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Donegal: Sound Fundamentals But A Dull Stock Price

Feb. 18, 2023 5:29 AM ETDonegal Group Inc. (DGICA)2 Comments


  • Donegal Group, Inc. sustained revenue growth, but margins decreased in 3Q 2022.
  • Its liquidity position can help it withstand more pressures and regain its footing.
  • Nothing much has changed in the stock price since the Great Recession.

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It's been a while since I last covered Donegal Group, Inc. (NASDAQ:DGICA). I was too optimistic then, so I only saw stock price slippages recently. Also, I checked it more broadly and noticed the things

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Comments (2)

19 Feb. 2023
I agree
ih8edjfkjr profile picture
You wrote an entire article about Donegal without mentioning the investment rationale? It's a mutual. An acquirer can acquire the entire balance sheet by buying out the public shareholders. In an M&A context, DGICA/B might go for $28-$30 a share. Absent that possibility, this company is a dog. I wouldn't pay more than 70% TBV for it. And I don't believe anyone else would either.
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