Intrinsic value of Allstate - ALL

Previous Close

$94.38

  Intrinsic Value

$216.10

stock screener

  Rating & Target

str. buy

+129%

  Value-price divergence*

+6%

Previous close

$94.38

 
Intrinsic value

$216.10

 
Up/down potential

+129%

 
Rating

str. buy

 
Value-price divergence*

+6%

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

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

We calculate the intrinsic value of ALL 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 34.8

 

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, %
  2.06
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  0
  39,058
  41,362
  43,765
  46,273
  48,890
  51,623
  54,479
  57,463
  60,584
  63,848
  67,263
  70,837
  74,579
  78,497
  82,602
  86,902
  91,408
  96,131
  101,081
  106,272
  111,715
  117,423
  123,410
  129,690
  136,277
  143,189
  150,441
  158,051
  166,036
  174,416
Variable operating expenses, $m
 
  35,496
  37,583
  39,760
  42,031
  44,401
  46,877
  49,463
  52,166
  54,992
  57,948
  60,919
  64,156
  67,545
  71,094
  74,812
  78,706
  82,787
  87,065
  91,549
  96,250
  101,179
  106,349
  111,771
  117,459
  123,425
  129,685
  136,253
  143,145
  150,377
  157,967
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
  34,093
  35,496
  37,583
  39,760
  42,031
  44,401
  46,877
  49,463
  52,166
  54,992
  57,948
  60,919
  64,156
  67,545
  71,094
  74,812
  78,706
  82,787
  87,065
  91,549
  96,250
  101,179
  106,349
  111,771
  117,459
  123,425
  129,685
  136,253
  143,145
  150,377
  157,967
Operating income, $m
  2,754
  3,562
  3,779
  4,006
  4,242
  4,489
  4,747
  5,016
  5,297
  5,592
  5,899
  6,343
  6,680
  7,033
  7,403
  7,790
  8,196
  8,621
  9,066
  9,533
  10,022
  10,536
  11,074
  11,639
  12,231
  12,852
  13,504
  14,188
  14,905
  15,659
  16,449
EBITDA, $m
  3,136
  3,683
  3,901
  4,127
  4,364
  4,611
  4,868
  5,138
  5,419
  5,714
  6,021
  6,343
  6,680
  7,033
  7,403
  7,790
  8,196
  8,621
  9,066
  9,533
  10,022
  10,536
  11,074
  11,639
  12,231
  12,852
  13,504
  14,188
  14,905
  15,659
  16,449
Interest expense (income), $m
  287
  317
  587
  863
  1,151
  1,450
  1,764
  2,090
  2,432
  2,789
  3,162
  3,553
  3,961
  4,389
  4,836
  5,305
  5,796
  6,310
  6,849
  7,414
  8,007
  8,627
  9,278
  9,961
  10,677
  11,429
  12,217
  13,043
  13,911
  14,821
  15,776
Earnings before tax, $m
  2,754
  3,244
  3,191
  3,142
  3,091
  3,038
  2,983
  2,925
  2,865
  2,803
  2,737
  2,791
  2,719
  2,645
  2,567
  2,485
  2,400
  2,310
  2,217
  2,119
  2,016
  1,908
  1,796
  1,677
  1,553
  1,424
  1,287
  1,145
  995
  838
  673
Tax expense, $m
  877
  876
  862
  848
  835
  820
  805
  790
  774
  757
  739
  753
  734
  714
  693
  671
  648
  624
  598
  572
  544
  515
  485
  453
  419
  384
  348
  309
  269
  226
  182
Net income, $m
  1,877
  2,368
  2,330
  2,294
  2,257
  2,218
  2,178
  2,136
  2,092
  2,046
  1,998
  2,037
  1,985
  1,931
  1,874
  1,814
  1,752
  1,686
  1,618
  1,547
  1,472
  1,393
  1,311
  1,224
  1,134
  1,039
  940
  836
  726
  611
  491

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
  108,610
  115,215
  122,012
  129,101
  136,498
  144,218
  152,281
  160,704
  169,508
  178,713
  188,341
  198,415
  208,958
  219,996
  231,555
  243,662
  256,347
  269,640
  283,571
  298,175
  313,487
  329,542
  346,380
  364,040
  382,565
  401,998
  422,387
  443,779
  466,226
  489,781
  514,501
Adjusted assets (=assets-cash), $m
  108,610
  115,215
  122,012
  129,101
  136,498
  144,218
  152,281
  160,704
  169,508
  178,713
  188,341
  198,415
  208,958
  219,996
  231,555
  243,662
  256,347
  269,640
  283,571
  298,175
  313,487
  329,542
  346,380
  364,040
  382,565
  401,998
  422,387
  443,779
  466,226
  489,781
  514,501
Revenue / Adjusted assets
  0.000
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
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
  6,347
  11,749
  17,262
  23,011
  29,010
  35,271
  41,810
  48,641
  55,781
  63,246
  71,054
  79,224
  87,775
  96,727
  106,101
  115,920
  126,208
  136,988
  148,286
  160,130
  172,548
  185,569
  199,224
  213,547
  228,570
  244,331
  260,866
  278,215
  296,419
  315,523
  335,570
Total liabilities, $m
  88,037
  93,439
  98,952
  104,701
  110,700
  116,961
  123,500
  130,331
  137,471
  144,936
  152,744
  160,914
  169,465
  178,417
  187,791
  197,610
  207,898
  218,678
  229,976
  241,820
  254,238
  267,259
  280,914
  295,237
  310,260
  326,021
  342,556
  359,905
  378,109
  397,213
  417,260
Total equity, $m
  20,573
  21,776
  23,060
  24,400
  25,798
  27,257
  28,781
  30,373
  32,037
  33,777
  35,596
  37,500
  39,493
  41,579
  43,764
  46,052
  48,450
  50,962
  53,595
  56,355
  59,249
  62,284
  65,466
  68,804
  72,305
  75,978
  79,831
  83,874
  88,117
  92,569
  97,241
Total liabilities and equity, $m
  108,610
  115,215
  122,012
  129,101
  136,498
  144,218
  152,281
  160,704
  169,508
  178,713
  188,340
  198,414
  208,958
  219,996
  231,555
  243,662
  256,348
  269,640
  283,571
  298,175
  313,487
  329,543
  346,380
  364,041
  382,565
  401,999
  422,387
  443,779
  466,226
  489,782
  514,501
Debt-to-equity ratio
  0.309
  0.540
  0.750
  0.940
  1.120
  1.290
  1.450
  1.600
  1.740
  1.870
  2.000
  2.110
  2.220
  2.330
  2.420
  2.520
  2.600
  2.690
  2.770
  2.840
  2.910
  2.980
  3.040
  3.100
  3.160
  3.220
  3.270
  3.320
  3.360
  3.410
  3.450
Adjusted equity ratio
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,877
  2,368
  2,330
  2,294
  2,257
  2,218
  2,178
  2,136
  2,092
  2,046
  1,998
  2,037
  1,985
  1,931
  1,874
  1,814
  1,752
  1,686
  1,618
  1,547
  1,472
  1,393
  1,311
  1,224
  1,134
  1,039
  940
  836
  726
  611
  491
Depreciation, amort., depletion, $m
  382
  122
  122
  122
  122
  122
  122
  122
  122
  122
  122
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  5,006
  2,490
  2,452
  2,416
  2,379
  2,340
  2,300
  2,257
  2,214
  2,168
  2,120
  2,037
  1,985
  1,931
  1,874
  1,814
  1,752
  1,686
  1,618
  1,547
  1,472
  1,393
  1,311
  1,224
  1,134
  1,039
  940
  836
  726
  611
  491
Change in working capital, $m
  1,013
  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
  3,993
  2,490
  2,452
  2,416
  2,379
  2,340
  2,300
  2,257
  2,214
  2,168
  2,120
  2,037
  1,985
  1,931
  1,874
  1,814
  1,752
  1,686
  1,618
  1,547
  1,472
  1,393
  1,311
  1,224
  1,134
  1,039
  940
  836
  726
  611
  491
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
  -313
  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
  -2,526
  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
  1,467
  2,490
  2,452
  2,416
  2,379
  2,340
  2,300
  2,257
  2,214
  2,168
  2,120
  2,037
  1,985
  1,931
  1,874
  1,814
  1,752
  1,686
  1,618
  1,547
  1,472
  1,393
  1,311
  1,224
  1,134
  1,039
  940
  836
  726
  611
  491
Issuance/(repayment) of debt, $m
  1,219
  5,402
  5,513
  5,749
  5,998
  6,261
  6,539
  6,831
  7,140
  7,465
  7,808
  8,170
  8,551
  8,952
  9,374
  9,819
  10,287
  10,780
  11,299
  11,844
  12,418
  13,021
  13,655
  14,322
  15,024
  15,760
  16,535
  17,349
  18,205
  19,103
  20,048
Issuance/(repurchase) of shares, $m
  -1,173
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  8
  156
  311
  474
  646
  826
  1,015
  1,214
  1,422
  1,641
  1,872
  2,113
  2,367
  2,634
  2,914
  3,208
  3,516
  3,841
  4,181
Cash from financing (excl. dividends), $m  
  -924
  5,402
  5,513
  5,749
  5,998
  6,261
  6,539
  6,831
  7,140
  7,465
  7,808
  8,170
  8,559
  9,108
  9,685
  10,293
  10,933
  11,606
  12,314
  13,058
  13,840
  14,662
  15,527
  16,435
  17,391
  18,394
  19,449
  20,557
  21,721
  22,944
  24,229
Total cash flow (excl. dividends), $m
  543
  7,892
  7,965
  8,165
  8,377
  8,601
  8,838
  9,089
  9,353
  9,633
  9,928
  10,207
  10,543
  11,038
  11,559
  12,107
  12,685
  13,292
  13,932
  14,604
  15,312
  16,055
  16,838
  17,660
  18,525
  19,433
  20,389
  21,392
  22,447
  23,555
  24,720
Retained Cash Flow (-), $m
  -548
  -1,203
  -1,285
  -1,340
  -1,398
  -1,459
  -1,524
  -1,592
  -1,664
  -1,740
  -1,820
  -1,904
  -1,993
  -2,086
  -2,185
  -2,288
  -2,397
  -2,512
  -2,633
  -2,760
  -2,894
  -3,034
  -3,182
  -3,338
  -3,501
  -3,673
  -3,853
  -4,043
  -4,242
  -4,452
  -4,672
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
 
  6,690
  6,680
  6,825
  6,979
  7,142
  7,314
  7,497
  7,690
  7,893
  8,109
  8,303
  8,551
  8,952
  9,374
  9,819
  10,287
  10,780
  11,299
  11,844
  12,418
  13,021
  13,655
  14,322
  15,024
  15,760
  16,535
  17,349
  18,205
  19,103
  20,048
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  6,383
  6,054
  5,847
  5,622
  5,379
  5,120
  4,846
  4,559
  4,260
  3,954
  3,627
  3,317
  3,055
  2,787
  2,516
  2,246
  1,981
  1,726
  1,484
  1,258
  1,050
  863
  698
  554
  431
  329
  246
  180
  129
  90
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
  99.8
  99.3
  98.7
  97.9
  96.9
  95.8
  94.5
  93.1
  91.6
  90.0
  88.3
  86.6
  84.7
  82.9
  80.9
  79.0
  77.0
  75.0

The Allstate Corporation, together with its subsidiaries, engages in property-liability insurance and life insurance business in the United States and Canada. The company’s Allstate Protection segment sells private passenger auto, homeowners, and other property-liability insurance products under the Allstate, Esurance, and Encompass brand names. It also offers specialty auto products including motorcycle, trailer, motor home, and off-road vehicle insurance policies; other personal lines products including renter, condominium, landlord, boat, umbrella, and manufactured home insurance policies; commercial lines products for small business owners; roadside assistance products; service contracts; and other products sold in conjunction with auto lending and vehicle sales transactions. This segment sells its products through agencies, as well as directly through contact centers and Internet. The company’s Allstate Financial segment provides term, whole, interest-sensitive, and variable life insurance; and workplace life, and voluntary accident and health insurance; deferred and immediate fixed annuities; and retirement and investment products, including mutual funds, fixed and variable annuities, disability insurance, and long-term care insurance. This segment markets its products through its agencies and financial specialists, and workplace enrolling independent agents. The Allstate Corporation was founded in 1931 and is based in Northbrook, Illinois.

FINANCIAL RATIOS  of  Allstate (ALL)

Valuation Ratios
P/E Ratio 18.4
Price to Sales 0.9
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 9.4
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.3%
Cap. Spend. - 3 Yr. Gr. Rate 8.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 30.9%
Total Debt to Equity 30.9%
Interest Coverage 11
Management Effectiveness
Return On Assets 1.9%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 8.6%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 10.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 9.3%
EBITDA Margin - 3 Yr. Avg. 11.4%
Operating Margin 7.5%
Oper. Margin - 3 Yr. Avg. 9.5%
Pre-Tax Margin 7.5%
Pre-Tax Margin - 3 Yr. Avg. 9.5%
Net Profit Margin 5.1%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 31.8%
Eff/ Tax Rate - 3 Yr. Avg. 32.8%
Payout Ratio 32.1%

ALL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALL stock intrinsic value calculation we used $36847 million for the last fiscal year's total revenue generated by Allstate. The default revenue input number comes from 2016 income statement of Allstate. 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 ALL stock valuation model: a) initial revenue growth rate of 6% 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 4.8%, whose default value for ALL is calculated based on our internal credit rating of Allstate, 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 Allstate.
    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 ALL stock the variable cost ratio is equal to 90.9%.

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 ALL 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% for Allstate.

Corporate tax rate of 27% is the nominal tax rate for Allstate. 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 ALL 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 ALL are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Allstate 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 ALL 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 - $20573 million for Allstate - 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 368.848 million for Allstate 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 Allstate at the current share price and the inputted number of shares is $34.8 billion.

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COMPANY NEWS

▶ Allstate lays off 500 as app tech takes over   [01:20PM  American City Business Journals]
▶ Allstate to bring 2,250 jobs to Charlotte over 3 years   [Aug-09-17 03:51PM  American City Business Journals]
▶ [$$] That Drone Hovering Over Your Home? Its the Insurance Inspector   [Aug-04-17 11:47PM  The Wall Street Journal]
▶ [$$] Allstate Stock Could Hit $110   [01:10PM  Barrons.com]
▶ Allstate tops Street 2Q forecasts   [Aug-01-17 09:50PM  Associated Press]
▶ Exclusive: Former Red Hat CFO Joins CloudBees   [Jul-24-17 06:41PM  Fortune]
▶ Just the Facts, Ma'am: July Strategy Update   [Jul-20-17 03:41PM  Zacks]
▶ 3 Value Stocks for Conservative Investors   [Jul-17-17 09:33PM  Motley Fool]
▶ Allstate Announces Quarterly Dividend   [Jul-11-17 01:58PM  PR Newswire]
▶ Three reasons to be your own boss   [10:00AM  PR Newswire]
▶ Insurance Is a Fun Career! Just Consider the Zombies and Bacon   [Jun-23-17 10:51PM  The Wall Street Journal]
▶ Allstate Announces May Catastrophe Loss Estimate   [Jun-15-17 08:26AM  PR Newswire]
▶ ETFs with exposure to The Allstate Corp. : June 12, 2017   [Jun-12-17 01:48PM  Capital Cube]
▶ Allstate adds to soccer commitments   [Jun-06-17 09:40AM  American City Business Journals]
▶ ETFs with exposure to The Allstate Corp. : June 1, 2017   [Jun-01-17 01:37PM  Capital Cube]
▶ Allstate Returns Cash to Shareholders through Dividends   [May-25-17 02:47PM  PR Newswire]
▶ Chandler businesses team to end teen texting and driving   [May-24-17 08:05PM  American City Business Journals]
▶ Allstate Announces April Catastrophe Loss Estimate   [May-18-17 08:19AM  PR Newswire]
▶ 3 Growth Stocks for May   [May-17-17 07:23PM  Motley Fool]
▶ Cramer: These Sectors Look Bullish (Part II)   [May-09-17 07:00AM  TheStreet.com]
▶ Lafayette Investments, Inc. Buys Diageo PLC, Allstate Corp   [May-05-17 03:38PM  GuruFocus.com]
▶ Allstate Starts 2017 With Strong Profitability   [May-02-17 08:19PM  PR Newswire]
▶ Allstate beats Street 1Q forecasts   [04:50PM  Associated Press]
▶ See which insurance company is using drones for property claims in NM   [Apr-07-17 04:12PM  American City Business Journals]
▶ Allstate Mobilizes Drone Fleet for Storm Season   [Apr-06-17 09:34AM  PR Newswire]
▶ More advertisers say they have ditched Fox's O'Reilly show   [Apr-04-17 08:32PM  Associated Press]
Stock chart of ALL Financial statements of ALL
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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