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CNA Surety has a tangible book value of $14.90
CNA also has over the past 10 years produced and average 11.1% ROE. The book value is about $18. Assume an investor would expect a 9% return... 11% / 9% = 1.2 1.2 x $18 = $21.60 I see that CNA has a value of approx $21.60 But its on sale for less than $14? Rating :
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