Intrinsic value of Erie Indemnity Cl A - ERIE

Previous Close

$121.21

  Intrinsic Value

$129.15

stock screener

  Rating & Target

hold

+7%

  Value-price divergence*

-82%

Previous close

$121.21

 
Intrinsic value

$129.15

 
Up/down potential

+7%

 
Rating

hold

 
Value-price divergence*

-82%

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

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

We calculate the intrinsic value of ERIE 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 6.3

 

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, %
  6.04
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  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
Revenue, $m
  1,597
  1,699
  1,806
  1,916
  2,032
  2,152
  2,277
  2,408
  2,545
  2,687
  2,836
  2,992
  3,155
  3,325
  3,503
  3,689
  3,884
  4,089
  4,303
  4,527
  4,762
  5,008
  5,266
  5,536
  5,820
  6,118
  6,430
  6,757
  7,100
  7,461
  7,839
Variable operating expenses, $m
 
  559
  594
  630
  668
  708
  749
  792
  837
  884
  933
  984
  1,038
  1,094
  1,152
  1,214
  1,278
  1,345
  1,416
  1,489
  1,567
  1,648
  1,732
  1,821
  1,915
  2,013
  2,115
  2,223
  2,336
  2,455
  2,579
Fixed operating expenses, $m
 
  818
  838
  859
  881
  903
  925
  949
  972
  997
  1,022
  1,047
  1,073
  1,100
  1,128
  1,156
  1,185
  1,214
  1,245
  1,276
  1,308
  1,340
  1,374
  1,408
  1,443
  1,479
  1,516
  1,554
  1,593
  1,633
  1,674
Total operating expenses, $m
  1,305
  1,377
  1,432
  1,489
  1,549
  1,611
  1,674
  1,741
  1,809
  1,881
  1,955
  2,031
  2,111
  2,194
  2,280
  2,370
  2,463
  2,559
  2,661
  2,765
  2,875
  2,988
  3,106
  3,229
  3,358
  3,492
  3,631
  3,777
  3,929
  4,088
  4,253
Operating income, $m
  292
  322
  373
  427
  482
  541
  603
  667
  735
  807
  882
  960
  1,044
  1,131
  1,223
  1,320
  1,422
  1,529
  1,642
  1,762
  1,887
  2,020
  2,160
  2,307
  2,462
  2,626
  2,798
  2,980
  3,171
  3,373
  3,586
EBITDA, $m
  307
  326
  377
  431
  487
  546
  608
  673
  741
  812
  888
  967
  1,050
  1,138
  1,231
  1,328
  1,430
  1,538
  1,652
  1,772
  1,898
  2,031
  2,171
  2,319
  2,475
  2,639
  2,812
  2,994
  3,187
  3,389
  3,603
Interest expense (income), $m
  0
  1
  2
  4
  6
  8
  10
  12
  14
  16
  18
  21
  23
  26
  29
  31
  34
  38
  41
  44
  48
  52
  56
  60
  64
  69
  73
  78
  84
  89
  95
Earnings before tax, $m
  320
  321
  371
  422
  476
  533
  593
  656
  721
  791
  863
  940
  1,020
  1,105
  1,194
  1,288
  1,387
  1,492
  1,602
  1,718
  1,840
  1,968
  2,104
  2,247
  2,398
  2,557
  2,725
  2,901
  3,088
  3,284
  3,491
Tax expense, $m
  110
  87
  100
  114
  129
  144
  160
  177
  195
  213
  233
  254
  275
  298
  322
  348
  375
  403
  432
  464
  497
  531
  568
  607
  647
  690
  736
  783
  834
  887
  943
Net income, $m
  210
  235
  271
  308
  348
  389
  433
  479
  527
  577
  630
  686
  745
  807
  872
  940
  1,013
  1,089
  1,169
  1,254
  1,343
  1,437
  1,536
  1,640
  1,751
  1,867
  1,989
  2,118
  2,254
  2,397
  2,548

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  245
  0
  0
  0
  0
  0
  0
  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
  1,549
  1,387
  1,474
  1,564
  1,659
  1,757
  1,859
  1,966
  2,077
  2,194
  2,315
  2,442
  2,575
  2,714
  2,859
  3,012
  3,171
  3,338
  3,512
  3,695
  3,887
  4,088
  4,299
  4,520
  4,751
  4,994
  5,249
  5,516
  5,796
  6,090
  6,399
Adjusted assets (=assets-cash), $m
  1,304
  1,387
  1,474
  1,564
  1,659
  1,757
  1,859
  1,966
  2,077
  2,194
  2,315
  2,442
  2,575
  2,714
  2,859
  3,012
  3,171
  3,338
  3,512
  3,695
  3,887
  4,088
  4,299
  4,520
  4,751
  4,994
  5,249
  5,516
  5,796
  6,090
  6,399
Revenue / Adjusted assets
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
  1.225
Average production assets, $m
  35
  37
  40
  42
  45
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  90
  95
  100
  105
  110
  116
  122
  128
  135
  141
  149
  156
  164
  172
Working capital, $m
  196
  -53
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -127
  -133
  -140
  -148
  -155
  -163
  -172
  -180
  -190
  -199
  -209
  -220
  -231
  -243
Total debt, $m
  25
  71
  120
  171
  223
  279
  336
  396
  458
  524
  592
  663
  738
  816
  897
  983
  1,072
  1,165
  1,263
  1,366
  1,474
  1,586
  1,705
  1,828
  1,958
  2,095
  2,238
  2,387
  2,545
  2,710
  2,883
Total liabilities, $m
  732
  778
  827
  878
  930
  986
  1,043
  1,103
  1,165
  1,231
  1,299
  1,370
  1,445
  1,523
  1,604
  1,690
  1,779
  1,872
  1,970
  2,073
  2,181
  2,293
  2,412
  2,535
  2,665
  2,802
  2,945
  3,094
  3,252
  3,417
  3,590
Total equity, $m
  817
  609
  647
  687
  728
  771
  816
  863
  912
  963
  1,016
  1,072
  1,131
  1,191
  1,255
  1,322
  1,392
  1,465
  1,542
  1,622
  1,706
  1,795
  1,887
  1,984
  2,086
  2,192
  2,304
  2,421
  2,545
  2,674
  2,809
Total liabilities and equity, $m
  1,549
  1,387
  1,474
  1,565
  1,658
  1,757
  1,859
  1,966
  2,077
  2,194
  2,315
  2,442
  2,576
  2,714
  2,859
  3,012
  3,171
  3,337
  3,512
  3,695
  3,887
  4,088
  4,299
  4,519
  4,751
  4,994
  5,249
  5,515
  5,797
  6,091
  6,399
Debt-to-equity ratio
  0.031
  0.120
  0.190
  0.250
  0.310
  0.360
  0.410
  0.460
  0.500
  0.540
  0.580
  0.620
  0.650
  0.680
  0.710
  0.740
  0.770
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.940
  0.960
  0.970
  0.990
  1.000
  1.010
  1.030
Adjusted equity ratio
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439
  0.439

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  210
  235
  271
  308
  348
  389
  433
  479
  527
  577
  630
  686
  745
  807
  872
  940
  1,013
  1,089
  1,169
  1,254
  1,343
  1,437
  1,536
  1,640
  1,751
  1,867
  1,989
  2,118
  2,254
  2,397
  2,548
Depreciation, amort., depletion, $m
  15
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
  16
  16
  17
Funds from operations, $m
  269
  238
  275
  312
  352
  394
  438
  484
  532
  583
  636
  693
  752
  814
  880
  949
  1,021
  1,098
  1,179
  1,264
  1,353
  1,448
  1,548
  1,653
  1,763
  1,880
  2,003
  2,133
  2,270
  2,414
  2,566
Change in working capital, $m
  15
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  254
  241
  278
  316
  356
  398
  442
  488
  536
  587
  641
  697
  757
  819
  885
  954
  1,027
  1,104
  1,185
  1,271
  1,361
  1,456
  1,556
  1,661
  1,772
  1,889
  2,013
  2,143
  2,280
  2,425
  2,577
Maintenance CAPEX, $m
  0
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -16
New CAPEX, $m
  -25
  -3
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
Cash from investing activities, $m
  -137
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -17
  -18
  -18
  -20
  -20
  -21
  -23
  -24
  -24
Free cash flow, $m
  117
  235
  272
  310
  349
  391
  434
  480
  528
  579
  632
  688
  747
  809
  874
  943
  1,015
  1,091
  1,172
  1,256
  1,346
  1,440
  1,539
  1,643
  1,754
  1,870
  1,992
  2,122
  2,258
  2,401
  2,553
Issuance/(repayment) of debt, $m
  25
  46
  49
  51
  53
  55
  57
  60
  63
  65
  68
  71
  75
  78
  82
  85
  89
  94
  98
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
  165
  173
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  25
  46
  49
  51
  53
  55
  57
  60
  63
  65
  68
  71
  75
  78
  82
  85
  89
  94
  98
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
  165
  173
Total cash flow (excl. dividends), $m
  142
  281
  320
  360
  402
  446
  492
  540
  591
  644
  700
  759
  821
  887
  955
  1,028
  1,104
  1,185
  1,270
  1,359
  1,453
  1,552
  1,657
  1,767
  1,884
  2,006
  2,135
  2,271
  2,415
  2,566
  2,726
Retained Cash Flow (-), $m
  -47
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
Prev. year cash balance distribution, $m
 
  245
  0
  0
  0
  0
  0
  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
 
  489
  282
  321
  361
  403
  447
  493
  542
  593
  647
  703
  763
  826
  892
  961
  1,034
  1,112
  1,193
  1,279
  1,369
  1,464
  1,565
  1,670
  1,782
  1,900
  2,024
  2,154
  2,292
  2,437
  2,590
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
 
  469
  258
  279
  297
  312
  324
  333
  339
  341
  339
  334
  326
  314
  299
  282
  263
  242
  220
  197
  174
  151
  130
  109
  91
  74
  59
  46
  35
  27
  20
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

Erie Indemnity Company operates as a managing attorney-in-fact for the subscribers at the Erie Insurance Exchange in the United States. The company provides sales, underwriting, and policy issuance services for the policyholders on behalf of the Erie Insurance Exchange. Its sales related services include agent compensation, and sales and advertising support services; and underwriting services comprise underwriting and policy processing, as well as provides administrative support, information technology, and customer services. The company operates three field offices. Erie Indemnity Company was founded in 1925 and is based in Erie, Pennsylvania.

FINANCIAL RATIOS  of  Erie Indemnity Cl A (ERIE)

Valuation Ratios
P/E Ratio 26.7
Price to Sales 3.5
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 24.4
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 92.3%
Cap. Spend. - 3 Yr. Gr. Rate 17.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 3.1%
Total Debt to Equity 3.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.2%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 26.1%
Ret/ On T. Cap. - 3 Yr. Avg. 24.4%
Return On Equity 26.5%
Return On Equity - 3 Yr. Avg. 24.5%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 21%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 18.3%
Oper. Margin - 3 Yr. Avg. 16.5%
Pre-Tax Margin 20%
Pre-Tax Margin - 3 Yr. Avg. 18.5%
Net Profit Margin 13.1%
Net Profit Margin - 3 Yr. Avg. 12.2%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 33.9%
Payout Ratio 64.8%

ERIE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ERIE stock intrinsic value calculation we used $1597 million for the last fiscal year's total revenue generated by Erie Indemnity Cl A. The default revenue input number comes from 2016 income statement of Erie Indemnity Cl A. 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 ERIE stock valuation model: a) initial revenue growth rate of 6.4% 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 ERIE is calculated based on our internal credit rating of Erie Indemnity Cl A, 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 Erie Indemnity Cl A.
    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 ERIE stock the variable cost ratio is equal to 32.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $798 million in the base year in the intrinsic value calculation for ERIE 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 3.5% for Erie Indemnity Cl A.

Corporate tax rate of 27% is the nominal tax rate for Erie Indemnity Cl A. 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 ERIE 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 ERIE are equal to 2.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Erie Indemnity Cl A 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 ERIE is equal to -3.1%. 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 - $817 million for Erie Indemnity Cl A - 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 52.072 million for Erie Indemnity Cl A 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 Erie Indemnity Cl A at the current share price and the inputted number of shares is $6.3 billion.

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COMPANY NEWS

▶ Erie Insurance Appoints Shine to Senior Leadership Role   [Aug-10-17 01:00PM  PR Newswire]
▶ Erie Indemnity posts 2Q profit   [Jul-28-17 12:12AM  Associated Press]
▶ Erie Indemnity Reports Second Quarter 2017 Results   [Jul-27-17 04:15PM  PR Newswire]
▶ ETFs with exposure to Erie Indemnity Co. : June 28, 2017   [Jun-28-17 02:46PM  Capital Cube]
▶ ETFs with exposure to Erie Indemnity Co. : June 15, 2017   [Jun-15-17 01:49PM  Capital Cube]
▶ Six Questions to Ask Your Insurance Agent   [Jun-07-17 08:05AM  PR Newswire]
▶ ETFs with exposure to Erie Indemnity Co. : May 31, 2017   [May-31-17 12:31PM  Capital Cube]
▶ Erie Indemnity posts 1Q profit   [May-01-17 05:18PM  Associated Press]
▶ Erie Indemnity Company Reports Election of Directors   [Apr-26-17 03:30PM  PR Newswire]
▶ Top Ranked Income Stocks to Buy for April 18th   [Apr-18-17 10:39AM  Zacks]
▶ Panelists talk productivity, design in attracting and retaining workers   [11:02AM  American City Business Journals]
▶ New Strong Buy Stocks for March 23rd   [Mar-23-17 09:45AM  Zacks]
▶ Erie Indemnity posts 4Q profit   [Feb-23-17 05:25PM  Associated Press]
▶ Erie Insurance Announces Senior Leadership Changes   [Jan-09-17 12:45PM  PR Newswire]
▶ Erie Insurance Says Throw Out Your Christmas Tree, Now!   [Jan-04-17 11:45AM  PR Newswire]
▶ Is Erie Indemnity Company (ERIE) a Good Stock to Buy?   [Dec-13-16 06:54AM  at Insider Monkey]
▶ Hedge Funds Keep Buying Veeva Systems Inc (VEEV)   [Nov-30-16 06:20PM  at Insider Monkey]
▶ Erie Insurance announces new building construction   [Nov-11-16 09:00AM  PR Newswire]
▶ CFO Moves: Waste Management, Erie Indemnity   [07:35AM  at The Wall Street Journal]
Financial statements of ERIE
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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