10 Year Financial Data of Independence Holding Company (IHC)

11.67 (1y: +34%)

Market Cap	206.56 M	P/E(ttm)	10.30
Enterprise Value	231.29 M	P/B	0.70

IHC- NYSE (USA)
Independence Holding Company

Currently 1/5

Business Predictability Rank: 1-Star (On Watch)
Back Testing Results:
Average gain of all 1-Star stocks: 1.1% per year.
% of Stocks that are in still loss if held for 10yrs: 45%.
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$11.67

1 Severe Warning Sign 2 Medium Warning Signs

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	6.9	3.8	10.4
EBITDA Growth (%)	0	0	-10.2
Free Cash Flow Growth (%)	0	0	0
Book Value Growth (%)	2.8	12.9	9.8

*12-month growth rate is calculated with the per share revenue (EBITDA, FCF, earnings) of the last 12 months over the per share revenue (EBITDA, FCF, earnings) over the previous 12 months. 5-year and 10-year growth rates are calculated with least-square regression based on the 5-year and 10-year numbers.

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See this page for the explanation of the data and charts * All numbers are in millions except for per share data

Per Share Data	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Revenue per Share ($)	11.99	14.27	18.85	21.86	23.89	20.90	21.06	25.92	23.77	23.67	25.68	5.62	5.63	6.18	6.23	7.64
EBITDA per Share	1.94	2.87	2.64	1.64	1.01	-2.10	-0.75	2.44	1.95	1.96	2.03	0.50	0.46	0.51	0.49	0.57
Free Cashflow per Share	3.65	1.39	1.38	1.02	-0.30	-0.90	-1.65	0.27	1.59	-6.38	1.92	-7.64	-0.05	0.51	0.83	0.63
Earnings per Share ($)	1.19	1.46	1.10	0.85	-0.14	-1.41	-0.42	1.29	0.74	1.09	1.14	0.22	0.20	0.22	0.46	0.26
Dividends Per Share	0.03	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.07	0.07	--	0.04	--	0.04	--
Book Value per Share	10.78	11.95	12.64	13.85	13.23	9.61	11.97	13.73	14.85	15.79	16.01	14.58	15.07	15.52	15.76	16.01
Month End Stock Price	12.12	16.77	17.77	20.00	11.50	3.28	5.27	7.38	7.39	9.52	10.18	9.96	9.85	10.07	9.52	10.18
Ratios	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Return on Equity %	11.00	12.10	8.70	6.10	-1.00	-14.70	-3.50	9.40	5.00	6.90	6.40	6.00	5.20	5.60	11.60	6.40
Return on Assets %	2.10	2.40	1.50	1.10	-0.20	-1.90	-0.50	1.60	1.00	1.60	1.60	1.20	1.20	1.20	2.80	1.60
Debt to Equity	0.21	0.27	0.26	0.23	0.23	0.30	0.23	0.20	0.18	0.13	0.13	0.18	0.18	0.17	0.13	0.13

Operating Margin %	15.80	15.90	9.90	6.70	1.50	-11.60	-5.10	8.30	4.40	5.80	5.50	6.30	5.60	5.90	5.30	5.50
Net Margin %	9.90	10.20	5.80	3.90	-0.60	-6.70	-2.00	5.00	3.10	4.60	3.40	3.80	3.50	3.50	7.30	3.40

Debt to Revenue	0.19	0.22	0.17	0.15	0.13	0.14	0.13	0.11	0.12	0.09	0.28	0.47	0.48	0.41	0.34	0.28
Interest Exp. to Revenue %	-0.48	-1.04	-1.18	-1.07	-1.04	-1.07	-0.79	-0.44	-0.47	-0.49	-0.35	-0.53	-0.53	-0.46	-0.45	-0.35

Asset Turnover	0.21	0.23	0.26	0.29	0.31	0.28	0.27	0.32	0.31	0.34	0.11	0.08	0.07	0.09	0.09	0.11
Buyback Ratio	-11.40	-9.00	-3.80	-42.60	24.50	5.90	--	--	--	--	--	--	--	--	--	--
Dividend Payout Ratio	0.02	0.03	0.04	0.05	--	--	--	0.04	0.06	0.06	--	--	0.18	--	0.08	--
Income Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Total Premiums Earned	149	174	237	280	307	317	295	326	336	356	390	83.77	85.47	92.24	94.59	117
Net Investment Income	35.80	42.92	40.66	48.45	46.12	44.52	44.81	42.08	39.79	33.36	32.61	8.75	7.61	9.35	7.65	8.00
Fees and Other Income	2.67	8.69	18.72	35.99	49.32	-8.13	17.57	67.14	41.79	38.64	41.52	9.63	8.37	9.92	10.72	12.51
Revenue	188	226	296	365	402	354	357	435	418	428	464	102	101	112	113	138

Selling, General, &Admin. Expense	49.04	55.22	83.37	122	139	144	142	140	147	150	156	36.47	33.33	39.79	40.41	42.88
Policyholder Benefits & Claims	204	252	347	416	501	241	225	251	239	245	273	57.14	60.27	63.03	64.36	85.46
Policy Acquisition Expense	7.03	8.54	10.09	10.21	6.11	--	--	--	--	--	--	--	--	--	--	--
Earnings Before DDA	30.41	45.41	41.43	27.35	17.09	-35.56	-12.72	40.90	34.22	35.41	36.63	9.00	8.29	9.25	8.87	10.22

Depreciation, Depletion and Amortization	0.77	9.44	12.06	2.96	10.97	5.33	5.38	4.65	15.72	10.79	10.81	2.58	2.61	2.67	2.93	2.60

Operating Income	29.64	35.97	29.37	24.39	6.13	-40.88	-18.10	36.25	18.50	24.61	25.81	6.42	5.68	6.58	5.94	7.62
Net Income	18.59	22.94	17.30	14.06	-2.33	-23.84	-7.12	21.74	13.00	19.66	20.44	3.92	3.53	3.92	8.29	4.70

Earnings per Share ($)	1.19	1.46	1.10	0.85	-0.14	-1.41	-0.42	1.29	0.74	1.09	1.14	0.22	0.20	0.22	0.46	0.26
Total Shares Outstanding	15.67	15.81	15.72	16.68	16.84	16.93	16.96	16.80	17.58	18.09	18.04	18.18	18.03	18.03	18.12	18.04
Balance Sheet	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Fixed Maturity Investment	490	546	683	665	612	608	690	794	843	720	765	717	717	737	720	765
Equity Investments	21.40	12.10	62.30	60.04	98.50	54.01	60.82	48.07	37.54	15.60	8.29	29.46	30.54	28.09	15.60	8.29
Short-term investments	8.64	21.47	66.10	9.91	9.00	0.05	0.05	0.05	0.05	7.07	6.60	6.90	6.43	5.91	7.07	6.60
Cash and cash equivalents	60.55	13.20	12.66	17.54	72.82	7.77	7.39	11.43	18.23	23.95	19.03	9.29	13.40	14.56	23.95	19.03
Accounts Receivable	166	141	137	150	227	213	252	235	109	293	305	109	111	110	293	305
Deferred Policy Acquisition Costs	33.11	37.39	62.00	55.02	45.45	62.40	44.24	43.47	37.10	33.40	34.25	37.27	35.60	34.03	33.40	34.25
Intangible Assets	--	--	16.11	46.60	51.70	52.33	48.86	51.71	50.32	50.32	50.32	50.32	50.32	50.32	50.32	50.32
Total Assets	898	968	1,151	1,260	1,308	1,274	1,304	1,362	1,359	1,262	1,283	1,364	1,372	1,240	1,262	1,283

Unpaid Loss & Loss Reserve	342	347	447	451	472	22.90	30.05	28.33	25.89	24.03	23.58	26.06	25.06	23.78	24.03	23.58
Unearned Premiums	16.49	17.47	18.52	19.98	22.42	16.73	13.22	4.04	4.32	8.45	10.33	5.94	5.84	7.33	8.45	10.33
Future Policy Benefits	334	337	433	437	461	479	455	459	459	461	478	453	457	457	461	478
Policyholder Funds	288	317	371	379	401	433	429	429	439	22.37	24.72	444	443	303	22.37	24.72
Current Portion of Long-Term Debt	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--
Other liabilities	-329	-316	-398	-381	-393	3.54	2.09	30.42	15.07	303	301	15.22	15.43	15.89	303	301
Long-Term Debt	35.18	50.65	50.65	53.15	50.65	48.15	47.15	45.65	48.15	38.15	38.15	48.15	48.15	46.15	38.15	38.15
Total Liabilities	729	780	952	1,029	1,085	1,111	1,102	1,131	1,098	977	994	1,099	1,100	960	977	994

Common Stock	7.73	14.10	14.24	15.29	15.37	15.44	15.46	15.47	16.78	18.46	18.46	18.46	18.46	18.46	18.46	18.46
Retained Earnings	84.95	101	116	130	126	101	94.49	115	128	130	135	116	119	122	130	135
Additional Paid-In Capital	75.58	75.79	78.55	97.87	99.81	101	100	101	112	127	127	126	126	127	127	127
Treasury Stock	--	--	-1.83	-2.24	-2.63	-0.33	-0.33	-1.92	-2.93	-4.53	-5.10	-3.75	-4.30	-4.40	-4.53	-5.10
Total Equity	169	189	199	231	223	163	203	231	261	286	289	265	272	280	286	289
Cashflow Statement	Annuals (USD $) View: $ %											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	TTM	Mar12	Jun12	Sep12	Dec12	Mar13

Net Income	18.59	22.94	17.30	14.06	-2.33	-23.84	-7.13	23.41	14.77	22.61	23.32	4.33	3.83	4.39	10.06	5.04
Depreciation, Depletion and Amortization	0.77	9.44	12.06	2.96	10.97	5.33	5.38	4.65	15.72	10.79	10.81	2.58	2.61	2.67	2.93	2.60
Cash Flow from Others	37.82	-10.36	-7.62	0.01	-13.62	3.27	-26.27	-23.57	-2.60	-149	0.60	-146	-7.28	2.18	2.06	3.64
Cash Flow from Operations	57.18	22.02	21.74	17.04	-4.98	-15.25	-28.03	4.50	27.89	-115	34.73	-139	-0.84	9.24	15.05	11.28

Cash Flow from Acquisitions	-15.83	-3.00	-17.01	--	-9.03	-2.40	-0.78	1.09	--	-0.24	-0.24	--	-0.24	--	--	--
Cash Flow from Investing	-25.04	-96.11	-32.55	-31.00	61.38	-47.02	28.82	4.58	-24.23	123	-20.91	131	4.98	-7.07	-5.75	-13.07

Net Issuance of Stock	-2.16	-3.61	-4.97	4.81	0.17	1.27	0.00	-1.59	-1.01	-1.24	-1.35	-0.46	-0.56	-0.10	-0.14	-0.57
Net Issuance of Debt	25.51	14.53	--	2.50	-2.50	-3.10	0.30	-2.62	7.93	-2.00	-2.00	--	1.34	-0.91	-2.43	--
Cash Flow for Dividends	-0.39	-0.75	-0.70	-0.73	-0.76	-0.77	-0.75	-0.77	-0.78	-1.74	-2.52	-0.42	-0.63	--	-0.69	-1.20
Other Financing	-7.84	16.57	15.95	12.27	1.97	-0.19	-0.72	-0.07	-3.00	3.23	1.79	0.07	-0.18	-0.00	3.34	-1.37
Cash Flow from Financing	15.11	26.75	10.28	18.85	-1.12	-2.79	-1.17	-5.04	3.14	-1.76	-4.08	-0.81	-0.03	-1.00	0.08	-3.13

Net Change in Cash	47.26	-47.35	-0.54	4.88	55.28	-65.06	-0.37	4.03	6.80	5.72	9.74	-8.94	4.12	1.16	9.38	-4.92

Free Cash Flow	57.18	22.02	21.74	17.04	-4.98	-15.25	-28.03	4.50	27.89	-115	34.73	-139	-0.84	9.24	15.05	11.28
Valuation Ratios (Daily)	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

PE Ratio(ttm)
Price to Tangible Book
Price-to-Free-Cash-Flow ratio
PS Ratio
EV-to-Revenue
EV-to-EBITDA
EV-to-EBIT
Earnings Yield (Joel Greenblatt)
Forward Rate of Return
Shiller PE Ratio
Valuation and Quality	Annuals											Quarterly
Fiscal Period	Dec03	Dec04	Dec05	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Latest Q.	Mar12	Jun12	Sep12	Dec12	Mar13

Market Cap
Enterprise Value
Month End Stock Price
Net Cash (per share)
Net Current Asset Value (per share)
DCF (per share)
Median PS (per share)
Peter Lynch Fair Value (per share)
Graham Number (per share)
Altman Z-Score
Piotroski F-Score

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IHC Quarterly/Annuals Reports

IHC: 10-Q - INDEPENDENCE HOLDING CO (0000701869) (Filer): (10-Q) - 2012-11-08
IHC: 10-Q - INDEPENDENCE HOLDING CO (0000701869) (Filer): (10-Q) - 2012-08-09
IHC: 10-Q - INDEPENDENCE HOLDING CO (0000701869) (Filer): (10-Q) - 2012-05-10
IHC: 10-Q - INDEPENDENCE HOLDING CO (0000701869) (Filer): (10-Q) - 2011-11-10
IHC: 10-Q/A - INDEPENDENCE HOLDING CO (0000701869) (Filer): (10-Q/A) - 2011-08-16

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