Intrinsic value of HCI Group - HCI

Previous Close

$38.57

  Intrinsic Value

$86.31

stock screener

  Rating & Target

str. buy

+124%

  Value-price divergence*

-81%

Previous close

$38.57

 
Intrinsic value

$86.31

 
Up/down potential

+124%

 
Rating

str. buy

 
Value-price divergence*

-81%

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

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

We calculate the intrinsic value of HCI 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 0.4

 

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, %
  -8.25
  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
  272
  279
  286
  294
  303
  312
  323
  335
  347
  360
  375
  390
  406
  423
  441
  461
  481
  503
  526
  550
  575
  602
  631
  661
  692
  725
  760
  797
  835
  876
Variable operating expenses, $m
 
  163
  167
  171
  176
  181
  187
  194
  200
  208
  216
  224
  234
  243
  254
  264
  276
  288
  301
  315
  329
  345
  361
  378
  396
  415
  434
  455
  477
  500
  525
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
  209
  163
  167
  171
  176
  181
  187
  194
  200
  208
  216
  224
  234
  243
  254
  264
  276
  288
  301
  315
  329
  345
  361
  378
  396
  415
  434
  455
  477
  500
  525
Operating income, $m
  58
  109
  112
  115
  118
  121
  125
  130
  134
  139
  145
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
  278
  291
  305
  319
  335
  351
EBITDA, $m
  63
  112
  115
  118
  121
  125
  129
  133
  138
  143
  148
  154
  160
  167
  174
  182
  190
  198
  207
  216
  226
  237
  248
  259
  272
  285
  298
  313
  328
  344
  360
Interest expense (income), $m
  7
  7
  8
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  48
  51
  54
Earnings before tax, $m
  47
  102
  104
  106
  109
  112
  115
  119
  122
  126
  131
  135
  140
  145
  151
  157
  163
  170
  177
  184
  192
  200
  209
  218
  228
  238
  248
  260
  271
  284
  297
Tax expense, $m
  18
  28
  28
  29
  29
  30
  31
  32
  33
  34
  35
  37
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
Net income, $m
  29
  74
  76
  78
  80
  82
  84
  87
  89
  92
  95
  99
  102
  106
  110
  115
  119
  124
  129
  134
  140
  146
  152
  159
  166
  174
  181
  189
  198
  207
  217

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
  670
  683
  698
  716
  736
  759
  783
  810
  839
  870
  903
  939
  977
  1,018
  1,061
  1,106
  1,155
  1,206
  1,261
  1,318
  1,378
  1,442
  1,510
  1,581
  1,656
  1,734
  1,817
  1,905
  1,997
  2,093
  2,195
Adjusted assets (=assets-cash), $m
  670
  683
  698
  716
  736
  759
  783
  810
  839
  870
  903
  939
  977
  1,018
  1,061
  1,106
  1,155
  1,206
  1,261
  1,318
  1,378
  1,442
  1,510
  1,581
  1,656
  1,734
  1,817
  1,905
  1,997
  2,093
  2,195
Revenue / Adjusted assets
  0.000
  0.398
  0.400
  0.399
  0.399
  0.399
  0.398
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
Average production assets, $m
  14
  14
  14
  15
  15
  16
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  40
  41
  43
  46
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
  139
  147
  157
  169
  181
  196
  211
  228
  246
  266
  287
  310
  334
  360
  388
  417
  448
  480
  515
  551
  590
  630
  673
  718
  766
  816
  869
  924
  983
  1,044
  1,109
Total liabilities, $m
  426
  434
  444
  456
  468
  483
  498
  515
  533
  553
  574
  597
  621
  647
  675
  704
  735
  767
  802
  838
  877
  917
  960
  1,005
  1,053
  1,103
  1,156
  1,211
  1,270
  1,331
  1,396
Total equity, $m
  244
  248
  254
  261
  268
  276
  285
  295
  305
  317
  329
  342
  356
  370
  386
  403
  420
  439
  459
  480
  502
  525
  550
  575
  603
  631
  662
  693
  727
  762
  799
Total liabilities and equity, $m
  670
  682
  698
  717
  736
  759
  783
  810
  838
  870
  903
  939
  977
  1,017
  1,061
  1,107
  1,155
  1,206
  1,261
  1,318
  1,379
  1,442
  1,510
  1,580
  1,656
  1,734
  1,818
  1,904
  1,997
  2,093
  2,195
Debt-to-equity ratio
  0.570
  0.590
  0.620
  0.650
  0.680
  0.710
  0.740
  0.770
  0.810
  0.840
  0.870
  0.910
  0.940
  0.970
  1.000
  1.030
  1.060
  1.090
  1.120
  1.150
  1.180
  1.200
  1.230
  1.250
  1.270
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
Adjusted equity ratio
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  29
  74
  76
  78
  80
  82
  84
  87
  89
  92
  95
  99
  102
  106
  110
  115
  119
  124
  129
  134
  140
  146
  152
  159
  166
  174
  181
  189
  198
  207
  217
Depreciation, amort., depletion, $m
  5
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
Funds from operations, $m
  122
  77
  79
  81
  83
  85
  87
  90
  93
  96
  99
  103
  106
  110
  115
  119
  124
  129
  134
  140
  146
  152
  159
  166
  173
  181
  189
  197
  206
  216
  226
Change in working capital, $m
  34
  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
  88
  77
  79
  81
  83
  85
  87
  90
  93
  96
  99
  103
  106
  110
  115
  119
  124
  129
  134
  140
  146
  152
  159
  166
  173
  181
  189
  197
  206
  216
  226
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
New CAPEX, $m
  -1
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  -49
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -9
  -9
  -9
  -10
  -10
  -10
  -11
Free cash flow, $m
  39
  74
  76
  77
  79
  81
  84
  86
  89
  92
  95
  98
  102
  105
  110
  114
  118
  123
  128
  133
  139
  145
  151
  158
  165
  172
  180
  188
  197
  206
  215
Issuance/(repayment) of debt, $m
  8
  8
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  36
  39
  41
  43
  45
  48
  50
  53
  56
  58
  62
  65
Issuance/(repurchase) of shares, $m
  -20
  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  
  -14
  8
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  36
  39
  41
  43
  45
  48
  50
  53
  56
  58
  62
  65
Total cash flow (excl. dividends), $m
  25
  82
  86
  89
  92
  96
  99
  103
  107
  112
  116
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  194
  203
  212
  222
  233
  244
  255
  267
  280
Retained Cash Flow (-), $m
  -6
  -4
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
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
 
  78
  80
  82
  85
  87
  90
  93
  97
  100
  104
  108
  112
  117
  121
  126
  131
  137
  143
  149
  156
  162
  170
  177
  185
  194
  202
  212
  222
  232
  243
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  74
  71
  69
  66
  63
  59
  56
  52
  48
  45
  41
  37
  33
  29
  25
  22
  19
  16
  13
  11
  8
  7
  5
  4
  3
  2
  1
  1
  1
  0
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

HCI Group, Inc. (HCI) is an insurance holding company. The Company operates through four operating divisions: property and casualty insurance, reinsurance, investment real estate and information technology. Its operations include Insurance Operations and Other Operations. Its Insurance Operations include property and casualty insurance, and reinsurance. The Company, through its subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc. (HCPCI), provides property and casualty insurance to homeowners, condominium owners and tenants on properties located in Florida. HCPCI also offers flood-endorsed and wind-only policies to new and pre-existing Florida customers. Its Other Operations include information technology (IT) and real estate. The Company's real estate operations consist of multiple properties it owns and operates.

FINANCIAL RATIOS  of  HCI Group (HCI)

Valuation Ratios
P/E Ratio 12.8
Price to Sales 1.4
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 4.2
Price to Free Cash Flow 4.3
Growth Rates
Sales Growth Rate -8.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -19.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 57%
Total Debt to Equity 57%
Interest Coverage 8
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 16.1%
Return On Equity 12%
Return On Equity - 3 Yr. Avg. 26.7%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 22.1%
EBITDA Margin - 3 Yr. Avg. 34.9%
Operating Margin 21.7%
Oper. Margin - 3 Yr. Avg. 34.6%
Pre-Tax Margin 17.6%
Pre-Tax Margin - 3 Yr. Avg. 30.7%
Net Profit Margin 10.9%
Net Profit Margin - 3 Yr. Avg. 19.1%
Effective Tax Rate 38.3%
Eff/ Tax Rate - 3 Yr. Avg. 37.9%
Payout Ratio 41.4%

HCI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HCI stock intrinsic value calculation we used $267 million for the last fiscal year's total revenue generated by HCI Group. The default revenue input number comes from 2016 income statement of HCI 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 HCI 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 5.7%, whose default value for HCI is calculated based on our internal credit rating of HCI 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 HCI 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 HCI stock the variable cost ratio is equal to 59.9%.

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 HCI 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 5.2% for HCI Group.

Corporate tax rate of 27% is the nominal tax rate for HCI 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 HCI 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 HCI are equal to 5.2%.

Life of production assets of 2.8 years is the average useful life of capital assets used in HCI 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 HCI 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 - $244 million for HCI 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 10.187 million for HCI 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 HCI Group at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
UIHC United Insuran 16.27 266.07  str.buy
KINS Kingstone 16.40 40.52  str.buy
FNHC Federated Nati 15.92 513.09  str.buy
UVE Universal Insu 24.20 99.44  str.buy
HRTG Heritage Insur 15.87 63.71  str.buy
NSEC National Secur 12.73 43.26  str.buy
NGHC National Gener 20.51 109.37  str.buy
HMN Horace Mann Ed 40.50 131.70  str.buy
DGICA Donegal Group 16.47 67.14  str.buy
ERIE Erie Indemnity 123.84 120.70  hold

COMPANY NEWS

▶ New Strong Sell Stocks for October 20th   [Oct-20-17 09:17AM  Zacks]
▶ Universal Insurance and other big Florida insurers see a quick rebound in stock prices   [Sep-12-17 05:00PM  American City Business Journals]
▶ How Tampa Bay and Florida insurers are making it through the storm   [Sep-11-17 08:05AM  American City Business Journals]
▶ Hurricane Irma causes Florida insurance stocks to plunge   [Sep-08-17 01:40PM  American City Business Journals]
▶ Irma batters Tampa Bay insurance stocks   [Sep-05-17 03:25PM  American City Business Journals]
▶ HCI Group posts 2Q profit   [Aug-04-17 03:22AM  Associated Press]
▶ HCI Group Reports Second Quarter and Six-Month 2017 Results   [Aug-02-17 04:15PM  GlobeNewswire]
▶ HCI Group, Inc. Value Analysis (NYSE:HCI) : July 31, 2017   [Jul-31-17 06:25PM  Capital Cube]
▶ HCI Group Declares Q3 2017 Regular Quarterly Cash Dividend   [Jul-10-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to HCI Group, Inc. : June 12, 2017   [Jun-12-17 02:07PM  Capital Cube]
▶ HCI Group posts 1Q profit   [May-05-17 05:03AM  Associated Press]
▶ HCI Group Reports First Quarter 2017 Results   [May-04-17 04:15PM  GlobeNewswire]
▶ Heres what happened when HCI Groups biggest shareholder bought more stock   [Apr-24-17 03:10PM  American City Business Journals]
▶ HCI Group Terminates Shareholder Rights Plan   [08:00AM  GlobeNewswire]
▶ HCI Group Declares Q2 2017 Regular Quarterly Cash Dividend   [Apr-19-17 08:00AM  GlobeNewswire]
▶ HCI Group to Redeem 8% Senior Notes Due 2020   [Mar-14-17 04:01PM  GlobeNewswire]
▶ HCI Group Sets Annual Shareholders' Meeting and Record Date   [Mar-13-17 08:00AM  GlobeNewswire]
▶ UMs Florida stock index bests S&P 500   [Feb-24-17 08:00AM  at bizjournals.com]
▶ UMs Florida stock index bests S&P 500   [08:00AM  American City Business Journals]
▶ Tampa insurer cuts bonus for CEO   [Jan-03-17 08:00AM  at bizjournals.com]
▶ Hurricanes leave their mark on Tampa Bays property insurers   [Nov-09-16 08:40AM  at bizjournals.com]
Financial statements of HCI
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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