Progressive Corp

PGR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SV%	LOCK\|&MGJ	LOCK\|?#R&<%D

Progressive: Increasing Fair Value Estimate to $183 From $163

Brett Horn

Mar 12, 2025

We are increasing our fair value estimate for narrow-moat Progressive to $183 per share from $163 after reassessing some of our assumptions in light of recent results. Our fair value estimate is equivalent to 4.2 times Progressive's 2024 year-end book value, or 4.0 times book value when excluding goodwill and accumulated other comprehensive income.

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Progressive Corp

Progressive: Increasing Fair Value Estimate to $183 From $163

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