Intrinsic value of Assured Guaranty - AGO

Previous Close

$36.45

  Intrinsic Value

$11.55

stock screener

  Rating & Target

str. sell

-68%

Previous close

$36.45

 
Intrinsic value

$11.55

 
Up/down potential

-68%

 
Rating

str. sell

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

We calculate the intrinsic value of AGO 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 2017), $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 4.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  1,803
  1,872
  1,946
  2,025
  2,109
  2,198
  2,293
  2,394
  2,500
  2,612
  2,731
  2,856
  2,989
  3,128
  3,275
  3,430
  3,594
  3,766
  3,947
  4,137
  4,337
  4,548
  4,770
  5,002
  5,247
  5,505
  5,776
  6,060
  6,359
  6,673
Variable operating expenses, $m
  600
  623
  647
  673
  701
  730
  762
  795
  830
  867
  900
  941
  985
  1,031
  1,079
  1,130
  1,184
  1,241
  1,300
  1,363
  1,429
  1,499
  1,572
  1,648
  1,729
  1,814
  1,903
  1,997
  2,095
  2,199
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
  600
  623
  647
  673
  701
  730
  762
  795
  830
  867
  900
  941
  985
  1,031
  1,079
  1,130
  1,184
  1,241
  1,300
  1,363
  1,429
  1,499
  1,572
  1,648
  1,729
  1,814
  1,903
  1,997
  2,095
  2,199
Operating income, $m
  1,203
  1,249
  1,299
  1,352
  1,408
  1,468
  1,531
  1,599
  1,670
  1,745
  1,831
  1,915
  2,004
  2,098
  2,196
  2,300
  2,410
  2,525
  2,646
  2,774
  2,908
  3,049
  3,198
  3,354
  3,518
  3,691
  3,873
  4,063
  4,264
  4,474
EBITDA, $m
  2,698
  2,801
  2,912
  3,029
  3,155
  3,289
  3,430
  3,581
  3,740
  3,908
  4,085
  4,273
  4,471
  4,680
  4,900
  5,132
  5,376
  5,633
  5,904
  6,188
  6,488
  6,803
  7,135
  7,483
  7,850
  8,235
  8,640
  9,065
  9,512
  9,982
Interest expense (income), $m
  95
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
  653
Earnings before tax, $m
  550
  596
  646
  699
  755
  815
  878
  946
  1,017
  1,092
  1,178
  1,262
  1,351
  1,444
  1,543
  1,647
  1,756
  1,872
  1,993
  2,121
  2,255
  2,396
  2,545
  2,701
  2,865
  3,038
  3,219
  3,410
  3,611
  3,821
Tax expense, $m
  148
  161
  174
  189
  204
  220
  237
  255
  275
  295
  318
  341
  365
  390
  417
  445
  474
  505
  538
  573
  609
  647
  687
  729
  774
  820
  869
  921
  975
  1,032
Net income, $m
  401
  435
  471
  510
  551
  595
  641
  690
  742
  797
  860
  921
  986
  1,054
  1,126
  1,202
  1,282
  1,366
  1,455
  1,548
  1,646
  1,749
  1,858
  1,972
  2,092
  2,218
  2,350
  2,489
  2,636
  2,789

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
Total 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
Adjusted assets (=assets-cash), $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
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  14,885
  15,455
  16,065
  16,716
  17,409
  18,146
  18,928
  19,757
  20,634
  21,562
  22,542
  23,577
  24,669
  25,821
  27,036
  28,315
  29,663
  31,081
  32,575
  34,146
  35,800
  37,539
  39,368
  41,291
  43,312
  45,438
  47,671
  50,019
  52,486
  55,078
Working capital, $m
  -7,875
  -8,177
  -8,500
  -8,844
  -9,211
  -9,601
  -10,014
  -10,453
  -10,917
  -11,408
  -11,926
  -12,474
  -13,052
  -13,661
  -14,304
  -14,981
  -15,694
  -16,444
  -17,235
  -18,066
  -18,941
  -19,861
  -20,828
  -21,846
  -22,916
  -24,040
  -25,222
  -26,464
  -27,769
  -29,140
Total debt, $m
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
  12,095
Total liabilities, $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 equity, $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 liabilities and equity, $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
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  401
  435
  471
  510
  551
  595
  641
  690
  742
  797
  860
  921
  986
  1,054
  1,126
  1,202
  1,282
  1,366
  1,455
  1,548
  1,646
  1,749
  1,858
  1,972
  2,092
  2,218
  2,350
  2,489
  2,636
  2,789
Depreciation, amort., depletion, $m
  1,495
  1,552
  1,613
  1,678
  1,747
  1,821
  1,899
  1,982
  2,069
  2,162
  2,254
  2,358
  2,467
  2,582
  2,704
  2,831
  2,966
  3,108
  3,257
  3,415
  3,580
  3,754
  3,937
  4,129
  4,331
  4,544
  4,767
  5,002
  5,249
  5,508
Funds from operations, $m
  1,896
  1,987
  2,084
  2,188
  2,298
  2,416
  2,540
  2,672
  2,812
  2,960
  3,114
  3,279
  3,453
  3,637
  3,830
  4,034
  4,248
  4,475
  4,712
  4,963
  5,226
  5,503
  5,795
  6,101
  6,423
  6,761
  7,117
  7,491
  7,884
  8,297
Change in working capital, $m
  -281
  -302
  -323
  -344
  -367
  -390
  -414
  -438
  -464
  -491
  -519
  -548
  -578
  -609
  -642
  -677
  -713
  -751
  -790
  -831
  -875
  -920
  -968
  -1,017
  -1,070
  -1,124
  -1,182
  -1,242
  -1,305
  -1,371
Cash from operations, $m
  2,177
  2,288
  2,407
  2,532
  2,665
  2,805
  2,954
  3,111
  3,276
  3,451
  3,633
  3,827
  4,031
  4,246
  4,472
  4,711
  4,961
  5,225
  5,503
  5,794
  6,101
  6,423
  6,762
  7,118
  7,493
  7,886
  8,299
  8,733
  9,189
  9,669
Maintenance CAPEX, $m
  -1,435
  -1,488
  -1,545
  -1,606
  -1,672
  -1,741
  -1,815
  -1,893
  -1,976
  -2,063
  -2,156
  -2,254
  -2,358
  -2,467
  -2,582
  -2,704
  -2,831
  -2,966
  -3,108
  -3,257
  -3,415
  -3,580
  -3,754
  -3,937
  -4,129
  -4,331
  -4,544
  -4,767
  -5,002
  -5,249
New CAPEX, $m
  -530
  -570
  -610
  -651
  -693
  -737
  -782
  -829
  -877
  -928
  -980
  -1,035
  -1,092
  -1,152
  -1,214
  -1,279
  -1,348
  -1,419
  -1,493
  -1,572
  -1,653
  -1,739
  -1,829
  -1,923
  -2,022
  -2,125
  -2,234
  -2,348
  -2,467
  -2,592
Cash from investing activities, $m
  -1,965
  -2,058
  -2,155
  -2,257
  -2,365
  -2,478
  -2,597
  -2,722
  -2,853
  -2,991
  -3,136
  -3,289
  -3,450
  -3,619
  -3,796
  -3,983
  -4,179
  -4,385
  -4,601
  -4,829
  -5,068
  -5,319
  -5,583
  -5,860
  -6,151
  -6,456
  -6,778
  -7,115
  -7,469
  -7,841
Free cash flow, $m
  211
  230
  251
  275
  300
  328
  357
  389
  423
  459
  496
  537
  581
  627
  676
  728
  782
  840
  901
  965
  1,033
  1,104
  1,179
  1,258
  1,342
  1,429
  1,522
  1,619
  1,721
  1,828
Issuance/(repayment) of debt, $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
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $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 cash flow (excl. dividends), $m
  211
  230
  251
  275
  300
  328
  357
  389
  423
  459
  496
  537
  581
  627
  676
  728
  782
  840
  901
  965
  1,033
  1,104
  1,179
  1,258
  1,342
  1,429
  1,522
  1,619
  1,721
  1,828
Retained Cash Flow (-), $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
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
  211
  230
  251
  275
  300
  328
  357
  389
  423
  459
  496
  537
  581
  627
  676
  728
  782
  840
  901
  965
  1,033
  1,104
  1,179
  1,258
  1,342
  1,429
  1,522
  1,619
  1,721
  1,828
Discount rate, %
  15.30
  16.07
  16.87
  17.71
  18.60
  19.53
  20.50
  21.53
  22.61
  23.74
  24.92
  26.17
  27.48
  28.85
  30.29
  31.81
  33.40
  35.07
  36.82
  38.66
  40.60
  42.63
  44.76
  46.99
  49.34
  51.81
  54.40
  57.12
  59.98
  62.98
PV of cash for distribution, $m
  183
  171
  157
  143
  128
  112
  97
  82
  68
  55
  43
  33
  25
  18
  13
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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

Assured Guaranty Ltd. is a holding company. The Company, through its subsidiaries, provides credit protection products to the United States and international public finance, including infrastructure, and structured finance markets. It applies its credit underwriting judgment, risk management skills and capital markets experience primarily to offer financial guaranty insurance that protects holders of debt instruments and other monetary obligations from defaults in scheduled payments. It markets its financial guaranty insurance directly to issuers and underwriters of public finance and structured finance securities, as well as to investors in such obligations. It guarantees obligations issued principally in the United States and the United Kingdom and also guarantees obligations issued in other countries and regions, including Australia and Western Europe. It also provides other forms of insurance that are in line with its risk profile and benefit from its underwriting experience.

FINANCIAL RATIOS  of  Assured Guaranty (AGO)

Valuation Ratios
P/E Ratio 5.3
Price to Sales 2.7
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow -33.1
Price to Free Cash Flow -33.1
Growth Rates
Sales Growth Rate -23.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 20.1%
Total Debt to Equity 20.1%
Interest Coverage 12
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 11.6%
Ret/ On T. Cap. - 3 Yr. Avg. 14.3%
Return On Equity 14%
Return On Equity - 3 Yr. Avg. 17.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 64.4%
EBITDA Margin - 3 Yr. Avg. 70.1%
Operating Margin 64.8%
Oper. Margin - 3 Yr. Avg. 70.4%
Pre-Tax Margin 58.9%
Pre-Tax Margin - 3 Yr. Avg. 65.4%
Net Profit Margin 51%
Net Profit Margin - 3 Yr. Avg. 50.1%
Effective Tax Rate 13.4%
Eff/ Tax Rate - 3 Yr. Avg. 22.8%
Payout Ratio 7.8%

AGO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGO stock intrinsic value calculation we used $1739 million for the last fiscal year's total revenue generated by Assured Guaranty. The default revenue input number comes from 2017 income statement of Assured Guaranty. 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 AGO stock valuation model: a) initial revenue growth rate of 3.7% 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 15.3%, whose default value for AGO is calculated based on our internal credit rating of Assured Guaranty, 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 Assured Guaranty.
    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 AGO stock the variable cost ratio is equal to 33.3%.

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 AGO 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 5.4% for Assured Guaranty.

Corporate tax rate of 27% is the nominal tax rate for Assured Guaranty. 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 AGO 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 AGO are equal to 825.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Assured Guaranty 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 AGO is equal to -436.7%. 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 - $0 million for Assured Guaranty - 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 117 million for Assured Guaranty 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 Assured Guaranty at the current share price and the inputted number of shares is $4.3 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Is Agora SA. (WSE:AGO) A Cash Cow?   [Jun-05-18 03:58AM  Simply Wall St.]
▶ Assured Guaranty Ltd. to Host Earnings Call   [May-04-18 06:00AM  ACCESSWIRE]
▶ Assured Guaranty: 1Q Earnings Snapshot   [05:05AM  Associated Press]
▶ Agora SA. (WSE:AGO) Is Trading At A 32% Discount   [Apr-25-18 02:14AM  Simply Wall St.]
▶ Sohn Investing 2018: A Recap   [08:55AM  TheStreet.com]
▶ David Einhorn is short Assured Guaranty   [05:42PM  CNBC Videos]
▶ Should You Buy Agora SA. (WSE:AGO) At PLN14.25?   [Apr-18-18 02:01AM  Simply Wall St.]
▶ Assured Guaranty Ltd. to Host Earnings Call   [Feb-23-18 06:00AM  ACCESSWIRE]
▶ Assured Guaranty posts 4Q profit   [05:00AM  Associated Press]
▶ Assured Guaranty Q4 Earnings Outlook   [Feb-22-18 08:34AM  Benzinga]
▶ Kahn Brothers Adds to BlackBerry, Bank of America Positions   [Jan-29-18 03:51PM  GuruFocus.com]
▶ [$$] Muni Insurer MBIA Courts Risk in Share Buyback   [Dec-09-17 12:01AM  Barrons.com]
▶ Assured Guaranty posts 3Q profit   [05:37AM  Associated Press]
▶ ASSURED GUARANTY LTD to Host Earnings Call   [Nov-03-17 06:00AM  ACCESSWIRE]
▶ Trump Tweets Push Puerto Rico Bonds to New Lows   [Oct-12-17 03:55PM  Barrons.com]
▶ Trump's Puerto Rico Comments Hit Bond Insurer Stocks   [11:41AM  The Wall Street Journal]
▶ [$$] Hartford Downgraded Further Into Junk Status   [Sep-27-17 12:39AM  The Wall Street Journal]
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