Intrinsic value of AFLAC - AFL

Previous Close

$88.49

  Intrinsic Value

$203.68

stock screener

  Rating & Target

str. buy

+130%

Previous close

$88.49

 
Intrinsic value

$203.68

 
Up/down potential

+130%

 
Rating

str. buy

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

We calculate the intrinsic value of AFL 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 35.0

 

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, %
  7.69
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  23,095
  23,626
  24,233
  24,915
  25,670
  26,499
  27,401
  28,378
  29,431
  30,560
  31,769
  33,058
  34,431
  35,890
  37,438
  39,079
  40,815
  42,652
  44,592
  46,641
  48,803
  51,083
  53,486
  56,019
  58,685
  61,493
  64,449
  67,559
  70,831
  74,272
Variable operating expenses, $m
 
  18,545
  18,972
  19,459
  20,007
  20,613
  21,279
  22,003
  22,788
  23,633
  24,540
  25,510
  26,546
  27,648
  28,819
  30,063
  31,380
  32,775
  34,249
  35,808
  37,453
  39,189
  41,020
  42,950
  44,983
  47,124
  49,379
  51,752
  54,250
  56,877
  59,641
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
  18,307
  18,545
  18,972
  19,459
  20,007
  20,613
  21,279
  22,003
  22,788
  23,633
  24,540
  25,510
  26,546
  27,648
  28,819
  30,063
  31,380
  32,775
  34,249
  35,808
  37,453
  39,189
  41,020
  42,950
  44,983
  47,124
  49,379
  51,752
  54,250
  56,877
  59,641
Operating income, $m
  4,335
  4,550
  4,654
  4,774
  4,908
  5,057
  5,220
  5,398
  5,591
  5,798
  6,020
  6,258
  6,512
  6,783
  7,070
  7,375
  7,698
  8,041
  8,402
  8,785
  9,188
  9,614
  10,063
  10,537
  11,036
  11,561
  12,114
  12,696
  13,309
  13,954
  14,632
EBITDA, $m
  4,335
  4,570
  4,676
  4,796
  4,931
  5,080
  5,244
  5,423
  5,616
  5,824
  6,048
  6,287
  6,542
  6,814
  7,103
  7,409
  7,734
  8,077
  8,441
  8,825
  9,230
  9,658
  10,109
  10,585
  11,086
  11,614
  12,170
  12,754
  13,370
  14,017
  14,698
Interest expense (income), $m
  211
  210
  316
  433
  567
  717
  884
  1,066
  1,265
  1,481
  1,713
  1,962
  2,228
  2,513
  2,815
  3,137
  3,478
  3,840
  4,223
  4,628
  5,056
  5,508
  5,985
  6,487
  7,017
  7,576
  8,164
  8,783
  9,434
  10,120
  10,842
Earnings before tax, $m
  4,067
  4,339
  4,338
  4,341
  4,341
  4,340
  4,337
  4,332
  4,325
  4,317
  4,307
  4,296
  4,284
  4,270
  4,255
  4,238
  4,220
  4,200
  4,179
  4,157
  4,132
  4,106
  4,079
  4,050
  4,018
  3,986
  3,951
  3,914
  3,875
  3,834
  3,790
Tax expense, $m
  1,408
  1,172
  1,171
  1,172
  1,172
  1,172
  1,171
  1,170
  1,168
  1,166
  1,163
  1,160
  1,157
  1,153
  1,149
  1,144
  1,139
  1,134
  1,128
  1,122
  1,116
  1,109
  1,101
  1,093
  1,085
  1,076
  1,067
  1,057
  1,046
  1,035
  1,023
Net income, $m
  2,659
  3,168
  3,167
  3,169
  3,169
  3,168
  3,166
  3,162
  3,157
  3,151
  3,144
  3,136
  3,127
  3,117
  3,106
  3,094
  3,081
  3,066
  3,051
  3,034
  3,017
  2,998
  2,978
  2,956
  2,933
  2,909
  2,884
  2,857
  2,829
  2,798
  2,767

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
  141,287
  144,343
  147,663
  151,458
  155,718
  160,439
  165,619
  171,259
  177,365
  183,943
  191,002
  198,554
  206,612
  215,192
  224,311
  233,987
  244,241
  255,096
  266,574
  278,702
  291,508
  305,020
  319,270
  334,290
  350,116
  366,784
  384,333
  402,805
  422,242
  442,692
  464,201
Adjusted assets (=assets-cash), $m
  141,287
  144,343
  147,663
  151,458
  155,718
  160,439
  165,619
  171,259
  177,365
  183,943
  191,002
  198,554
  206,612
  215,192
  224,311
  233,987
  244,241
  255,096
  266,574
  278,702
  291,508
  305,020
  319,270
  334,290
  350,116
  366,784
  384,333
  402,805
  422,242
  442,692
  464,201
Revenue / Adjusted assets
  0.000
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
Average production assets, $m
  214
  208
  213
  218
  224
  231
  238
  247
  255
  265
  275
  286
  298
  310
  323
  337
  352
  367
  384
  401
  420
  439
  460
  481
  504
  528
  553
  580
  608
  637
  668
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
  5,009
  7,520
  10,309
  13,496
  17,075
  21,041
  25,392
  30,130
  35,258
  40,784
  46,714
  53,057
  59,826
  67,034
  74,693
  82,821
  91,435
  100,552
  110,194
  120,382
  131,139
  142,489
  154,459
  167,076
  180,369
  194,370
  209,112
  224,628
  240,956
  258,133
  276,201
Total liabilities, $m
  118,737
  121,248
  124,037
  127,224
  130,803
  134,769
  139,120
  143,858
  148,986
  154,512
  160,442
  166,785
  173,554
  180,762
  188,421
  196,549
  205,163
  214,280
  223,922
  234,110
  244,867
  256,217
  268,187
  280,804
  294,097
  308,098
  322,840
  338,356
  354,684
  371,861
  389,929
Total equity, $m
  22,550
  23,095
  23,626
  24,233
  24,915
  25,670
  26,499
  27,401
  28,378
  29,431
  30,560
  31,769
  33,058
  34,431
  35,890
  37,438
  39,079
  40,815
  42,652
  44,592
  46,641
  48,803
  51,083
  53,486
  56,019
  58,685
  61,493
  64,449
  67,559
  70,831
  74,272
Total liabilities and equity, $m
  141,287
  144,343
  147,663
  151,457
  155,718
  160,439
  165,619
  171,259
  177,364
  183,943
  191,002
  198,554
  206,612
  215,193
  224,311
  233,987
  244,242
  255,095
  266,574
  278,702
  291,508
  305,020
  319,270
  334,290
  350,116
  366,783
  384,333
  402,805
  422,243
  442,692
  464,201
Debt-to-equity ratio
  0.222
  0.330
  0.440
  0.560
  0.690
  0.820
  0.960
  1.100
  1.240
  1.390
  1.530
  1.670
  1.810
  1.950
  2.080
  2.210
  2.340
  2.460
  2.580
  2.700
  2.810
  2.920
  3.020
  3.120
  3.220
  3.310
  3.400
  3.490
  3.570
  3.640
  3.720
Adjusted equity ratio
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,659
  3,168
  3,167
  3,169
  3,169
  3,168
  3,166
  3,162
  3,157
  3,151
  3,144
  3,136
  3,127
  3,117
  3,106
  3,094
  3,081
  3,066
  3,051
  3,034
  3,017
  2,998
  2,978
  2,956
  2,933
  2,909
  2,884
  2,857
  2,829
  2,798
  2,767
Depreciation, amort., depletion, $m
  0
  21
  21
  22
  22
  23
  24
  25
  26
  26
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
Funds from operations, $m
  9,192
  3,188
  3,188
  3,191
  3,192
  3,191
  3,190
  3,187
  3,183
  3,178
  3,172
  3,165
  3,157
  3,148
  3,138
  3,128
  3,116
  3,103
  3,089
  3,074
  3,059
  3,042
  3,024
  3,004
  2,984
  2,962
  2,939
  2,915
  2,889
  2,862
  2,834
Change in working capital, $m
  3,205
  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
  5,987
  3,188
  3,188
  3,191
  3,192
  3,191
  3,190
  3,187
  3,183
  3,178
  3,172
  3,165
  3,157
  3,148
  3,138
  3,128
  3,116
  3,103
  3,089
  3,074
  3,059
  3,042
  3,024
  3,004
  2,984
  2,962
  2,939
  2,915
  2,889
  2,862
  2,834
Maintenance CAPEX, $m
  0
  -21
  -21
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -26
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
New CAPEX, $m
  0
  6
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
Cash from investing activities, $m
  -3,855
  -15
  -26
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -36
  -39
  -41
  -42
  -44
  -46
  -49
  -51
  -54
  -55
  -58
  -61
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -95
Free cash flow, $m
  2,132
  3,173
  3,163
  3,164
  3,164
  3,162
  3,159
  3,155
  3,149
  3,143
  3,135
  3,127
  3,117
  3,106
  3,094
  3,081
  3,067
  3,052
  3,036
  3,019
  3,000
  2,980
  2,959
  2,937
  2,913
  2,888
  2,861
  2,833
  2,803
  2,772
  2,739
Issuance/(repayment) of debt, $m
  376
  2,511
  2,789
  3,188
  3,579
  3,966
  4,351
  4,738
  5,129
  5,525
  5,930
  6,344
  6,769
  7,207
  7,660
  8,128
  8,613
  9,118
  9,642
  10,188
  10,757
  11,350
  11,970
  12,617
  13,294
  14,001
  14,741
  15,516
  16,328
  17,177
  18,068
Issuance/(repurchase) of shares, $m
  -1,376
  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
  98
  281
  473
  675
Cash from financing (excl. dividends), $m  
  -961
  2,511
  2,789
  3,188
  3,579
  3,966
  4,351
  4,738
  5,129
  5,525
  5,930
  6,344
  6,769
  7,207
  7,660
  8,128
  8,613
  9,118
  9,642
  10,188
  10,757
  11,350
  11,970
  12,617
  13,294
  14,001
  14,741
  15,614
  16,609
  17,650
  18,743
Total cash flow (excl. dividends), $m
  1,167
  5,684
  5,951
  6,352
  6,743
  7,128
  7,510
  7,893
  8,278
  8,668
  9,065
  9,470
  9,886
  10,313
  10,754
  11,209
  11,681
  12,170
  12,678
  13,206
  13,757
  14,330
  14,929
  15,554
  16,207
  16,889
  17,603
  18,448
  19,412
  20,423
  21,481
Retained Cash Flow (-), $m
  -4,842
  -545
  -531
  -607
  -682
  -755
  -829
  -902
  -977
  -1,052
  -1,129
  -1,208
  -1,289
  -1,373
  -1,459
  -1,548
  -1,641
  -1,737
  -1,837
  -1,941
  -2,049
  -2,162
  -2,280
  -2,403
  -2,532
  -2,667
  -2,808
  -2,955
  -3,110
  -3,272
  -3,441
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
 
  5,139
  5,420
  5,745
  6,061
  6,372
  6,681
  6,990
  7,301
  7,616
  7,936
  8,262
  8,597
  8,941
  9,295
  9,661
  10,040
  10,433
  10,841
  11,266
  11,708
  12,168
  12,649
  13,151
  13,674
  14,222
  14,795
  15,492
  16,302
  17,151
  18,040
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
 
  4,927
  4,962
  4,999
  4,990
  4,939
  4,849
  4,723
  4,563
  4,375
  4,160
  3,924
  3,668
  3,399
  3,120
  2,836
  2,551
  2,270
  1,997
  1,735
  1,488
  1,259
  1,050
  862
  696
  553
  432
  333
  252
  187
  136
Current shareholders' claim on cash, %
  100
  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
  99.9
  99.6
  99.2
  98.6

Aflac Incorporated is a business holding company. The Company is involved in supplemental health and life insurance, which is marketed and administered through its subsidiary, American Family Life Assurance Company of Columbus (Aflac). The Company's insurance business consists of two segments: Aflac Japan and Aflac U.S. The Company designs the United States insurance products to provide supplemental coverage for people having medical or primary insurance coverage. Aflac U.S. offers accident coverage on both an individual and group basis. The Company offers cancer plans, critical illness plans, and critical care and recovery plans. The Company designs the United States insurance products to provide supplemental coverage for people having medical or primary insurance coverage. Aflac U.S. offers accident coverage on both an individual and group basis. The Company offers cancer plans, critical illness plans, and critical care and recovery plans.

FINANCIAL RATIOS  of  AFLAC (AFL)

Valuation Ratios
P/E Ratio 13.6
Price to Sales 1.6
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 6.1
Price to Free Cash Flow 6.1
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 22.2%
Total Debt to Equity 22.2%
Interest Coverage 20
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 10.6%
Ret/ On T. Cap. - 3 Yr. Avg. 11.7%
Return On Equity 13.2%
Return On Equity - 3 Yr. Avg. 15.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 18.9%
EBITDA Margin - 3 Yr. Avg. 19.7%
Operating Margin 19.1%
Oper. Margin - 3 Yr. Avg. 20%
Pre-Tax Margin 18%
Pre-Tax Margin - 3 Yr. Avg. 18.7%
Net Profit Margin 11.7%
Net Profit Margin - 3 Yr. Avg. 12.3%
Effective Tax Rate 34.6%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 24.7%

AFL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AFL stock intrinsic value calculation we used $22642 million for the last fiscal year's total revenue generated by AFLAC. The default revenue input number comes from 2016 income statement of AFLAC. 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 AFL stock valuation model: a) initial revenue growth rate of 2% 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 AFL is calculated based on our internal credit rating of AFLAC, 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 AFLAC.
    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 AFL stock the variable cost ratio is equal to 80.3%.

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 AFL 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 4.2% for AFLAC.

Corporate tax rate of 27% is the nominal tax rate for AFLAC. 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 AFL 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 AFL are equal to 0.9%.

Life of production assets of 10 years is the average useful life of capital assets used in AFLAC 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 AFL 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 - $22550 million for AFLAC - 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 395.23 million for AFLAC 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 AFLAC at the current share price and the inputted number of shares is $35.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to Aflac, Inc. : November 30, 2017   [Nov-30-17 01:11PM  Capital Cube]
▶ AFLAC Earns IBD Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Analyzing Prudentials Valuations after 3Q17   [10:31AM  Market Realist]
▶ 3 Bullish Takeaways From Aflac's Latest Quarter   [Nov-13-17 08:33AM  Motley Fool]
▶ These 3 Stocks Just Raised Their Dividends   [Nov-04-17 11:08AM  Motley Fool]
▶ Best Financial Dividend Stock Picks   [Nov-02-17 01:02PM  Simply Wall St.]
▶ AFLAC Sees RS Rating Improve To 71   [03:00AM  Investor's Business Daily]
▶ Aflac Duck is Working Overtime to Answer Your Questions   [Oct-31-17 08:57AM  PR Newswire]
▶ VF Corp (VFC) Leads 6 Dividend Stocks Boosting Payouts   [Oct-28-17 07:00AM  InvestorPlace]
▶ Aflac Boosts Dividend, Guidance Despite Premium Declines   [Oct-25-17 06:01PM  Motley Fool]
▶ Aflac beats 3Q profit forecasts   [04:43PM  Associated Press]
▶ Black, female insurance exec on quest to mentor teen girls   [Oct-19-17 09:31AM  Associated Press]
▶ When Should You Buy Aflac Incorporated (AFL)?   [Sep-29-17 09:47AM  Simply Wall St.]
▶ 5 Companies Reach 52-Week Highs   [Sep-26-17 12:19PM  GuruFocus.com]
▶ ETFs with exposure to Aflac, Inc. : September 18, 2017   [Sep-18-17 05:20PM  Capital Cube]
▶ ETFs with exposure to Aflac, Inc. : September 7, 2017   [Sep-07-17 12:11PM  Capital Cube]
▶ AFLAC: If It Looks Like a Duck and Quacks Like a Bull...   [Sep-06-17 11:24AM  TheStreet.com]
▶ Aflac Quacks the Code for Growth   [Aug-31-17 06:02PM  Motley Fool]
▶ Gary Cohn wouldn't let Neo-Nazis drive him from office: FT   [Aug-25-17 01:53PM  Yahoo Finance Video]
▶ Dividend Yield of Aflac   [Aug-23-17 12:42PM  Market Realist]
Financial statements of AFL
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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