Cna Financial Corp
CNA
Fire, Marine & Casualty Insurance
Mkt Cap
$12.14BPE
9.74Debt
$3.52BCash
$409MEV
$15.25BFCF
$2.263BP/E Ratio
9.74Debt
$3.52BCash
$409MEV
$15.25BFCF
$2.263BCharts data: {"Earnings":[{"time":"2014-12-30","value":691000000},{"time":"2015-12-30","value":479000000},{"time":"2016-12-30","value":859000000},{"time":"2017-12-30","value":899000000},{"time":"2018-12-30","value":813000000},{"time":"2019-12-30","value":1000000000},{"time":"2020-12-30","value":690000000},{"time":"2021-12-30","value":1202000000},{"time":"2022-12-30","value":894000000},{"time":"2023-12-30","value":1205000000}],"Sales":[{"time":"2014-12-30","value":9692000000},{"time":"2015-12-30","value":9101000000},{"time":"2016-12-30","value":9366000000},{"time":"2017-12-30","value":9542000000},{"time":"2018-12-30","value":10134000000},{"time":"2019-12-30","value":10767000000},{"time":"2020-12-30","value":10808000000},{"time":"2021-12-30","value":11908000000},{"time":"2022-12-30","value":11879000000},{"time":"2023-12-30","value":13299000000}],"Net Margins":[{"time":"2014-12-30","value":0.07129591415600495},{"time":"2015-12-30","value":0.05263157894736842},{"time":"2016-12-30","value":0.09171471279094598},{"time":"2017-12-30","value":0.0942150492559212},{"time":"2018-12-30","value":0.08022498519834222},{"time":"2019-12-30","value":0.09287638153617535},{"time":"2020-12-30","value":0.06384159881569208},{"time":"2021-12-30","value":0.10094054417198522},{"time":"2022-12-30","value":0.07525886017341527},{"time":"2023-12-30","value":0.09060831641476803}],"Assets":[{"time":"2014-12-30","value":55566000000},{"time":"2015-12-30","value":55047000000},{"time":"2016-12-30","value":55233000000},{"time":"2017-12-30","value":56567000000},{"time":"2018-12-30","value":57152000000},{"time":"2019-12-30","value":60612000000},{"time":"2020-12-30","value":64026000000},{"time":"2021-12-30","value":66639000000},{"time":"2022-12-30","value":60927000000},{"time":"2023-12-30","value":64711000000}],"Stockholders Equity":[{"time":"2014-12-30","value":12794000000},{"time":"2015-12-30","value":11756000000},{"time":"2016-12-30","value":11969000000},{"time":"2017-12-30","value":12244000000},{"time":"2018-12-30","value":11217000000},{"time":"2019-12-30","value":12215000000},{"time":"2020-12-30","value":12707000000},{"time":"2021-12-30","value":12809000000},{"time":"2022-12-30","value":8825000000},{"time":"2023-12-30","value":9893000000}],"ROE":[{"time":"2014-12-30","value":0.05400969204314522},{"time":"2015-12-30","value":0.04074515141204491},{"time":"2016-12-30","value":0.07176873590107778},{"time":"2017-12-30","value":0.07342371773930088},{"time":"2018-12-30","value":0.07247927253276278},{"time":"2019-12-30","value":0.08186655751125665},{"time":"2020-12-30","value":0.05430077909813489},{"time":"2021-12-30","value":0.09384026856116792},{"time":"2022-12-30","value":0.10130311614730879},{"time":"2023-12-30","value":0.12180329525927423}],"ROA":[{"time":"2014-12-30","value":0.02172191627973941},{"time":"2015-12-30","value":0.009973295547441278},{"time":"2016-12-30","value":0.020585519526370104},{"time":"2017-12-30","value":0.023158378559937774},{"time":"2018-12-30","value":0.01686730123180291},{"time":"2019-12-30","value":0.020177522602784926},{"time":"2020-12-30","value":0.012822915690500734},{"time":"2021-12-30","value":0.022269241735320158},{"time":"2022-12-30","value":0.01774254435636089},{"time":"2023-12-30","value":0.023458144674012145}]}
CNA Financial Corporation provides commercial property and casualty insurance products in the United States and internationally. It operates through Specialty, Commercial, International, Life & Group, and Corporate & Other segments. The company offers professional liability coverages and risk management services to various professional firms, including architects, real estate agents, and accounting and law firms; directors and officers, employment practices, fiduciary, and fidelity and cyber coverages to small and mid-size firms, public and privately held firms, and not-for-profit organizations; professional and general liability, as well as associated casualty coverages for healthcare industry; surety and fidelity bonds; and warranty and alternative risks products. It also provides property insurance products, such as standard and property, marine, boiler, and machinery coverages; casualty insurance products comprising workers' compensation, general and product liability, commercial auto, umbrella, and excess and surplus coverages; specialized loss-sensitive insurance programs and total risk management services; and run-off long term care policies. In addition, the company offers long-tail exposures comprising commercial automobile liability, general and medical professional liability, other professional and management liability, and assumed reinsurance run-off and products liability; and short-tail exposures, such as property, commercial automobile physical damage, marine, surety, and warranty. It markets its products through independent agents, brokers, and general underwriters to small, medium, and large businesses; insurance companies; associations; professionals; and other groups in the marine, oil and gas, construction, manufacturing, life science, property, financial services, healthcare, and technology industries. The company was founded in 1853 and is headquartered in Chicago, Illinois. CNA Financial Corporation is a subsidiary of Loews Corporation.
Sector
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DCF
Discounted Cash Flow Valuation of Cna Financial Corp
Value
Growth
%
%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $2.263B | $2.474B | $2.693B | $2.918B | $3.148B | $3.381B | $3.615B | $3.848B | $4.077B | $4.3B | $4.515B | $45.15B |
| DCF | $2.151B | $2.036B | $1.919B | $1.8B | $1.681B | $1.563B | $1.446B | $1.333B | $1.222B | $1.116B | $11.16B | |
| Value | $27.43B | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 7.1%
Earnings Stability 27%
Competitiveness and MOAT
High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 5.3% | 9.2% | 9.4% | 8% | 9.3% | 6.4% | 10% | 7.5% | 9.1% | 9.2% |
| ROA | 1% | 2.1% | 2.3% | 1.7% | 2% | 1.3% | 2.2% | 1.8% | 2.3% | 2.4% |
| ROE | 4.1% | 7.2% | 7.3% | 7.2% | 8.2% | 5.4% | 9.4% | 10% | 12% | 13% |
What is the average Net Margin?
The average Net Margin over the past 5 years is +8.4%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is +0.1%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is +1.89%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is +0.1%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is +8.76%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is +0.98%.
Safety & Stabiliy
Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.
| Years | 12-2015 | 12-2016 | 12-2017 | 12-2018 | 12-2019 | 12-2020 | 12-2021 | 12-2022 | 12-2023 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt FCF | 2.31 | 2.13 | 2.61 | 2.38 | 2.40 | 1.58 | 1.41 | 1.23 | 1.63 | 1.56 |
| Debt Equity | 0.25 | 0.23 | 0.25 | 0.24 | 0.22 | 0.22 | 0.22 | 0.34 | 0.36 | 0.36 |
| MIN | ||||||||||
| Graham Stability | - | - | 100% | 100% | 100% | 76% | 100% | 93% | 100% | 76% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is 1.56.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is -0.21.
What is the Graham’s Stability?
Graham’s Stability measure stands at 0.76.
Growth
Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.
| Years | 12-2016 | 12-2018 | 12-2020 | 12-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 5.1% | 5.6% | 7.2% | 12% | 1.2% |
| Net Income | 5% | 8.2% | 20% | 35% | 1.1% |
| Stockholders Equity | -2.7% | -2.5% | -8% | 12% | -0.14% |
| FCF | 8.1% | 14% | 7.8% | -10% | 2.7% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +5.59%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +1.23%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is +8.19%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is +1.08%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is -2.48%.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is -0.14%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is +14.24%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is +2.73%.