Intrinsic value of Progressive Corp - PGR

Previous Close

$59.83

  Intrinsic Value

$28.29

stock screener

  Rating & Target

str. sell

-53%

Previous close

$59.83

 
Intrinsic value

$28.29

 
Up/down potential

-53%

 
Rating

str. sell

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

We calculate the intrinsic value of PGR 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 34.8

 

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, %
  14.50
  13.55
  12.70
  11.93
  11.23
  10.61
  10.05
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.96
  6.76
  6.58
  6.43
  6.28
  6.15
  6.04
  5.94
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
Revenue, $m
  30,731
  34,895
  39,325
  44,014
  48,958
  54,153
  59,594
  65,282
  71,216
  77,397
  83,831
  90,522
  97,477
  104,704
  112,215
  120,021
  128,134
  136,571
  145,347
  154,480
  163,988
  173,892
  184,213
  194,975
  206,201
  217,918
  230,151
  242,930
  256,284
  270,245
Variable operating expenses, $m
  24,544
  27,831
  31,328
  35,031
  38,934
  43,034
  47,330
  51,821
  56,505
  61,386
  66,182
  71,464
  76,955
  82,661
  88,590
  94,753
  101,158
  107,819
  114,747
  121,957
  129,464
  137,283
  145,431
  153,927
  162,790
  172,040
  181,698
  191,786
  202,329
  213,351
Fixed operating expenses, $m
  3,215
  3,286
  3,358
  3,432
  3,508
  3,585
  3,664
  3,744
  3,827
  3,911
  3,997
  4,085
  4,175
  4,266
  4,360
  4,456
  4,554
  4,655
  4,757
  4,862
  4,969
  5,078
  5,190
  5,304
  5,420
  5,540
  5,662
  5,786
  5,913
  6,043
Total operating expenses, $m
  27,759
  31,117
  34,686
  38,463
  42,442
  46,619
  50,994
  55,565
  60,332
  65,297
  70,179
  75,549
  81,130
  86,927
  92,950
  99,209
  105,712
  112,474
  119,504
  126,819
  134,433
  142,361
  150,621
  159,231
  168,210
  177,580
  187,360
  197,572
  208,242
  219,394
Operating income, $m
  2,972
  3,778
  4,638
  5,552
  6,517
  7,533
  8,600
  9,717
  10,884
  12,101
  13,652
  14,973
  16,347
  17,777
  19,264
  20,812
  22,422
  24,098
  25,843
  27,661
  29,556
  31,532
  33,593
  35,744
  37,991
  40,338
  42,792
  45,358
  48,042
  50,851
EBITDA, $m
  7,689
  9,096
  10,595
  12,185
  13,864
  15,630
  17,482
  19,420
  21,443
  23,552
  25,749
  28,035
  30,413
  32,886
  35,457
  38,131
  40,912
  43,805
  46,817
  49,952
  53,219
  56,624
  60,175
  63,879
  67,746
  71,784
  76,003
  80,413
  85,024
  89,848
Interest expense (income), $m
  134
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
  1,473
Earnings before tax, $m
  1,499
  2,305
  3,165
  4,079
  5,044
  6,060
  7,127
  8,244
  9,411
  10,628
  12,179
  13,500
  14,874
  16,304
  17,791
  19,339
  20,949
  22,625
  24,370
  26,188
  28,083
  30,059
  32,120
  34,271
  36,518
  38,866
  41,319
  43,885
  46,569
  49,378
Tax expense, $m
  405
  622
  855
  1,101
  1,362
  1,636
  1,924
  2,226
  2,541
  2,870
  3,288
  3,645
  4,016
  4,402
  4,804
  5,221
  5,656
  6,109
  6,580
  7,071
  7,582
  8,116
  8,672
  9,253
  9,860
  10,494
  11,156
  11,849
  12,574
  13,332
Net income, $m
  1,094
  1,683
  2,311
  2,977
  3,682
  4,424
  5,203
  6,018
  6,870
  7,759
  8,891
  9,855
  10,858
  11,902
  12,988
  14,117
  15,293
  16,516
  17,790
  19,117
  20,501
  21,943
  23,448
  25,018
  26,658
  28,372
  30,163
  32,036
  33,996
  36,046

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
  44,344
  50,353
  56,745
  63,512
  70,647
  78,142
  85,994
  94,202
  102,764
  111,684
  120,968
  130,623
  140,659
  151,088
  161,926
  173,190
  184,898
  197,072
  209,736
  222,914
  236,635
  250,926
  265,820
  281,349
  297,549
  314,455
  332,108
  350,548
  369,819
  389,964
Working capital, $m
  -32,175
  -36,535
  -41,173
  -46,083
  -51,259
  -56,698
  -62,395
  -68,350
  -74,563
  -81,035
  -87,771
  -94,776
  -102,058
  -109,625
  -117,489
  -125,662
  -134,157
  -142,990
  -152,178
  -161,740
  -171,695
  -182,065
  -192,871
  -204,139
  -215,893
  -228,160
  -240,968
  -254,348
  -268,330
  -282,947
Total debt, $m
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
  27,275
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
  1,094
  1,683
  2,311
  2,977
  3,682
  4,424
  5,203
  6,018
  6,870
  7,759
  8,891
  9,855
  10,858
  11,902
  12,988
  14,117
  15,293
  16,516
  17,790
  19,117
  20,501
  21,943
  23,448
  25,018
  26,658
  28,372
  30,163
  32,036
  33,996
  36,046
Depreciation, amort., depletion, $m
  4,717
  5,318
  5,957
  6,634
  7,347
  8,097
  8,882
  9,703
  10,559
  11,451
  12,097
  13,062
  14,066
  15,109
  16,193
  17,319
  18,490
  19,707
  20,974
  22,291
  23,663
  25,093
  26,582
  28,135
  29,755
  31,446
  33,211
  35,055
  36,982
  38,996
Funds from operations, $m
  5,811
  7,001
  8,268
  9,611
  11,029
  12,521
  14,085
  15,721
  17,429
  19,210
  20,988
  22,917
  24,924
  27,011
  29,180
  31,436
  33,783
  36,223
  38,764
  41,409
  44,164
  47,035
  50,030
  53,153
  56,413
  59,817
  63,374
  67,091
  70,977
  75,043
Change in working capital, $m
  -4,075
  -4,360
  -4,638
  -4,910
  -5,176
  -5,438
  -5,697
  -5,955
  -6,213
  -6,472
  -6,736
  -7,005
  -7,282
  -7,567
  -7,864
  -8,172
  -8,495
  -8,833
  -9,188
  -9,562
  -9,955
  -10,370
  -10,807
  -11,268
  -11,754
  -12,267
  -12,808
  -13,380
  -13,982
  -14,617
Cash from operations, $m
  9,886
  11,360
  12,906
  14,521
  16,206
  17,959
  19,782
  21,676
  23,642
  25,682
  27,724
  29,922
  32,206
  34,578
  37,044
  39,609
  42,278
  45,057
  47,952
  50,971
  54,119
  57,405
  60,836
  64,421
  68,167
  72,084
  76,182
  80,470
  84,959
  89,660
Maintenance CAPEX, $m
  -3,873
  -4,434
  -5,035
  -5,675
  -6,351
  -7,065
  -7,814
  -8,599
  -9,420
  -10,276
  -11,168
  -12,097
  -13,062
  -14,066
  -15,109
  -16,193
  -17,319
  -18,490
  -19,707
  -20,974
  -22,291
  -23,663
  -25,093
  -26,582
  -28,135
  -29,755
  -31,446
  -33,211
  -35,055
  -36,982
New CAPEX, $m
  -5,619
  -6,009
  -6,392
  -6,767
  -7,134
  -7,495
  -7,852
  -8,207
  -8,562
  -8,920
  -9,284
  -9,655
  -10,036
  -10,430
  -10,838
  -11,264
  -11,708
  -12,174
  -12,664
  -13,178
  -13,720
  -14,292
  -14,894
  -15,529
  -16,199
  -16,907
  -17,653
  -18,440
  -19,270
  -20,146
Cash from investing activities, $m
  -9,492
  -10,443
  -11,427
  -12,442
  -13,485
  -14,560
  -15,666
  -16,806
  -17,982
  -19,196
  -20,452
  -21,752
  -23,098
  -24,496
  -25,947
  -27,457
  -29,027
  -30,664
  -32,371
  -34,152
  -36,011
  -37,955
  -39,987
  -42,111
  -44,334
  -46,662
  -49,099
  -51,651
  -54,325
  -57,128
Free cash flow, $m
  394
  917
  1,478
  2,080
  2,720
  3,399
  4,116
  4,869
  5,659
  6,485
  7,271
  8,171
  9,108
  10,083
  11,097
  12,153
  13,250
  14,393
  15,581
  16,819
  18,107
  19,450
  20,850
  22,309
  23,833
  25,423
  27,084
  28,820
  30,634
  32,532
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
  394
  917
  1,478
  2,080
  2,720
  3,399
  4,116
  4,869
  5,659
  6,485
  7,271
  8,171
  9,108
  10,083
  11,097
  12,153
  13,250
  14,393
  15,581
  16,819
  18,107
  19,450
  20,850
  22,309
  23,833
  25,423
  27,084
  28,820
  30,634
  32,532
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
  107
  123
  140
  157
  176
  196
  217
  238
  261
  285
  310
  335
  362
  390
  419
  449
  480
  513
  546
  581
  618
  656
  696
  737
  780
  825
  872
  921
  972
  1,025
Cash available for distribution, $m
  394
  917
  1,478
  2,080
  2,720
  3,399
  4,116
  4,869
  5,659
  6,485
  7,271
  8,171
  9,108
  10,083
  11,097
  12,153
  13,250
  14,393
  15,581
  16,819
  18,107
  19,450
  20,850
  22,309
  23,833
  25,423
  27,084
  28,820
  30,634
  32,532
Discount rate, %
  11.90
  12.50
  13.12
  13.78
  14.46
  15.19
  15.95
  16.74
  17.58
  18.46
  19.38
  20.35
  21.37
  22.44
  23.56
  24.74
  25.98
  27.28
  28.64
  30.07
  31.57
  33.15
  34.81
  36.55
  38.38
  40.30
  42.31
  44.43
  46.65
  48.98
PV of cash for distribution, $m
  352
  725
  1,021
  1,241
  1,384
  1,455
  1,461
  1,411
  1,317
  1,192
  1,036
  885
  734
  593
  464
  354
  261
  187
  130
  88
  57
  36
  22
  13
  7
  4
  2
  1
  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

The Progressive Corporation is an insurance holding company. The Company's insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments. The Company's Personal Lines segment writes insurance for personal autos, and recreational and other vehicles. The Commercial Lines business writes primary liability, physical damage and other auto-related insurance for automobiles and trucks owned and/or operated predominately by small businesses as a part of the commercial auto market. ASI is a homeowner carrier in the United States, which specializes in personal and commercial property insurance, personal umbrella insurance, and primary and excess flood insurance. The Company's service business includes Commercial Auto Insurance Procedures/Plans (CAIP) and Commission-based businesses.

FINANCIAL RATIOS  of  Progressive Corp (PGR)

Valuation Ratios
P/E Ratio 33.7
Price to Sales 1.5
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow 14
Growth Rates
Sales Growth Rate 12.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 64.1%
Cap. Spend. - 3 Yr. Gr. Rate 9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 39.6%
Total Debt to Equity 39.6%
Interest Coverage 12
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 9.8%
Ret/ On T. Cap. - 3 Yr. Avg. 12.7%
Return On Equity 13.5%
Return On Equity - 3 Yr. Avg. 17%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 7.7%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin 6.9%
Oper. Margin - 3 Yr. Avg. 9.1%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 8.4%
Net Profit Margin 4.4%
Net Profit Margin - 3 Yr. Avg. 5.7%
Effective Tax Rate 28.1%
Eff/ Tax Rate - 3 Yr. Avg. 31%
Payout Ratio 50.3%

PGR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PGR stock intrinsic value calculation we used $26839 million for the last fiscal year's total revenue generated by Progressive Corp. The default revenue input number comes from 2017 income statement of Progressive Corp. 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 PGR stock valuation model: a) initial revenue growth rate of 14.5% 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 11.9%, whose default value for PGR is calculated based on our internal credit rating of Progressive Corp, 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 Progressive Corp.
    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 PGR stock the variable cost ratio is equal to 80%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3146 million in the base year in the intrinsic value calculation for PGR 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 Progressive Corp.

Corporate tax rate of 27% is the nominal tax rate for Progressive Corp. 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 PGR stock is equal to 0.4%.

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 PGR are equal to 144.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Progressive Corp 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 PGR is equal to -104.7%. 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 Progressive Corp - 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 581 million for Progressive Corp 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 Progressive Corp at the current share price and the inputted number of shares is $34.8 billion.

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COMPANY NEWS

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▶ Progressive Reports May 2018 Results   [08:32AM  GlobeNewswire]
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▶ Progressive Reports April 2018 Results   [May-16-18 08:35AM  GlobeNewswire]
▶ A Sell In May Strategy   [May-10-18 03:31PM  Forbes]
▶ Progressive Offers Reporters Updated Newsroom   [May-03-18 02:09PM  PR Newswire]
▶ 10 Largest Property and Casualty Insurance Companies in 2018   [May-01-18 11:31AM  Insider Monkey]
▶ Progressive Announces Investor Relations Conference Call   [Apr-25-18 08:17PM  GlobeNewswire]
▶ 5 Finance Stocks to Gain as Bond Yields Near 4-Year High   [Apr-24-18 01:05PM  InvestorPlace]
▶ Company News For Apr 18, 2018   [Apr-18-18 10:19AM  Zacks]
▶ Progressive: 1Q Earnings Snapshot   [09:03AM  Associated Press]
▶ Progressive Reports March 2018 Results   [08:47AM  GlobeNewswire]
▶ Five Insurance Stocks to Consider Amid Higher Interest Rates   [Apr-16-18 09:54PM  Insider Monkey]
▶ Anatomy of Success: Progressive (PGR)   [Apr-05-18 06:44PM  Zacks]
▶ How an ill-advised tweet became a nightmare for a Fox News show   [Apr-02-18 01:41PM  Yahoo Finance Video]
▶ Stocks To Own As Fed Raises Rates   [Mar-19-18 12:23PM  Forbes]
▶ Progressive Reports February 2018 Results   [Mar-14-18 08:32AM  GlobeNewswire]
▶ Retail sales What you need to know in markets on Wednesday   [Mar-13-18 08:33PM  Yahoo Finance]
▶ Progressive Corporation to Host Earnings Call   [Mar-01-18 10:00AM  ACCESSWIRE]
▶ Progressive Announces 2018 Annual Meeting Record Date   [Feb-26-18 02:56PM  GlobeNewswire]
▶ Progressive Announces Investor Relations Conference Call   [Feb-21-18 02:26PM  GlobeNewswire]
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