Intrinsic value of American Financial Group - AFG

Previous Close

$112.67

  Intrinsic Value

$728.64

stock screener

  Rating & Target

str. buy

+547%

Previous close

$112.67

 
Intrinsic value

$728.64

 
Up/down potential

+547%

 
Rating

str. buy

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

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

We calculate the intrinsic value of AFG 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, %
  5.47
  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
  7,195
  7,801
  8,431
  9,086
  9,767
  10,474
  11,210
  11,974
  12,768
  13,595
  14,455
  15,350
  16,282
  17,253
  18,266
  19,322
  20,424
  21,575
  22,777
  24,033
  25,345
  26,718
  28,154
  29,656
  31,229
  32,876
  34,600
  36,406
  38,299
  40,283
Variable operating expenses, $m
 
  2,473
  2,680
  2,895
  3,118
  3,350
  3,592
  3,842
  4,103
  4,374
  4,656
  4,929
  5,234
  5,552
  5,883
  6,229
  6,589
  6,964
  7,357
  7,767
  8,195
  8,642
  9,111
  9,600
  10,112
  10,649
  11,210
  11,798
  12,414
  13,060
  13,736
Fixed operating expenses, $m
 
  3,650
  3,741
  3,835
  3,931
  4,029
  4,130
  4,233
  4,339
  4,447
  4,558
  4,672
  4,789
  4,909
  5,032
  5,157
  5,286
  5,418
  5,554
  5,693
  5,835
  5,981
  6,131
  6,284
  6,441
  6,602
  6,767
  6,936
  7,110
  7,287
  7,469
Total operating expenses, $m
  5,749
  6,123
  6,421
  6,730
  7,049
  7,379
  7,722
  8,075
  8,442
  8,821
  9,214
  9,601
  10,023
  10,461
  10,915
  11,386
  11,875
  12,382
  12,911
  13,460
  14,030
  14,623
  15,242
  15,884
  16,553
  17,251
  17,977
  18,734
  19,524
  20,347
  21,205
Operating income, $m
  864
  1,072
  1,380
  1,701
  2,037
  2,388
  2,753
  3,134
  3,532
  3,947
  4,381
  4,853
  5,326
  5,821
  6,338
  6,880
  7,447
  8,041
  8,664
  9,317
  10,003
  10,722
  11,477
  12,270
  13,103
  13,978
  14,898
  15,866
  16,883
  17,952
  19,077
EBITDA, $m
  998
  1,099
  1,407
  1,730
  2,066
  2,417
  2,783
  3,166
  3,564
  3,980
  4,414
  4,868
  5,342
  5,837
  6,356
  6,898
  7,466
  8,062
  8,686
  9,340
  10,027
  10,747
  11,503
  12,298
  13,132
  14,009
  14,931
  15,900
  16,919
  17,991
  19,118
Interest expense (income), $m
  75
  85
  336
  636
  948
  1,272
  1,609
  1,959
  2,323
  2,701
  3,095
  3,504
  3,929
  4,372
  4,834
  5,315
  5,816
  6,339
  6,884
  7,454
  8,049
  8,670
  9,320
  10,000
  10,710
  11,454
  12,233
  13,048
  13,901
  14,796
  15,732
Earnings before tax, $m
  787
  987
  1,044
  1,066
  1,090
  1,116
  1,144
  1,175
  1,209
  1,246
  1,286
  1,350
  1,397
  1,449
  1,505
  1,565
  1,631
  1,702
  1,780
  1,863
  1,954
  2,051
  2,157
  2,270
  2,392
  2,524
  2,666
  2,818
  2,981
  3,157
  3,345
Tax expense, $m
  119
  266
  282
  288
  294
  301
  309
  317
  326
  336
  347
  364
  377
  391
  406
  423
  440
  460
  481
  503
  527
  554
  582
  613
  646
  681
  720
  761
  805
  852
  903
Net income, $m
  649
  720
  762
  778
  795
  814
  835
  858
  883
  910
  939
  985
  1,020
  1,057
  1,098
  1,143
  1,191
  1,243
  1,299
  1,360
  1,426
  1,497
  1,574
  1,657
  1,746
  1,843
  1,946
  2,057
  2,176
  2,304
  2,442

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
  55,072
  59,958
  65,006
  70,258
  75,717
  81,390
  87,286
  93,413
  99,782
  106,403
  113,289
  120,455
  127,914
  135,683
  143,777
  152,216
  161,018
  170,203
  179,791
  189,806
  200,271
  211,210
  222,648
  234,614
  247,135
  260,241
  273,963
  288,333
  303,387
  319,160
  335,689
Adjusted assets (=assets-cash), $m
  55,072
  59,958
  65,006
  70,258
  75,717
  81,390
  87,286
  93,413
  99,782
  106,403
  113,289
  120,455
  127,914
  135,683
  143,777
  152,216
  161,018
  170,203
  179,791
  189,806
  200,271
  211,210
  222,648
  234,614
  247,135
  260,241
  273,963
  288,333
  303,387
  319,160
  335,689
Revenue / Adjusted assets
  0.000
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
Average production assets, $m
  34
  36
  39
  42
  45
  49
  52
  56
  60
  64
  68
  72
  77
  81
  86
  91
  97
  102
  108
  114
  120
  127
  134
  141
  148
  156
  164
  173
  182
  191
  201
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
  1,283
  5,089
  9,633
  14,359
  19,272
  24,378
  29,684
  35,199
  40,930
  46,890
  53,087
  59,536
  66,250
  73,241
  80,527
  88,121
  96,043
  104,309
  112,939
  121,953
  131,371
  141,216
  151,511
  162,280
  173,548
  185,344
  197,693
  210,627
  224,175
  238,371
  253,247
Total liabilities, $m
  50,156
  53,962
  58,506
  63,232
  68,145
  73,251
  78,557
  84,072
  89,803
  95,763
  101,960
  108,409
  115,123
  122,114
  129,400
  136,994
  144,916
  153,182
  161,812
  170,826
  180,244
  190,089
  200,384
  211,153
  222,421
  234,217
  246,566
  259,500
  273,048
  287,244
  302,120
Total equity, $m
  4,916
  5,996
  6,501
  7,026
  7,572
  8,139
  8,729
  9,341
  9,978
  10,640
  11,329
  12,045
  12,791
  13,568
  14,378
  15,222
  16,102
  17,020
  17,979
  18,981
  20,027
  21,121
  22,265
  23,461
  24,713
  26,024
  27,396
  28,833
  30,339
  31,916
  33,569
Total liabilities and equity, $m
  55,072
  59,958
  65,007
  70,258
  75,717
  81,390
  87,286
  93,413
  99,781
  106,403
  113,289
  120,454
  127,914
  135,682
  143,778
  152,216
  161,018
  170,202
  179,791
  189,807
  200,271
  211,210
  222,649
  234,614
  247,134
  260,241
  273,962
  288,333
  303,387
  319,160
  335,689
Debt-to-equity ratio
  0.261
  0.850
  1.480
  2.040
  2.550
  3.000
  3.400
  3.770
  4.100
  4.410
  4.690
  4.940
  5.180
  5.400
  5.600
  5.790
  5.960
  6.130
  6.280
  6.430
  6.560
  6.690
  6.800
  6.920
  7.020
  7.120
  7.220
  7.300
  7.390
  7.470
  7.540
Adjusted equity ratio
  0.089
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  649
  720
  762
  778
  795
  814
  835
  858
  883
  910
  939
  985
  1,020
  1,057
  1,098
  1,143
  1,191
  1,243
  1,299
  1,360
  1,426
  1,497
  1,574
  1,657
  1,746
  1,843
  1,946
  2,057
  2,176
  2,304
  2,442
Depreciation, amort., depletion, $m
  134
  27
  28
  28
  29
  30
  30
  31
  32
  33
  33
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
Funds from operations, $m
  1,498
  748
  790
  806
  824
  844
  866
  889
  915
  942
  972
  1,000
  1,035
  1,074
  1,116
  1,161
  1,210
  1,263
  1,321
  1,383
  1,450
  1,523
  1,601
  1,685
  1,776
  1,874
  1,979
  2,092
  2,213
  2,343
  2,482
Change in working capital, $m
  348
  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
  1,150
  748
  790
  806
  824
  844
  866
  889
  915
  942
  972
  1,000
  1,035
  1,074
  1,116
  1,161
  1,210
  1,263
  1,321
  1,383
  1,450
  1,523
  1,601
  1,685
  1,776
  1,874
  1,979
  2,092
  2,213
  2,343
  2,482
Maintenance CAPEX, $m
  0
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
New CAPEX, $m
  -49
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
Cash from investing activities, $m
  -2,981
  -9
  -10
  -11
  -11
  -12
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -39
  -42
  -44
  -45
  -48
Free cash flow, $m
  -1,831
  739
  779
  795
  813
  832
  852
  875
  899
  926
  955
  982
  1,016
  1,054
  1,094
  1,139
  1,186
  1,238
  1,295
  1,355
  1,421
  1,492
  1,569
  1,651
  1,740
  1,836
  1,939
  2,050
  2,169
  2,297
  2,434
Issuance/(repayment) of debt, $m
  284
  3,806
  4,544
  4,726
  4,913
  5,106
  5,306
  5,514
  5,732
  5,959
  6,198
  6,449
  6,713
  6,992
  7,285
  7,595
  7,922
  8,266
  8,630
  9,014
  9,418
  9,845
  10,295
  10,769
  11,269
  11,795
  12,350
  12,934
  13,548
  14,195
  14,876
Issuance/(repurchase) of shares, $m
  -98
  359
  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  
  2,903
  4,165
  4,544
  4,726
  4,913
  5,106
  5,306
  5,514
  5,732
  5,959
  6,198
  6,449
  6,713
  6,992
  7,285
  7,595
  7,922
  8,266
  8,630
  9,014
  9,418
  9,845
  10,295
  10,769
  11,269
  11,795
  12,350
  12,934
  13,548
  14,195
  14,876
Total cash flow (excl. dividends), $m
  1,072
  4,904
  5,323
  5,521
  5,726
  5,938
  6,159
  6,389
  6,631
  6,885
  7,153
  7,431
  7,729
  8,045
  8,380
  8,733
  9,108
  9,505
  9,924
  10,369
  10,839
  11,337
  11,864
  12,420
  13,009
  13,632
  14,289
  14,984
  15,718
  16,492
  17,310
Retained Cash Flow (-), $m
  -324
  -1,080
  -505
  -525
  -546
  -567
  -590
  -613
  -637
  -662
  -689
  -717
  -746
  -777
  -809
  -844
  -880
  -918
  -959
  -1,002
  -1,046
  -1,094
  -1,144
  -1,197
  -1,252
  -1,311
  -1,372
  -1,437
  -1,505
  -1,577
  -1,653
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
 
  3,824
  4,818
  4,996
  5,180
  5,370
  5,569
  5,776
  5,994
  6,223
  6,465
  6,714
  6,984
  7,269
  7,570
  7,890
  8,228
  8,586
  8,966
  9,367
  9,793
  10,243
  10,720
  11,224
  11,757
  12,321
  12,917
  13,547
  14,212
  14,915
  15,657
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
 
  3,667
  4,411
  4,348
  4,265
  4,163
  4,042
  3,903
  3,747
  3,575
  3,389
  3,188
  2,980
  2,764
  2,541
  2,316
  2,091
  1,868
  1,651
  1,442
  1,244
  1,059
  889
  736
  599
  479
  377
  291
  220
  163
  118
Current shareholders' claim on cash, %
  100
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5
  96.5

American Financial Group, Inc. (AFG) is a holding company engaged primarily in property and casualty insurance businesses. The Company, through Great American Insurance Group, focuses on commercial products for businesses, and is engaged in the sale of fixed and fixed-indexed annuities in the retail, financial institutions and education markets. It has four segments: Property and casualty insurance, Annuity, Run-off long-term care and life, and Other. It reports its property and casualty insurance business in specialty sub-segments, including Property and transportation, Specialty casualty and Specialty financial. AFG sells traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets through independent producers and through direct relationships with certain financial institutions. AFG also sells single premium annuities in financial institutions through direct relationships with certain banks and through independent agents and brokers.

FINANCIAL RATIOS  of  American Financial Group (AFG)

Valuation Ratios
P/E Ratio 15.1
Price to Sales 1.5
Price to Book 2
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 8.9
Growth Rates
Sales Growth Rate 5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -52%
Cap. Spend. - 3 Yr. Gr. Rate -1.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 26.1%
Total Debt to Equity 26.1%
Interest Coverage 11
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 11%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 13.7%
Return On Equity - 3 Yr. Avg. 10.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 15.1%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 11.8%
Pre-Tax Margin 11.9%
Pre-Tax Margin - 3 Yr. Avg. 10.6%
Net Profit Margin 9.8%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 15.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.3%
Payout Ratio 28.5%

AFG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AFG stock intrinsic value calculation we used $6613 million for the last fiscal year's total revenue generated by American Financial Group. The default revenue input number comes from 2016 income statement of American Financial 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 AFG 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 AFG is calculated based on our internal credit rating of American Financial 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 American Financial 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 AFG stock the variable cost ratio is equal to 34.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3561 million in the base year in the intrinsic value calculation for AFG 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 6.6% for American Financial Group.

Corporate tax rate of 27% is the nominal tax rate for American Financial 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 AFG 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 AFG are equal to 0.5%.

Life of production assets of 1.7 years is the average useful life of capital assets used in American Financial 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 AFG 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 - $4916 million for American Financial 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 88.447 million for American Financial 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 American Financial Group at the current share price and the inputted number of shares is $10.0 billion.

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COMPANY NEWS

▶ American Financial Group, Inc. Declares Quarterly Dividend   [Jan-02-18 04:10PM  Business Wire]
▶ American Financial Group, Inc. Declares Special Dividend   [Nov-06-17 04:38PM  Business Wire]
▶ Catastrophes cause American Financial to cut outlook, stock gets slammed   [Nov-02-17 12:02PM  American City Business Journals]
▶ American Financial beats 3Q profit forecasts   [Oct-31-17 04:59PM  Associated Press]
▶ American Financial Group, Inc. Declares Quarterly Dividend   [Oct-02-17 04:32PM  Business Wire]
▶ Stocks Showing Improved Relative Strength: American Financial   [03:00AM  Investor's Business Daily]
▶ American Financial Shows Rising Relative Strength; Still Shy Of Key Benchmark   [Sep-11-17 03:00AM  Investor's Business Daily]
▶ American Financial Group hikes annual dividend by 12%   [Aug-23-17 05:02PM  MarketWatch]
▶ American Financial beats 2Q profit forecasts   [12:08AM  Associated Press]
Financial statements of AFG
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