Intrinsic value of Hanover Insurance Group - THG

Previous Close

$111.40

  Intrinsic Value

$242.00

stock screener

  Rating & Target

str. buy

+117%

Previous close

$111.40

 
Intrinsic value

$242.00

 
Up/down potential

+117%

 
Rating

str. buy

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

We calculate the intrinsic value of THG 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, %
  -1.72
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
Revenue, $m
  0
  5,317
  5,674
  6,045
  6,431
  6,833
  7,251
  7,687
  8,141
  8,615
  9,109
  9,625
  10,163
  10,726
  11,314
  11,929
  12,572
  13,245
  13,949
  14,686
  15,458
  16,267
  17,114
  18,002
  18,932
  19,907
  20,930
  22,002
  23,126
  24,306
  25,543
Variable operating expenses, $m
 
  4,790
  5,110
  5,443
  5,789
  6,149
  6,525
  6,916
  7,323
  7,748
  8,192
  8,636
  9,119
  9,624
  10,152
  10,703
  11,281
  11,884
  12,516
  13,178
  13,870
  14,596
  15,356
  16,153
  16,987
  17,863
  18,780
  19,742
  20,751
  21,809
  22,919
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
  4,727
  4,790
  5,110
  5,443
  5,789
  6,149
  6,525
  6,916
  7,323
  7,748
  8,192
  8,636
  9,119
  9,624
  10,152
  10,703
  11,281
  11,884
  12,516
  13,178
  13,870
  14,596
  15,356
  16,153
  16,987
  17,863
  18,780
  19,742
  20,751
  21,809
  22,919
Operating income, $m
  247
  528
  564
  602
  642
  683
  726
  771
  818
  866
  917
  989
  1,044
  1,102
  1,162
  1,225
  1,291
  1,360
  1,433
  1,509
  1,588
  1,671
  1,758
  1,849
  1,945
  2,045
  2,150
  2,260
  2,376
  2,497
  2,624
EBITDA, $m
  278
  546
  583
  621
  661
  702
  745
  790
  836
  885
  936
  989
  1,044
  1,102
  1,162
  1,225
  1,291
  1,360
  1,433
  1,509
  1,588
  1,671
  1,758
  1,849
  1,945
  2,045
  2,150
  2,260
  2,376
  2,497
  2,624
Interest expense (income), $m
  53
  53
  105
  159
  216
  275
  336
  400
  467
  537
  609
  685
  763
  846
  932
  1,022
  1,116
  1,214
  1,317
  1,425
  1,538
  1,656
  1,779
  1,909
  2,045
  2,187
  2,336
  2,493
  2,657
  2,829
  3,009
Earnings before tax, $m
  192
  475
  460
  443
  426
  408
  390
  371
  351
  330
  308
  304
  280
  256
  230
  203
  175
  146
  116
  84
  50
  15
  -22
  -60
  -100
  -142
  -186
  -233
  -281
  -332
  -385
Tax expense, $m
  36
  128
  124
  120
  115
  110
  105
  100
  95
  89
  83
  82
  76
  69
  62
  55
  47
  39
  31
  23
  14
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  155
  347
  336
  324
  311
  298
  285
  271
  256
  241
  225
  222
  205
  187
  168
  149
  128
  107
  84
  61
  37
  11
  -22
  -60
  -100
  -142
  -186
  -233
  -281
  -332
  -385

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
  14,220
  15,192
  16,211
  17,271
  18,374
  19,522
  20,717
  21,962
  23,260
  24,613
  26,025
  27,499
  29,038
  30,645
  32,325
  34,082
  35,920
  37,842
  39,854
  41,961
  44,166
  46,477
  48,897
  51,433
  54,092
  56,878
  59,800
  62,863
  66,076
  69,445
  72,980
Adjusted assets (=assets-cash), $m
  14,220
  15,192
  16,211
  17,271
  18,374
  19,522
  20,717
  21,962
  23,260
  24,613
  26,025
  27,499
  29,038
  30,645
  32,325
  34,082
  35,920
  37,842
  39,854
  41,961
  44,166
  46,477
  48,897
  51,433
  54,092
  56,878
  59,800
  62,863
  66,076
  69,445
  72,980
Revenue / Adjusted assets
  0.000
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
Average production assets, $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
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
  786
  1,562
  2,377
  3,224
  4,105
  5,022
  5,977
  6,972
  8,009
  9,090
  10,218
  11,395
  12,625
  13,910
  15,252
  16,656
  18,124
  19,660
  21,267
  22,950
  24,713
  26,559
  28,493
  30,519
  32,643
  34,870
  37,204
  39,652
  42,218
  44,911
  47,735
Total liabilities, $m
  11,363
  12,138
  12,953
  13,800
  14,681
  15,598
  16,553
  17,548
  18,585
  19,666
  20,794
  21,971
  23,201
  24,486
  25,828
  27,232
  28,700
  30,236
  31,843
  33,526
  35,289
  37,135
  39,069
  41,095
  43,219
  45,446
  47,780
  50,228
  52,794
  55,487
  58,311
Total equity, $m
  2,858
  3,054
  3,258
  3,472
  3,693
  3,924
  4,164
  4,414
  4,675
  4,947
  5,231
  5,527
  5,837
  6,160
  6,497
  6,851
  7,220
  7,606
  8,011
  8,434
  8,877
  9,342
  9,828
  10,338
  10,872
  11,433
  12,020
  12,635
  13,281
  13,958
  14,669
Total liabilities and equity, $m
  14,221
  15,192
  16,211
  17,272
  18,374
  19,522
  20,717
  21,962
  23,260
  24,613
  26,025
  27,498
  29,038
  30,646
  32,325
  34,083
  35,920
  37,842
  39,854
  41,960
  44,166
  46,477
  48,897
  51,433
  54,091
  56,879
  59,800
  62,863
  66,075
  69,445
  72,980
Debt-to-equity ratio
  0.275
  0.510
  0.730
  0.930
  1.110
  1.280
  1.440
  1.580
  1.710
  1.840
  1.950
  2.060
  2.160
  2.260
  2.350
  2.430
  2.510
  2.580
  2.650
  2.720
  2.780
  2.840
  2.900
  2.950
  3.000
  3.050
  3.100
  3.140
  3.180
  3.220
  3.250
Adjusted equity ratio
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  155
  347
  336
  324
  311
  298
  285
  271
  256
  241
  225
  222
  205
  187
  168
  149
  128
  107
  84
  61
  37
  11
  -22
  -60
  -100
  -142
  -186
  -233
  -281
  -332
  -385
Depreciation, amort., depletion, $m
  31
  19
  19
  19
  19
  19
  19
  19
  19
  19
  19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  1,194
  365
  354
  342
  330
  317
  303
  289
  274
  259
  243
  222
  205
  187
  168
  149
  128
  107
  84
  61
  37
  11
  -22
  -60
  -100
  -142
  -186
  -233
  -281
  -332
  -385
Change in working capital, $m
  456
  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
  738
  365
  354
  342
  330
  317
  303
  289
  274
  259
  243
  222
  205
  187
  168
  149
  128
  107
  84
  61
  37
  11
  -22
  -60
  -100
  -142
  -186
  -233
  -281
  -332
  -385
Maintenance CAPEX, $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
New CAPEX, $m
  -16
  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 investing activities, $m
  -495
  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
Free cash flow, $m
  243
  365
  354
  342
  330
  317
  303
  289
  274
  259
  243
  222
  205
  187
  168
  149
  128
  107
  84
  61
  37
  11
  -22
  -60
  -100
  -142
  -186
  -233
  -281
  -332
  -385
Issuance/(repayment) of debt, $m
  -105
  776
  814
  847
  881
  917
  955
  995
  1,037
  1,081
  1,128
  1,177
  1,230
  1,285
  1,343
  1,404
  1,468
  1,536
  1,608
  1,683
  1,762
  1,846
  1,934
  2,027
  2,124
  2,226
  2,334
  2,448
  2,567
  2,692
  2,824
Issuance/(repurchase) of shares, $m
  -89
  0
  0
  0
  0
  0
  0
  0
  5
  31
  59
  74
  105
  136
  170
  205
  241
  280
  320
  362
  407
  453
  508
  570
  634
  702
  774
  848
  927
  1,009
  1,096
Cash from financing (excl. dividends), $m  
  -215
  776
  814
  847
  881
  917
  955
  995
  1,042
  1,112
  1,187
  1,251
  1,335
  1,421
  1,513
  1,609
  1,709
  1,816
  1,928
  2,045
  2,169
  2,299
  2,442
  2,597
  2,758
  2,928
  3,108
  3,296
  3,494
  3,701
  3,920
Total cash flow (excl. dividends), $m
  24
  1,142
  1,169
  1,189
  1,211
  1,234
  1,258
  1,284
  1,316
  1,372
  1,430
  1,474
  1,539
  1,608
  1,680
  1,757
  1,837
  1,922
  2,012
  2,106
  2,206
  2,310
  2,420
  2,536
  2,658
  2,787
  2,921
  3,063
  3,213
  3,369
  3,534
Retained Cash Flow (-), $m
  -14
  -196
  -205
  -213
  -222
  -231
  -240
  -250
  -261
  -272
  -284
  -296
  -309
  -323
  -338
  -353
  -369
  -386
  -404
  -423
  -443
  -464
  -508
  -570
  -634
  -702
  -774
  -848
  -927
  -1,009
  -1,096
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
 
  946
  964
  976
  989
  1,003
  1,018
  1,034
  1,055
  1,100
  1,147
  1,177
  1,230
  1,285
  1,343
  1,404
  1,468
  1,536
  1,608
  1,683
  1,762
  1,846
  1,912
  1,967
  2,024
  2,084
  2,148
  2,215
  2,286
  2,360
  2,439
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  899
  866
  826
  783
  738
  692
  645
  600
  565
  528
  481
  442
  402
  362
  323
  284
  247
  212
  179
  149
  122
  97
  76
  58
  43
  32
  23
  16
  11
  7
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.5
  98.8
  98.0
  96.9
  95.6
  94.0
  92.3
  90.3
  88.3
  86.1
  83.8
  81.5
  79.1
  76.6
  74.0
  71.4
  68.7
  66.0
  63.3
  60.7
  58.0
  55.4

The Hanover Insurance Group, Inc. is a holding company. The Company is engaged in providing property and casualty insurance products and services. The Company has four segments: Commercial Lines, Personal Lines, Chaucer and Other. It markets its domestic products and services through independent agents and brokers in the United States, and conducts business internationally through a subsidiary, Chaucer Holdings Limited, which operates through the Society and Corporation of Lloyd's (Lloyd's). Its Commercial Lines product suite provides agents and customers with products designed for small, middle and specialized markets. Its Personal Lines coverages include other personal lines, which consist of umbrella and fire, among others. The Chaucer segment consists of international business written through Lloyd's, including marine and aviation, and property. The Other segment consists of Opus Investment Management, Inc. (Opus), which provides investment advisory services to affiliates.

FINANCIAL RATIOS  of  Hanover Insurance Group (THG)

Valuation Ratios
P/E Ratio 30.5
Price to Sales 0.9
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 6.5
Growth Rates
Sales Growth Rate -1.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20%
Cap. Spend. - 3 Yr. Gr. Rate -7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 27.5%
Total Debt to Equity 27.5%
Interest Coverage 5
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 9.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 5.5%
EBITDA Margin - 3 Yr. Avg. 8.5%
Operating Margin 5%
Oper. Margin - 3 Yr. Avg. 7.9%
Pre-Tax Margin 3.9%
Pre-Tax Margin - 3 Yr. Avg. 6.7%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 18.8%
Eff/ Tax Rate - 3 Yr. Avg. 22.9%
Payout Ratio 51.6%

THG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the THG stock intrinsic value calculation we used $4974 million for the last fiscal year's total revenue generated by Hanover Insurance Group. The default revenue input number comes from 2016 income statement of Hanover 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 THG stock valuation model: a) initial revenue growth rate of 6.9% 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 5.2%, whose default value for THG is calculated based on our internal credit rating of Hanover 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 Hanover 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 THG stock the variable cost ratio is equal to 90.1%.

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 THG 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 6.7% for Hanover Insurance Group.

Corporate tax rate of 27% is the nominal tax rate for Hanover 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 THG 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 THG are equal to 0%.

Life of production assets of 6 years is the average useful life of capital assets used in Hanover 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 THG 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 - $2858 million for Hanover 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 42.746 million for Hanover 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 Hanover Insurance Group at the current share price and the inputted number of shares is $4.8 billion.

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COMPANY NEWS

▶ Hanover Insurance posts 4Q profit   [Jan-31-18 05:49PM  Associated Press]
▶ Stocks Flashing Renewed Technical Strength: Hanover Insurance   [Dec-06-17 03:00AM  Investor's Business Daily]
▶ The Hanover Enhances Product Recall Coverage   [Nov-29-17 11:00AM  PR Newswire]
▶ Stocks Flashing Renewed Technical Strength: Hanover Insurance   [Nov-08-17 03:00AM  Investor's Business Daily]
▶ Hanover Insurance posts 3Q profit   [Nov-02-17 05:50AM  Associated Press]
▶ The Hanover Expands TrustedChoice.com Partnership   [Oct-12-17 02:00PM  PR Newswire]
▶ Molina Healthcare names Hanover Insurance's Zubretsky as CEO   [Oct-11-17 02:25PM  American City Business Journals]
▶ Hanover Insurance Sees RS Rating Improve To 73   [03:00AM  Investor's Business Daily]
▶ Hanover Insurance Getting Closer To Key Technical Benchmark   [Sep-13-17 03:00AM  Investor's Business Daily]
▶ The Hanover Underwrites National Accountants E&O Program   [Aug-07-17 01:30PM  PR Newswire]
▶ Hanover Insurance posts 2Q profit   [Aug-03-17 12:28AM  Associated Press]
▶ The Hanover Enhances Education Advantage Product Suite   [Jul-10-17 11:00AM  PR Newswire]
▶ Forbes Honors The Hanover as a Top Employer   [May-12-17 11:30AM  PR Newswire]
▶ Hanover Insurance posts 1Q profit   [May-03-17 07:39PM  Associated Press]
▶ What's Your Stock's Price Target?   [Mar-28-17 06:16PM  Zacks]
Financial statements of THG
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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