Intrinsic value of Cincinnati Financial - CINF

Previous Close

$75.29

  Intrinsic Value

$0.19

stock screener

  Rating & Target

str. sell

-100%

Previous close

$75.29

 
Intrinsic value

$0.19

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of CINF 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 12.3

 

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, %
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
Revenue, $m
  6,030
  6,342
  6,670
  7,013
  7,373
  7,750
  8,146
  8,561
  8,997
  9,453
  9,933
  10,435
  10,963
  11,517
  12,098
  12,708
  13,348
  14,020
  14,725
  15,465
  16,242
  17,058
  17,914
  18,813
  19,757
  20,747
  21,787
  22,879
  24,026
  25,229
Variable operating expenses, $m
  5,071
  5,334
  5,609
  5,898
  6,201
  6,518
  6,851
  7,200
  7,566
  7,950
  8,353
  8,776
  9,220
  9,686
  10,174
  10,687
  11,226
  11,791
  12,384
  13,006
  13,660
  14,346
  15,066
  15,822
  16,615
  17,448
  18,323
  19,241
  20,206
  21,218
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
  5,071
  5,334
  5,609
  5,898
  6,201
  6,518
  6,851
  7,200
  7,566
  7,950
  8,353
  8,776
  9,220
  9,686
  10,174
  10,687
  11,226
  11,791
  12,384
  13,006
  13,660
  14,346
  15,066
  15,822
  16,615
  17,448
  18,323
  19,241
  20,206
  21,218
Operating income, $m
  959
  1,008
  1,061
  1,115
  1,172
  1,232
  1,295
  1,361
  1,430
  1,503
  1,579
  1,659
  1,743
  1,831
  1,924
  2,021
  2,122
  2,229
  2,341
  2,459
  2,583
  2,712
  2,848
  2,991
  3,141
  3,299
  3,464
  3,638
  3,820
  4,011
EBITDA, $m
  3,180
  3,345
  3,518
  3,699
  3,888
  4,087
  4,296
  4,515
  4,745
  4,986
  5,238
  5,504
  5,782
  6,074
  6,380
  6,702
  7,040
  7,394
  7,766
  8,156
  8,566
  8,996
  9,448
  9,922
  10,420
  10,942
  11,491
  12,067
  12,671
  13,306
Interest expense (income), $m
  52
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
  921
Earnings before tax, $m
  38
  88
  140
  194
  252
  312
  374
  440
  510
  582
  659
  738
  822
  910
  1,003
  1,100
  1,202
  1,308
  1,421
  1,538
  1,662
  1,791
  1,928
  2,071
  2,221
  2,378
  2,543
  2,717
  2,899
  3,091
Tax expense, $m
  10
  24
  38
  52
  68
  84
  101
  119
  138
  157
  178
  199
  222
  246
  271
  297
  324
  353
  384
  415
  449
  484
  520
  559
  600
  642
  687
  734
  783
  834
Net income, $m
  28
  64
  102
  142
  184
  227
  273
  322
  372
  425
  481
  539
  600
  665
  732
  803
  877
  955
  1,037
  1,123
  1,213
  1,308
  1,407
  1,511
  1,621
  1,736
  1,857
  1,983
  2,117
  2,256

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
  22,215
  23,365
  24,572
  25,836
  27,162
  28,552
  30,010
  31,539
  33,143
  34,826
  36,592
  38,444
  40,388
  42,428
  44,569
  46,816
  49,174
  51,649
  54,247
  56,974
  59,836
  62,841
  65,996
  69,307
  72,783
  76,433
  80,265
  84,287
  88,510
  92,944
Working capital, $m
  -14,309
  -15,051
  -15,827
  -16,642
  -17,496
  -18,391
  -19,330
  -20,315
  -21,349
  -22,433
  -23,570
  -24,763
  -26,015
  -27,329
  -28,708
  -30,156
  -31,675
  -33,269
  -34,942
  -36,699
  -38,543
  -40,478
  -42,510
  -44,643
  -46,882
  -49,233
  -51,701
  -54,292
  -57,013
  -59,869
Total debt, $m
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
  17,051
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
  28
  64
  102
  142
  184
  227
  273
  322
  372
  425
  481
  539
  600
  665
  732
  803
  877
  955
  1,037
  1,123
  1,213
  1,308
  1,407
  1,511
  1,621
  1,736
  1,857
  1,983
  2,117
  2,256
Depreciation, amort., depletion, $m
  2,221
  2,337
  2,457
  2,584
  2,716
  2,855
  3,001
  3,154
  3,314
  3,483
  3,659
  3,844
  4,039
  4,243
  4,457
  4,682
  4,917
  5,165
  5,425
  5,697
  5,984
  6,284
  6,600
  6,931
  7,278
  7,643
  8,026
  8,429
  8,851
  9,294
Funds from operations, $m
  2,249
  2,401
  2,559
  2,725
  2,900
  3,083
  3,274
  3,475
  3,686
  3,908
  4,140
  4,383
  4,639
  4,907
  5,189
  5,484
  5,795
  6,120
  6,462
  6,820
  7,197
  7,592
  8,007
  8,442
  8,899
  9,379
  9,883
  10,412
  10,968
  11,551
Change in working capital, $m
  -707
  -741
  -777
  -814
  -854
  -895
  -939
  -985
  -1,033
  -1,084
  -1,137
  -1,193
  -1,252
  -1,314
  -1,379
  -1,447
  -1,519
  -1,594
  -1,673
  -1,757
  -1,844
  -1,936
  -2,032
  -2,133
  -2,239
  -2,351
  -2,468
  -2,591
  -2,720
  -2,856
Cash from operations, $m
  2,957
  3,142
  3,336
  3,540
  3,754
  3,978
  4,213
  4,460
  4,720
  4,992
  5,277
  5,577
  5,891
  6,221
  6,568
  6,932
  7,313
  7,714
  8,135
  8,577
  9,041
  9,527
  10,039
  10,575
  11,139
  11,730
  12,351
  13,003
  13,688
  14,407
Maintenance CAPEX, $m
  -2,111
  -2,221
  -2,337
  -2,457
  -2,584
  -2,716
  -2,855
  -3,001
  -3,154
  -3,314
  -3,483
  -3,659
  -3,844
  -4,039
  -4,243
  -4,457
  -4,682
  -4,917
  -5,165
  -5,425
  -5,697
  -5,984
  -6,284
  -6,600
  -6,931
  -7,278
  -7,643
  -8,026
  -8,429
  -8,851
New CAPEX, $m
  -1,100
  -1,151
  -1,206
  -1,264
  -1,326
  -1,390
  -1,458
  -1,529
  -1,604
  -1,683
  -1,766
  -1,853
  -1,944
  -2,040
  -2,141
  -2,247
  -2,358
  -2,475
  -2,598
  -2,727
  -2,863
  -3,005
  -3,154
  -3,311
  -3,476
  -3,650
  -3,832
  -4,023
  -4,223
  -4,434
Cash from investing activities, $m
  -3,211
  -3,372
  -3,543
  -3,721
  -3,910
  -4,106
  -4,313
  -4,530
  -4,758
  -4,997
  -5,249
  -5,512
  -5,788
  -6,079
  -6,384
  -6,704
  -7,040
  -7,392
  -7,763
  -8,152
  -8,560
  -8,989
  -9,438
  -9,911
  -10,407
  -10,928
  -11,475
  -12,049
  -12,652
  -13,285
Free cash flow, $m
  -255
  -230
  -207
  -182
  -156
  -128
  -100
  -70
  -38
  -5
  29
  65
  103
  143
  184
  228
  274
  322
  372
  425
  481
  539
  600
  664
  732
  802
  876
  954
  1,036
  1,122
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
  -255
  -230
  -207
  -182
  -156
  -128
  -100
  -70
  -38
  -5
  29
  65
  103
  143
  184
  228
  274
  322
  372
  425
  481
  539
  600
  664
  732
  802
  876
  954
  1,036
  1,122
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
  47
  50
  52
  55
  58
  60
  64
  67
  70
  74
  77
  81
  85
  90
  94
  99
  104
  109
  114
  120
Cash available for distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  29
  65
  103
  143
  184
  228
  274
  322
  372
  425
  481
  539
  600
  664
  732
  802
  876
  954
  1,036
  1,122
Discount rate, %
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
  60.51
PV of cash for distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  4
  5
  5
  4
  3
  2
  2
  1
  1
  0
  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

Cincinnati Financial Corporation is an insurance holding company. It operates through five segments: Commercial lines insurance, Personal lines insurance, Excess and surplus lines insurance, and Life insurance and Investments. Its Commercial Lines Insurance Segment provides five commercial business lines: commercial casualty, commercial property, commercial auto, workers' compensation and other commercial lines. Its personal lines property insurance segment writes personal lines coverage in accounts that include both auto and homeowner coverages, as well as coverages that are part of its other personal business line. The excess and surplus lines Insurance segment covers business risks with characteristics, such as the nature of the business or its claim history that are difficult to profitably insure in the standard commercial lines market. The life insurance business lines include term life insurance, universal life insurance, worksite products and whole life insurance.

FINANCIAL RATIOS  of  Cincinnati Financial (CINF)

Valuation Ratios
P/E Ratio 20.9
Price to Sales 2.3
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 11.4
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30%
Cap. Spend. - 3 Yr. Gr. Rate 13.2%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 11.7%
Total Debt to Equity 12%
Interest Coverage 17
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 7.8%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 8.8%
Return On Equity - 3 Yr. Avg. 8.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 16.7%
EBITDA Margin - 3 Yr. Avg. 17.5%
Operating Margin 15.9%
Oper. Margin - 3 Yr. Avg. 16.6%
Pre-Tax Margin 14.9%
Pre-Tax Margin - 3 Yr. Avg. 15.5%
Net Profit Margin 10.8%
Net Profit Margin - 3 Yr. Avg. 11.3%
Effective Tax Rate 27.2%
Eff/ Tax Rate - 3 Yr. Avg. 27.5%
Payout Ratio 51.8%

CINF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CINF stock intrinsic value calculation we used $5732 million for the last fiscal year's total revenue generated by Cincinnati Financial. The default revenue input number comes from 2017 income statement of Cincinnati Financial. 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 CINF stock valuation model: a) initial revenue growth rate of 5.2% 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 14.7%, whose default value for CINF is calculated based on our internal credit rating of Cincinnati Financial, 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 Cincinnati Financial.
    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 CINF stock the variable cost ratio is equal to 84.1%.

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 CINF 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 Cincinnati Financial.

Corporate tax rate of 27% is the nominal tax rate for Cincinnati Financial. 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 CINF stock is equal to 0.5%.

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 CINF are equal to 368.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Cincinnati Financial 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 CINF is equal to -237.3%. 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 Cincinnati Financial - 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 164 million for Cincinnati Financial 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 Cincinnati Financial at the current share price and the inputted number of shares is $12.3 billion.

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COMPANY NEWS

▶ 3 Bearish Stocks To Trade Over The Next Few Days   [Aug-16-18 11:52AM  Benzinga]
▶ Heres why Cincinnati Financials stock has been soaring   [Jul-31-18 02:32PM  American City Business Journals]
▶ Cincinnati Financial: 2Q Earnings Snapshot   [Jul-26-18 04:59PM  Associated Press]
▶ Best Dividend Paying Stock in June   [Jun-01-18 09:02AM  Simply Wall St.]
▶ 7 Greater Cincinnati firms among Ohio's 30 top-paying companies: SLIDESHOW   [May-31-18 01:19PM  American City Business Journals]
▶ These are Ohio's 30 top paying companies (Countdown)   [May-30-18 04:21PM  American City Business Journals]
▶ These Dividend Stocks Are Best In Class   [May-01-18 09:02AM  Simply Wall St.]
▶ Why Cincinnati Financials stock fell after it reported earnings   [Apr-30-18 02:36PM  American City Business Journals]
▶ Cincinnati Financial: 1Q Earnings Snapshot   [Apr-25-18 05:01PM  Associated Press]
▶ Corrections & Amplifications   [Mar-13-18 12:32AM  The Wall Street Journal]
▶ Cincinnati Financial posts 4Q profit   [Feb-07-18 04:25PM  Associated Press]
▶ Cincinnati Financial posts 3Q profit   [Oct-26-17 04:45PM  Associated Press]
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