Intrinsic value of Cincinnati Financial - CINF

Previous Close

$76.46

  Intrinsic Value

$66.86

stock screener

  Rating & Target

hold

-13%

  Value-price divergence*

-70%

Previous close

$76.46

 
Intrinsic value

$66.86

 
Up/down potential

-13%

 
Rating

hold

 
Value-price divergence*

-70%

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

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

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 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 12.7

 

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, %
  5.97
  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
  5,558
  5,686
  5,832
  5,996
  6,178
  6,377
  6,594
  6,830
  7,083
  7,355
  7,645
  7,956
  8,286
  8,637
  9,010
  9,405
  9,823
  10,265
  10,732
  11,225
  11,745
  12,294
  12,872
  13,481
  14,123
  14,799
  15,510
  16,259
  17,046
  17,874
Variable operating expenses, $m
 
  4,546
  4,651
  4,771
  4,905
  5,053
  5,217
  5,394
  5,587
  5,794
  6,016
  6,254
  6,508
  6,778
  7,065
  7,370
  7,693
  8,035
  8,396
  8,778
  9,182
  9,607
  10,056
  10,529
  11,028
  11,553
  12,106
  12,687
  13,300
  13,944
  14,621
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
  4,584
  4,546
  4,651
  4,771
  4,905
  5,053
  5,217
  5,394
  5,587
  5,794
  6,016
  6,254
  6,508
  6,778
  7,065
  7,370
  7,693
  8,035
  8,396
  8,778
  9,182
  9,607
  10,056
  10,529
  11,028
  11,553
  12,106
  12,687
  13,300
  13,944
  14,621
Operating income, $m
  865
  1,012
  1,035
  1,061
  1,091
  1,124
  1,161
  1,200
  1,243
  1,289
  1,339
  1,391
  1,448
  1,508
  1,572
  1,640
  1,712
  1,788
  1,868
  1,953
  2,043
  2,138
  2,237
  2,343
  2,454
  2,570
  2,693
  2,823
  2,959
  3,102
  3,253
EBITDA, $m
  913
  1,049
  1,073
  1,101
  1,132
  1,166
  1,204
  1,245
  1,289
  1,337
  1,389
  1,443
  1,502
  1,564
  1,631
  1,701
  1,776
  1,855
  1,938
  2,026
  2,119
  2,217
  2,321
  2,430
  2,545
  2,666
  2,794
  2,928
  3,070
  3,218
  3,375
Interest expense (income), $m
  52
  52
  69
  88
  110
  135
  162
  192
  224
  259
  297
  338
  381
  427
  477
  529
  585
  644
  706
  772
  842
  916
  994
  1,076
  1,162
  1,253
  1,349
  1,450
  1,556
  1,668
  1,786
Earnings before tax, $m
  812
  960
  966
  973
  981
  990
  999
  1,009
  1,019
  1,030
  1,042
  1,054
  1,067
  1,081
  1,095
  1,111
  1,127
  1,144
  1,162
  1,181
  1,201
  1,222
  1,244
  1,267
  1,292
  1,317
  1,344
  1,373
  1,403
  1,434
  1,467
Tax expense, $m
  221
  259
  261
  263
  265
  267
  270
  272
  275
  278
  281
  285
  288
  292
  296
  300
  304
  309
  314
  319
  324
  330
  336
  342
  349
  356
  363
  371
  379
  387
  396
Net income, $m
  591
  701
  705
  710
  716
  723
  729
  736
  744
  752
  760
  769
  779
  789
  799
  811
  823
  835
  848
  862
  877
  892
  908
  925
  943
  962
  981
  1,002
  1,024
  1,047
  1,071

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
  20,386
  20,816
  21,295
  21,842
  22,457
  23,138
  23,885
  24,698
  25,579
  26,527
  27,545
  28,634
  29,797
  31,034
  32,349
  33,744
  35,223
  36,789
  38,444
  40,193
  42,040
  43,989
  46,044
  48,210
  50,492
  52,896
  55,427
  58,091
  60,894
  63,843
  66,945
Adjusted assets (=assets-cash), $m
  20,386
  20,816
  21,295
  21,842
  22,457
  23,138
  23,885
  24,698
  25,579
  26,527
  27,545
  28,634
  29,797
  31,034
  32,349
  33,744
  35,223
  36,789
  38,444
  40,193
  42,040
  43,989
  46,044
  48,210
  50,492
  52,896
  55,427
  58,091
  60,894
  63,843
  66,945
Revenue / Adjusted assets
  0.000
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
Average production assets, $m
  184
  189
  193
  198
  204
  210
  217
  224
  232
  241
  250
  260
  270
  282
  294
  306
  320
  334
  349
  365
  382
  399
  418
  438
  458
  480
  503
  527
  553
  580
  608
Working capital, $m
  0
  22
  23
  23
  24
  25
  26
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
Total debt, $m
  846
  1,134
  1,447
  1,805
  2,207
  2,652
  3,141
  3,673
  4,248
  4,869
  5,535
  6,247
  7,007
  7,816
  8,676
  9,589
  10,556
  11,580
  12,662
  13,806
  15,014
  16,288
  17,632
  19,049
  20,542
  22,114
  23,769
  25,511
  27,345
  29,273
  31,302
Total liabilities, $m
  13,326
  13,614
  13,927
  14,285
  14,687
  15,132
  15,621
  16,153
  16,728
  17,349
  18,015
  18,727
  19,487
  20,296
  21,156
  22,069
  23,036
  24,060
  25,142
  26,286
  27,494
  28,768
  30,112
  31,529
  33,022
  34,594
  36,249
  37,991
  39,825
  41,753
  43,782
Total equity, $m
  7,060
  7,202
  7,368
  7,557
  7,770
  8,006
  8,264
  8,546
  8,850
  9,178
  9,531
  9,908
  10,310
  10,738
  11,193
  11,676
  12,187
  12,729
  13,302
  13,907
  14,546
  15,220
  15,931
  16,681
  17,470
  18,302
  19,178
  20,099
  21,069
  22,090
  23,163
Total liabilities and equity, $m
  20,386
  20,816
  21,295
  21,842
  22,457
  23,138
  23,885
  24,699
  25,578
  26,527
  27,546
  28,635
  29,797
  31,034
  32,349
  33,745
  35,223
  36,789
  38,444
  40,193
  42,040
  43,988
  46,043
  48,210
  50,492
  52,896
  55,427
  58,090
  60,894
  63,843
  66,945
Debt-to-equity ratio
  0.120
  0.160
  0.200
  0.240
  0.280
  0.330
  0.380
  0.430
  0.480
  0.530
  0.580
  0.630
  0.680
  0.730
  0.780
  0.820
  0.870
  0.910
  0.950
  0.990
  1.030
  1.070
  1.110
  1.140
  1.180
  1.210
  1.240
  1.270
  1.300
  1.330
  1.350
Adjusted equity ratio
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  591
  701
  705
  710
  716
  723
  729
  736
  744
  752
  760
  769
  779
  789
  799
  811
  823
  835
  848
  862
  877
  892
  908
  925
  943
  962
  981
  1,002
  1,024
  1,047
  1,071
Depreciation, amort., depletion, $m
  48
  38
  39
  40
  41
  42
  43
  45
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  76
  80
  84
  88
  92
  96
  101
  105
  111
  116
  122
Funds from operations, $m
  1,458
  739
  744
  750
  757
  765
  773
  781
  790
  800
  810
  821
  833
  845
  858
  872
  886
  902
  918
  935
  953
  972
  992
  1,013
  1,035
  1,058
  1,082
  1,108
  1,135
  1,163
  1,193
Change in working capital, $m
  355
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
Cash from operations, $m
  1,103
  738
  743
  749
  756
  764
  772
  780
  789
  799
  809
  820
  832
  844
  857
  870
  885
  900
  916
  933
  951
  970
  989
  1,010
  1,032
  1,055
  1,079
  1,105
  1,132
  1,160
  1,189
Maintenance CAPEX, $m
  0
  -37
  -38
  -39
  -40
  -41
  -42
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -111
  -116
New CAPEX, $m
  -13
  -5
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
Cash from investing activities, $m
  -456
  -42
  -42
  -44
  -46
  -47
  -49
  -50
  -53
  -55
  -57
  -60
  -63
  -65
  -68
  -72
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -119
  -125
  -130
  -138
  -144
Free cash flow, $m
  647
  696
  701
  706
  711
  717
  723
  730
  736
  744
  752
  760
  769
  779
  789
  799
  810
  822
  834
  847
  861
  876
  891
  907
  924
  942
  960
  980
  1,001
  1,023
  1,045
Issuance/(repayment) of debt, $m
  -15
  288
  313
  358
  402
  445
  489
  532
  576
  620
  666
  712
  760
  809
  860
  913
  967
  1,024
  1,083
  1,144
  1,208
  1,274
  1,344
  1,417
  1,493
  1,572
  1,655
  1,742
  1,833
  1,929
  2,029
Issuance/(repurchase) of shares, $m
  -18
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
Cash from financing (excl. dividends), $m  
  -108
  288
  313
  358
  402
  445
  489
  532
  576
  620
  666
  712
  760
  809
  860
  913
  967
  1,024
  1,083
  1,144
  1,208
  1,274
  1,344
  1,417
  1,493
  1,572
  1,655
  1,742
  1,833
  1,929
  2,031
Total cash flow (excl. dividends), $m
  539
  984
  1,014
  1,064
  1,113
  1,162
  1,212
  1,261
  1,312
  1,364
  1,418
  1,473
  1,529
  1,588
  1,649
  1,712
  1,777
  1,846
  1,917
  1,991
  2,069
  2,150
  2,235
  2,324
  2,416
  2,514
  2,616
  2,722
  2,834
  2,951
  3,076
Retained Cash Flow (-), $m
  -633
  -142
  -166
  -189
  -213
  -236
  -258
  -281
  -305
  -328
  -352
  -377
  -402
  -428
  -455
  -483
  -512
  -542
  -573
  -605
  -639
  -674
  -711
  -749
  -790
  -832
  -876
  -922
  -970
  -1,020
  -1,073
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
 
  842
  848
  874
  900
  927
  953
  980
  1,008
  1,036
  1,065
  1,096
  1,127
  1,160
  1,194
  1,229
  1,266
  1,304
  1,344
  1,386
  1,430
  1,476
  1,524
  1,574
  1,627
  1,682
  1,740
  1,801
  1,864
  1,931
  2,003
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
 
  807
  777
  761
  741
  718
  692
  662
  630
  595
  559
  520
  481
  441
  401
  361
  322
  284
  248
  213
  182
  153
  126
  103
  83
  65
  51
  39
  29
  21
  15
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

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 21.3
Price to Sales 2.3
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow 11.5
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 $5449 million for the last fiscal year's total revenue generated by Cincinnati Financial. The default revenue input number comes from 2016 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 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 4.3%, 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 81.8%.

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 6.1% 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%.

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 3.4%.

Life of production assets of 3.8 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 0.4%. 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 - $7060 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 166.15 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 $12.7 billion.

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COMPANY NEWS

▶ Cincinnati Financial posts 2Q profit   [Aug-02-17 10:01PM  Associated Press]
▶ S&P Dividend Aristocrats: Which Stocks Make the List?   [May-05-17 07:20AM  Motley Fool]
▶ Seven Greater Cincinnati public companies land among nations biggest on new list   [May-03-17 04:18PM  American City Business Journals]
▶ Cincinnati Financial posts 1Q profit   [Apr-26-17 04:34PM  Associated Press]
▶ Cincinnatis most valuable CEOs pay doubles   [Apr-04-17 03:32PM  American City Business Journals]
▶ What You Need to Know About the March Rate Hike   [Mar-20-17 04:13PM  GuruFocus.com]
▶ Eight Dividend Stocks Rewarding Shareholders With A Raise   [Feb-07-17 12:55PM  at Insider Monkey]
Financial statements of CINF
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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