Intrinsic value of United Insurance Holdings - UIHC

Previous Close

$15.67

  Intrinsic Value

$260.38

stock screener

  Rating & Target

str. buy

+999%

Previous close

$15.67

 
Intrinsic value

$260.38

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of UIHC 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 0.7

 

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, %
  36.03
  47.10
  42.89
  39.10
  35.69
  32.62
  29.86
  27.37
  25.14
  23.12
  21.31
  19.68
  18.21
  16.89
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
Revenue, $m
  0
  716
  1,024
  1,424
  1,932
  2,562
  3,327
  4,238
  5,304
  6,530
  7,922
  9,481
  11,207
  13,100
  15,157
  17,374
  19,749
  22,277
  24,955
  27,780
  30,749
  33,860
  37,113
  40,507
  44,044
  47,725
  51,554
  55,534
  59,670
  63,968
  68,435
Variable operating expenses, $m
 
  632
  902
  1,255
  1,702
  2,257
  2,930
  3,732
  4,669
  5,749
  6,973
  8,344
  9,864
  11,530
  13,340
  15,292
  17,382
  19,607
  21,964
  24,450
  27,063
  29,801
  32,664
  35,651
  38,764
  42,004
  45,374
  48,877
  52,517
  56,300
  60,232
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
  480
  632
  902
  1,255
  1,702
  2,257
  2,930
  3,732
  4,669
  5,749
  6,973
  8,344
  9,864
  11,530
  13,340
  15,292
  17,382
  19,607
  21,964
  24,450
  27,063
  29,801
  32,664
  35,651
  38,764
  42,004
  45,374
  48,877
  52,517
  56,300
  60,232
Operating income, $m
  7
  84
  121
  169
  230
  306
  397
  507
  634
  781
  948
  1,136
  1,343
  1,570
  1,817
  2,083
  2,367
  2,670
  2,992
  3,330
  3,686
  4,059
  4,449
  4,856
  5,280
  5,721
  6,180
  6,657
  7,153
  7,668
  8,204
EBITDA, $m
  19
  91
  130
  181
  246
  326
  423
  539
  674
  830
  1,007
  1,205
  1,424
  1,665
  1,926
  2,208
  2,510
  2,831
  3,171
  3,530
  3,907
  4,303
  4,716
  5,147
  5,597
  6,065
  6,551
  7,057
  7,583
  8,129
  8,696
Interest expense (income), $m
  0
  2
  14
  31
  53
  81
  115
  157
  207
  265
  332
  407
  492
  587
  690
  802
  923
  1,053
  1,191
  1,337
  1,491
  1,653
  1,822
  2,000
  2,185
  2,378
  2,579
  2,788
  3,005
  3,230
  3,465
Earnings before tax, $m
  7
  83
  107
  138
  177
  225
  282
  350
  428
  517
  617
  729
  851
  984
  1,127
  1,281
  1,444
  1,618
  1,801
  1,994
  2,195
  2,406
  2,627
  2,856
  3,095
  3,343
  3,601
  3,870
  4,148
  4,438
  4,739
Tax expense, $m
  1
  22
  29
  37
  48
  61
  76
  94
  116
  140
  167
  197
  230
  266
  304
  346
  390
  437
  486
  538
  593
  650
  709
  771
  836
  903
  972
  1,045
  1,120
  1,198
  1,280
Net income, $m
  6
  60
  78
  101
  129
  164
  206
  255
  312
  377
  450
  532
  621
  718
  823
  935
  1,054
  1,181
  1,315
  1,455
  1,603
  1,757
  1,917
  2,085
  2,259
  2,441
  2,629
  2,825
  3,028
  3,240
  3,459

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
  1,000
  1,471
  2,102
  2,924
  3,967
  5,262
  6,833
  8,703
  10,890
  13,409
  16,266
  19,467
  23,012
  26,899
  31,123
  35,676
  40,553
  45,744
  51,243
  57,043
  63,139
  69,528
  76,207
  83,177
  90,439
  97,998
  105,860
  114,033
  122,526
  131,352
  140,524
Adjusted assets (=assets-cash), $m
  1,000
  1,471
  2,102
  2,924
  3,967
  5,262
  6,833
  8,703
  10,890
  13,409
  16,266
  19,467
  23,012
  26,899
  31,123
  35,676
  40,553
  45,744
  51,243
  57,043
  63,139
  69,528
  76,207
  83,177
  90,439
  97,998
  105,860
  114,033
  122,526
  131,352
  140,524
Revenue / Adjusted assets
  0.000
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
  0.487
Average production assets, $m
  18
  26
  37
  51
  70
  92
  120
  153
  191
  235
  285
  341
  403
  472
  546
  625
  711
  802
  898
  1,000
  1,107
  1,219
  1,336
  1,458
  1,586
  1,718
  1,856
  1,999
  2,148
  2,303
  2,464
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
  54
  411
  890
  1,514
  2,306
  3,288
  4,481
  5,901
  7,561
  9,472
  11,641
  14,071
  16,761
  19,712
  22,917
  26,373
  30,074
  34,015
  38,188
  42,591
  47,218
  52,067
  57,136
  62,426
  67,939
  73,676
  79,643
  85,846
  92,292
  98,991
  105,953
Total liabilities, $m
  758
  1,116
  1,595
  2,219
  3,011
  3,993
  5,186
  6,606
  8,266
  10,177
  12,346
  14,776
  17,466
  20,417
  23,622
  27,078
  30,779
  34,720
  38,893
  43,296
  47,923
  52,772
  57,841
  63,131
  68,644
  74,381
  80,348
  86,551
  92,997
  99,696
  106,658
Total equity, $m
  241
  355
  507
  705
  956
  1,268
  1,647
  2,097
  2,625
  3,231
  3,920
  4,692
  5,546
  6,483
  7,501
  8,598
  9,773
  11,024
  12,350
  13,747
  15,217
  16,756
  18,366
  20,046
  21,796
  23,618
  25,512
  27,482
  29,529
  31,656
  33,866
Total liabilities and equity, $m
  999
  1,471
  2,102
  2,924
  3,967
  5,261
  6,833
  8,703
  10,891
  13,408
  16,266
  19,468
  23,012
  26,900
  31,123
  35,676
  40,552
  45,744
  51,243
  57,043
  63,140
  69,528
  76,207
  83,177
  90,440
  97,999
  105,860
  114,033
  122,526
  131,352
  140,524
Debt-to-equity ratio
  0.224
  1.160
  1.760
  2.150
  2.410
  2.590
  2.720
  2.810
  2.880
  2.930
  2.970
  3.000
  3.020
  3.040
  3.060
  3.070
  3.080
  3.090
  3.090
  3.100
  3.100
  3.110
  3.110
  3.110
  3.120
  3.120
  3.120
  3.120
  3.130
  3.130
  3.130
Adjusted equity ratio
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  6
  60
  78
  101
  129
  164
  206
  255
  312
  377
  450
  532
  621
  718
  823
  935
  1,054
  1,181
  1,315
  1,455
  1,603
  1,757
  1,917
  2,085
  2,259
  2,441
  2,629
  2,825
  3,028
  3,240
  3,459
Depreciation, amort., depletion, $m
  12
  7
  9
  12
  15
  20
  25
  32
  40
  48
  58
  68
  81
  94
  109
  125
  142
  160
  180
  200
  221
  244
  267
  292
  317
  344
  371
  400
  430
  461
  493
Funds from operations, $m
  107
  67
  87
  112
  145
  184
  231
  287
  352
  426
  509
  600
  702
  812
  932
  1,060
  1,197
  1,341
  1,494
  1,655
  1,824
  2,000
  2,185
  2,377
  2,576
  2,784
  3,000
  3,225
  3,458
  3,700
  3,952
Change in working capital, $m
  41
  0
  0
  0
  0
  0
  0
  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
  66
  67
  87
  112
  145
  184
  231
  287
  352
  426
  509
  600
  702
  812
  932
  1,060
  1,197
  1,341
  1,494
  1,655
  1,824
  2,000
  2,185
  2,377
  2,576
  2,784
  3,000
  3,225
  3,458
  3,700
  3,952
Maintenance CAPEX, $m
  0
  -4
  -5
  -7
  -10
  -14
  -18
  -24
  -31
  -38
  -47
  -57
  -68
  -81
  -94
  -109
  -125
  -142
  -160
  -180
  -200
  -221
  -244
  -267
  -292
  -317
  -344
  -371
  -400
  -430
  -461
New CAPEX, $m
  -3
  -8
  -11
  -14
  -18
  -23
  -28
  -33
  -38
  -44
  -50
  -56
  -62
  -68
  -74
  -80
  -85
  -91
  -96
  -102
  -107
  -112
  -117
  -122
  -127
  -133
  -138
  -143
  -149
  -155
  -161
Cash from investing activities, $m
  -50
  -12
  -16
  -21
  -28
  -37
  -46
  -57
  -69
  -82
  -97
  -113
  -130
  -149
  -168
  -189
  -210
  -233
  -256
  -282
  -307
  -333
  -361
  -389
  -419
  -450
  -482
  -514
  -549
  -585
  -622
Free cash flow, $m
  16
  55
  71
  91
  116
  148
  186
  231
  283
  343
  411
  487
  571
  664
  763
  871
  986
  1,108
  1,238
  1,374
  1,517
  1,667
  1,824
  1,987
  2,157
  2,335
  2,519
  2,710
  2,909
  3,116
  3,331
Issuance/(repayment) of debt, $m
  56
  357
  479
  624
  792
  982
  1,192
  1,420
  1,660
  1,911
  2,169
  2,430
  2,691
  2,950
  3,206
  3,456
  3,701
  3,940
  4,174
  4,402
  4,627
  4,849
  5,070
  5,290
  5,512
  5,737
  5,967
  6,203
  6,446
  6,699
  6,962
Issuance/(repurchase) of shares, $m
  0
  53
  74
  97
  122
  148
  172
  195
  215
  230
  238
  239
  233
  219
  195
  163
  121
  70
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  55
  410
  553
  721
  914
  1,130
  1,364
  1,615
  1,875
  2,141
  2,407
  2,669
  2,924
  3,169
  3,401
  3,619
  3,822
  4,010
  4,185
  4,402
  4,627
  4,849
  5,070
  5,290
  5,512
  5,737
  5,967
  6,203
  6,446
  6,699
  6,962
Total cash flow (excl. dividends), $m
  71
  466
  623
  812
  1,030
  1,277
  1,550
  1,845
  2,158
  2,484
  2,819
  3,156
  3,496
  3,832
  4,164
  4,490
  4,808
  5,118
  5,422
  5,776
  6,144
  6,516
  6,893
  7,277
  7,670
  8,072
  8,486
  8,913
  9,356
  9,815
  10,293
Retained Cash Flow (-), $m
  -2
  -114
  -152
  -198
  -251
  -312
  -379
  -451
  -527
  -607
  -689
  -771
  -854
  -937
  -1,018
  -1,097
  -1,175
  -1,251
  -1,325
  -1,398
  -1,469
  -1,540
  -1,610
  -1,680
  -1,750
  -1,822
  -1,895
  -1,970
  -2,047
  -2,127
  -2,211
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
 
  352
  471
  614
  779
  966
  1,172
  1,395
  1,631
  1,877
  2,130
  2,385
  2,641
  2,896
  3,146
  3,392
  3,633
  3,867
  4,097
  4,378
  4,675
  4,976
  5,284
  5,598
  5,919
  6,250
  6,591
  6,944
  7,309
  7,688
  8,082
Discount rate, %
 
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
 
  337
  429
  529
  633
  736
  832
  918
  988
  1,039
  1,069
  1,077
  1,064
  1,032
  982
  918
  843
  760
  674
  596
  518
  443
  372
  307
  248
  197
  153
  116
  86
  63
  44
Current shareholders' claim on cash, %
  100
  92.6
  86.2
  80.6
  75.9
  71.9
  68.5
  65.7
  63.4
  61.4
  59.9
  58.6
  57.5
  56.7
  56.1
  55.7
  55.4
  55.3
  55.2
  55.2
  55.2
  55.2
  55.2
  55.2
  55.2
  55.2
  55.2
  55.2
  55.2
  55.2
  55.2

United Insurance Holdings Corp. is a property and casualty insurance holding company that sources, writes and services residential property and casualty insurance policies using a network of agents and a group of insurance subsidiaries. The Company's insurance subsidiary is United Property & Casualty Insurance Company. Its other subsidiaries include United Insurance Management, L.C., the managing general agent that manages substantially all aspects of United Property & Casualty Insurance Company's business; Skyway Claims Services, LLC, which provides services to its insurance affiliate; UPC Re, which provides a portion of the reinsurance protection purchased by its insurance affiliate. The Company's principal product is homeowners' insurance, which it offers in Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina and Texas.

FINANCIAL RATIOS  of  United Insurance Holdings (UIHC)

Valuation Ratios
P/E Ratio 56.5
Price to Sales 0.7
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 5.4
Growth Rates
Sales Growth Rate 36%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -72.7%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 22.4%
Total Debt to Equity 22.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 2.2%
Ret/ On T. Cap. - 3 Yr. Avg. 12.6%
Return On Equity 2.5%
Return On Equity - 3 Yr. Avg. 13.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 3.9%
EBITDA Margin - 3 Yr. Avg. 13.2%
Operating Margin 1.4%
Oper. Margin - 3 Yr. Avg. 12%
Pre-Tax Margin 1.4%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 1.2%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 14.3%
Eff/ Tax Rate - 3 Yr. Avg. 28.6%
Payout Ratio 83.3%

UIHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UIHC stock intrinsic value calculation we used $487 million for the last fiscal year's total revenue generated by United Insurance Holdings. The default revenue input number comes from 2016 income statement of United Insurance Holdings. 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 UIHC stock valuation model: a) initial revenue growth rate of 47.1% 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 4.6%, whose default value for UIHC is calculated based on our internal credit rating of United Insurance Holdings, 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 United Insurance Holdings.
    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 UIHC stock the variable cost ratio is equal to 88.3%.

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 UIHC 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 United Insurance Holdings.

Corporate tax rate of 27% is the nominal tax rate for United Insurance Holdings. 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 UIHC 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 UIHC are equal to 3.6%.

Life of production assets of 2.2 years is the average useful life of capital assets used in United Insurance Holdings 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 UIHC 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 - $241 million for United Insurance Holdings - 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 42.741 million for United Insurance Holdings 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 United Insurance Holdings at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ United Insurance Holdings Corp. to Host Earnings Call   [Nov-07-17 06:50AM  ACCESSWIRE]
▶ United Insurance reports 3Q loss   [Nov-06-17 04:51PM  Associated Press]
▶ How Tampa Bay and Florida insurers are making it through the storm   [Sep-11-17 08:05AM  American City Business Journals]
▶ Irma batters Tampa Bay insurance stocks   [03:25PM  American City Business Journals]
▶ Which Tampa Bay stocks soared and which sank on a record-setting day on Wall Street   [Aug-03-17 08:05AM  American City Business Journals]
▶ United Insurance posts 1Q profit   [May-09-17 06:04PM  Associated Press]
▶ Top Ranked Value Stocks to Buy for March 27th   [Mar-27-17 11:53AM  Zacks]
▶ Hedge Funds Are Betting On Regenxbio Inc (RGNX)   [Dec-08-16 07:30AM  at Insider Monkey]
▶ This Year Is Ideal for Beaten-Stock Strategy   [12:16AM  at The Wall Street Journal]
▶ To Find January's Stock Winners, Look at December's Losers   [Dec-04-16 10:27PM  at The Wall Street Journal]
Financial statements of UIHC
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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