.78
  41.77
  43.86
  46.05
  48.36
  50.78
  53.31
  55.98
PV of cash for distribution, $m
 
  15
  12
  11
  11
  10
  9
  8
  7
  6
  5
  4
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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. is a specialty insurance company. The Company underwrites selected property and casualty insurance through subsidiaries, as well as offers insurance coverages in both the specialty admitted, and excess and surplus markets. It operates through Casualty, Property and Surety segments. Its Casualty segment consists of commercial and personal umbrella, general liability, commercial transportation, professional services, small commercial, executive products, medical professional liability and other casualty businesses. Its property segment consists of commercial property, marine, specialty personal, property reinsurance and crop reinsurance businesses. Its surety segment consists of miscellaneous, commercial, contract and energy businesses. The Company conducts its operations principally through three insurance companies: RLI Insurance Company (RLI Ins.), Mt. Hawley Insurance Company (Mt. Hawley) and Contractors Bonding and Insurance Company (CBIC).

FINANCIAL RATIOS  of  RLI (RLI)

Valuation Ratios
P/E Ratio 29.7
Price to Sales 4.2
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 19.6
Price to Free Cash Flow 21.6
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 $797 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% 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 13.6%, 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 81.2%.

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 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 5.4% 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 361.5%.

Life of production assets of 10 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 -255.2%. 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 - $0 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 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 $3.4 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ RLI Declares Regular Dividend   [Aug-15-18 04:20PM  Business Wire]
▶ RLI (RLI) Q2 2018 Earnings Conference Call Transcript   [Jul-23-18 01:53PM  Motley Fool]
▶ RLI Corp.: 2Q Earnings Snapshot   [Jul-18-18 04:29PM  Associated Press]
▶ RLI Reports Second Quarter 2018 Results   [04:21PM  Business Wire]
▶ RLI's Earnings Preview   [09:30AM  Benzinga]
▶ RLI Second Quarter Earnings Release & Teleconference   [Jun-28-18 04:05PM  Business Wire]
▶ Is It Too Late To Buy RLI Corp (NYSE:RLI)?   [Jun-25-18 11:35AM  Simply Wall St.]
▶ Best Dividend Paying Stocks   [May-15-18 09:02AM  Simply Wall St.]
▶ RLI Increases Regular Dividend for 43rd Consecutive Year   [May-03-18 04:05PM  Business Wire]
▶ RLI Corp.: 1Q Earnings Snapshot   [Apr-18-18 05:01PM  Associated Press]
▶ RLI Reports First Quarter 2018 Results   [04:05PM  Business Wire]
▶ Should You Buy RLI Corp (NYSE:RLI)?   [08:53AM  Simply Wall St.]
▶ Top Dividend Paying Stocks   [Apr-11-18 09:02AM  Simply Wall St.]
▶ RLI First Quarter Earnings Release & Teleconference   [Apr-02-18 04:05PM  Business Wire]
▶ Top Dividend Paying Companies   [Mar-11-18 09:02AM  Simply Wall St.]
▶ RLI Declares Regular Dividend   [Feb-08-18 04:05PM  Business Wire]
▶ Value-Adding Dividend Stocks To Buy Now   [08:02AM  Simply Wall St.]
▶ RLI Corp. posts 4Q profit   [Jan-24-18 05:17PM  Associated Press]
▶ RLI Fourth Quarter Earnings Release & Teleconference   [Jan-09-18 04:05PM  Business Wire]
▶ How to Invest in Insurance   [Jan-02-18 06:00AM  Motley Fool]
▶ RLI Corp. Value Analysis (NYSE:RLI) : December 7, 2017   [Dec-07-17 02:58PM  Capital Cube]
▶ RLI Declares Regular and Special Dividend   [Nov-09-17 04:00PM  Business Wire]
▶ ETFs with exposure to RLI Corp. : October 30, 2017   [Oct-30-17 12:12PM  Capital Cube]
▶ New Strong Sell Stocks for October 19th   [Oct-19-17 09:21AM  Zacks]
▶ RLI Corp. posts 3Q profit   [Oct-18-17 04:09PM  Associated Press]
▶ RLI Reports Third Quarter 2017 Results   [04:00PM  Business Wire]
▶ When Should You Sell RLI Corp (RLI)?   [Oct-04-17 07:46PM  Simply Wall St.]
▶ RLI Third Quarter Earnings Release & Teleconference   [Sep-28-17 04:00PM  Business Wire]
▶ RLI Estimates Hurricane Losses   [Sep-26-17 06:19PM  Business Wire]
▶ RLI Corp. Value Analysis (NYSE:RLI) : September 25, 2017   [Sep-25-17 10:56AM  Capital Cube]
▶ ETFs with exposure to RLI Corp. : August 18, 2017   [Aug-18-17 05:57PM  Capital Cube]
▶ RLI Declares Regular Dividend   [Aug-09-17 05:09PM  Business Wire]
▶ ETFs with exposure to RLI Corp. : August 8, 2017   [Aug-08-17 05:08PM  Capital Cube]
Financial statements 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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