| Company Name: | Zenith National Insurance Corp | | Ticker Symbol: | ZNT | | | WWW Address: | www.znic.com | | CEO: | Stanley R. Zax | | No. of Employees: | 1,600 | | Common Issue Type: | CS | | Business Description: | A holding company, which through its wholly-owned subsidiaries Zenith Insurance Company and ZNAT Insurance Company is engaged in workers' compensation insurance business, nationally.
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| | | Industry Information: | INSURANCE - Property & Casualty Insurance [more like this] |
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| Price | Day Change | Bid | Ask | Open | High | Low | Volume | | 29.37 |  0.5 | 26.59 | 30.87 | 29.29 | 29.70 | 29.17 | 180824 |
| Market Cap (mil) | Shares Outstanding (mil) | Beta | EPS | DPS | P/E | Yield | 52-Wks-Range |
| 1,098.4 | 37.4 | 1.00 | 2.55 | 2.80 | 34.2 | 6.8 | 33.76 - 18.51 |
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| KEY FIGURES (Latest Twelve Months - LTM) | | Yesterday's Close | 29.37 | $ | | PE Ratio - LTM | 34.2 | |
| Market Capitalisation | 1,097.5 | mil |
| Latest Shares Outstanding | 37.4 | mil |
| Earnings pS (EPS) | 2.55 | $ |
| Dividend pS (DPS) | 2.80 | ¢ |
| Dividend Yield | 6.8 | % |
| Dividend Payout Ratio | 110 | % |
| Revenue per Employee | 426,779 | $ |
| Effective Tax Rate | 35.3 | % |
| Float | 36.0 | mil |
| Float as % of Shares Outstanding | 96.4 | % |
| Foreign Sales | - | |
| Domestic Sales | - | |
| Selling, General & Adm/tive (SG&A) as % of Revenue | - | |
| Research & Devlopment (R&D) as % of Revenue | - | |
| Gross Profit Margin | - | |
| EBITDA Margin | 9.0 | % |
| Pre-Tax Profit Margin | 8.1 | % |
| Assets Turnover | 0.2 | % |
| Return on Assets (ROA) | 1.3 | % |
| Return on Equity (ROE) | 3.0 | % |
| Return on Capital Invested (ROCI) | 3.0 | % |
| Current Ratio | - | |
| Leverage Ratio (Assets/Equity) | 2.3 | |
| Interest Cover | 10.5 | |
| Total Debt/Equity (Gearing Ratio) | 0.00 | |
| LT Debt/Total Capital | 0.0 | % |
| Working Capital pS | - | |
| Cash pS | - | |
| Book-Value pS | 28.93 | $ |
| Tangible Book-Value pS | 28.37 | $ |
| Cash Flow pS | 0.86 | $ |
| Free Cash Flow pS | -3.21 | $ |
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| KEY FIGURES (LTM): Price info |
| Price/Book Ratio | 1.02 | |
| Price/Tangible Book Ratio | 1.04 | |
| Price/Cash Flow | 34.3 | |
| Price/Free Cash Flow | -9.2 | |
| P/E as % of Industry Group | 0.0 | % |
| P/E as % of Sector Segment | 34.0 | % |
| | | Balance Sheet (at a glance) in Millions |
| | | | | | DIVIDEND INFO | | Dividend Declared Date | 09/02/2009 |
| Dividend Ex-Date | 10/27/2009 |
| Dividend Record Date | 10/29/2009 |
| Dividend Pay Date | 11/12/2009 |
| Dividend Amount | 500 |
| Type of Payment | Cash Payment |
| Dividend Rate | 2.00 |
| Current Dividend Yield | 6.8 |
| 5-Y Average Dividend Yield | 4.8 |
| Payout Ratio | 110.0 |
| 5-Y Average Payout Ratio | 42.0 |
|  | | Share price performance previous 3 years |
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 | | | Share price performance intraday |
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| PRICE/VOLUME | High | Low | Close | % Price Chg | % Price Chg vs. Mkt. | Avg. Daily Vol | Total Vol |
| 1 Week | - | - | - | 1.7 | 100 | 2,262 | 1,830 |
| 4 Weeks | 29.70 | 27.60 | 28.53 | 2.9 | 96 | 2,855 | 45,683 |
| 13 Weeks | 32.49 | 26.25 | 26.43 | 11.1 | 103 | 3,270 | 196,210 |
| 26 Weeks | 32.49 | 20.56 | 21.45 | 36.9 | 114 | 3,210 | 398,006 |
| 52 Weeks | 33.76 | 18.51 | 32.99 | -11.0 | 72 | 3,760 | 932,424 |
| YTD | 33.76 | 18.51 | - | -7.0 | 76 | 3,785 | 855,521 |
| Moving Average | 5-Days | 10-Days | 10-Weeks | 30-Weeks | 200-Days | Beta (60-Mnth) | Beta (36-Mnth) |
| 28.96 | 28.58 | 30.08 | 25.83 | 25.28 | 1.00 | 0.88 |
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| GROWTH RATES | 5-Year
Growh | R² of 5-Year Growth | 3-Year
Growth |
| Revenue | -11.35 | 71.6 | -16.94 |
| Income | -15.71 | 22.2 | -44.77 |
| Dividend | 34.01 | 83.9 | 28.81 |
| Capital Spending | -5.77 | NA | -9.84 |
| R&D | 0.00 | NA | 0.00 |
| Normalized Inc. | -18.69 | NA | -45.02 |
| | | CHANGES | YTD vs.
Last YTD | Curr Qtr vs.
Qtr 1-Yr ago | Annual vs.
Last Annual |
| Revenue % | -15.8 | -6.0 | -21.8 |
| Earnings % | -72.8 | 15.7 | -59.3 |
| EPS % | -73.3 | 15.9 | -59.3 |
| EPS $ | -1.70 | 0.07 | -3.72 |
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| SOLVENCY RATIOS | | SHORT-TERM SOLVENCY RATIOS (LIQUIDITY) |
| Free Cash Flow Margin | -18.14 |
| Free Cash Flow Margin 5YEAR AVG | 5.32 |
| Cash-Flow pS | -0.69 |
| Free Cash-Flow pS | -3.29 |
| FINANCIAL STRUCTURE RATIOS |
| Financial Leverage Ratio (Assets/Equity) | 2.46 |
| Debt Ratio | 59.40 |
| Total Debt/Equity (Gearing Ratio) | 0.06 |
| LT Debt/Equity | 0.06 |
| LT Debt/Capital Invested | 5.39 |
| LT Debt/Total Liabilities | 3.90 |
| | | | VALUATION RATIOS | | MULTIPLES |
| PQ Ratio | 0.80 |
| Tobin's Q Ratio | 0.41 |
| Current P/E Ratio - LTM | 34.20 |
| Enterprise Value (EV)/EBITDA | 0.20 |
| Enterprise Value (EV)/Free Cash Flow | 15.94 |
| Dividend Yield | 6.8 |
| Price/Tangible Book Ratio - LTM | 1.04 |
| Price/Book Ratio - LTM | 1.02 |
| Price/Cash Flow Ratio | 34.3 |
| Price/Free Cash Flow Ratio - LTM | -9.2 |
| P/E Ratio (1 month ago) - LTM | 35.5 |
| P/E Ratio (26 weeks ago) - LTM | 14.3 |
| P/E Ratio (52 weeks ago) - LTM | 9.8 |
| 5-Y High P/E Ratio | 18.9 |
| 5-Y Low P/E Ratio | 5.2 |
| 5-Y Average P/E Ratio | 9.4 |
| Current P/E Ratio as % of 5-Y Average P/E | 365 |
| P/E as % of Industry Group | 0.0 |
| P/E as % of Sector Segment | 34.0 |
| Current 12 Month Normalized P/E Ratio - LTM | 34.2 |
| PER SHARE FIGURES |
| Tangible Book Value pS - LTM | 28.37 |
| Book Value pS - LTM | 28.93 |
| Capital Invested pS | 28.95 |
| Cash Flow pS - LTM | 0.86 |
| Free Cash Flow pS - LTM | -3.21 |
| Earnings pS (EPS) | 2.55 |
| | | | OPERATING RATIOS | | PROFITABILITY |
| Return on Equity (ROE) | 9.31 |
| Return on Equity (ROE) - 5YEAR AVRG. | 20.3 |
| Return on Capital Invested (ROCI) | 8.81 |
| Return on Capital Invested (ROCI) - 5YEAR AVRG. | 19.0 |
| Return on Assets (ROA) | 3.78 |
| Return on Assets (ROA) - 5YEAR AVRG. | 6.6 |
| EBIT Margin - LTM | 9.0 |
| EBITDA Margin - LTM | 9.0 |
| Pre-Tax Profit Margin | 21.56 |
| Pre-Tax Profit Margin - 5YEAR AVRG. | 27.22 |
| Net Profit Margin | 13.96 |
| Net Profit Margin - 5YEAR AVRG. | 17.75 |
| Effective Tax Rate | 35.26 |
| Effective Tax Rate - 5YEAR AVRG. | 34.66 |
| EFFICIENCY RATIOS |
| Revenue per Employee - LTM | 374,596 |
| Net Income per Employee - LTM | 20,000 |
| Assets/Revenue - LTM | 500.00 |
| Assets/Revenue - 5YEAR AVRG. | 277.92 |
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