10 Year Financial Data of Meadowbrook Insurance Group, Inc. (MIG)

7.9 (1y: -11%)

Market Cap	397.1 M	P/E(ttm)	35.40
Enterprise Value	478.03 M	P/B	0.70

MIG- NYSE (USA)
Meadowbrook Insurance Group, Inc.

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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$7.90

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Annual Rates (per share)	10 yrs*	5 yrs*	12 months*
Revenue Growth (%)	9.2	19.8	17.4
EBITDA Growth (%)	-1.6	-27.2	-76.9
Free Cash Flow Growth (%)	5.4	3.4	-36.6
Book Value Growth (%)	9.5	5.4	-1.4

*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 ($)	7.20	9.19	10.25	10.76	10.29	9.73	10.93	13.82	15.98	19.86	19.48	4.25	4.68	4.93	6.02	3.85
EBITDA per Share	0.61	0.84	1.09	1.38	1.54	1.20	1.47	1.68	1.22	0.27	0.24	0.24	-0.15	-0.93	1.11	0.21
Free Cashflow per Share	1.48	2.05	1.70	2.18	2.49	2.18	2.16	3.14	2.52	2.38	1.68	0.74	0.68	1.08	-0.13	0.05
Earnings per Share ($)	0.35	0.48	0.60	0.75	0.85	0.61	0.92	1.10	0.83	0.23	0.22	0.16	-0.15	-0.53	0.76	0.14
Dividends Per Share	--	--	--	--	--	0.08	0.09	0.13	0.17	0.17	0.14	0.05	0.05	0.05	0.02	0.02
Book Value per Share	5.30	5.69	5.98	6.82	9.12	9.74	8.76	10.08	11.31	11.13	11.34	11.50	11.44	11.20	11.22	11.34
Month End Stock Price	4.23	4.99	5.84	9.89	9.41	6.44	7.40	10.25	10.68	5.78	7.05	9.33	8.79	7.69	5.78	7.05
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 %	6.50	8.40	10.10	10.90	9.30	6.30	10.50	10.90	7.40	2.10	5.20	5.60	-5.20	-19.20	27.20	5.20
Return on Assets %	1.50	1.80	2.00	2.30	2.50	1.50	2.60	2.70	1.80	0.40	0.80	1.20	-1.20	-4.00	5.60	0.80
Return on Capital - Joel Greenblatt %	--	--	--	--	--	1,009	--	--	--	--	--	--	--	--	--	--
Debt to Equity	0.18	0.28	0.36	0.31	0.19	0.51	0.26	0.22	0.19	0.15	0.14	0.22	0.25	0.27	0.15	0.14

Operating Margin %	7.60	8.40	9.70	11.80	13.30	10.00	11.60	10.80	6.40	0.10	4.40	4.30	-4.30	-19.90	16.90	4.40
Net Margin %	4.80	5.20	5.90	6.90	8.20	6.30	8.40	8.00	5.20	1.20	3.70	3.70	-3.30	-10.80	12.70	3.70

Debt to Revenue	0.13	0.18	0.21	0.20	0.16	0.51	0.21	0.16	0.13	0.08	0.42	0.60	0.60	0.62	0.27	0.42
Interest Exp. to Revenue %	-0.46	-0.84	-1.27	-1.88	-1.77	-1.75	-1.69	-1.26	-1.00	-0.85	-1.15	-0.91	-0.87	-0.97	-0.68	-1.15

Asset Turnover	0.31	0.34	0.34	0.33	0.31	0.24	0.32	0.34	0.35	0.37	0.07	0.09	0.09	0.09	0.11	0.07
Buyback Ratio	--	-1.00	-6.10	--	-209	--	--	--	--	--	--	--	--	--	--	--
Dividend Payout Ratio	--	--	--	--	--	0.13	0.10	0.12	0.20	0.73	0.14	0.31	--	--	0.03	0.14
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	151	214	250	255	268	370	540	660	748	854	832	193	211	223	227	171
Net Investment Income	13.48	14.91	17.98	22.08	26.40	36.62	50.37	54.17	54.52	53.14	50.55	13.73	13.68	13.82	11.91	11.14
Fees and Other Income	46.11	40.87	36.08	41.24	46.14	31.48	37.66	36.06	35.06	89.36	89.61	9.70	10.12	8.31	61.23	9.95
Revenue	211	270	304	318	341	438	628	750	837	997	972	216	235	246	300	192

Selling, General, &Admin. Expense	--	25.96	27.18	29.41	--	97.86	120	28.16	25.18	28.04	27.86	7.71	7.09	6.46	6.78	7.54
Policyholder Benefits & Claims	197	272	303	293	302	213	307	400	495	678	799	190	228	213	166	192
Policy Acquisition Expense	23.62	33.42	44.44	50.48	53.72	69.29	111	227	250	274	262	63.11	68.99	71.37	70.59	50.61
Earnings Before DDA	17.80	24.62	32.35	40.86	50.85	54.06	84.14	91.38	64.07	13.65	12.26	12.10	-7.34	-46.28	55.17	10.71

Depreciation, Depletion and Amortization	1.78	1.97	2.83	3.38	5.43	10.26	11.03	10.58	10.34	12.39	11.84	2.82	2.73	2.47	4.38	2.26

Operating Income	16.02	22.66	29.52	37.48	45.42	43.80	73.11	80.80	53.73	1.25	0.42	9.28	-10.07	-48.74	50.79	8.45
Net Income	10.10	14.06	17.91	22.03	27.99	27.40	52.65	59.72	43.61	11.75	10.73	8.10	-7.73	-26.61	37.99	7.08

Earnings per Share ($)	0.35	0.48	0.60	0.75	0.85	0.61	0.92	1.10	0.83	0.23	0.22	0.16	-0.15	-0.53	0.76	0.14
Total Shares Outstanding	29.27	29.42	29.65	29.57	33.10	45.00	57.41	54.29	52.40	50.18	49.85	50.92	50.25	49.78	49.77	49.85
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	271	332	402	485	611	986	1,089	1,226	1,359	1,287	1,497	1,437	1,466	1,527	1,287	1,497
Equity Investments	2.37	0.04	--	--	--	22.58	28.34	28.48	27.17	22.66	75.69	27.88	25.82	25.62	22.66	75.69
Cash and cash equivalents	50.65	69.88	58.04	42.88	40.85	76.59	86.32	90.41	102	342	159	77.17	88.16	111	342	159
Accounts Receivable	243	84.09	84.81	288	287	118	155	170	183	209	214	199	216	226	209	214
Deferred Policy Acquisition Costs	19.56	25.17	26.37	27.90	26.93	56.45	68.79	78.76	85.66	45.42	51.97	79.70	80.55	84.37	45.42	51.97
Intangible Assets	29.00	29.00	30.80	31.50	43.50	166	160	155	155	149	148	155	154	153	149	148
Total Assets	692	802	901	969	1,114	1,814	1,990	2,178	2,381	2,713	2,858	2,466	2,548	2,697	2,713	2,858

Unpaid Loss & Loss Reserve	339	378	459	501	540	886	949	1,065	1,195	1,456	1,488	1,235	1,301	1,409	1,456	1,488
Unearned Premiums	110	134	141	145	154	282	326	353	387	439	443	417	425	465	439	443
Policyholder Funds	--	--	--	--	--	--	--	--	--	49.62	49.69	--	--	--	49.62	49.69
Current Portion of Long-Term Debt	--	--	--	--	--	80.93	--	--	--	--	--	--	--	--	--	--
Other liabilities	33.91	10.61	12.79	33.34	16.96	-73.00	14.31	24.00	28.89	99.85	203	17.31	16.41	18.34	99.85	203
Long-Term Debt	27.82	47.45	62.93	62.93	55.93	141	131	119	109	80.93	80.93	131	142	151	80.93	80.93
Total Liabilities	537	634	724	767	812	1,376	1,487	1,631	1,789	2,155	2,292	1,881	1,973	2,140	2,155	2,292

Common Stock	0.29	0.29	0.29	0.29	0.37	0.57	0.56	0.52	0.52	0.51	0.51	0.51	0.51	0.51	0.51	0.51
Retained Earnings	23.07	37.18	54.25	76.28	104	127	172	219	246	237	243	242	229	200	237	243
Additional Paid-In Capital	125	126	125	127	195	315	305	293	279	272	276	276	272	272	272	276
Total Equity	155	168	177	202	302	438	503	547	592	558	565	586	575	557	558	565
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	10.10	14.06	17.91	22.03	27.99	27.40	52.65	59.72	43.61	11.75	10.73	8.10	-7.73	-26.61	37.99	7.08
Depreciation, Depletion and Amortization	1.78	1.97	2.83	3.38	5.43	10.26	11.03	10.58	10.34	12.39	11.84	2.82	2.73	2.47	4.38	2.26
Cash Flow from Others	35.65	54.65	61.21	48.88	55.19	63.26	64.00	104	84.17	97.90	63.85	27.33	39.79	78.99	-48.22	-6.72
Cash Flow from Operations	47.53	70.67	81.95	74.29	88.61	101	128	174	138	122	86.41	38.25	34.79	54.85	-5.85	2.62

Investment for Property, Plant & Equipement	-4.31	-10.49	-31.62	-9.70	-6.22	-3.01	-3.63	-3.89	-5.96	-2.66	-2.18	-0.48	-0.48	-1.23	-0.48	--
Cash Flow from Acquisitions	-0.74	-0.45	-3.56	-0.83	-3.34	-105	-2.10	-0.30	-1.04	-3.70	-3.70	--	--	--	-3.70	--
Cash Flow from Investing	-30.63	-70.77	-106	-90.30	-140	-116	-89.03	-133	-88.47	88.37	-104	-78.91	-23.99	-38.84	230	-272

Net Issuance of Stock	--	0.15	-3.10	--	-0.37	-4.94	-12.79	-20.73	-20.44	-11.52	-6.52	-5.00	-6.52	--	--	--
Net Issuance of Debt	-13.78	19.16	15.18	0.14	-0.04	59.87	-10.52	-9.55	-9.02	49.98	136	-3.94	36.76	9.46	7.70	82.58
Cash Flow for Dividends	--	--	--	--	--	-3.80	-5.16	-7.01	-8.89	-8.54	-8.54	--	-5.06	-2.49	-1.00	--
Other Financing	8.14	0.02	-0.26	0.70	50.18	-0.03	-0.46	-0.01	0.04	0.03	-21.95	25.01	-24.99	0.01	0.01	3.03
Cash Flow from Financing	-5.64	19.32	11.82	0.85	49.76	51.10	-28.92	-37.28	-38.31	29.95	99.49	16.07	0.19	6.98	6.71	85.61

Net Change in Cash	11.26	19.23	-11.84	-15.16	-2.03	35.74	9.73	4.10	11.34	240	81.51	-24.59	10.99	22.99	231	-183

Free Cash Flow	43.22	60.19	50.33	64.59	82.39	97.91	124	171	132	119	84.23	37.77	34.31	53.63	-6.33	2.62
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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MIG Quarterly/Annuals Reports

MIG: 10-Q - MEADOWBROOK INSURANCE GROUP INC (0000949156) (Filer): (10-Q) - 2012-11-09
MIG: 10-Q - MEADOWBROOK INSURANCE GROUP INC (0000949156) (Filer): (10-Q) - 2012-08-09
MIG: 10-Q - MEADOWBROOK INSURANCE GROUP INC (0000949156) (Filer): (10-Q) - 2012-05-10
MIG: 10-K - MEADOWBROOK INSURANCE GROUP INC (0000949156) (Filer): (10-K) - 2012-03-15
MIG: 10-Q - MEADOWBROOK INSURANCE GROUP INC (0000949156) (Filer): (10-Q) - 2011-05-10

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