Intrinsic value of Allstate - ALL

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$88.08

  Intrinsic Value

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  Value-price divergence*

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$88.08

 
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*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 32.5

 

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
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  0
  38,910
  41,066
  43,319
  45,674
  48,138
  50,715
  53,413
  56,237
  59,194
  62,291
  65,536
  68,936
  72,500
  76,235
  80,152
  84,258
  88,565
  93,082
  97,820
  102,790
  108,005
  113,476
  119,217
  125,241
  131,563
  138,198
  145,161
  152,470
  160,141
  168,193
Variable operating expenses, $m
 
  35,363
  37,315
  39,356
  41,489
  43,720
  46,054
  48,497
  51,055
  53,733
  56,538
  59,355
  62,435
  65,662
  69,046
  72,593
  76,312
  80,213
  84,303
  88,595
  93,096
  97,819
  102,774
  107,973
  113,429
  119,155
  125,164
  131,471
  138,091
  145,038
  152,331
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
  35,363
  37,315
  39,356
  41,489
  43,720
  46,054
  48,497
  51,055
  53,733
  56,538
  59,355
  62,435
  65,662
  69,046
  72,593
  76,312
  80,213
  84,303
  88,595
  93,096
  97,819
  102,774
  107,973
  113,429
  119,155
  125,164
  131,471
  138,091
  145,038
  152,331
Operating income, $m
  2,754
  3,548
  3,751
  3,963
  4,186
  4,418
  4,661
  4,915
  5,182
  5,461
  5,753
  6,181
  6,501
  6,837
  7,190
  7,559
  7,946
  8,352
  8,778
  9,225
  9,694
  10,186
  10,702
  11,243
  11,811
  12,407
  13,033
  13,690
  14,379
  15,103
  15,862
EBITDA, $m
  3,136
  3,670
  3,873
  4,085
  4,307
  4,540
  4,783
  5,037
  5,304
  5,582
  5,875
  6,181
  6,501
  6,837
  7,190
  7,559
  7,946
  8,352
  8,778
  9,225
  9,694
  10,186
  10,702
  11,243
  11,811
  12,407
  13,033
  13,690
  14,379
  15,103
  15,862
Interest expense (income), $m
  287
  317
  570
  828
  1,097
  1,379
  1,674
  1,982
  2,305
  2,642
  2,996
  3,367
  3,755
  4,161
  4,588
  5,035
  5,503
  5,994
  6,509
  7,050
  7,616
  8,211
  8,835
  9,489
  10,176
  10,896
  11,653
  12,446
  13,279
  14,153
  15,071
Earnings before tax, $m
  2,754
  3,230
  3,181
  3,136
  3,088
  3,039
  2,987
  2,933
  2,877
  2,818
  2,757
  2,814
  2,747
  2,676
  2,602
  2,524
  2,443
  2,358
  2,269
  2,176
  2,078
  1,975
  1,867
  1,754
  1,635
  1,511
  1,381
  1,244
  1,100
  949
  791
Tax expense, $m
  877
  872
  859
  847
  834
  821
  807
  792
  777
  761
  744
  760
  742
  722
  703
  682
  660
  637
  613
  587
  561
  533
  504
  474
  442
  408
  373
  336
  297
  256
  214
Net income, $m
  1,877
  2,358
  2,322
  2,289
  2,255
  2,218
  2,181
  2,141
  2,100
  2,057
  2,012
  2,054
  2,005
  1,953
  1,899
  1,843
  1,784
  1,721
  1,656
  1,588
  1,517
  1,442
  1,363
  1,280
  1,194
  1,103
  1,008
  908
  803
  693
  577

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
  114,780
  121,139
  127,785
  134,733
  142,000
  149,603
  157,560
  165,890
  174,613
  183,750
  193,322
  203,352
  213,864
  224,883
  236,436
  248,550
  261,254
  274,578
  288,554
  303,216
  318,597
  334,737
  351,671
  369,442
  388,091
  407,662
  428,203
  449,763
  472,392
  496,146
Adjusted assets (=assets-cash), $m
  108,610
  114,780
  121,139
  127,785
  134,733
  142,000
  149,603
  157,560
  165,890
  174,613
  183,750
  193,322
  203,352
  213,864
  224,883
  236,436
  248,550
  261,254
  274,578
  288,554
  303,216
  318,597
  334,737
  351,671
  369,442
  388,091
  407,662
  428,203
  449,763
  472,392
  496,146
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
  11,397
  16,554
  21,943
  27,578
  33,472
  39,638
  46,091
  52,847
  59,921
  67,331
  75,094
  83,228
  91,754
  100,690
  110,060
  119,884
  130,187
  140,993
  152,327
  164,218
  176,693
  189,781
  203,515
  217,927
  233,051
  248,924
  265,583
  283,068
  301,420
  320,684
Total liabilities, $m
  88,037
  93,087
  98,244
  103,633
  109,268
  115,162
  121,328
  127,781
  134,537
  141,611
  149,021
  156,784
  164,918
  173,444
  182,380
  191,750
  201,574
  211,877
  222,683
  234,017
  245,908
  258,383
  271,471
  285,205
  299,617
  314,741
  330,614
  347,273
  364,758
  383,110
  402,374
Total equity, $m
  20,573
  21,693
  22,895
  24,151
  25,464
  26,838
  28,275
  29,779
  31,353
  33,002
  34,729
  36,538
  38,433
  40,420
  42,503
  44,686
  46,976
  49,377
  51,895
  54,537
  57,308
  60,215
  63,265
  66,466
  69,824
  73,349
  77,048
  80,930
  85,005
  89,282
  93,772
Total liabilities and equity, $m
  108,610
  114,780
  121,139
  127,784
  134,732
  142,000
  149,603
  157,560
  165,890
  174,613
  183,750
  193,322
  203,351
  213,864
  224,883
  236,436
  248,550
  261,254
  274,578
  288,554
  303,216
  318,598
  334,736
  351,671
  369,441
  388,090
  407,662
  428,203
  449,763
  472,392
  496,146
Debt-to-equity ratio
  0.309
  0.530
  0.720
  0.910
  1.080
  1.250
  1.400
  1.550
  1.690
  1.820
  1.940
  2.060
  2.170
  2.270
  2.370
  2.460
  2.550
  2.640
  2.720
  2.790
  2.870
  2.930
  3.000
  3.060
  3.120
  3.180
  3.230
  3.280
  3.330
  3.380
  3.420
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
  2,358
  2,322
  2,289
  2,255
  2,218
  2,181
  2,141
  2,100
  2,057
  2,012
  2,054
  2,005
  1,953
  1,899
  1,843
  1,784
  1,721
  1,656
  1,588
  1,517
  1,442
  1,363
  1,280
  1,194
  1,103
  1,008
  908
  803
  693
  577
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
  2,480
  2,444
  2,411
  2,376
  2,340
  2,303
  2,263
  2,222
  2,179
  2,134
  2,054
  2,005
  1,953
  1,899
  1,843
  1,784
  1,721
  1,656
  1,588
  1,517
  1,442
  1,363
  1,280
  1,194
  1,103
  1,008
  908
  803
  693
  577
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
  2,480
  2,444
  2,411
  2,376
  2,340
  2,303
  2,263
  2,222
  2,179
  2,134
  2,054
  2,005
  1,953
  1,899
  1,843
  1,784
  1,721
  1,656
  1,588
  1,517
  1,442
  1,363
  1,280
  1,194
  1,103
  1,008
  908
  803
  693
  577
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
  2,480
  2,444
  2,411
  2,376
  2,340
  2,303
  2,263
  2,222
  2,179
  2,134
  2,054
  2,005
  1,953
  1,899
  1,843
  1,784
  1,721
  1,656
  1,588
  1,517
  1,442
  1,363
  1,280
  1,194
  1,103
  1,008
  908
  803
  693
  577
Issuance/(repayment) of debt, $m
  1,219
  5,050
  5,157
  5,390
  5,635
  5,894
  6,166
  6,453
  6,756
  7,074
  7,410
  7,763
  8,134
  8,525
  8,937
  9,369
  9,824
  10,303
  10,806
  11,335
  11,891
  12,475
  13,089
  13,734
  14,412
  15,124
  15,873
  16,659
  17,485
  18,352
  19,264
Issuance/(repurchase) of shares, $m
  -1,173
  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 financing (excl. dividends), $m  
  -924
  5,050
  5,157
  5,390
  5,635
  5,894
  6,166
  6,453
  6,756
  7,074
  7,410
  7,763
  8,134
  8,525
  8,937
  9,369
  9,824
  10,303
  10,806
  11,335
  11,891
  12,475
  13,089
  13,734
  14,412
  15,124
  15,873
  16,659
  17,485
  18,352
  19,264
Total cash flow (excl. dividends), $m
  543
  7,530
  7,601
  7,801
  8,011
  8,234
  8,469
  8,717
  8,978
  9,254
  9,544
  9,817
  10,139
  10,479
  10,836
  11,212
  11,608
  12,024
  12,462
  12,923
  13,407
  13,916
  14,452
  15,014
  15,606
  16,227
  16,880
  17,567
  18,288
  19,045
  19,841
Retained Cash Flow (-), $m
  -548
  -1,120
  -1,202
  -1,256
  -1,313
  -1,373
  -1,437
  -1,504
  -1,574
  -1,649
  -1,727
  -1,809
  -1,896
  -1,987
  -2,083
  -2,183
  -2,290
  -2,401
  -2,518
  -2,641
  -2,771
  -2,907
  -3,050
  -3,201
  -3,359
  -3,525
  -3,699
  -3,882
  -4,075
  -4,277
  -4,489
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
 
  6,409
  6,399
  6,545
  6,698
  6,860
  7,032
  7,213
  7,404
  7,605
  7,817
  8,008
  8,244
  8,492
  8,753
  9,029
  9,318
  9,623
  9,944
  10,281
  10,636
  11,009
  11,401
  11,814
  12,247
  12,703
  13,181
  13,684
  14,213
  14,768
  15,352
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
 
  6,116
  5,800
  5,607
  5,395
  5,167
  4,922
  4,662
  4,389
  4,105
  3,812
  3,499
  3,198
  2,899
  2,602
  2,313
  2,034
  1,769
  1,519
  1,288
  1,077
  888
  721
  575
  451
  348
  263
  194
  141
  100
  69
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
  100.0
  100.0
  100.0
  100.0

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 17.2
Price to Sales 0.9
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 8.8
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 5.6% 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 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 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 $32.5 billion.


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COMPANY NEWS

▶ 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]
▶ [$$] Why Your Extra-Safe Car Costs More to Insure   [12:41AM  The Wall Street Journal]
▶ [$$] Why Your Extra-Safe Car Costs More to Insure   [Apr-03-17 05:41PM  at The Wall Street Journal]
▶ Cox: Sears May Leave an Even Bigger Finance Legacy   [Mar-30-17 09:56AM  Investopedia]
▶ Auto-insurance underwriting suffers worst year in past 15   [Mar-28-17 05:51PM  at MarketWatch]
▶ Allstate Announces Preferred Stock Dividends   [Mar-13-17 01:18PM  PR Newswire]
▶ Allstate Adds Amazon Alexa Capability   [Feb-22-17 10:02AM  PR Newswire]
▶ Allstate Raises Its Dividend by 12%   [Feb-13-17 01:04PM  at Investopedia]
▶ Allstate Increases Quarterly Dividend By 12 Percent   [Feb-10-17 01:12PM  PR Newswire]
Stock chart of ALL Financial statements of ALL Annual reports 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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