Intrinsic value of American Equity Investment Life Holding - AEL

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$23.72

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$23.72

 
Intrinsic value

$459.26

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence* premium content

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Our model is not good at valuating stocks of financial companies, such as AEL.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AEL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  46.15
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
Revenue, $m
  0
  2,551
  2,906
  3,284
  3,685
  4,109
  4,554
  5,022
  5,510
  6,021
  6,553
  7,107
  7,683
  8,282
  8,904
  9,551
  10,223
  10,922
  11,648
  12,404
  13,190
  14,008
  14,861
  15,748
  16,674
  17,639
  18,647
  19,698
  20,797
  21,944
  23,144
Variable operating expenses, $m
 
  2,696
  3,071
  3,471
  3,895
  4,343
  4,814
  5,308
  5,825
  6,364
  6,926
  7,512
  8,121
  8,754
  9,412
  10,096
  10,806
  11,545
  12,312
  13,111
  13,942
  14,807
  15,708
  16,646
  17,624
  18,645
  19,710
  20,821
  21,982
  23,195
  24,463
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,505
  2,696
  3,071
  3,471
  3,895
  4,343
  4,814
  5,308
  5,825
  6,364
  6,926
  7,512
  8,121
  8,754
  9,412
  10,096
  10,806
  11,545
  12,312
  13,111
  13,942
  14,807
  15,708
  16,646
  17,624
  18,645
  19,710
  20,821
  21,982
  23,195
  24,463
Operating income, $m
  715
  -145
  -166
  -187
  -210
  -234
  -260
  -286
  -314
  -343
  -374
  -405
  -438
  -472
  -508
  -544
  -583
  -623
  -664
  -707
  -752
  -798
  -847
  -898
  -950
  -1,005
  -1,063
  -1,123
  -1,185
  -1,251
  -1,319
EBITDA, $m
  1,093
  -145
  -166
  -187
  -210
  -234
  -260
  -286
  -314
  -343
  -374
  -405
  -438
  -472
  -508
  -544
  -583
  -623
  -664
  -707
  -752
  -798
  -847
  -898
  -950
  -1,005
  -1,063
  -1,123
  -1,185
  -1,251
  -1,319
Interest expense (income), $m
  40
  43
  253
  716
  1,210
  1,734
  2,286
  2,868
  3,478
  4,116
  4,782
  5,476
  6,199
  6,951
  7,732
  8,545
  9,389
  10,266
  11,178
  12,126
  13,112
  14,138
  15,205
  16,318
  17,476
  18,684
  19,944
  21,259
  22,631
  24,064
  25,562
Earnings before tax, $m
  130
  -188
  -419
  -904
  -1,420
  -1,968
  -2,546
  -3,154
  -3,792
  -4,459
  -5,155
  -5,881
  -6,637
  -7,423
  -8,240
  -9,089
  -9,971
  -10,889
  -11,842
  -12,833
  -13,864
  -14,936
  -16,052
  -17,215
  -18,427
  -19,690
  -21,007
  -22,381
  -23,816
  -25,315
  -26,881
Tax expense, $m
  47
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  83
  -188
  -419
  -904
  -1,420
  -1,968
  -2,546
  -3,154
  -3,792
  -4,459
  -5,155
  -5,881
  -6,637
  -7,423
  -8,240
  -9,089
  -9,971
  -10,889
  -11,842
  -12,833
  -13,864
  -14,936
  -16,052
  -17,215
  -18,427
  -19,690
  -21,007
  -22,381
  -23,816
  -25,315
  -26,881

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  56,053
  63,770
  72,640
  82,097
  92,127
  102,717
  113,858
  125,541
  137,762
  150,521
  163,821
  177,667
  192,070
  207,043
  222,606
  238,778
  255,583
  273,051
  291,212
  310,100
  329,752
  350,208
  371,513
  393,710
  416,850
  440,984
  466,168
  492,458
  519,916
  548,606
  578,594
Adjusted assets (=assets-cash), $m
  56,053
  63,770
  72,640
  82,097
  92,127
  102,717
  113,858
  125,541
  137,762
  150,521
  163,821
  177,667
  192,070
  207,043
  222,606
  238,778
  255,583
  273,051
  291,212
  310,100
  329,752
  350,208
  371,513
  393,710
  416,850
  440,984
  466,168
  492,458
  519,916
  548,606
  578,594
Revenue / Adjusted assets
  0.000
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
Average production assets, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  736
  4,368
  12,351
  20,862
  29,889
  39,420
  49,447
  59,962
  70,961
  82,444
  94,414
  106,875
  119,838
  133,314
  147,320
  161,875
  177,000
  192,721
  209,066
  226,065
  243,752
  262,163
  281,336
  301,314
  322,140
  343,861
  366,526
  390,187
  414,899
  440,720
  467,710
Total liabilities, $m
  53,762
  57,393
  65,376
  73,887
  82,914
  92,445
  102,472
  112,987
  123,986
  135,469
  147,439
  159,900
  172,863
  186,339
  200,345
  214,900
  230,025
  245,746
  262,091
  279,090
  296,777
  315,188
  334,361
  354,339
  375,165
  396,886
  419,551
  443,212
  467,924
  493,745
  520,735
Total equity, $m
  2,292
  6,377
  7,264
  8,210
  9,213
  10,272
  11,386
  12,554
  13,776
  15,052
  16,382
  17,767
  19,207
  20,704
  22,261
  23,878
  25,558
  27,305
  29,121
  31,010
  32,975
  35,021
  37,151
  39,371
  41,685
  44,098
  46,617
  49,246
  51,992
  54,861
  57,859
Total liabilities and equity, $m
  56,054
  63,770
  72,640
  82,097
  92,127
  102,717
  113,858
  125,541
  137,762
  150,521
  163,821
  177,667
  192,070
  207,043
  222,606
  238,778
  255,583
  273,051
  291,212
  310,100
  329,752
  350,209
  371,512
  393,710
  416,850
  440,984
  466,168
  492,458
  519,916
  548,606
  578,594
Debt-to-equity ratio
  0.321
  0.680
  1.700
  2.540
  3.240
  3.840
  4.340
  4.780
  5.150
  5.480
  5.760
  6.020
  6.240
  6.440
  6.620
  6.780
  6.930
  7.060
  7.180
  7.290
  7.390
  7.490
  7.570
  7.650
  7.730
  7.800
  7.860
  7.920
  7.980
  8.030
  8.080
Adjusted equity ratio
  0.041
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  83
  -188
  -419
  -904
  -1,420
  -1,968
  -2,546
  -3,154
  -3,792
  -4,459
  -5,155
  -5,881
  -6,637
  -7,423
  -8,240
  -9,089
  -9,971
  -10,889
  -11,842
  -12,833
  -13,864
  -14,936
  -16,052
  -17,215
  -18,427
  -19,690
  -21,007
  -22,381
  -23,816
  -25,315
  -26,881
Depreciation, amort., depletion, $m
  378
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  1,189
  -188
  -419
  -904
  -1,420
  -1,968
  -2,546
  -3,154
  -3,792
  -4,459
  -5,155
  -5,881
  -6,637
  -7,423
  -8,240
  -9,089
  -9,971
  -10,889
  -11,842
  -12,833
  -13,864
  -14,936
  -16,052
  -17,215
  -18,427
  -19,690
  -21,007
  -22,381
  -23,816
  -25,315
  -26,881
Change in working capital, $m
  -225
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  1,414
  -188
  -419
  -904
  -1,420
  -1,968
  -2,546
  -3,154
  -3,792
  -4,459
  -5,155
  -5,881
  -6,637
  -7,423
  -8,240
  -9,089
  -9,971
  -10,889
  -11,842
  -12,833
  -13,864
  -14,936
  -16,052
  -17,215
  -18,427
  -19,690
  -21,007
  -22,381
  -23,816
  -25,315
  -26,881
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
New CAPEX, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from investing activities, $m
  -4,499
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Free cash flow, $m
  -3,085
  -188
  -419
  -904
  -1,420
  -1,968
  -2,546
  -3,154
  -3,792
  -4,459
  -5,155
  -5,881
  -6,637
  -7,423
  -8,240
  -9,089
  -9,971
  -10,889
  -11,842
  -12,833
  -13,864
  -14,936
  -16,052
  -17,215
  -18,427
  -19,690
  -21,007
  -22,381
  -23,816
  -25,315
  -26,881
Issuance/(repayment) of debt, $m
  100
  3,632
  7,983
  8,511
  9,027
  9,531
  10,026
  10,515
  10,999
  11,483
  11,969
  12,461
  12,963
  13,476
  14,006
  14,555
  15,125
  15,721
  16,345
  16,999
  17,687
  18,411
  19,174
  19,978
  20,826
  21,721
  22,665
  23,661
  24,712
  25,821
  26,990
Issuance/(repurchase) of shares, $m
  140
  641
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  382
  860
  1,349
  1,850
  2,363
  2,890
Cash from financing (excl. dividends), $m  
  3,499
  4,273
  7,983
  8,511
  9,027
  9,531
  10,026
  10,515
  10,999
  11,483
  11,969
  12,461
  12,963
  13,476
  14,006
  14,555
  15,125
  15,721
  16,345
  16,999
  17,687
  18,411
  19,174
  19,978
  20,826
  22,103
  23,525
  25,010
  26,562
  28,184
  29,880
Total cash flow (excl. dividends), $m
  415
  3,443
  7,564
  7,608
  7,607
  7,564
  7,481
  7,361
  7,208
  7,024
  6,814
  6,580
  6,326
  6,054
  5,766
  5,466
  5,154
  4,832
  4,503
  4,166
  3,823
  3,475
  3,121
  2,763
  2,399
  2,031
  1,658
  1,280
  896
  506
  109
Retained Cash Flow (-), $m
  -347
  -4,085
  -887
  -946
  -1,003
  -1,059
  -1,114
  -1,168
  -1,222
  -1,276
  -1,330
  -1,385
  -1,440
  -1,497
  -1,556
  -1,617
  -1,681
  -1,747
  -1,816
  -1,889
  -1,965
  -2,046
  -2,130
  -2,220
  -2,314
  -2,413
  -2,518
  -2,629
  -2,746
  -2,869
  -2,999
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  0
  6,677
  6,662
  6,604
  6,504
  6,366
  6,192
  5,985
  5,748
  5,484
  5,196
  4,886
  4,556
  4,210
  3,849
  3,473
  3,086
  2,687
  2,277
  1,858
  1,429
  991
  543
  85
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  0
  6,113
  5,798
  5,438
  5,042
  4,620
  4,184
  3,741
  3,302
  2,875
  2,467
  2,085
  1,732
  1,413
  1,130
  883
  671
  495
  351
  236
  148
  82
  36
  4
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  76.5
  75.7
  74.1
  71.9
  69.0
  65.7
  62.1

American Equity Investment Life Holding Company, through its subsidiaries, develops and sells fixed index and fixed rate annuity products in the United States. It issues fixed index annuities and fixed rate annuities, as well as single premium immediate annuities. The company also offers life insurance products comprising traditional ordinary and term, universal life, and other interest-sensitive life insurance products. It targets group of individuals aging 45-75 who are seeking to accumulate tax-deferred savings or create guaranteed lifetime income. The company markets its products through a brokerage distribution network of approximately 38 national marketing organizations and approximately 35,000 independent agents. American Equity Investment Life Holding Company was founded in 1995 and is based in West Des Moines, Iowa.

FINANCIAL RATIOS  of  American Equity Investment Life Holding (AEL)

Valuation Ratios
P/E Ratio 25.1
Price to Sales 0.9
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 1.5
Price to Free Cash Flow 1.5
Growth Rates
Sales Growth Rate 46.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 32.1%
Total Debt to Equity 32.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 0.2%
Ret/ On Assets - 3 Yr. Avg. 0.4%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.4%
Return On Equity 3.9%
Return On Equity - 3 Yr. Avg. 7.3%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 24.7%
EBITDA Margin - 3 Yr. Avg. 29.2%
Operating Margin 32.2%
Oper. Margin - 3 Yr. Avg. 13.1%
Pre-Tax Margin 5.9%
Pre-Tax Margin - 3 Yr. Avg. 12.3%
Net Profit Margin 3.7%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 35.5%
Payout Ratio 25.3%

AEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AEL stock intrinsic value calculation we used $2220 million for the last fiscal year's total revenue generated by American Equity Investment Life Holding. The default revenue input number comes from 2016 income statement of American Equity Investment Life Holding. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AEL stock valuation model: a) initial revenue growth rate of 14.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for AEL is calculated based on our internal credit rating of American Equity Investment Life Holding, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of American Equity Investment Life Holding.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AEL stock the variable cost ratio is equal to 105.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AEL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.8% for American Equity Investment Life Holding.

Corporate tax rate of 27% is the nominal tax rate for American Equity Investment Life Holding. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AEL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AEL are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in American Equity Investment Life Holding operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AEL is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2292 million for American Equity Investment Life Holding - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 88.024 million for American Equity Investment Life Holding is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of American Equity Investment Life Holding at the current share price and the inputted number of shares is $2.1 billion.


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COMPANY NEWS

▶ American Equity Broadens Fixed Annuity Portfolio   [Mar-03-17 12:40PM  Business Wire]
▶ [$$] Life Insurers: Go Big or Go Home   [04:28PM  at Barrons.com]
▶ [$$] American Equity Life: collateral damage   [Sep-08-16 08:28AM  at Financial Times]
Stock chart of AEL Financial statements of AEL
Valuation of Stocks

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