Intrinsic value of Erie Indemnity Cl A - ERIE

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$123.84

  Intrinsic Value

$121.14

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  Rating & Target

hold

-2%

Previous close

$123.84

 
Intrinsic value

$121.14

 
Up/down potential

-2%

 
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

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 6.5

 

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, %
  6.04
  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
  5.04
Revenue, $m
  1,597
  1,691
  1,789
  1,892
  1,999
  2,111
  2,228
  2,350
  2,477
  2,611
  2,750
  2,896
  3,049
  3,210
  3,377
  3,553
  3,737
  3,931
  4,133
  4,345
  4,568
  4,801
  5,046
  5,303
  5,572
  5,855
  6,151
  6,462
  6,789
  7,132
  7,491
Variable operating expenses, $m
 
  556
  589
  622
  658
  694
  733
  773
  815
  859
  905
  953
  1,003
  1,056
  1,111
  1,169
  1,230
  1,293
  1,360
  1,430
  1,503
  1,580
  1,660
  1,745
  1,833
  1,926
  2,024
  2,126
  2,234
  2,346
  2,465
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
  1,374
  1,427
  1,481
  1,539
  1,597
  1,658
  1,722
  1,787
  1,856
  1,927
  2,000
  2,076
  2,156
  2,239
  2,325
  2,415
  2,507
  2,605
  2,706
  2,811
  2,920
  3,034
  3,153
  3,276
  3,405
  3,540
  3,680
  3,827
  3,979
  4,139
Operating income, $m
  292
  317
  362
  410
  460
  513
  569
  628
  690
  755
  824
  896
  973
  1,054
  1,139
  1,228
  1,323
  1,423
  1,529
  1,640
  1,757
  1,881
  2,012
  2,150
  2,296
  2,449
  2,611
  2,782
  2,962
  3,152
  3,353
EBITDA, $m
  307
  324
  370
  418
  469
  523
  579
  638
  701
  767
  836
  909
  986
  1,068
  1,154
  1,244
  1,340
  1,440
  1,547
  1,659
  1,777
  1,902
  2,034
  2,173
  2,320
  2,475
  2,638
  2,810
  2,992
  3,184
  3,386
Interest expense (income), $m
  0
  1
  2
  4
  6
  7
  9
  11
  13
  15
  17
  19
  22
  24
  27
  29
  32
  35
  38
  42
  45
  48
  52
  56
  60
  65
  69
  74
  79
  84
  90
Earnings before tax, $m
  320
  316
  360
  406
  455
  506
  560
  617
  677
  740
  807
  877
  951
  1,029
  1,112
  1,199
  1,291
  1,388
  1,490
  1,598
  1,712
  1,833
  1,960
  2,094
  2,235
  2,385
  2,542
  2,708
  2,883
  3,068
  3,263
Tax expense, $m
  110
  85
  97
  110
  123
  137
  151
  167
  183
  200
  218
  237
  257
  278
  300
  324
  349
  375
  402
  432
  462
  495
  529
  565
  604
  644
  686
  731
  778
  828
  881
Net income, $m
  210
  231
  263
  297
  332
  370
  409
  450
  494
  540
  589
  640
  694
  752
  812
  875
  942
  1,013
  1,088
  1,167
  1,250
  1,338
  1,431
  1,529
  1,632
  1,741
  1,856
  1,977
  2,105
  2,240
  2,382

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
  1,381
  1,461
  1,544
  1,632
  1,723
  1,818
  1,918
  2,022
  2,131
  2,245
  2,364
  2,489
  2,620
  2,757
  2,901
  3,051
  3,209
  3,374
  3,547
  3,729
  3,919
  4,119
  4,329
  4,549
  4,779
  5,021
  5,275
  5,542
  5,822
  6,115
Adjusted assets (=assets-cash), $m
  1,304
  1,381
  1,461
  1,544
  1,632
  1,723
  1,818
  1,918
  2,022
  2,131
  2,245
  2,364
  2,489
  2,620
  2,757
  2,901
  3,051
  3,209
  3,374
  3,547
  3,729
  3,919
  4,119
  4,329
  4,549
  4,779
  5,021
  5,275
  5,542
  5,822
  6,115
Revenue / Adjusted assets
  1.225
  1.224
  1.225
  1.225
  1.225
  1.225
  1.226
  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
  39
  42
  44
  46
  49
  52
  54
  57
  61
  64
  67
  71
  74
  78
  82
  86
  91
  96
  100
  106
  111
  117
  123
  129
  135
  142
  149
  157
  165
Working capital, $m
  196
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -99
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -156
  -164
  -173
  -181
  -191
  -200
  -210
  -221
  -232
Total debt, $m
  25
  68
  113
  159
  208
  260
  313
  369
  427
  489
  552
  619
  689
  763
  840
  920
  1,005
  1,093
  1,186
  1,283
  1,385
  1,492
  1,604
  1,721
  1,845
  1,974
  2,110
  2,253
  2,402
  2,559
  2,724
Total liabilities, $m
  732
  775
  820
  866
  915
  967
  1,020
  1,076
  1,134
  1,196
  1,259
  1,326
  1,396
  1,470
  1,547
  1,627
  1,712
  1,800
  1,893
  1,990
  2,092
  2,199
  2,311
  2,428
  2,552
  2,681
  2,817
  2,960
  3,109
  3,266
  3,431
Total equity, $m
  817
  606
  641
  678
  716
  756
  798
  842
  888
  936
  986
  1,038
  1,093
  1,150
  1,210
  1,273
  1,339
  1,409
  1,481
  1,557
  1,637
  1,721
  1,808
  1,900
  1,997
  2,098
  2,204
  2,316
  2,433
  2,556
  2,685
Total liabilities and equity, $m
  1,549
  1,381
  1,461
  1,544
  1,631
  1,723
  1,818
  1,918
  2,022
  2,132
  2,245
  2,364
  2,489
  2,620
  2,757
  2,900
  3,051
  3,209
  3,374
  3,547
  3,729
  3,920
  4,119
  4,328
  4,549
  4,779
  5,021
  5,276
  5,542
  5,822
  6,116
Debt-to-equity ratio
  0.031
  0.110
  0.180
  0.240
  0.290
  0.340
  0.390
  0.440
  0.480
  0.520
  0.560
  0.600
  0.630
  0.660
  0.690
  0.720
  0.750
  0.780
  0.800
  0.820
  0.850
  0.870
  0.890
  0.910
  0.920
  0.940
  0.960
  0.970
  0.990
  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
  231
  263
  297
  332
  370
  409
  450
  494
  540
  589
  640
  694
  752
  812
  875
  942
  1,013
  1,088
  1,167
  1,250
  1,338
  1,431
  1,529
  1,632
  1,741
  1,856
  1,977
  2,105
  2,240
  2,382
Depreciation, amort., depletion, $m
  15
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
Funds from operations, $m
  269
  238
  271
  305
  341
  379
  419
  461
  505
  552
  601
  653
  708
  766
  827
  891
  959
  1,031
  1,106
  1,186
  1,270
  1,359
  1,453
  1,552
  1,656
  1,766
  1,883
  2,005
  2,135
  2,271
  2,415
Change in working capital, $m
  15
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
Cash from operations, $m
  254
  241
  274
  308
  344
  382
  422
  465
  509
  556
  605
  658
  713
  771
  832
  896
  965
  1,037
  1,112
  1,193
  1,277
  1,366
  1,460
  1,560
  1,665
  1,775
  1,892
  2,015
  2,145
  2,282
  2,426
Maintenance CAPEX, $m
  0
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
New CAPEX, $m
  -25
  -3
  -2
  -2
  -2
  -2
  -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
Cash from investing activities, $m
  -137
  -10
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -35
  -38
  -39
Free cash flow, $m
  117
  231
  264
  298
  334
  371
  410
  452
  496
  542
  591
  642
  696
  754
  814
  878
  945
  1,016
  1,091
  1,170
  1,253
  1,341
  1,434
  1,532
  1,635
  1,744
  1,860
  1,981
  2,109
  2,244
  2,387
Issuance/(repayment) of debt, $m
  25
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  81
  84
  88
  93
  97
  102
  107
  112
  118
  123
  129
  136
  142
  150
  157
  165
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
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  77
  81
  84
  88
  93
  97
  102
  107
  112
  118
  123
  129
  136
  142
  150
  157
  165
Total cash flow (excl. dividends), $m
  142
  274
  309
  345
  383
  422
  464
  508
  554
  603
  655
  709
  767
  827
  891
  958
  1,029
  1,104
  1,183
  1,267
  1,355
  1,448
  1,546
  1,650
  1,759
  1,874
  1,995
  2,124
  2,259
  2,401
  2,552
Retained Cash Flow (-), $m
  -47
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -112
  -117
  -123
  -129
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
 
  485
  274
  308
  344
  382
  422
  464
  509
  555
  605
  657
  712
  770
  831
  895
  963
  1,035
  1,111
  1,191
  1,275
  1,364
  1,458
  1,558
  1,662
  1,773
  1,889
  2,012
  2,142
  2,278
  2,423
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
 
  465
  251
  268
  283
  296
  306
  314
  318
  319
  317
  312
  304
  293
  279
  263
  245
  225
  205
  183
  162
  141
  121
  102
  85
  69
  55
  43
  33
  25
  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 27.2
Price to Sales 3.6
Price to Book 7
Price to Tangible Book
Price to Cash Flow 22.5
Price to Free Cash Flow 25
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 5.9% 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 52.326 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 $6.5 billion.

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COMPANY NEWS

▶ 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.

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