Progressive Corp

PGR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$648.00	Nqzft	Pznzcymv

Progressive: Increasing Our Fair Value Estimate

Brett Horn

Apr 8, 2024

We are increasing our fair value estimate to $137 per share from $114 as we reassess our projections in light of the company's strong relative performance recently and current market conditions. Our fair value estimate is equivalent to 4.1 times Progressive's 2023 year-end book value, or 3.8 times its book value when excluding goodwill and accumulated other comprehensive income.

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