Cincinnati Financial Corp (CINF) is undervalued and W.R. Berkley Corp (WRB) is fairly valued.
Against our estimates of intrinsic value, CINF trades at the wider discount: a margin of safety of +42%, against -2% for WRB.
Values as of the 22 Sept 2026 close.
Book value at 2.50x, the multiple a 21.5% return on equity justifies, blended with earnings, values the shares at $284.32; the price of $165.83 is 42% below that value.
Leak Score 91/100 on 9 of 12 signals
Book value at 2.50x, the multiple a 20.2% return on equity justifies, blended with earnings, values the shares at $67.15; the price of $68.17 is 2% above that value.
Leak Score 72/100 on 9 of 12 signals
| Metric | CINF | WRB |
|---|---|---|
| Verdict | Undervalued | Fairly valued |
| Price | $165.83 | $68.17 |
| Intrinsic value | $284.32 | $67.15 |
| Margin of safety | +42% | -2% |
| Leak Score | 91/100 (9/12) | 72/100 (9/12) |
| Market cap | $25.5B | $25.3B |
| Revenue growth, 5 years | 10.9% | 12.7% |
| Operating margin | 30.2% | 16.9% |
| Net margin | 23.8% | 12.9% |
| Return on equity | 21.5% | 20.2% |
| Debt to equity | 0.05 | 0.32 |
| P/E | 7.8x | 14.0x |
| Forward P/E | 18.5x | 14.1x |
| P/B | 1.5x | 2.6x |
| Dividend yield | 2.3% | 2.0% |