Intrinsic value of Universal Insurance Holdings - UVE

Previous Close

$25.95

  Intrinsic Value

$101.66

stock screener

  Rating & Target

str. buy

+292%

Previous close

$25.95

 
Intrinsic value

$101.66

 
Up/down potential

+292%

 
Rating

str. buy

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

We calculate the intrinsic value of UVE 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 0.9

 

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, %
  25.23
  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
  745
  808
  873
  941
  1,012
  1,085
  1,161
  1,240
  1,323
  1,408
  1,497
  1,590
  1,687
  1,787
  1,892
  2,001
  2,116
  2,235
  2,359
  2,489
  2,625
  2,768
  2,916
  3,072
  3,235
  3,405
  3,584
  3,771
  3,967
  4,173
Variable operating expenses, $m
 
  507
  549
  594
  640
  688
  738
  790
  843
  899
  958
  1,018
  1,081
  1,147
  1,215
  1,287
  1,361
  1,439
  1,520
  1,604
  1,693
  1,785
  1,882
  1,983
  2,089
  2,200
  2,316
  2,437
  2,564
  2,698
  2,837
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
  522
  507
  549
  594
  640
  688
  738
  790
  843
  899
  958
  1,018
  1,081
  1,147
  1,215
  1,287
  1,361
  1,439
  1,520
  1,604
  1,693
  1,785
  1,882
  1,983
  2,089
  2,200
  2,316
  2,437
  2,564
  2,698
  2,837
Operating income, $m
  163
  238
  259
  279
  301
  324
  347
  372
  397
  423
  451
  479
  509
  540
  572
  605
  640
  677
  715
  755
  797
  840
  886
  933
  983
  1,035
  1,090
  1,147
  1,207
  1,269
  1,335
EBITDA, $m
  166
  242
  262
  283
  305
  328
  352
  377
  402
  429
  457
  486
  516
  547
  580
  614
  649
  686
  725
  765
  808
  852
  898
  946
  996
  1,049
  1,105
  1,163
  1,223
  1,287
  1,354
Interest expense (income), $m
  0
  1
  3
  5
  7
  10
  12
  15
  17
  20
  23
  26
  29
  32
  36
  39
  43
  47
  51
  55
  59
  64
  69
  74
  79
  85
  90
  96
  103
  109
  116
Earnings before tax, $m
  163
  238
  256
  275
  294
  314
  335
  357
  380
  403
  428
  453
  480
  507
  536
  566
  597
  630
  664
  700
  737
  776
  817
  859
  904
  951
  999
  1,051
  1,104
  1,160
  1,219
Tax expense, $m
  64
  64
  69
  74
  79
  85
  90
  96
  102
  109
  115
  122
  130
  137
  145
  153
  161
  170
  179
  189
  199
  210
  221
  232
  244
  257
  270
  284
  298
  313
  329
Net income, $m
  99
  174
  187
  200
  215
  229
  245
  261
  277
  294
  312
  331
  350
  370
  391
  413
  436
  460
  485
  511
  538
  567
  596
  627
  660
  694
  730
  767
  806
  847
  890

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
  1,060
  1,154
  1,251
  1,352
  1,457
  1,566
  1,680
  1,797
  1,920
  2,047
  2,180
  2,318
  2,461
  2,611
  2,767
  2,929
  3,098
  3,275
  3,459
  3,652
  3,854
  4,064
  4,284
  4,514
  4,755
  5,007
  5,271
  5,548
  5,838
  6,141
  6,459
Adjusted assets (=assets-cash), $m
  1,060
  1,154
  1,251
  1,352
  1,457
  1,566
  1,680
  1,797
  1,920
  2,047
  2,180
  2,318
  2,461
  2,611
  2,767
  2,929
  3,098
  3,275
  3,459
  3,652
  3,854
  4,064
  4,284
  4,514
  4,755
  5,007
  5,271
  5,548
  5,838
  6,141
  6,459
Revenue / Adjusted assets
  0.000
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
  0.646
Average production assets, $m
  30
  32
  35
  38
  40
  44
  47
  50
  53
  57
  61
  64
  68
  73
  77
  81
  86
  91
  96
  101
  107
  113
  119
  125
  132
  139
  146
  154
  162
  171
  179
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
  15
  76
  139
  205
  273
  344
  418
  494
  574
  657
  743
  833
  926
  1,023
  1,124
  1,230
  1,340
  1,455
  1,575
  1,700
  1,831
  1,968
  2,111
  2,260
  2,417
  2,581
  2,752
  2,932
  3,120
  3,318
  3,524
Total liabilities, $m
  689
  750
  813
  879
  947
  1,018
  1,092
  1,168
  1,248
  1,331
  1,417
  1,507
  1,600
  1,697
  1,798
  1,904
  2,014
  2,129
  2,249
  2,374
  2,505
  2,642
  2,785
  2,934
  3,091
  3,255
  3,426
  3,606
  3,794
  3,992
  4,198
Total equity, $m
  371
  404
  438
  473
  510
  548
  588
  629
  672
  717
  763
  811
  861
  914
  968
  1,025
  1,084
  1,146
  1,211
  1,278
  1,349
  1,422
  1,499
  1,580
  1,664
  1,753
  1,845
  1,942
  2,043
  2,149
  2,261
Total liabilities and equity, $m
  1,060
  1,154
  1,251
  1,352
  1,457
  1,566
  1,680
  1,797
  1,920
  2,048
  2,180
  2,318
  2,461
  2,611
  2,766
  2,929
  3,098
  3,275
  3,460
  3,652
  3,854
  4,064
  4,284
  4,514
  4,755
  5,008
  5,271
  5,548
  5,837
  6,141
  6,459
Debt-to-equity ratio
  0.040
  0.190
  0.320
  0.430
  0.540
  0.630
  0.710
  0.790
  0.850
  0.920
  0.970
  1.030
  1.070
  1.120
  1.160
  1.200
  1.240
  1.270
  1.300
  1.330
  1.360
  1.380
  1.410
  1.430
  1.450
  1.470
  1.490
  1.510
  1.530
  1.540
  1.560
Adjusted equity ratio
  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
  0.350

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  99
  174
  187
  200
  215
  229
  245
  261
  277
  294
  312
  331
  350
  370
  391
  413
  436
  460
  485
  511
  538
  567
  596
  627
  660
  694
  730
  767
  806
  847
  890
Depreciation, amort., depletion, $m
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
  16
  17
  17
  18
Funds from operations, $m
  120
  177
  190
  204
  219
  234
  249
  266
  283
  300
  318
  337
  357
  378
  399
  422
  445
  469
  495
  521
  549
  578
  608
  640
  673
  708
  744
  783
  823
  864
  908
Change in working capital, $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 operations, $m
  121
  177
  190
  204
  219
  234
  249
  266
  283
  300
  318
  337
  357
  378
  399
  422
  445
  469
  495
  521
  549
  578
  608
  640
  673
  708
  744
  783
  823
  864
  908
Maintenance CAPEX, $m
  0
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
New CAPEX, $m
  -8
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
Cash from investing activities, $m
  -174
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -11
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -20
  -20
  -21
  -23
  -24
  -25
  -26
Free cash flow, $m
  -53
  171
  184
  198
  212
  227
  242
  258
  274
  291
  309
  327
  347
  367
  387
  409
  432
  456
  480
  506
  533
  561
  591
  622
  654
  688
  723
  760
  799
  839
  882
Issuance/(repayment) of debt, $m
  -2
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  106
  110
  115
  120
  125
  131
  137
  143
  150
  157
  164
  172
  180
  188
  197
  207
Issuance/(repurchase) of shares, $m
  -5
  0
  0
  0
  0
  0
  0
  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  
  -14
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  106
  110
  115
  120
  125
  131
  137
  143
  150
  157
  164
  172
  180
  188
  197
  207
Total cash flow (excl. dividends), $m
  -67
  232
  248
  264
  280
  298
  316
  334
  354
  374
  395
  417
  440
  464
  489
  515
  542
  570
  600
  631
  664
  698
  734
  771
  810
  852
  895
  940
  987
  1,037
  1,089
Retained Cash Flow (-), $m
  -78
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
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
 
  200
  214
  228
  244
  259
  276
  293
  311
  329
  349
  369
  390
  411
  434
  458
  483
  509
  536
  564
  593
  624
  657
  691
  726
  763
  802
  843
  886
  930
  977
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
 
  191
  195
  199
  201
  201
  200
  198
  194
  189
  183
  175
  166
  156
  146
  134
  123
  111
  99
  87
  75
  65
  54
  45
  37
  30
  23
  18
  14
  10
  7
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

Universal Insurance Holdings, Inc. (UVE) is a private personal residential homeowners insurance company in Florida. The Company performs substantially all aspects of insurance underwriting, policy issuance, general administration, and claims processing and settlement internally. The Company's subsidiaries include Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC). UPCIC writes homeowners insurance policies in states, including Alabama, Delaware, Florida, Georgia, Hawaii, Indiana, Maryland, Massachusetts, Michigan, Minnesota, North Carolina, Pennsylvania, South Carolina and Virginia. APPCIC writes homeowners and commercial residential insurance policies in Florida. The Company has developed a suite of applications that provide underwriting, policy and claim administration services, including billing, policy maintenance, inspections, refunds, commissions and data analysis.

FINANCIAL RATIOS  of  Universal Insurance Holdings (UVE)

Valuation Ratios
P/E Ratio 9.2
Price to Sales 1.3
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow 8
Growth Rates
Sales Growth Rate 25.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate 51.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 4%
Total Debt to Equity 4%
Interest Coverage 0
Management Effectiveness
Return On Assets 9.6%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 28.2%
Ret/ On T. Cap. - 3 Yr. Avg. 31.8%
Return On Equity 29.8%
Return On Equity - 3 Yr. Avg. 36.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 24.2%
EBITDA Margin - 3 Yr. Avg. 30.7%
Operating Margin 23.8%
Oper. Margin - 3 Yr. Avg. 30.1%
Pre-Tax Margin 23.8%
Pre-Tax Margin - 3 Yr. Avg. 30.2%
Net Profit Margin 14.5%
Net Profit Margin - 3 Yr. Avg. 17.9%
Effective Tax Rate 39.3%
Eff/ Tax Rate - 3 Yr. Avg. 40.6%
Payout Ratio 24.2%

UVE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UVE stock intrinsic value calculation we used $685 million for the last fiscal year's total revenue generated by Universal Insurance Holdings. The default revenue input number comes from 2016 income statement of Universal 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 UVE 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 UVE is calculated based on our internal credit rating of Universal 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 Universal 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 UVE stock the variable cost ratio is equal to 68%.

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 UVE 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 Universal Insurance Holdings.

Corporate tax rate of 27% is the nominal tax rate for Universal 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 UVE 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 UVE are equal to 4.3%.

Life of production assets of 9.8 years is the average useful life of capital assets used in Universal 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 UVE 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 - $371 million for Universal 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 34.847 million for Universal 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 Universal Insurance Holdings at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Universal Insurance posts 3Q profit   [Nov-08-17 06:18PM  Associated Press]
▶ South Florida's largest property insurer writes its first policy in New York   [Oct-17-17 03:15PM  American City Business Journals]
▶ South Florida's highest-paid insurance executives   [Oct-05-17 09:20AM  American City Business Journals]
▶ What this past week taught us about investing in stocks   [Sep-16-17 09:08AM  MarketWatch]
▶ Insurance on the Street: What Analysts Think of the Giants   [Sep-15-17 09:08AM  Market Realist]
▶ Universal Insurance and other big Florida insurers see a quick rebound in stock prices   [Sep-12-17 05:00PM  American City Business Journals]
▶ What Happened in the Stock Market Today   [Sep-11-17 05:00PM  Motley Fool]
▶ How Tampa Bay and Florida insurers are making it through the storm   [08:05AM  American City Business Journals]
▶ Insurers rebound even as Irma barrels toward Florida   [Sep-08-17 06:38PM  Investing.com]
▶ Hurricane Irma causes Florida insurance stocks to plunge   [01:40PM  American City Business Journals]
▶ What Hurricane Irma could mean for stocks   [06:50AM  Yahoo Finance]
▶ Irma batters Tampa Bay insurance stocks   [03:25PM  American City Business Journals]
▶ Universal Insurance posts 2Q profit   [Jul-31-17 09:31PM  Associated Press]
▶ Universal Insurance posts 1Q profit   [Apr-25-17 04:52PM  Associated Press]
▶ Universal Insurance posts 4Q profit   [Feb-21-17 06:14PM  Associated Press]
▶ Is Eros International plc (EROS) Worthy of Your Portfolio?   [Dec-20-16 03:10PM  at Insider Monkey]
Financial statements of UVE
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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