Intrinsic value of Erie Indemnity Cl A - ERIE

Previous Close

$119.26

  Intrinsic Value

$119.06

stock screener

  Rating & Target

hold

-0%

Previous close

$119.26

 
Intrinsic value

$119.06

 
Up/down potential

-0%

 
Rating

hold

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

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  1,597
  1,688
  1,783
  1,882
  1,986
  2,094
  2,208
  2,326
  2,451
  2,580
  2,717
  2,859
  3,008
  3,165
  3,328
  3,500
  3,680
  3,869
  4,067
  4,275
  4,492
  4,721
  4,960
  5,212
  5,476
  5,753
  6,043
  6,348
  6,668
  7,004
  7,356
Variable operating expenses, $m
 
  555
  587
  619
  653
  689
  726
  765
  806
  849
  894
  941
  990
  1,041
  1,095
  1,152
  1,211
  1,273
  1,338
  1,406
  1,478
  1,553
  1,632
  1,715
  1,802
  1,893
  1,988
  2,088
  2,194
  2,304
  2,420
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
  1,373
  1,425
  1,478
  1,534
  1,592
  1,651
  1,714
  1,778
  1,846
  1,916
  1,988
  2,063
  2,141
  2,223
  2,308
  2,396
  2,487
  2,583
  2,682
  2,786
  2,893
  3,006
  3,123
  3,245
  3,372
  3,504
  3,642
  3,787
  3,937
  4,094
Operating income, $m
  292
  315
  358
  404
  452
  503
  556
  612
  672
  735
  801
  871
  945
  1,023
  1,106
  1,193
  1,285
  1,382
  1,484
  1,593
  1,707
  1,827
  1,955
  2,089
  2,231
  2,381
  2,538
  2,705
  2,881
  3,067
  3,262
EBITDA, $m
  307
  322
  366
  412
  461
  512
  566
  623
  683
  746
  813
  884
  959
  1,037
  1,120
  1,208
  1,301
  1,399
  1,502
  1,611
  1,727
  1,848
  1,976
  2,112
  2,255
  2,406
  2,565
  2,733
  2,910
  3,097
  3,295
Interest expense (income), $m
  0
  1
  2
  4
  5
  7
  9
  11
  13
  15
  17
  19
  21
  23
  26
  29
  31
  34
  37
  40
  44
  47
  51
  55
  59
  63
  67
  72
  77
  82
  88
Earnings before tax, $m
  320
  314
  356
  400
  446
  495
  547
  602
  660
  720
  785
  853
  924
  1,000
  1,080
  1,164
  1,253
  1,348
  1,447
  1,552
  1,663
  1,780
  1,904
  2,034
  2,172
  2,318
  2,471
  2,633
  2,804
  2,984
  3,175
Tax expense, $m
  110
  85
  96
  108
  121
  134
  148
  162
  178
  195
  212
  230
  250
  270
  292
  314
  338
  364
  391
  419
  449
  481
  514
  549
  586
  626
  667
  711
  757
  806
  857
Net income, $m
  210
  229
  260
  292
  326
  362
  399
  439
  481
  526
  573
  622
  675
  730
  788
  850
  915
  984
  1,056
  1,133
  1,214
  1,299
  1,390
  1,485
  1,586
  1,692
  1,804
  1,922
  2,047
  2,179
  2,318

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
  1,378
  1,456
  1,537
  1,621
  1,710
  1,802
  1,899
  2,000
  2,107
  2,218
  2,334
  2,456
  2,583
  2,717
  2,857
  3,004
  3,158
  3,320
  3,489
  3,667
  3,854
  4,049
  4,255
  4,470
  4,696
  4,933
  5,182
  5,443
  5,717
  6,005
Adjusted assets (=assets-cash), $m
  1,304
  1,378
  1,456
  1,537
  1,621
  1,710
  1,802
  1,899
  2,000
  2,107
  2,218
  2,334
  2,456
  2,583
  2,717
  2,857
  3,004
  3,158
  3,320
  3,489
  3,667
  3,854
  4,049
  4,255
  4,470
  4,696
  4,933
  5,182
  5,443
  5,717
  6,005
Revenue / Adjusted assets
  1.225
  1.225
  1.225
  1.224
  1.225
  1.225
  1.225
  1.225
  1.226
  1.224
  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
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
  94
  99
  104
  109
  115
  120
  127
  133
  140
  147
  154
  162
Working capital, $m
  196
  -52
  -55
  -58
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -109
  -114
  -120
  -126
  -133
  -139
  -146
  -154
  -162
  -170
  -178
  -187
  -197
  -207
  -217
  -228
Total debt, $m
  25
  66
  110
  155
  203
  252
  304
  358
  415
  475
  537
  602
  671
  742
  817
  896
  978
  1,065
  1,156
  1,251
  1,350
  1,455
  1,565
  1,680
  1,801
  1,927
  2,060
  2,200
  2,347
  2,500
  2,662
Total liabilities, $m
  732
  773
  817
  862
  910
  959
  1,011
  1,065
  1,122
  1,182
  1,244
  1,309
  1,378
  1,449
  1,524
  1,603
  1,685
  1,772
  1,863
  1,958
  2,057
  2,162
  2,272
  2,387
  2,508
  2,634
  2,767
  2,907
  3,054
  3,207
  3,369
Total equity, $m
  817
  605
  639
  675
  712
  751
  791
  834
  878
  925
  974
  1,025
  1,078
  1,134
  1,193
  1,254
  1,319
  1,387
  1,457
  1,532
  1,610
  1,692
  1,778
  1,868
  1,962
  2,062
  2,166
  2,275
  2,390
  2,510
  2,636
Total liabilities and equity, $m
  1,549
  1,378
  1,456
  1,537
  1,622
  1,710
  1,802
  1,899
  2,000
  2,107
  2,218
  2,334
  2,456
  2,583
  2,717
  2,857
  3,004
  3,159
  3,320
  3,490
  3,667
  3,854
  4,050
  4,255
  4,470
  4,696
  4,933
  5,182
  5,444
  5,717
  6,005
Debt-to-equity ratio
  0.031
  0.110
  0.170
  0.230
  0.280
  0.340
  0.380
  0.430
  0.470
  0.510
  0.550
  0.590
  0.620
  0.650
  0.690
  0.710
  0.740
  0.770
  0.790
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.930
  0.950
  0.970
  0.980
  1.000
  1.010
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
  229
  260
  292
  326
  362
  399
  439
  481
  526
  573
  622
  675
  730
  788
  850
  915
  984
  1,056
  1,133
  1,214
  1,299
  1,390
  1,485
  1,586
  1,692
  1,804
  1,922
  2,047
  2,179
  2,318
Depreciation, amort., depletion, $m
  15
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
Funds from operations, $m
  269
  237
  268
  300
  335
  371
  409
  450
  492
  537
  585
  635
  688
  744
  803
  865
  931
  1,001
  1,074
  1,152
  1,234
  1,320
  1,412
  1,508
  1,610
  1,717
  1,830
  1,950
  2,076
  2,209
  2,350
Change in working capital, $m
  15
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
Cash from operations, $m
  254
  239
  270
  303
  338
  374
  413
  453
  496
  541
  589
  639
  693
  749
  808
  871
  937
  1,007
  1,080
  1,158
  1,240
  1,327
  1,419
  1,516
  1,618
  1,726
  1,839
  1,959
  2,086
  2,220
  2,361
Maintenance CAPEX, $m
  0
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
New CAPEX, $m
  -25
  -3
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Cash from investing activities, $m
  -137
  -10
  -9
  -10
  -10
  -11
  -11
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -18
  -19
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -34
  -35
  -36
  -39
Free cash flow, $m
  117
  230
  261
  293
  327
  363
  401
  441
  483
  528
  575
  624
  677
  732
  790
  852
  917
  986
  1,059
  1,136
  1,217
  1,303
  1,393
  1,488
  1,589
  1,695
  1,808
  1,926
  2,051
  2,183
  2,322
Issuance/(repayment) of debt, $m
  25
  41
  44
  45
  48
  50
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  82
  86
  91
  95
  100
  105
  110
  115
  121
  127
  133
  140
  147
  154
  161
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
  41
  44
  45
  48
  50
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  82
  86
  91
  95
  100
  105
  110
  115
  121
  127
  133
  140
  147
  154
  161
Total cash flow (excl. dividends), $m
  142
  271
  304
  339
  375
  413
  453
  495
  540
  587
  637
  689
  745
  804
  866
  931
  1,000
  1,073
  1,150
  1,231
  1,317
  1,407
  1,503
  1,604
  1,710
  1,822
  1,941
  2,066
  2,198
  2,337
  2,484
Retained Cash Flow (-), $m
  -47
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -44
  -47
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -120
  -126
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
 
  483
  270
  303
  338
  374
  412
  453
  495
  541
  588
  638
  692
  748
  807
  869
  935
  1,005
  1,079
  1,156
  1,239
  1,325
  1,417
  1,513
  1,615
  1,723
  1,837
  1,957
  2,083
  2,217
  2,357
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
 
  463
  248
  264
  278
  290
  299
  306
  310
  311
  308
  303
  295
  284
  271
  255
  238
  219
  199
  178
  157
  137
  118
  99
  82
  67
  54
  42
  32
  24
  18
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 is a management company. The Company serves as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (Exchange). The Exchange is a reciprocal insurer that writes property and casualty insurance. The Company's function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange. The sales related services the Company provides include agent compensation, and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written, as well as additional commissions and bonuses to agents. The underwriting services the Company provides include underwriting and policy processing expenses. It provides information technology services that supports various functions. The remaining services the Company provides include customer service and administrative costs.

FINANCIAL RATIOS  of  Erie Indemnity Cl A (ERIE)

Valuation Ratios
P/E Ratio 26.2
Price to Sales 3.4
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow 21.7
Price to Free Cash Flow 24.1
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 5.7% 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 2.3 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 51.953 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 $6.2 billion.

RELATED COMPANIES Price Int.Val. Rating
SIGI Selective Insu 60.55 108.67  str.buy
MCY Mercury Genera 51.97 40.42  sell
TRV Travelers Cos. 137.85 343.55  str.buy
FNHC Federated Nati 16.57 214.35  str.buy
KINS Kingstone 21.40 75.47  str.buy
CINF Cincinnati Fin 75.16 67.60  hold
ORI Old Republic I 20.27 66.13  str.buy
DGICA Donegal Group 17.70 53.03  str.buy
WRB W.R. Berkley 70.73 85.45  hold
RLI RLI 59.10 53.70  hold

COMPANY NEWS

▶ Eight Ways to Help Prevent Your Pipes from Freezing   [Jan-05-18 09:00AM  PR Newswire]
▶ Seven Ways to Recycle Your Christmas Tree   [Jan-04-18 09:00AM  PR Newswire]
▶ Prepare Your Home for Winter Hibernation   [Dec-07-17 02:00PM  PR Newswire]
▶ Everything You Need to Know About Driving on Black Ice   [Nov-27-17 07:55AM  PR Newswire]
▶ Erie Indemnity posts 3Q profit   [Oct-26-17 07:06PM  Associated Press]
▶ Seven Tips for First-Time Life Insurance Buyers   [Sep-07-17 01:15PM  PR Newswire]
▶ New Strong Sell Stocks for August 30th   [Aug-30-17 08:17AM  Zacks]
▶ 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]
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.