Safety Insurance Group, Inc. Financial Ratios — SAFT Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	2.6	10.93	11.04	10.27	-2.47	11.89	11.09	14.01	15.58	19.65	16.68	5.69	2.36	8.95	12.08
Return on Assets (%)	0.94	3.81	3.83	3.6	-0.82	3.73	3.5	4.54	5.14	6.78	6.27	2.28	0.93	3.24	4.19
Return on Capital (%)	2.61	10.94	11.05	10.28	- -	11.9	11.1	14.02	15.19	18.45	15.56	5.36	2.29	8.49	11.48
Return on Invested Capital (%)	- -	8.6	8.83	8.46	- -	9.81	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	- -	11.23	11.52	10.47	-3.56	11.27	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	- -	11.23	11.52	10.47	-3.56	11.27	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	-113.8	188.33	17.59	-12.48	- -	513.05	-571.65	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	2.09	11.23	11.52	10.47	-3.56	11.27	10.28	12.49	14.12	20.8	19	7.59	2.64	8.1	10.1
Profit Margin (%)	2.01	8.01	8.06	7.46	-1.72	7.81	7.39	9.96	11.37	16.45	15.12	5.93	2.04	6.37	7.91
Net Income to Common Margin (%)	2.01	8.01	8.06	7.46	-1.72	7.81	7.39	9.96	11.37	16.45	15.12	5.93	2.04	6.37	7.91
Effective Tax Rate (%)	4	28.68	30.03	28.76	- -	30.76	28.04	20.2	19.47	20.92	20.43	21.85	22.71	21.29	21.65
Dvd Payout Ratio (%)	221.3	57.92	60.09	66.22	-303.01	65.44	72.87	58.67	52.88	39.49	41.32	113.91	282.34	75.39	54.27
Sustainable Growth Rate (%)	-3.15	4.6	4.41	3.47	-9.97	4.11	3.01	5.79	7.34	11.89	9.79	-0.79	-4.31	2.2	5.52

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	34	61	57	58	50	46	62
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	30	30	35	30	30	50
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	34	31	27	23	20	16	12
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	- -	-0.43	-0.64	-0.51	1.66	-0.21	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	-0.43	-0.64	-0.51	1.66	-0.21	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	925.27	985.26	925.76	-318.28	1,036.47	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	-49.74	877.49	929.98	906.2	-363.18	981.91	-66.2	-124.26	-106.6	-22.6	-15.76	-3.99	-2.18	-8.58	-1.64
EBIT to Interest Expense	- -	925.27	985.26	925.76	-318.28	1,036.47	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	2
Common Equity/Total Assets	35.25	34.52	34.94	35.08	31.22	31.52	31.59	33.23	32.72	36.28	38.82	41.34	37.31	35.19	34.16
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.21	3.5	2.92	2.87	2.46	1.9	1.33
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.89	3.85	3.08	2.67	2.38	1.86	1.31
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.68	1.51	1.28	1.18	0.94	0.69	0.48
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.21	6.9	6.16	7.18	6.19	5.52	6.93
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.89	7.57	6.5	6.68	5.99	5.41	6.83
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.68	2.97	2.7	2.96	2.38	2.01	2.5
Net Debt to Equity	-5.77	-5.1	-8.04	-5.99	-7.37	-2.99	-5.95	-5.23	-5.49	-2.69	-3.62	1.19	-1.01	-3.5	-2.68
Net Debt/Capital (%)	-7.87	-6.96	-10.91	-7.78	-9.8	-3.75	-7.88	-6.49	-6.82	-3.16	-4.12	1.14	-1.03	-3.69	-2.87
EBITDA	- -	81	88	83	-29	93	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	-4	77	83	82	-33	88	-6	-11	-10	-10	-8	-2	-2	-4	-3
Operating Income (Loss)	- -	81	88	83	-29	93	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	35.25	34.52	34.94	35.08	31.22	31.52	31.59	33.23	32.72	36.28	38.82	41.34	37.31	35.19	34.16
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.21	3.5	2.92	2.87	2.46	1.9	1.33
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.89	3.85	3.08	2.67	2.38	1.86	1.31
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.68	1.51	1.28	1.18	0.94	0.69	0.48
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.21	6.9	6.16	7.18	6.19	5.52	6.93
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.89	7.57	6.5	6.68	5.99	5.41	6.83
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.68	2.97	2.7	2.96	2.38	2.01	2.5
CFO/Total Liabilities	4.84	11.86	11.92	10.09	2.16	9.09	7.42	11.22	9.26	9.36	11.88	3.82	4.04	8.93	12.32
CFO/CapEx	9.02	24.81	22.53	55.44	5.66	20.13	13.77	11.42	11.72	11.01	17.19	21.19	29.23	29.48	77.55
Altman's Z-Score	1.41	1.6	1.69	1.73	1.33	1.69	1.56	1.57	1.59	1.52	1.59	1.63	1.49	1.5	1.43

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	3.84	3.34	3.32	3.34	3.03	2.81	2.81	2.73	2.74	2.69	2.99	2.71	2.72	2.62	2.66
Days Sales Outstanding	95.03	109.19	110.03	109.43	120.56	129.86	129.67	133.48	133.2	135.93	122.14	134.55	134.29	139.14	137.19
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	614	706	864	967	838	1,102	1,207	1,234	1,407	1,169	1,261	1,231	1,114	1,211	1,146
- Cash & Cash Equivalents	38	35	56	42	47	20	42	38	44	54	64	25	38	59	74
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	34	61	57	58	50	46	62
Enterprise Value	-511	-495	-296	-211	-291	-73	-7	34	168	-81	36	214	74	62	434
Total Capital	519	544	568	588	532	554	571	617	696	806	879	874	831	845	906
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	4.89	7.57	6.5	6.68	5.99	5.41	6.83
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	0.2	-0.75	1.58	0.27	0.67	0.74	0.14
EV/Sales	- -	- -	- -	- -	- -	- -	- -	0.04	0.19	- -	0.04	0.27	0.08	0.06	0.35
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	0.27	1.49	- -	0.25	4.78	1.4	0.48	2.22
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	0.25	1.38	- -	0.24	4.56	1.35	0.47	2.19
Diluted Market Cap	614	706	867	973	838	1,108	1,217	1,246	1,419	1,178	1,269	1,240	1,118	1,213	1,149
Diluted Enterprise Value	576	671	811	930	791	1,088	1,175	1,208	1,409	1,185	1,263	1,273	1,129	1,199	1,137
EV per Share	- -	- -	- -	- -	- -	- -	- -	2.27	11.06	- -	2.44	14.63	5.03	4.23	29.51
TTM Sales	682	725	761	796	804	827	844	835	876	840	865	785	926	1,110	1,254
TTM EBITDA	- -	81	88	83	-29	93	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	- -	81	88	83	-29	93	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	40	104	111	98	23	99	82	128	113	110	142	45	53	129	196
TTM Free Cash Flow to Firm	44	109	116	99	27	104	88	139	122	120	150	47	55	133	198

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	14.01	6.51	7.49	9.79	31.12	10.68	13.83	8.97	11.63	9.86	8.48	26.7	20.74	9.11	5.83
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-511	-495	-296	-211	-291	-73	-7	34	168	-81	36	214	74	62	434
Low Price	35.5	39.51	45.75	48.43	50.78	52.23	65.75	70.45	77.58	65.45	72.75	76.78	65.78	71.99	67.04
EV/Sales	- -	- -	- -	- -	- -	- -	- -	0.04	0.19	- -	0.04	0.27	0.08	0.06	0.35
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	44.8	12.16	14.09	16.29	- -	17.06	19.34	14.83	14.12	8.46	9.65	26.43	59.04	17.12	11.55
Price/Earnings Average	47.72	11.41	12.87	14.04	-61.96	14.45	17.59	15.29	14.28	8.49	9.16	27.5	58.18	16.86	11.25
Price/Earnings High	55.45	12.68	14.42	16.65	-70.81	17.37	20.21	18.07	15.87	10.41	9.98	31.29	68.88	18.69	12.48
Price/Earnings Low	39.29	10.4	11.45	12.33	-54.5	12.09	15.82	12.77	11.84	7.1	8.25	24.09	51.1	14.95	9.94
Price/Book Value	1.18	1.3	1.52	1.65	1.58	1.99	2.11	2	2.13	1.57	1.53	1.51	1.43	1.52	1.36
Price/Book Value Average	1.26	1.22	1.39	1.42	1.61	1.68	1.92	2.06	2.15	1.57	1.46	1.57	1.41	1.49	1.32
Price/Book Value High	1.46	1.36	1.56	1.68	1.84	2.02	2.21	2.44	2.39	1.93	1.59	1.79	1.66	1.66	1.47
Price/Book Value Low	1.04	1.11	1.24	1.24	1.42	1.41	1.73	1.72	1.78	1.32	1.31	1.38	1.23	1.32	1.17
Price/Tangible Book Value	0.94	1.02	1.24	1.37	1.3	1.64	1.72	1.72	1.74	1.32	1.36	1.56	1.43	1.51	1.32
Price/Tangible Book Value Average	1	0.95	1.14	1.18	1.33	1.39	1.57	1.77	1.76	1.33	1.29	1.63	1.41	1.48	1.29
Price/Tangible Book Value High	1.16	1.06	1.27	1.4	1.52	1.67	1.8	2.09	1.95	1.63	1.41	1.85	1.67	1.65	1.43
Price/Tangible Book Value Low	0.82	0.87	1.01	1.03	1.17	1.16	1.41	1.48	1.46	1.11	1.16	1.43	1.24	1.32	1.14
Price/Sales	0.9	0.97	1.14	1.21	1.04	1.33	1.43	1.48	1.61	1.39	1.46	1.57	1.2	1.09	0.91
Price/Sales Average	0.96	0.91	1.04	1.05	1.07	1.13	1.3	1.52	1.62	1.4	1.38	1.63	1.19	1.07	0.89
Price/Sales High	1.11	1.02	1.16	1.24	1.22	1.36	1.49	1.8	1.8	1.71	1.51	1.86	1.4	1.19	0.99
Price/Sales Low	0.79	0.83	0.92	0.92	0.94	0.94	1.17	1.27	1.35	1.17	1.25	1.43	1.04	0.95	0.79
Price/Cash Flow	15.55	6.77	7.8	9.91	36.62	11.15	14.71	9.66	12.51	10.68	8.92	27.77	21.38	9.41	5.89
Price/Cash Flow Average	16.56	6.35	7.12	8.54	37.49	9.44	13.37	9.96	12.65	10.72	8.47	28.89	21.07	9.27	5.74
Price/Cash Flow High	19.25	7.06	7.98	10.13	42.85	11.35	15.37	11.77	14.05	13.15	9.23	32.87	24.95	10.28	6.37
Price/Cash Flow Low	13.64	5.79	6.34	7.5	32.98	7.9	12.03	8.32	10.49	8.97	7.63	25.3	18.51	8.22	5.07
Price/Free Cash Flow Average	14.92	6.11	6.84	8.44	31.87	9.05	12.57	9.25	11.76	9.9	8.05	27.78	20.44	8.98	5.68
Price/Free Cash Flow High	17.34	6.79	7.67	10.01	36.42	10.88	14.45	10.93	13.06	12.15	8.78	31.61	24.2	9.95	6.3
Price/Free Cash Flow Low	12.29	5.57	6.08	7.41	28.03	7.57	11.31	7.73	9.75	8.29	7.26	24.33	17.95	7.96	5.02
EV/Sales Average	0.9	0.86	0.96	0.99	1.01	1.1	1.25	1.48	1.61	1.4	1.38	1.67	1.2	1.06	0.88
EV/Sales High	1.06	0.97	1.09	1.19	1.16	1.33	1.45	1.76	1.79	1.72	1.5	1.9	1.42	1.18	0.98
EV/Sales Low	0.73	0.78	0.85	0.87	0.88	0.92	1.12	1.23	1.33	1.18	1.24	1.47	1.05	0.94	0.78
EV/EBITDA Average	- -	7.71	8.37	9.49	-28.3	9.79	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	- -	8.61	9.45	11.35	-32.59	11.81	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	- -	6.98	7.37	8.27	-24.7	8.15	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	- -	7.71	8.37	9.49	-28.3	9.79	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	8.61	9.45	11.35	-32.59	11.81	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	6.98	7.37	8.27	-24.7	8.15	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	40.48	46.17	56.3	64.01	56.38	73.7	80.4	81.81	92.53	77.9	85.03	84.26	75.99	82.4	77.91
High Price	50.1	48.18	57.63	65.43	65.98	75.05	84	99.7	103.96	95.93	87.98	99.75	88.66	90	84.2
Enterprise Value Average	616	627	734	791	811	913	1,056	1,234	1,412	1,181	1,191	1,313	1,110	1,179	1,104
Enterprise Value High	722	701	829	946	933	1,102	1,219	1,466	1,570	1,446	1,298	1,490	1,312	1,309	1,227
Enterprise Value Low	500	569	647	689	707	761	945	1,025	1,169	989	1,072	1,155	976	1,044	974

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	15	15	15	15	15	15	15	15	15	15	15	15	15	15	15
Diluted Weighted Avg Shares	15	15	15	15	15	15	15	15	15	15	15	15	15	15	15
Basic Weighted Avg Shares	15	15	15	15	15	15	15	15	15	15	15	15	15	15	15
Revenue per Share	44.98	47.44	49.56	52.69	54.05	55.35	56.2	55.36	57.62	56.02	58.31	53.74	63.15	75.53	85.24
EBITDA per Share	- -	5.33	5.71	5.52	-1.93	6.24	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	5.33	5.71	5.52	-1.93	6.24	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.9	3.8	4	3.93	-0.93	4.32	4.16	5.52	6.55	9.21	8.81	3.19	1.29	4.81	6.75
Basic EPS from Cont Ops	0.9	3.8	4	3.93	-0.93	4.32	4.16	5.52	6.55	9.21	8.81	3.19	1.29	4.81	6.75
Diluted EPS, GAAP	0.9	3.8	3.98	3.91	-0.93	4.3	4.12	5.46	6.49	9.14	8.76	3.17	1.28	4.81	6.73
Diluted EPS from Cont Ops	0.9	3.8	3.98	3.91	-0.93	4.3	4.12	5.46	6.49	9.14	8.76	3.17	1.28	4.81	6.73
Dividend per Share	2	2.2	2.4	2.6	2.82	2.83	3.03	3.24	3.46	3.64	3.64	3.63	3.63	3.63	3.66
Cash Flow per Share	2.6	6.82	7.22	6.46	1.54	6.61	5.47	8.47	7.4	7.3	9.54	3.03	3.55	8.76	13.22
Free Cash Flow per Basic Share	2.31	6.55	6.9	6.34	1.27	6.28	5.07	7.73	6.77	6.63	8.98	2.89	3.43	8.46	13.05
Cash & Equivalents per Share	74.16	78.55	75.6	77.97	75.95	78.57	80.86	79.54	83.71	87.37	86.45	73.62	74.35	81.28	52.61
Book Value per Share	34.23	35.55	36.99	38.91	35.78	37.08	38.03	40.91	43.53	49.67	55.43	55.83	53.29	54.38	57.38
Tangible Book Value per Share	43.28	45.42	45.28	46.88	43.35	44.88	46.7	47.65	53.18	58.97	62.53	53.88	53.17	54.7	59.03

Safety Insurance Group, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)