Intrinsic value of China Life Insurance ADR - LFC

Previous Close

$12.75

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$12.75

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of LFC 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, %
  7.02
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  79,423
  81,250
  83,338
  85,682
  88,280
  91,130
  94,234
  97,593
  101,213
  105,097
  109,253
  113,687
  118,408
  123,425
  128,749
  134,392
  140,364
  146,680
  153,354
  160,400
  167,835
  175,675
  183,940
  192,648
  201,820
  211,476
  221,640
  232,335
  243,587
  255,422
Variable operating expenses, $m
 
  71,878
  73,531
  75,421
  77,543
  79,894
  82,473
  85,282
  88,322
  91,598
  95,113
  98,874
  102,886
  107,159
  111,700
  116,518
  121,624
  127,029
  132,745
  138,785
  145,162
  151,890
  158,986
  166,466
  174,347
  182,647
  191,386
  200,584
  210,263
  220,446
  231,157
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
  76,018
  71,878
  73,531
  75,421
  77,543
  79,894
  82,473
  85,282
  88,322
  91,598
  95,113
  98,874
  102,886
  107,159
  111,700
  116,518
  121,624
  127,029
  132,745
  138,785
  145,162
  151,890
  158,986
  166,466
  174,347
  182,647
  191,386
  200,584
  210,263
  220,446
  231,157
Operating income, $m
  2,602
  7,545
  7,719
  7,917
  8,140
  8,387
  8,657
  8,952
  9,271
  9,615
  9,984
  10,379
  10,800
  11,249
  11,725
  12,231
  12,767
  13,335
  13,935
  14,569
  15,238
  15,944
  16,689
  17,474
  18,302
  19,173
  20,090
  21,056
  22,072
  23,141
  24,265
EBITDA, $m
  2,903
  46,590
  47,661
  48,886
  50,261
  51,785
  53,457
  55,278
  57,248
  59,371
  61,650
  64,088
  66,689
  69,458
  72,401
  75,524
  78,834
  82,338
  86,042
  89,957
  94,090
  98,452
  103,051
  107,899
  113,007
  118,387
  124,052
  130,014
  136,288
  142,888
  149,831
Interest expense (income), $m
  708
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
  15,250
Earnings before tax, $m
  3,449
  -7,705
  -7,531
  -7,333
  -7,110
  -6,864
  -6,593
  -6,298
  -5,979
  -5,635
  -5,266
  -4,871
  -4,450
  -4,001
  -3,525
  -3,019
  -2,483
  -1,916
  -1,316
  -682
  -12
  694
  1,439
  2,224
  3,051
  3,923
  4,840
  5,806
  6,822
  7,891
  9,015
Tax expense, $m
  616
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  187
  389
  601
  824
  1,059
  1,307
  1,568
  1,842
  2,130
  2,434
Net income, $m
  2,767
  -7,705
  -7,531
  -7,333
  -7,110
  -6,864
  -6,593
  -6,298
  -5,979
  -5,635
  -5,266
  -4,871
  -4,450
  -4,001
  -3,525
  -3,019
  -2,483
  -1,916
  -1,316
  -682
  -12
  507
  1,050
  1,624
  2,228
  2,864
  3,533
  4,238
  4,980
  5,760
  6,581

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
  390,174
  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
Adjusted assets (=assets-cash), $m
  390,174
  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
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  4,326
  390,445
  399,425
  409,691
  421,215
  433,985
  447,996
  463,254
  479,769
  497,562
  516,657
  537,086
  558,883
  582,092
  606,758
  632,932
  660,669
  690,030
  721,079
  753,886
  788,525
  825,075
  863,621
  904,250
  947,059
  992,145
  1,039,616
  1,089,581
  1,142,160
  1,197,474
  1,255,656
Working capital, $m
  0
  -350,892
  -358,963
  -368,188
  -378,545
  -390,022
  -402,614
  -416,325
  -431,168
  -447,158
  -464,319
  -482,678
  -502,268
  -523,125
  -545,292
  -568,815
  -593,742
  -620,128
  -648,032
  -677,516
  -708,646
  -741,494
  -776,134
  -812,648
  -851,120
  -891,639
  -934,301
  -979,205
  -1,026,457
  -1,076,168
  -1,128,456
Total debt, $m
  8,130
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
  282,411
Total liabilities, $m
  346,248
  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 equity, $m
  43,926
  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 liabilities and equity, $m
  390,174
  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
Debt-to-equity ratio
  0.185
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.113
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,767
  -7,705
  -7,531
  -7,333
  -7,110
  -6,864
  -6,593
  -6,298
  -5,979
  -5,635
  -5,266
  -4,871
  -4,450
  -4,001
  -3,525
  -3,019
  -2,483
  -1,916
  -1,316
  -682
  -12
  507
  1,050
  1,624
  2,228
  2,864
  3,533
  4,238
  4,980
  5,760
  6,581
Depreciation, amort., depletion, $m
  301
  39,045
  39,943
  40,969
  42,122
  43,399
  44,800
  46,325
  47,977
  49,756
  51,666
  53,709
  55,888
  58,209
  60,676
  63,293
  66,067
  69,003
  72,108
  75,389
  78,853
  82,508
  86,362
  90,425
  94,706
  99,215
  103,962
  108,958
  114,216
  119,747
  125,566
Funds from operations, $m
  19,748
  31,340
  32,411
  33,636
  35,011
  36,535
  38,207
  40,027
  41,998
  44,121
  46,400
  48,837
  51,438
  54,208
  57,151
  60,274
  63,584
  67,087
  70,792
  74,707
  78,840
  83,014
  87,413
  92,049
  96,933
  102,078
  107,495
  113,196
  119,196
  125,508
  132,146
Change in working capital, $m
  6,858
  -6,880
  -8,071
  -9,225
  -10,357
  -11,476
  -12,592
  -13,712
  -14,842
  -15,990
  -17,161
  -18,359
  -19,590
  -20,858
  -22,167
  -23,522
  -24,927
  -26,386
  -27,904
  -29,484
  -31,130
  -32,848
  -34,641
  -36,514
  -38,472
  -40,519
  -42,662
  -44,904
  -47,252
  -49,711
  -52,288
Cash from operations, $m
  12,890
  38,220
  40,482
  42,861
  45,368
  48,011
  50,799
  53,739
  56,841
  60,111
  63,560
  67,196
  71,028
  75,065
  79,318
  83,796
  88,511
  93,474
  98,696
  104,191
  109,970
  115,862
  122,053
  128,562
  135,405
  142,597
  150,156
  158,100
  166,448
  175,219
  184,434
Maintenance CAPEX, $m
  0
  -38,276
  -39,045
  -39,943
  -40,969
  -42,122
  -43,399
  -44,800
  -46,325
  -47,977
  -49,756
  -51,666
  -53,709
  -55,888
  -58,209
  -60,676
  -63,293
  -66,067
  -69,003
  -72,108
  -75,389
  -78,853
  -82,508
  -86,362
  -90,425
  -94,706
  -99,215
  -103,962
  -108,958
  -114,216
  -119,747
New CAPEX, $m
  -768
  -7,687
  -8,980
  -10,265
  -11,525
  -12,770
  -14,011
  -15,257
  -16,516
  -17,793
  -19,095
  -20,428
  -21,798
  -23,209
  -24,666
  -26,174
  -27,737
  -29,361
  -31,049
  -32,807
  -34,639
  -36,550
  -38,545
  -40,630
  -42,808
  -45,087
  -47,470
  -49,966
  -52,578
  -55,315
  -58,182
Cash from investing activities, $m
  -15,148
  -45,963
  -48,025
  -50,208
  -52,494
  -54,892
  -57,410
  -60,057
  -62,841
  -65,770
  -68,851
  -72,094
  -75,507
  -79,097
  -82,875
  -86,850
  -91,030
  -95,428
  -100,052
  -104,915
  -110,028
  -115,403
  -121,053
  -126,992
  -133,233
  -139,793
  -146,685
  -153,928
  -161,536
  -169,531
  -177,929
Free cash flow, $m
  -2,258
  -7,743
  -7,543
  -7,346
  -7,125
  -6,880
  -6,611
  -6,318
  -6,000
  -5,658
  -5,291
  -4,898
  -4,478
  -4,032
  -3,557
  -3,053
  -2,519
  -1,954
  -1,356
  -724
  -57
  459
  1,000
  1,571
  2,172
  2,805
  3,471
  4,173
  4,911
  5,688
  6,505
Issuance/(repayment) of debt, $m
  4,894
  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
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  
  2,680
  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 cash flow (excl. dividends), $m
  464
  -7,743
  -7,543
  -7,346
  -7,125
  -6,880
  -6,611
  -6,318
  -6,000
  -5,658
  -5,291
  -4,898
  -4,478
  -4,032
  -3,557
  -3,053
  -2,519
  -1,954
  -1,356
  -724
  -57
  459
  1,000
  1,571
  2,172
  2,805
  3,471
  4,173
  4,911
  5,688
  6,505
Retained Cash Flow (-), $m
  2,730
  -7,705
  -7,531
  -7,333
  -7,110
  -6,864
  -6,593
  -6,298
  -5,979
  -5,635
  -5,266
  -4,871
  -4,450
  -4,001
  -3,525
  -3,019
  -2,483
  -1,916
  -1,316
  -682
  -12
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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
 
  -7,705
  -7,531
  -7,333
  -7,110
  -6,864
  -6,593
  -6,298
  -5,979
  -5,635
  -5,266
  -4,871
  -4,450
  -4,001
  -3,525
  -3,019
  -2,483
  -1,916
  -1,316
  -682
  -12
  459
  1,000
  1,571
  2,172
  2,805
  3,471
  4,173
  4,911
  5,688
  6,505
Discount rate, %
 
  14.30
  15.02
  15.77
  16.55
  17.38
  18.25
  19.16
  20.12
  21.13
  22.18
  23.29
  24.46
  25.68
  26.96
  28.31
  29.73
  31.22
  32.78
  34.41
  36.14
  37.94
  39.84
  41.83
  43.92
  46.12
  48.42
  50.85
  53.39
  56.06
  58.86
PV of cash for distribution, $m
 
  -6,741
  -5,693
  -4,727
  -3,853
  -3,080
  -2,411
  -1,846
  -1,379
  -1,004
  -710
  -487
  -322
  -205
  -125
  -72
  -39
  -19
  -8
  -2
  0
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
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

China Life Insurance Company Limited is a life insurance company. The Company provides a range of insurance products, including individual and group life insurance, health insurance and accident insurance products. It operates through three segments: Life Insurance, Health Insurance, and Accident Insurance. Its Life Insurance segment provides participating and non-participating life insurance and annuities to individuals and groups. Its Health Insurance segment provides short-term and long-term health insurance to individuals and groups. Its Accident Insurance segment provides short-term and long-term accident insurance to individuals and groups.

FINANCIAL RATIOS  of  China Life Insurance ADR (LFC)

Valuation Ratios
P/E Ratio 130.2
Price to Sales 4.6
Price to Book 8.2
Price to Tangible Book
Price to Cash Flow 28
Price to Free Cash Flow 29.7
Growth Rates
Sales Growth Rate 7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.7%
Cap. Spend. - 3 Yr. Gr. Rate 7.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 18.5%
Total Debt to Equity 18.5%
Interest Coverage 6
Management Effectiveness
Return On Assets 0.9%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.1%
Return On Equity 6.1%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 5.7%
EBITDA Margin - 3 Yr. Avg. 8.9%
Operating Margin 3.3%
Oper. Margin - 3 Yr. Avg. 7.1%
Pre-Tax Margin 4.4%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 17.9%
Eff/ Tax Rate - 3 Yr. Avg. 20.3%
Payout Ratio 64.1%

LFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LFC stock intrinsic value calculation we used $77866 million for the last fiscal year's total revenue generated by China Life Insurance ADR. The default revenue input number comes from 2016 income statement of China Life Insurance ADR. 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 LFC stock valuation model: a) initial revenue growth rate of 2% 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 14.3%, whose default value for LFC is calculated based on our internal credit rating of China Life Insurance ADR, 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 China Life Insurance ADR.
    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 LFC stock the variable cost ratio is equal to 90.5%.

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 LFC 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 5.4% for China Life Insurance ADR.

Corporate tax rate of 27% is the nominal tax rate for China Life Insurance ADR. 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 LFC 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 LFC are equal to 491.6%.

Life of production assets of 10 years is the average useful life of capital assets used in China Life Insurance ADR 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 LFC is equal to -441.8%. 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 - $0 million for China Life Insurance ADR - 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 28265 million for China Life Insurance ADR 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 China Life Insurance ADR at the current share price and the inputted number of shares is $360.4 billion.

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Financial statements of LFC
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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