Intrinsic value of Safety Insurance Group - SAFT

Previous Close

$72.40

  Intrinsic Value

$10.90

stock screener

  Rating & Target

str. sell

-85%

  Value-price divergence*

-94%

Previous close

$72.40

 
Intrinsic value

$10.90

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence*

-94%

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

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

We calculate the intrinsic value of SAFT 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 1.1

 

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, %
  2.76
  2.80
  3.02
  3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
Revenue, $m
  0
  843
  868
  896
  927
  960
  995
  1,033
  1,074
  1,118
  1,164
  1,213
  1,266
  1,321
  1,380
  1,442
  1,507
  1,577
  1,650
  1,727
  1,808
  1,893
  1,984
  2,078
  2,178
  2,283
  2,394
  2,510
  2,633
  2,761
  2,896
Variable operating expenses, $m
 
  874
  901
  930
  961
  995
  1,032
  1,072
  1,114
  1,159
  1,207
  1,258
  1,313
  1,370
  1,431
  1,495
  1,563
  1,635
  1,711
  1,791
  1,875
  1,963
  2,057
  2,155
  2,259
  2,368
  2,483
  2,603
  2,730
  2,863
  3,004
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
  726
  874
  901
  930
  961
  995
  1,032
  1,072
  1,114
  1,159
  1,207
  1,258
  1,313
  1,370
  1,431
  1,495
  1,563
  1,635
  1,711
  1,791
  1,875
  1,963
  2,057
  2,155
  2,259
  2,368
  2,483
  2,603
  2,730
  2,863
  3,004
Operating income, $m
  93
  -31
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -84
  -89
  -93
  -97
  -102
  -107
EBITDA, $m
  107
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -92
  -96
  -101
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  7
  8
  10
  12
  14
  16
  18
  21
  23
  26
  29
  32
  35
  39
  42
  46
  50
  54
  58
  63
  68
  73
  78
  84
  90
Earnings before tax, $m
  93
  -31
  -33
  -35
  -38
  -40
  -43
  -46
  -50
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -85
  -90
  -96
  -102
  -109
  -116
  -123
  -131
  -139
  -148
  -157
  -166
  -176
  -186
  -197
Tax expense, $m
  28
  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
Net income, $m
  65
  -31
  -33
  -35
  -38
  -40
  -43
  -46
  -50
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -85
  -90
  -96
  -102
  -109
  -116
  -123
  -131
  -139
  -148
  -157
  -166
  -176
  -186
  -197

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
  1,758
  1,809
  1,864
  1,924
  1,989
  2,060
  2,136
  2,218
  2,305
  2,399
  2,498
  2,604
  2,716
  2,835
  2,961
  3,094
  3,235
  3,383
  3,540
  3,705
  3,880
  4,063
  4,257
  4,460
  4,674
  4,900
  5,137
  5,387
  5,649
  5,925
  6,215
Adjusted assets (=assets-cash), $m
  1,758
  1,809
  1,864
  1,924
  1,989
  2,060
  2,136
  2,218
  2,305
  2,399
  2,498
  2,604
  2,716
  2,835
  2,961
  3,094
  3,235
  3,383
  3,540
  3,705
  3,880
  4,063
  4,257
  4,460
  4,674
  4,900
  5,137
  5,387
  5,649
  5,925
  6,215
Revenue / Adjusted assets
  0.000
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
Average production assets, $m
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
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
  0
  31
  65
  102
  142
  186
  233
  283
  338
  395
  457
  522
  592
  665
  743
  825
  912
  1,004
  1,101
  1,203
  1,311
  1,424
  1,544
  1,669
  1,802
  1,941
  2,088
  2,242
  2,404
  2,575
  2,754
Total liabilities, $m
  1,088
  1,118
  1,152
  1,189
  1,229
  1,273
  1,320
  1,370
  1,425
  1,482
  1,544
  1,609
  1,679
  1,752
  1,830
  1,912
  1,999
  2,091
  2,188
  2,290
  2,398
  2,511
  2,631
  2,756
  2,889
  3,028
  3,175
  3,329
  3,491
  3,662
  3,841
Total equity, $m
  671
  691
  712
  735
  760
  787
  816
  847
  881
  916
  954
  995
  1,038
  1,083
  1,131
  1,182
  1,236
  1,292
  1,352
  1,415
  1,482
  1,552
  1,626
  1,704
  1,786
  1,872
  1,962
  2,058
  2,158
  2,263
  2,374
Total liabilities and equity, $m
  1,759
  1,809
  1,864
  1,924
  1,989
  2,060
  2,136
  2,217
  2,306
  2,398
  2,498
  2,604
  2,717
  2,835
  2,961
  3,094
  3,235
  3,383
  3,540
  3,705
  3,880
  4,063
  4,257
  4,460
  4,675
  4,900
  5,137
  5,387
  5,649
  5,925
  6,215
Debt-to-equity ratio
  0.000
  0.040
  0.090
  0.140
  0.190
  0.240
  0.290
  0.330
  0.380
  0.430
  0.480
  0.520
  0.570
  0.610
  0.660
  0.700
  0.740
  0.780
  0.810
  0.850
  0.880
  0.920
  0.950
  0.980
  1.010
  1.040
  1.060
  1.090
  1.110
  1.140
  1.160
Adjusted equity ratio
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  65
  -31
  -33
  -35
  -38
  -40
  -43
  -46
  -50
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -85
  -90
  -96
  -102
  -109
  -116
  -123
  -131
  -139
  -148
  -157
  -166
  -176
  -186
  -197
Depreciation, amort., depletion, $m
  14
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
Funds from operations, $m
  122
  -29
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -62
  -67
  -71
  -76
  -81
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -134
  -143
  -151
  -160
  -170
  -180
  -191
Change in working capital, $m
  23
  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
  99
  -29
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -62
  -67
  -71
  -76
  -81
  -87
  -93
  -99
  -105
  -112
  -119
  -126
  -134
  -143
  -151
  -160
  -170
  -180
  -191
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
New CAPEX, $m
  -5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  -84
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Free cash flow, $m
  15
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -91
  -97
  -103
  -110
  -117
  -124
  -132
  -140
  -148
  -157
  -167
  -177
  -187
  -198
Issuance/(repayment) of debt, $m
  0
  31
  34
  37
  40
  44
  47
  51
  54
  58
  61
  65
  69
  73
  78
  82
  87
  92
  97
  102
  108
  113
  120
  126
  132
  139
  147
  154
  162
  171
  179
Issuance/(repurchase) of shares, $m
  0
  51
  54
  58
  63
  68
  72
  78
  83
  89
  95
  101
  108
  115
  122
  130
  138
  147
  156
  166
  176
  186
  197
  209
  221
  234
  247
  261
  276
  292
  308
Cash from financing (excl. dividends), $m  
  0
  82
  88
  95
  103
  112
  119
  129
  137
  147
  156
  166
  177
  188
  200
  212
  225
  239
  253
  268
  284
  299
  317
  335
  353
  373
  394
  415
  438
  463
  487
Total cash flow (excl. dividends), $m
  15
  51
  54
  60
  65
  70
  76
  81
  87
  93
  99
  105
  112
  118
  125
  133
  140
  148
  156
  165
  174
  183
  193
  203
  213
  225
  236
  249
  261
  275
  289
Retained Cash Flow (-), $m
  -26
  -51
  -54
  -58
  -63
  -68
  -72
  -78
  -83
  -89
  -95
  -101
  -108
  -115
  -122
  -130
  -138
  -147
  -156
  -166
  -176
  -186
  -197
  -209
  -221
  -234
  -247
  -261
  -276
  -292
  -308
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
 
  0
  0
  1
  2
  3
  3
  4
  4
  4
  4
  4
  4
  3
  3
  2
  2
  1
  0
  -1
  -2
  -3
  -5
  -6
  -7
  -9
  -11
  -13
  -15
  -17
  -19
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
 
  0
  0
  1
  2
  2
  3
  3
  3
  2
  2
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  95.6
  91.3
  87.0
  82.7
  78.5
  74.4
  70.4
  66.5
  62.6
  59.0
  55.4
  52.0
  48.8
  45.7
  42.7
  39.9
  37.2
  34.7
  32.3
  30.1
  27.9
  26.0
  24.1
  22.4
  20.7
  19.2
  17.8
  16.4
  15.2
  14.0

Safety Insurance Group, Inc. is a provider of private passenger automobile insurance. The Company offers a portfolio of property and casualty insurance products. The Company is engaged in property and casualty insurance operations. The Company's product line includes private passenger automobile, commercial automobile, homeowners, business owners' policies, personal umbrella, dwelling fire, commercial umbrella, inland marine and watercraft. The Company operates through its insurance company subsidiaries, Safety Insurance Company, Safety Indemnity Insurance Company, and Safety Property and Casualty Insurance Company. Private passenger automobile policies provide coverage for bodily injury and property damage to others, no-fault personal injury coverage for the insured/insured's car occupants, and physical damage coverage for an insured's own vehicle for collision or other perils. Commercial automobile policies provide coverage for bodily injury and property damage to others.

FINANCIAL RATIOS  of  Safety Insurance Group (SAFT)

Valuation Ratios
P/E Ratio 16.9
Price to Sales 1.3
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 11.7
Growth Rates
Sales Growth Rate 2.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 25%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.4%
Return On Equity 9.9%
Return On Equity - 3 Yr. Avg. 5.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 13%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 11.5%
Oper. Margin - 3 Yr. Avg. 6.2%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 30.1%
Eff/ Tax Rate - 3 Yr. Avg. 36.9%
Payout Ratio 64.6%

SAFT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SAFT stock intrinsic value calculation we used $820 million for the last fiscal year's total revenue generated by Safety Insurance Group. The default revenue input number comes from 2016 income statement of Safety Insurance Group. 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 SAFT stock valuation model: a) initial revenue growth rate of 2.8% 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 SAFT is calculated based on our internal credit rating of Safety Insurance Group, 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 Safety Insurance Group.
    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 SAFT stock the variable cost ratio is equal to 103.7%.

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 SAFT 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 Safety Insurance Group.

Corporate tax rate of 27% is the nominal tax rate for Safety Insurance Group. 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 SAFT 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 SAFT are equal to 1.1%.

Life of production assets of 0.6 years is the average useful life of capital assets used in Safety Insurance Group 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 SAFT 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 - $671 million for Safety Insurance Group - 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 15.385 million for Safety Insurance Group 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 Safety Insurance Group at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Safety Insurance posts 2Q profit   [Aug-02-17 10:08PM  Associated Press]
▶ Hate Checking Your Portfolio? Try These 3 Stocks   [Jun-05-17 12:34PM  Motley Fool]
▶ How the Insurance Industry Makes Money   [May-31-17 11:23AM  Motley Fool]
▶ Safety Insurance posts 1Q profit   [May-03-17 05:46PM  Associated Press]
▶ Safety Insurance posts 4Q profit   [Feb-22-17 05:38PM  Associated Press]
▶ Safety Insurance Group Drives on to 55% Higher Earnings   [Nov-07-16 11:38AM  at Motley Fool]
▶ Why one Boston insurer is defying the stock-market malaise   [May-04-16 02:55PM  at bizjournals.com]
▶ The Oddball Risks that Threaten Insurers   [Apr-08-16 12:20PM  at Motley Fool]
▶ Investing in Insurance: What You Need to Know   [Apr-07-16 10:41AM  at Motley Fool]
▶ Should You Buy Golub Capital BDC Inc (GBDC)?   [Nov-26  06:17AM  at Insider Monkey]
▶ 10-Q for Safety Insurance Group, Inc.   [Aug-09  08:13PM  at Company Spotlight]
▶ Record Snow Strikes Safety Insurance Group Again   [Aug-05  08:03PM  at Motley Fool]
Financial statements of SAFT
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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