Intrinsic value of Allstate - ALL

Previous Close

$92.46

  Intrinsic Value

$185.20

stock screener

  Rating & Target

str. buy

+100%

  Value-price divergence*

-28%

Previous close

$92.46

 
Intrinsic value

$185.20

 
Up/down potential

+100%

 
Rating

str. buy

 
Value-price divergence*

-28%

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 33.6

 

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
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  0
  38,431
  40,111
  41,889
  43,770
  45,757
  47,856
  50,071
  52,407
  54,869
  57,464
  60,197
  63,074
  66,103
  69,291
  72,644
  76,172
  79,882
  83,782
  87,883
  92,194
  96,726
  101,488
  106,492
  111,751
  117,276
  123,081
  129,179
  135,586
  142,315
  149,384
Variable operating expenses, $m
 
  34,929
  36,450
  38,060
  39,764
  41,564
  43,465
  45,470
  47,586
  49,816
  52,166
  54,519
  57,126
  59,869
  62,756
  65,793
  68,988
  72,348
  75,881
  79,595
  83,500
  87,604
  91,917
  96,449
  101,212
  106,216
  111,473
  116,997
  122,799
  128,894
  135,296
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
  34,929
  36,450
  38,060
  39,764
  41,564
  43,465
  45,470
  47,586
  49,816
  52,166
  54,519
  57,126
  59,869
  62,756
  65,793
  68,988
  72,348
  75,881
  79,595
  83,500
  87,604
  91,917
  96,449
  101,212
  106,216
  111,473
  116,997
  122,799
  128,894
  135,296
Operating income, $m
  2,754
  3,503
  3,661
  3,829
  4,006
  4,193
  4,391
  4,600
  4,820
  5,053
  5,297
  5,677
  5,948
  6,234
  6,535
  6,851
  7,184
  7,533
  7,901
  8,288
  8,695
  9,122
  9,571
  10,043
  10,539
  11,060
  11,608
  12,183
  12,787
  13,422
  14,088
EBITDA, $m
  3,136
  3,624
  3,783
  3,950
  4,128
  4,315
  4,513
  4,722
  4,942
  5,175
  5,419
  5,677
  5,948
  6,234
  6,535
  6,851
  7,184
  7,533
  7,901
  8,288
  8,695
  9,122
  9,571
  10,043
  10,539
  11,060
  11,608
  12,183
  12,787
  13,422
  14,088
Interest expense (income), $m
  287
  317
  513
  713
  926
  1,151
  1,389
  1,640
  1,905
  2,184
  2,479
  2,789
  3,116
  3,460
  3,823
  4,204
  4,605
  5,027
  5,471
  5,937
  6,428
  6,943
  7,485
  8,055
  8,654
  9,283
  9,944
  10,638
  11,367
  12,134
  12,939
Earnings before tax, $m
  2,754
  3,185
  3,148
  3,115
  3,080
  3,042
  3,002
  2,960
  2,916
  2,869
  2,819
  2,888
  2,832
  2,774
  2,712
  2,647
  2,579
  2,507
  2,431
  2,351
  2,267
  2,179
  2,086
  1,988
  1,885
  1,777
  1,664
  1,545
  1,419
  1,288
  1,149
Tax expense, $m
  877
  860
  850
  841
  832
  821
  811
  799
  787
  774
  761
  780
  765
  749
  732
  715
  696
  677
  656
  635
  612
  588
  563
  537
  509
  480
  449
  417
  383
  348
  310
Net income, $m
  1,877
  2,325
  2,298
  2,274
  2,248
  2,221
  2,192
  2,161
  2,128
  2,094
  2,058
  2,108
  2,068
  2,025
  1,980
  1,932
  1,882
  1,830
  1,774
  1,716
  1,655
  1,590
  1,523
  1,451
  1,376
  1,297
  1,215
  1,128
  1,036
  940
  839

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
  113,367
  118,321
  123,566
  129,114
  134,977
  141,168
  147,701
  154,592
  161,855
  169,509
  177,571
  186,059
  194,994
  204,397
  214,290
  224,695
  235,639
  247,146
  259,243
  271,960
  285,327
  299,374
  314,137
  329,649
  345,947
  363,071
  381,060
  399,958
  419,809
  440,661
Adjusted assets (=assets-cash), $m
  108,610
  113,367
  118,321
  123,566
  129,114
  134,977
  141,168
  147,701
  154,592
  161,855
  169,509
  177,571
  186,059
  194,994
  204,397
  214,290
  224,695
  235,639
  247,146
  259,243
  271,960
  285,327
  299,374
  314,137
  329,649
  345,947
  363,071
  381,060
  399,958
  419,809
  440,661
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
  10,251
  14,268
  18,522
  23,022
  27,776
  32,797
  38,095
  43,684
  49,575
  55,782
  62,320
  69,204
  76,450
  84,076
  92,099
  100,538
  109,413
  118,745
  128,556
  138,870
  149,710
  161,103
  173,075
  185,655
  198,873
  212,760
  227,350
  242,676
  258,775
  275,686
Total liabilities, $m
  88,037
  91,941
  95,958
  100,212
  104,712
  109,466
  114,487
  119,785
  125,374
  131,265
  137,472
  144,010
  150,894
  158,140
  165,766
  173,789
  182,228
  191,103
  200,435
  210,246
  220,560
  231,400
  242,793
  254,765
  267,345
  280,563
  294,450
  309,040
  324,366
  340,465
  357,376
Total equity, $m
  20,573
  21,426
  22,363
  23,354
  24,403
  25,511
  26,681
  27,915
  29,218
  30,591
  32,037
  33,561
  35,165
  36,854
  38,631
  40,501
  42,467
  44,536
  46,711
  48,997
  51,400
  53,927
  56,582
  59,372
  62,304
  65,384
  68,620
  72,020
  75,592
  79,344
  83,285
Total liabilities and equity, $m
  108,610
  113,367
  118,321
  123,566
  129,115
  134,977
  141,168
  147,700
  154,592
  161,856
  169,509
  177,571
  186,059
  194,994
  204,397
  214,290
  224,695
  235,639
  247,146
  259,243
  271,960
  285,327
  299,375
  314,137
  329,649
  345,947
  363,070
  381,060
  399,958
  419,809
  440,661
Debt-to-equity ratio
  0.309
  0.480
  0.640
  0.790
  0.940
  1.090
  1.230
  1.360
  1.500
  1.620
  1.740
  1.860
  1.970
  2.070
  2.180
  2.270
  2.370
  2.460
  2.540
  2.620
  2.700
  2.780
  2.850
  2.920
  2.980
  3.040
  3.100
  3.160
  3.210
  3.260
  3.310
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
  2,325
  2,298
  2,274
  2,248
  2,221
  2,192
  2,161
  2,128
  2,094
  2,058
  2,108
  2,068
  2,025
  1,980
  1,932
  1,882
  1,830
  1,774
  1,716
  1,655
  1,590
  1,523
  1,451
  1,376
  1,297
  1,215
  1,128
  1,036
  940
  839
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
  2,447
  2,420
  2,396
  2,370
  2,343
  2,314
  2,283
  2,250
  2,216
  2,180
  2,108
  2,068
  2,025
  1,980
  1,932
  1,882
  1,830
  1,774
  1,716
  1,655
  1,590
  1,523
  1,451
  1,376
  1,297
  1,215
  1,128
  1,036
  940
  839
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
  2,447
  2,420
  2,396
  2,370
  2,343
  2,314
  2,283
  2,250
  2,216
  2,180
  2,108
  2,068
  2,025
  1,980
  1,932
  1,882
  1,830
  1,774
  1,716
  1,655
  1,590
  1,523
  1,451
  1,376
  1,297
  1,215
  1,128
  1,036
  940
  839
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
  2,447
  2,420
  2,396
  2,370
  2,343
  2,314
  2,283
  2,250
  2,216
  2,180
  2,108
  2,068
  2,025
  1,980
  1,932
  1,882
  1,830
  1,774
  1,716
  1,655
  1,590
  1,523
  1,451
  1,376
  1,297
  1,215
  1,128
  1,036
  940
  839
Issuance/(repayment) of debt, $m
  1,219
  3,904
  4,018
  4,254
  4,499
  4,755
  5,021
  5,298
  5,588
  5,891
  6,207
  6,538
  6,884
  7,246
  7,626
  8,023
  8,439
  8,875
  9,332
  9,811
  10,314
  10,840
  11,393
  11,972
  12,580
  13,218
  13,887
  14,589
  15,326
  16,099
  16,911
Issuance/(repurchase) of shares, $m
  -1,173
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  84
  238
  400
  570
  749
  936
  1,133
  1,339
  1,555
  1,783
  2,022
  2,272
  2,536
  2,812
  3,102
Cash from financing (excl. dividends), $m  
  -924
  3,904
  4,018
  4,254
  4,499
  4,755
  5,021
  5,298
  5,588
  5,891
  6,207
  6,538
  6,884
  7,246
  7,626
  8,023
  8,523
  9,113
  9,732
  10,381
  11,063
  11,776
  12,526
  13,311
  14,135
  15,001
  15,909
  16,861
  17,862
  18,911
  20,013
Total cash flow (excl. dividends), $m
  543
  6,351
  6,438
  6,650
  6,869
  7,097
  7,335
  7,581
  7,839
  8,107
  8,387
  8,646
  8,952
  9,271
  9,606
  9,955
  10,406
  10,943
  11,507
  12,098
  12,717
  13,367
  14,048
  14,762
  15,512
  16,298
  17,124
  17,989
  18,898
  19,851
  20,852
Retained Cash Flow (-), $m
  -548
  -853
  -936
  -991
  -1,049
  -1,108
  -1,170
  -1,235
  -1,302
  -1,373
  -1,447
  -1,524
  -1,604
  -1,689
  -1,777
  -1,870
  -1,967
  -2,068
  -2,175
  -2,286
  -2,404
  -2,526
  -2,655
  -2,790
  -2,932
  -3,080
  -3,236
  -3,400
  -3,572
  -3,752
  -3,941
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
 
  5,497
  5,502
  5,658
  5,821
  5,989
  6,164
  6,347
  6,536
  6,734
  6,940
  7,123
  7,347
  7,583
  7,828
  8,086
  8,439
  8,875
  9,332
  9,811
  10,314
  10,840
  11,393
  11,972
  12,580
  13,218
  13,887
  14,589
  15,326
  16,099
  16,911
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
 
  5,246
  4,986
  4,847
  4,689
  4,511
  4,315
  4,102
  3,875
  3,635
  3,384
  3,112
  2,851
  2,588
  2,327
  2,071
  1,842
  1,631
  1,426
  1,229
  1,045
  874
  720
  583
  464
  362
  277
  207
  152
  108
  76
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
  99.9
  99.5
  99.0
  98.3
  97.3
  96.3
  95.0
  93.7
  92.2
  90.6
  88.9
  87.2
  85.3
  83.4
  81.5

The Allstate Corporation (Allstate) is a holding company for Allstate Insurance Company. The Company's business is conducted principally through Allstate Insurance Company, Allstate Life Insurance Company and other subsidiaries. It is engaged in the property-liability insurance business and the life insurance, retirement and investment products business. Its segments include Allstate Protection, Allstate Financial, Discontinued Lines and Coverages, and Corporate and Other. The Allstate Protection segment sells private passenger auto, homeowners, and other property-liability insurance products through agencies and directly through contact centers and the Internet. The Allstate Financial segment sells life insurance and voluntary accident and health insurance products. The Corporate and Other segment consists of holding company activities and certain non-insurance operations. Its Discontinued Lines and Coverages segment includes results from property-liability insurance coverage.

FINANCIAL RATIOS  of  Allstate (ALL)

Valuation Ratios
P/E Ratio 18
Price to Sales 0.9
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 9.2
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 4.3% 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 3.2 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 363.291 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 $33.6 billion.

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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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