Intrinsic value of Selective Insurance Group - SIGI

Previous Close

$51.20

  Intrinsic Value

$130.49

stock screener

  Rating & Target

str. buy

+155%

  Value-price divergence*

-45%

Previous close

$51.20

 
Intrinsic value

$130.49

 
Up/down potential

+155%

 
Rating

str. buy

 
Value-price divergence*

-45%

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

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

We calculate the intrinsic value of SIGI 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 3.0

 

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, %
  6.65
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  0
  2,495
  2,705
  2,923
  3,150
  3,387
  3,632
  3,887
  4,152
  4,427
  4,714
  5,012
  5,322
  5,646
  5,982
  6,334
  6,700
  7,082
  7,481
  7,898
  8,333
  8,788
  9,264
  9,762
  10,283
  10,828
  11,399
  11,997
  12,624
  13,280
  13,968
Variable operating expenses, $m
 
  2,198
  2,383
  2,575
  2,775
  2,983
  3,199
  3,424
  3,657
  3,900
  4,152
  4,414
  4,687
  4,972
  5,268
  5,578
  5,900
  6,237
  6,588
  6,955
  7,339
  7,739
  8,158
  8,597
  9,056
  9,536
  10,039
  10,565
  11,117
  11,695
  12,301
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
  2,050
  2,198
  2,383
  2,575
  2,775
  2,983
  3,199
  3,424
  3,657
  3,900
  4,152
  4,414
  4,687
  4,972
  5,268
  5,578
  5,900
  6,237
  6,588
  6,955
  7,339
  7,739
  8,158
  8,597
  9,056
  9,536
  10,039
  10,565
  11,117
  11,695
  12,301
Operating income, $m
  243
  297
  322
  348
  375
  403
  433
  463
  495
  528
  562
  598
  635
  674
  714
  756
  800
  845
  893
  943
  995
  1,049
  1,106
  1,165
  1,227
  1,292
  1,360
  1,432
  1,507
  1,585
  1,667
EBITDA, $m
  305
  305
  331
  357
  385
  414
  444
  475
  508
  541
  576
  613
  651
  690
  731
  774
  819
  866
  915
  965
  1,019
  1,074
  1,133
  1,193
  1,257
  1,324
  1,394
  1,467
  1,543
  1,623
  1,708
Interest expense (income), $m
  22
  23
  50
  78
  108
  138
  170
  203
  237
  273
  310
  349
  389
  431
  474
  519
  567
  616
  667
  721
  777
  836
  897
  961
  1,028
  1,098
  1,171
  1,248
  1,329
  1,413
  1,501
Earnings before tax, $m
  220
  274
  272
  270
  267
  265
  262
  260
  257
  254
  252
  249
  246
  243
  240
  236
  233
  229
  226
  222
  217
  213
  209
  204
  199
  194
  189
  184
  178
  172
  166
Tax expense, $m
  61
  74
  73
  73
  72
  72
  71
  70
  69
  69
  68
  67
  67
  66
  65
  64
  63
  62
  61
  60
  59
  58
  56
  55
  54
  52
  51
  50
  48
  46
  45
Net income, $m
  159
  200
  198
  197
  195
  193
  192
  190
  188
  186
  184
  182
  180
  178
  175
  173
  170
  167
  165
  162
  159
  156
  152
  149
  146
  142
  138
  134
  130
  126
  121

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
  7,356
  7,996
  8,669
  9,370
  10,098
  10,854
  11,641
  12,458
  13,307
  14,190
  15,109
  16,064
  17,059
  18,095
  19,174
  20,300
  21,474
  22,699
  23,977
  25,313
  26,709
  28,167
  29,693
  31,289
  32,958
  34,706
  36,536
  38,453
  40,460
  42,564
  44,768
Adjusted assets (=assets-cash), $m
  7,356
  7,996
  8,669
  9,370
  10,098
  10,854
  11,641
  12,458
  13,307
  14,190
  15,109
  16,064
  17,059
  18,095
  19,174
  20,300
  21,474
  22,699
  23,977
  25,313
  26,709
  28,167
  29,693
  31,289
  32,958
  34,706
  36,536
  38,453
  40,460
  42,564
  44,768
Revenue / Adjusted assets
  0.000
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
Average production assets, $m
  67
  72
  78
  85
  91
  98
  105
  113
  120
  128
  137
  145
  154
  164
  173
  184
  194
  205
  217
  229
  242
  255
  269
  283
  298
  314
  331
  348
  366
  385
  405
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
  439
  947
  1,480
  2,035
  2,611
  3,211
  3,833
  4,481
  5,153
  5,853
  6,580
  7,337
  8,125
  8,945
  9,800
  10,691
  11,621
  12,591
  13,604
  14,662
  15,767
  16,923
  18,131
  19,395
  20,717
  22,101
  23,551
  25,069
  26,659
  28,325
  30,070
Total liabilities, $m
  5,824
  6,333
  6,866
  7,421
  7,997
  8,597
  9,219
  9,867
  10,539
  11,239
  11,966
  12,723
  13,511
  14,331
  15,186
  16,077
  17,007
  17,977
  18,990
  20,048
  21,153
  22,309
  23,517
  24,781
  26,103
  27,487
  28,937
  30,455
  32,045
  33,711
  35,456
Total equity, $m
  1,531
  1,663
  1,803
  1,949
  2,100
  2,258
  2,421
  2,591
  2,768
  2,952
  3,143
  3,341
  3,548
  3,764
  3,988
  4,222
  4,467
  4,721
  4,987
  5,265
  5,555
  5,859
  6,176
  6,508
  6,855
  7,219
  7,600
  7,998
  8,416
  8,853
  9,312
Total liabilities and equity, $m
  7,355
  7,996
  8,669
  9,370
  10,097
  10,855
  11,640
  12,458
  13,307
  14,191
  15,109
  16,064
  17,059
  18,095
  19,174
  20,299
  21,474
  22,698
  23,977
  25,313
  26,708
  28,168
  29,693
  31,289
  32,958
  34,706
  36,537
  38,453
  40,461
  42,564
  44,768
Debt-to-equity ratio
  0.287
  0.570
  0.820
  1.040
  1.240
  1.420
  1.580
  1.730
  1.860
  1.980
  2.090
  2.200
  2.290
  2.380
  2.460
  2.530
  2.600
  2.670
  2.730
  2.780
  2.840
  2.890
  2.940
  2.980
  3.020
  3.060
  3.100
  3.130
  3.170
  3.200
  3.230
Adjusted equity ratio
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  159
  200
  198
  197
  195
  193
  192
  190
  188
  186
  184
  182
  180
  178
  175
  173
  170
  167
  165
  162
  159
  156
  152
  149
  146
  142
  138
  134
  130
  126
  121
Depreciation, amort., depletion, $m
  62
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  15
  16
  17
  18
  19
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
Funds from operations, $m
  270
  208
  207
  206
  205
  204
  203
  202
  201
  199
  198
  197
  195
  194
  192
  191
  189
  188
  186
  185
  183
  181
  179
  177
  175
  173
  171
  169
  167
  164
  162
Change in working capital, $m
  -32
  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
  302
  208
  207
  206
  205
  204
  203
  202
  201
  199
  198
  197
  195
  194
  192
  191
  189
  188
  186
  185
  183
  181
  179
  177
  175
  173
  171
  169
  167
  164
  162
Maintenance CAPEX, $m
  0
  -7
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
New CAPEX, $m
  -18
  -5
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
Cash from investing activities, $m
  -318
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -24
  -26
  -27
  -29
  -30
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -59
Free cash flow, $m
  -16
  196
  194
  192
  190
  188
  186
  184
  182
  179
  177
  174
  172
  169
  166
  163
  161
  157
  154
  151
  147
  144
  140
  136
  132
  128
  123
  118
  114
  108
  103
Issuance/(repayment) of debt, $m
  45
  508
  533
  555
  577
  599
  623
  647
  673
  699
  727
  757
  788
  821
  855
  891
  930
  970
  1,013
  1,058
  1,105
  1,155
  1,208
  1,264
  1,322
  1,384
  1,449
  1,518
  1,590
  1,666
  1,746
Issuance/(repurchase) of shares, $m
  -5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  7
  17
  27
  38
  49
  61
  74
  87
  101
  116
  132
  148
  165
  183
  202
  222
  243
  265
  288
  312
  337
Cash from financing (excl. dividends), $m  
  50
  508
  533
  555
  577
  599
  623
  647
  673
  699
  734
  774
  815
  859
  904
  952
  1,004
  1,057
  1,114
  1,174
  1,237
  1,303
  1,373
  1,447
  1,524
  1,606
  1,692
  1,783
  1,878
  1,978
  2,083
Total cash flow (excl. dividends), $m
  34
  704
  727
  747
  767
  787
  809
  831
  854
  879
  912
  948
  987
  1,028
  1,071
  1,116
  1,164
  1,215
  1,268
  1,325
  1,384
  1,447
  1,513
  1,583
  1,656
  1,734
  1,815
  1,901
  1,991
  2,086
  2,186
Retained Cash Flow (-), $m
  -133
  -132
  -140
  -146
  -151
  -157
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -225
  -234
  -244
  -255
  -266
  -278
  -290
  -303
  -317
  -332
  -347
  -364
  -381
  -399
  -418
  -438
  -459
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
 
  571
  587
  601
  615
  630
  645
  661
  678
  695
  721
  749
  780
  812
  846
  882
  920
  960
  1,002
  1,047
  1,094
  1,144
  1,196
  1,251
  1,309
  1,370
  1,434
  1,502
  1,574
  1,649
  1,728
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
 
  548
  537
  523
  507
  488
  468
  447
  424
  399
  378
  356
  333
  309
  284
  259
  234
  209
  185
  161
  139
  118
  99
  82
  67
  53
  42
  32
  24
  18
  13
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.6
  99.2
  98.6
  98.0
  97.2
  96.4
  95.4
  94.4
  93.2
  92.1
  90.8
  89.5
  88.2
  86.8
  85.4
  84.0
  82.5
  81.0
  79.5
  78.0

Selective Insurance Group, Inc., together with its subsidiaries, provides insurance products and services in the United States. It operates in four segments: Standard Commercial Lines, Standard Personal Lines, Excess and Surplus (E&S) Lines, and Investments. The company’s products and services include property insurance, which covers the financial consequences of accidental loss of an insured’s real and/or personal property; and casualty insurance that covers the financial consequences of employee injuries in the course of employment, and bodily injury and/or property damage to a third party as a result of an insured’s negligent acts, omissions, or legal liabilities. Its products and services also comprise flood insurance, which covers property losses. The company offers its insurance products and services to businesses, non-profit organizations, local government agencies, and individuals through independent retail insurance agents and brokers, and wholesale general agents. In addition, it invests in the premiums collected by Standard Commercial Lines, Standard Personal Lines, and E&S Lines segments on fixed income investments, equity securities, and alternative investment portfolio. Selective Insurance Group, Inc. was founded in 1925 and is headquartered in Branchville, New Jersey.

FINANCIAL RATIOS  of  Selective Insurance Group (SIGI)

Valuation Ratios
P/E Ratio 18.7
Price to Sales 1.3
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow 10.5
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.5%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 28.7%
Total Debt to Equity 28.7%
Interest Coverage 11
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 2.5%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9%
Return On Equity 10.9%
Return On Equity - 3 Yr. Avg. 11.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 13.3%
EBITDA Margin - 3 Yr. Avg. 13.6%
Operating Margin 10.6%
Oper. Margin - 3 Yr. Avg. 11.1%
Pre-Tax Margin 9.6%
Pre-Tax Margin - 3 Yr. Avg. 10%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 27.7%
Eff/ Tax Rate - 3 Yr. Avg. 28.1%
Payout Ratio 21.4%

SIGI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SIGI stock intrinsic value calculation we used $2293 million for the last fiscal year's total revenue generated by Selective Insurance Group. The default revenue input number comes from 2016 income statement of Selective 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 SIGI stock valuation model: a) initial revenue growth rate of 8.8% 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 SIGI is calculated based on our internal credit rating of Selective 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 Selective 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 SIGI stock the variable cost ratio is equal to 88.1%.

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 SIGI 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 5.3% for Selective Insurance Group.

Corporate tax rate of 27% is the nominal tax rate for Selective 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 SIGI 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 SIGI are equal to 2.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Selective 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 SIGI 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 - $1531 million for Selective 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 58.333 million for Selective 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 Selective Insurance Group at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ Top Ranked Momentum Stocks to Buy for May 8th   [May-08-17 10:52AM  Zacks]
▶ Selective Insurance posts 1Q profit   [Apr-26-17 06:46PM  Associated Press]
▶ Selective Insurance Group Announces Officer Appointments   [Mar-02-17 02:30PM  PR Newswire]
▶ Selective Insurance Group Announces Officer Appointments   [Nov-21-16 02:00PM  PR Newswire]
▶ Selective Insurance Group Announces Officer Appointments   [Aug-10-16 10:00AM  PR Newswire]
▶ Selective Shines Spotlight on Personal Lines Coverage   [Jun-29-16 03:02PM  PR Newswire]
▶ Selective Adds New Watercraft Coverage Enhancements   [Jun-22-16 03:16PM  PR Newswire]
▶ Selective Insurance Group Announces Officer Appointments   [Jun-14-16 02:00PM  PR Newswire]
Stock chart of SIGI Financial statements of SIGI Annual reports of SIGI
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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