Intrinsic value of Assurant - AIZ

Previous Close

$99.89

  Intrinsic Value

$144.22

stock screener

  Rating & Target

buy

+44%

Previous close

$99.89

 
Intrinsic value

$144.22

 
Up/down potential

+44%

 
Rating

buy

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

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

We calculate the intrinsic value of AIZ 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 5.4

 

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, %
  -27.03
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  7,690
  7,867
  8,069
  8,296
  8,547
  8,823
  9,124
  9,449
  9,799
  10,176
  10,578
  11,007
  11,464
  11,950
  12,466
  13,012
  13,590
  14,202
  14,848
  15,530
  16,250
  17,009
  17,809
  18,652
  19,540
  20,475
  21,459
  22,495
  23,584
  24,730
Variable operating expenses, $m
 
  7,496
  7,666
  7,861
  8,080
  8,323
  8,589
  8,878
  9,192
  9,530
  9,892
  10,197
  10,611
  11,051
  11,520
  12,016
  12,543
  13,101
  13,690
  14,313
  14,971
  15,664
  16,396
  17,168
  17,980
  18,836
  19,738
  20,686
  21,684
  22,735
  23,839
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
  6,632
  7,496
  7,666
  7,861
  8,080
  8,323
  8,589
  8,878
  9,192
  9,530
  9,892
  10,197
  10,611
  11,051
  11,520
  12,016
  12,543
  13,101
  13,690
  14,313
  14,971
  15,664
  16,396
  17,168
  17,980
  18,836
  19,738
  20,686
  21,684
  22,735
  23,839
Operating income, $m
  906
  194
  200
  208
  216
  225
  235
  246
  257
  270
  283
  381
  397
  413
  430
  449
  469
  490
  512
  535
  559
  585
  613
  642
  672
  704
  738
  773
  810
  850
  891
EBITDA, $m
  1,031
  320
  328
  336
  346
  356
  368
  380
  394
  408
  424
  441
  459
  478
  498
  519
  542
  566
  592
  619
  647
  677
  709
  742
  777
  814
  853
  894
  937
  983
  1,030
Interest expense (income), $m
  56
  53
  78
  108
  142
  180
  223
  270
  321
  376
  436
  499
  568
  641
  718
  801
  888
  981
  1,079
  1,183
  1,292
  1,408
  1,530
  1,659
  1,795
  1,938
  2,088
  2,247
  2,414
  2,590
  2,775
Earnings before tax, $m
  849
  141
  123
  100
  74
  44
  12
  -24
  -64
  -106
  -152
  -118
  -171
  -228
  -288
  -352
  -419
  -491
  -567
  -648
  -733
  -823
  -917
  -1,017
  -1,123
  -1,234
  -1,351
  -1,474
  -1,604
  -1,740
  -1,884
Tax expense, $m
  284
  38
  33
  27
  20
  12
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  565
  103
  90
  73
  54
  32
  8
  -24
  -64
  -106
  -152
  -118
  -171
  -228
  -288
  -352
  -419
  -491
  -567
  -648
  -733
  -823
  -917
  -1,017
  -1,123
  -1,234
  -1,351
  -1,474
  -1,604
  -1,740
  -1,884

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
  29,709
  30,275
  30,971
  31,767
  32,661
  33,651
  34,737
  35,920
  37,201
  38,580
  40,061
  41,645
  43,335
  45,135
  47,047
  49,077
  51,228
  53,504
  55,912
  58,456
  61,141
  63,976
  66,964
  70,115
  73,434
  76,930
  80,611
  84,485
  88,562
  92,851
  97,362
Adjusted assets (=assets-cash), $m
  29,709
  30,275
  30,971
  31,767
  32,661
  33,651
  34,737
  35,920
  37,201
  38,580
  40,061
  41,645
  43,335
  45,135
  47,047
  49,077
  51,228
  53,504
  55,912
  58,456
  61,141
  63,976
  66,964
  70,115
  73,434
  76,930
  80,611
  84,485
  88,562
  92,851
  97,362
Revenue / Adjusted assets
  0.000
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
  0.254
Average production assets, $m
  431
  438
  448
  460
  473
  487
  503
  520
  539
  559
  580
  603
  627
  653
  681
  711
  742
  775
  809
  846
  885
  926
  970
  1,015
  1,063
  1,114
  1,167
  1,223
  1,282
  1,344
  1,410
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
  1,067
  1,553
  2,153
  2,839
  3,609
  4,463
  5,399
  6,419
  7,523
  8,712
  9,989
  11,354
  12,811
  14,362
  16,011
  17,760
  19,614
  21,577
  23,652
  25,845
  28,160
  30,603
  33,179
  35,895
  38,756
  41,770
  44,942
  48,282
  51,796
  55,494
  59,382
Total liabilities, $m
  25,611
  26,097
  26,697
  27,383
  28,153
  29,007
  29,943
  30,963
  32,067
  33,256
  34,533
  35,898
  37,355
  38,906
  40,555
  42,304
  44,158
  46,121
  48,196
  50,389
  52,704
  55,147
  57,723
  60,439
  63,300
  66,314
  69,486
  72,826
  76,340
  80,038
  83,926
Total equity, $m
  4,098
  4,178
  4,274
  4,384
  4,507
  4,644
  4,794
  4,957
  5,134
  5,324
  5,528
  5,747
  5,980
  6,229
  6,493
  6,773
  7,069
  7,384
  7,716
  8,067
  8,438
  8,829
  9,241
  9,676
  10,134
  10,616
  11,124
  11,659
  12,222
  12,813
  13,436
Total liabilities and equity, $m
  29,709
  30,275
  30,971
  31,767
  32,660
  33,651
  34,737
  35,920
  37,201
  38,580
  40,061
  41,645
  43,335
  45,135
  47,048
  49,077
  51,227
  53,505
  55,912
  58,456
  61,142
  63,976
  66,964
  70,115
  73,434
  76,930
  80,610
  84,485
  88,562
  92,851
  97,362
Debt-to-equity ratio
  0.260
  0.370
  0.500
  0.650
  0.800
  0.960
  1.130
  1.290
  1.470
  1.640
  1.810
  1.980
  2.140
  2.310
  2.470
  2.620
  2.770
  2.920
  3.070
  3.200
  3.340
  3.470
  3.590
  3.710
  3.820
  3.930
  4.040
  4.140
  4.240
  4.330
  4.420
Adjusted equity ratio
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138
  0.138

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  565
  103
  90
  73
  54
  32
  8
  -24
  -64
  -106
  -152
  -118
  -171
  -228
  -288
  -352
  -419
  -491
  -567
  -648
  -733
  -823
  -917
  -1,017
  -1,123
  -1,234
  -1,351
  -1,474
  -1,604
  -1,740
  -1,884
Depreciation, amort., depletion, $m
  125
  126
  127
  129
  130
  131
  133
  135
  136
  138
  141
  60
  62
  65
  67
  70
  73
  77
  80
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  140
Funds from operations, $m
  -64
  229
  217
  202
  184
  164
  141
  110
  73
  32
  -12
  -59
  -109
  -163
  -220
  -281
  -346
  -414
  -487
  -564
  -645
  -731
  -821
  -917
  -1,018
  -1,124
  -1,235
  -1,353
  -1,477
  -1,607
  -1,744
Change in working capital, $m
  -204
  0
  0
  0
  0
  0
  0
  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
  140
  229
  217
  202
  184
  164
  141
  110
  73
  32
  -12
  -59
  -109
  -163
  -220
  -281
  -346
  -414
  -487
  -564
  -645
  -731
  -821
  -917
  -1,018
  -1,124
  -1,235
  -1,353
  -1,477
  -1,607
  -1,744
Maintenance CAPEX, $m
  0
  -43
  -43
  -44
  -46
  -47
  -48
  -50
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
New CAPEX, $m
  -85
  -8
  -10
  -12
  -13
  -14
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
Cash from investing activities, $m
  726
  -51
  -53
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -93
  -96
  -101
  -106
  -112
  -117
  -123
  -129
  -135
  -142
  -149
  -156
  -163
  -172
  -180
  -189
  -198
Free cash flow, $m
  866
  179
  164
  146
  125
  103
  77
  43
  3
  -41
  -88
  -139
  -193
  -251
  -313
  -378
  -447
  -521
  -599
  -681
  -768
  -860
  -956
  -1,059
  -1,166
  -1,280
  -1,399
  -1,525
  -1,657
  -1,796
  -1,943
Issuance/(repayment) of debt, $m
  -123
  486
  600
  686
  770
  854
  936
  1,020
  1,104
  1,189
  1,276
  1,365
  1,457
  1,551
  1,649
  1,749
  1,854
  1,962
  2,075
  2,193
  2,315
  2,443
  2,576
  2,716
  2,861
  3,014
  3,173
  3,340
  3,514
  3,697
  3,889
Issuance/(repurchase) of shares, $m
  -863
  0
  7
  37
  69
  104
  141
  188
  240
  297
  356
  337
  404
  476
  552
  632
  716
  805
  899
  999
  1,103
  1,214
  1,330
  1,452
  1,581
  1,716
  1,859
  2,009
  2,166
  2,332
  2,506
Cash from financing (excl. dividends), $m  
  -981
  486
  607
  723
  839
  958
  1,077
  1,208
  1,344
  1,486
  1,632
  1,702
  1,861
  2,027
  2,201
  2,381
  2,570
  2,767
  2,974
  3,192
  3,418
  3,657
  3,906
  4,168
  4,442
  4,730
  5,032
  5,349
  5,680
  6,029
  6,395
Total cash flow (excl. dividends), $m
  -131
  664
  770
  869
  965
  1,060
  1,155
  1,251
  1,347
  1,445
  1,544
  1,563
  1,668
  1,776
  1,888
  2,003
  2,123
  2,247
  2,376
  2,511
  2,651
  2,797
  2,950
  3,109
  3,276
  3,450
  3,633
  3,824
  4,024
  4,233
  4,452
Retained Cash Flow (-), $m
  426
  -80
  -96
  -110
  -123
  -137
  -150
  -188
  -240
  -297
  -356
  -337
  -404
  -476
  -552
  -632
  -716
  -805
  -899
  -999
  -1,103
  -1,214
  -1,330
  -1,452
  -1,581
  -1,716
  -1,859
  -2,009
  -2,166
  -2,332
  -2,506
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
 
  585
  674
  759
  842
  924
  1,005
  1,063
  1,107
  1,148
  1,188
  1,226
  1,264
  1,300
  1,336
  1,371
  1,407
  1,442
  1,477
  1,512
  1,547
  1,583
  1,620
  1,657
  1,695
  1,734
  1,774
  1,815
  1,857
  1,901
  1,946
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  555
  605
  640
  663
  676
  679
  658
  622
  583
  539
  493
  446
  399
  352
  307
  264
  224
  188
  154
  125
  100
  78
  60
  45
  34
  24
  17
  12
  8
  5
Current shareholders' claim on cash, %
  100
  100.0
  99.9
  99.2
  98.0
  96.3
  94.2
  91.4
  88.2
  84.5
  80.4
  76.8
  72.9
  68.7
  64.4
  59.9
  55.5
  51.0
  46.7
  42.5
  38.5
  34.7
  31.1
  27.8
  24.7
  21.9
  19.3
  17.0
  14.9
  13.0
  11.3

Assurant, Inc. is a provider of risk management solutions in the housing and lifestyle markets. The Company operates in North America, Latin America, Europe and Asia. The Company's segments include Global Housing, Global Lifestyle and Global Preneed. Through its Global Housing segment, it provides lender-placed homeowners, manufactured housing and flood insurance; renters insurance and related products (multi-family housing business), and field services, valuation services and other property risk management services (mortgage solutions business). Through its Global Lifestyle segment, it provides mobile device protection products and related services and extended service products and related services for consumer electronics and appliances (global connected living business); vehicle protection services, and credit insurance. The Global Preneed segment provides pre-funded funeral insurance and annuity products. Its Global Preneed Segment operates in the United States and Canada.

FINANCIAL RATIOS  of  Assurant (AIZ)

Valuation Ratios
P/E Ratio 9.9
Price to Sales 0.7
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 39.9
Price to Free Cash Flow 101.6
Growth Rates
Sales Growth Rate -27%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.1%
Cap. Spend. - 3 Yr. Gr. Rate 10.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 26%
Total Debt to Equity 26%
Interest Coverage 16
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 10.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.7%
Return On Equity 13.1%
Return On Equity - 3 Yr. Avg. 8.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 13.7%
EBITDA Margin - 3 Yr. Avg. 8.9%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 7.4%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. 6.8%
Net Profit Margin 7.5%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 33.5%
Eff/ Tax Rate - 3 Yr. Avg. 33.2%
Payout Ratio 22.1%

AIZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AIZ stock intrinsic value calculation we used $7539 million for the last fiscal year's total revenue generated by Assurant. The default revenue input number comes from 2016 income statement of Assurant. 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 AIZ stock valuation model: a) initial revenue growth rate of 2% 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 5.3%, whose default value for AIZ is calculated based on our internal credit rating of Assurant, 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 Assurant.
    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 AIZ stock the variable cost ratio is equal to 97.5%.

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 AIZ 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% for Assurant.

Corporate tax rate of 27% is the nominal tax rate for Assurant. 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 AIZ 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 AIZ are equal to 5.7%.

Life of production assets of 10.1 years is the average useful life of capital assets used in Assurant 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 AIZ 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 - $4098 million for Assurant - 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 53.859 million for Assurant 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 Assurant at the current share price and the inputted number of shares is $5.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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HIG Hartford Finan 56.49 140.35  str.buy
PFG Principal Fina 67.75 223.32  str.buy
AFL AFLAC 83.85 203.68  str.buy
RGA Reinsurance Gr 145.00 342.08  str.buy
MFC Manulife Finan 20.61 37.91  str.buy
MET MetLife 53.29 264.68  str.buy

COMPANY NEWS

▶ Assurant and Nielsen Holdings Rose on October 18   [Oct-19-17 10:39AM  Market Realist]
▶ [$$] Assurant to Buy Warranty Group for $1.9 Billion   [10:06AM  The Wall Street Journal]
▶ Assurant to Announce 2017 Third Quarter Financial Results   [Oct-09-17 04:15PM  Business Wire]
▶ Does Assurant Incs (AIZ) PE Ratio Signal A Buying Opportunity?   [Sep-13-17 02:49PM  Simply Wall St.]
▶ ETFs with exposure to Assurant, Inc. : September 12, 2017   [Sep-11-17 08:11PM  Capital Cube]
▶ What Hurricane Irma could mean for stocks   [06:50AM  Yahoo Finance]
▶ Gary Cohn wouldn't let Neo-Nazis drive him from office: FT   [Aug-25-17 01:53PM  Yahoo Finance Video]
▶ Assurant tops 2Q profit forecasts   [Aug-01-17 10:57PM  Associated Press]
▶ Assurant to Announce 2017 Second Quarter Financial Results   [Jun-28-17 04:15PM  Business Wire]
▶ Assurant shares could double-Barron's   [Jun-25-17 03:53PM  Reuters]
▶ [$$] Why a Big Insurer's Stock Could Double   [Jun-24-17 12:01AM  Barrons.com]
▶ ETFs with exposure to Assurant, Inc. : June 22, 2017   [Jun-22-17 03:17PM  Capital Cube]
▶ ETFs with exposure to Assurant, Inc. : June 12, 2017   [Jun-12-17 01:47PM  Capital Cube]
▶ Assurant tops 1Q profit forecasts   [May-02-17 04:56PM  Associated Press]
▶ Assurant to Announce 2017 First Quarter Financial Results   [Apr-04-17 04:30PM  Business Wire]
Financial statements of AIZ
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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