Intrinsic value of Primerica - PRI

Previous Close

$79.70

  Intrinsic Value

$343.87

stock screener

  Rating & Target

str. buy

+331%

  Value-price divergence*

-29%

Previous close

$79.70

 
Intrinsic value

$343.87

 
Up/down potential

+331%

 
Rating

str. buy

 
Value-price divergence*

-29%

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

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

We calculate the intrinsic value of PRI 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 3.7

 

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, %
  7.94
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
Revenue, $m
  0
  1,691
  1,866
  2,050
  2,243
  2,443
  2,652
  2,869
  3,095
  3,329
  3,573
  3,826
  4,090
  4,364
  4,648
  4,945
  5,253
  5,574
  5,908
  6,257
  6,621
  7,000
  7,396
  7,809
  8,241
  8,693
  9,165
  9,659
  10,175
  10,716
  11,282
Variable operating expenses, $m
 
  1,041
  1,150
  1,263
  1,381
  1,505
  1,633
  1,767
  1,906
  2,051
  2,201
  2,357
  2,519
  2,688
  2,863
  3,046
  3,236
  3,434
  3,640
  3,854
  4,078
  4,312
  4,556
  4,811
  5,077
  5,355
  5,646
  5,950
  6,268
  6,601
  6,950
Fixed operating expenses, $m
 
  229
  234
  240
  246
  252
  259
  265
  272
  278
  285
  293
  300
  307
  315
  323
  331
  339
  348
  356
  365
  375
  384
  394
  403
  413
  424
  434
  445
  456
  468
Total operating expenses, $m
  1,156
  1,270
  1,384
  1,503
  1,627
  1,757
  1,892
  2,032
  2,178
  2,329
  2,486
  2,650
  2,819
  2,995
  3,178
  3,369
  3,567
  3,773
  3,988
  4,210
  4,443
  4,687
  4,940
  5,205
  5,480
  5,768
  6,070
  6,384
  6,713
  7,057
  7,418
Operating income, $m
  366
  421
  482
  547
  615
  686
  760
  837
  917
  1,000
  1,087
  1,177
  1,271
  1,368
  1,470
  1,576
  1,686
  1,801
  1,921
  2,046
  2,177
  2,313
  2,456
  2,605
  2,761
  2,925
  3,096
  3,275
  3,462
  3,659
  3,865
EBITDA, $m
  562
  430
  493
  558
  627
  699
  774
  852
  934
  1,018
  1,106
  1,198
  1,293
  1,392
  1,495
  1,603
  1,715
  1,832
  1,954
  2,081
  2,213
  2,352
  2,497
  2,648
  2,807
  2,972
  3,146
  3,328
  3,518
  3,718
  3,927
Interest expense (income), $m
  28
  31
  70
  112
  155
  200
  247
  296
  347
  400
  455
  513
  572
  634
  698
  765
  835
  907
  983
  1,061
  1,143
  1,229
  1,318
  1,411
  1,508
  1,610
  1,716
  1,827
  1,943
  2,064
  2,191
Earnings before tax, $m
  338
  390
  412
  436
  460
  486
  513
  540
  569
  600
  631
  664
  698
  734
  771
  810
  851
  894
  938
  985
  1,034
  1,085
  1,138
  1,194
  1,253
  1,315
  1,380
  1,448
  1,519
  1,594
  1,673
Tax expense, $m
  119
  105
  111
  118
  124
  131
  138
  146
  154
  162
  170
  179
  189
  198
  208
  219
  230
  241
  253
  266
  279
  293
  307
  322
  338
  355
  373
  391
  410
  430
  452
Net income, $m
  219
  285
  301
  318
  336
  355
  374
  394
  416
  438
  461
  485
  510
  536
  563
  592
  621
  652
  685
  719
  754
  792
  831
  872
  915
  960
  1,007
  1,057
  1,109
  1,164
  1,222

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
  11,439
  12,711
  14,033
  15,416
  16,861
  18,368
  19,937
  21,570
  23,268
  25,032
  26,865
  28,771
  30,751
  32,810
  34,950
  37,178
  39,496
  41,910
  44,425
  47,046
  49,780
  52,632
  55,609
  58,718
  61,966
  65,361
  68,910
  72,623
  76,507
  80,573
  84,829
Adjusted assets (=assets-cash), $m
  11,439
  12,711
  14,033
  15,416
  16,861
  18,368
  19,937
  21,570
  23,268
  25,032
  26,865
  28,771
  30,751
  32,810
  34,950
  37,178
  39,496
  41,910
  44,425
  47,046
  49,780
  52,632
  55,609
  58,718
  61,966
  65,361
  68,910
  72,623
  76,507
  80,573
  84,829
Revenue / Adjusted assets
  0.000
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
Average production assets, $m
  85
  93
  103
  113
  123
  134
  146
  158
  170
  183
  197
  210
  225
  240
  256
  272
  289
  307
  325
  344
  364
  385
  407
  430
  453
  478
  504
  531
  560
  589
  621
Working capital, $m
  0
  558
  616
  677
  740
  806
  875
  947
  1,021
  1,099
  1,179
  1,263
  1,350
  1,440
  1,534
  1,632
  1,733
  1,839
  1,950
  2,065
  2,185
  2,310
  2,441
  2,577
  2,720
  2,869
  3,024
  3,187
  3,358
  3,536
  3,723
Total debt, $m
  875
  2,008
  3,188
  4,424
  5,714
  7,060
  8,461
  9,919
  11,435
  13,010
  14,648
  16,349
  18,118
  19,956
  21,868
  23,857
  25,927
  28,082
  30,328
  32,669
  35,110
  37,657
  40,316
  43,092
  45,993
  49,024
  52,194
  55,509
  58,978
  62,609
  66,410
Total liabilities, $m
  10,218
  11,351
  12,531
  13,767
  15,057
  16,403
  17,804
  19,262
  20,778
  22,353
  23,991
  25,692
  27,461
  29,299
  31,211
  33,200
  35,270
  37,425
  39,671
  42,012
  44,453
  47,000
  49,659
  52,435
  55,336
  58,367
  61,537
  64,852
  68,321
  71,952
  75,753
Total equity, $m
  1,221
  1,360
  1,501
  1,650
  1,804
  1,965
  2,133
  2,308
  2,490
  2,678
  2,875
  3,078
  3,290
  3,511
  3,740
  3,978
  4,226
  4,484
  4,753
  5,034
  5,326
  5,632
  5,950
  6,283
  6,630
  6,994
  7,373
  7,771
  8,186
  8,621
  9,077
Total liabilities and equity, $m
  11,439
  12,711
  14,032
  15,417
  16,861
  18,368
  19,937
  21,570
  23,268
  25,031
  26,866
  28,770
  30,751
  32,810
  34,951
  37,178
  39,496
  41,909
  44,424
  47,046
  49,779
  52,632
  55,609
  58,718
  61,966
  65,361
  68,910
  72,623
  76,507
  80,573
  84,830
Debt-to-equity ratio
  0.717
  1.480
  2.120
  2.680
  3.170
  3.590
  3.970
  4.300
  4.590
  4.860
  5.100
  5.310
  5.510
  5.680
  5.850
  6.000
  6.130
  6.260
  6.380
  6.490
  6.590
  6.690
  6.780
  6.860
  6.940
  7.010
  7.080
  7.140
  7.200
  7.260
  7.320
Adjusted equity ratio
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  219
  285
  301
  318
  336
  355
  374
  394
  416
  438
  461
  485
  510
  536
  563
  592
  621
  652
  685
  719
  754
  792
  831
  872
  915
  960
  1,007
  1,057
  1,109
  1,164
  1,222
Depreciation, amort., depletion, $m
  196
  9
  10
  11
  12
  13
  15
  16
  17
  18
  20
  21
  22
  24
  26
  27
  29
  31
  32
  34
  36
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
Funds from operations, $m
  117
  294
  311
  329
  348
  368
  389
  410
  433
  456
  480
  506
  532
  560
  589
  619
  650
  683
  717
  753
  791
  830
  872
  915
  960
  1,008
  1,058
  1,110
  1,165
  1,223
  1,284
Change in working capital, $m
  -175
  55
  58
  61
  63
  66
  69
  72
  75
  77
  80
  84
  87
  90
  94
  98
  102
  106
  110
  115
  120
  125
  131
  136
  143
  149
  156
  163
  170
  178
  187
Cash from operations, $m
  292
  239
  253
  269
  285
  302
  320
  339
  358
  379
  400
  422
  445
  470
  495
  521
  548
  577
  607
  638
  671
  705
  741
  778
  818
  859
  902
  947
  995
  1,044
  1,097
Maintenance CAPEX, $m
  0
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
New CAPEX, $m
  0
  -8
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
Cash from investing activities, $m
  -48
  -16
  -19
  -20
  -22
  -23
  -24
  -27
  -28
  -30
  -31
  -34
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -86
  -90
Free cash flow, $m
  244
  222
  234
  248
  263
  279
  295
  312
  330
  349
  368
  389
  410
  432
  455
  479
  504
  531
  558
  587
  616
  648
  681
  715
  751
  789
  828
  870
  913
  959
  1,007
Issuance/(repayment) of debt, $m
  0
  1,133
  1,180
  1,236
  1,290
  1,346
  1,401
  1,458
  1,516
  1,576
  1,637
  1,701
  1,768
  1,838
  1,912
  1,989
  2,070
  2,156
  2,246
  2,341
  2,441
  2,547
  2,659
  2,776
  2,901
  3,032
  3,170
  3,315
  3,469
  3,631
  3,801
Issuance/(repurchase) of shares, $m
  -150
  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  
  -152
  1,133
  1,180
  1,236
  1,290
  1,346
  1,401
  1,458
  1,516
  1,576
  1,637
  1,701
  1,768
  1,838
  1,912
  1,989
  2,070
  2,156
  2,246
  2,341
  2,441
  2,547
  2,659
  2,776
  2,901
  3,032
  3,170
  3,315
  3,469
  3,631
  3,801
Total cash flow (excl. dividends), $m
  93
  1,354
  1,415
  1,484
  1,553
  1,624
  1,696
  1,770
  1,846
  1,924
  2,006
  2,090
  2,178
  2,270
  2,367
  2,468
  2,574
  2,686
  2,804
  2,927
  3,058
  3,195
  3,339
  3,491
  3,651
  3,820
  3,998
  4,185
  4,382
  4,589
  4,808
Retained Cash Flow (-), $m
  -75
  -139
  -141
  -148
  -155
  -161
  -168
  -175
  -182
  -189
  -196
  -204
  -212
  -220
  -229
  -238
  -248
  -258
  -269
  -280
  -292
  -305
  -319
  -333
  -348
  -363
  -380
  -397
  -416
  -435
  -455
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
 
  1,215
  1,273
  1,336
  1,399
  1,463
  1,528
  1,595
  1,664
  1,736
  1,809
  1,886
  1,966
  2,050
  2,138
  2,230
  2,326
  2,428
  2,535
  2,647
  2,765
  2,890
  3,021
  3,159
  3,304
  3,457
  3,618
  3,788
  3,966
  4,154
  4,352
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  1,154
  1,142
  1,126
  1,102
  1,071
  1,032
  987
  936
  881
  821
  759
  694
  629
  563
  499
  437
  378
  322
  270
  224
  182
  146
  115
  89
  67
  49
  36
  25
  17
  12
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

Primerica, Inc., together with its subsidiaries, distributes financial products to middle income households in the United States and Canada. The company operates in three segments: Term Life Insurance; Investment and Savings Products; and Corporate and Other Distributed Products. It underwrites individual term life insurance products. The company also distributes and sells mutual funds and certain retirement plans, managed Investments, variable and fixed annuities, fixed indexed annuities, and segregated funds. In addition, it offers auto and homeowners' insurance referrals, long-term care insurance, debt resolution referrals, and mortgage loan referrals; and insurance products, including supplemental medical and dental, accidental death, and disability for small businesses, as well as student life products. Further, the company provides prepaid legal services that assist subscribers with legal matters, such as drafting wills, living wills and powers of attorney, trial defense, and motor vehicle-related matters; and credit information products that allow clients to access their credit score and other personal credit information. Primerica, Inc. was founded in 1927 and is headquartered in Duluth, Georgia.

FINANCIAL RATIOS  of  Primerica (PRI)

Valuation Ratios
P/E Ratio 16.6
Price to Sales 2.4
Price to Book 3
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 12.5
Growth Rates
Sales Growth Rate 7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 30.5%
Total Debt to Equity 71.7%
Interest Coverage 13
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 11%
Ret/ On T. Cap. - 3 Yr. Avg. 10.6%
Return On Equity 18.5%
Return On Equity - 3 Yr. Avg. 16.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 36.9%
EBITDA Margin - 3 Yr. Avg. 35.5%
Operating Margin 24.1%
Oper. Margin - 3 Yr. Avg. 23.4%
Pre-Tax Margin 22.2%
Pre-Tax Margin - 3 Yr. Avg. 21.1%
Net Profit Margin 14.4%
Net Profit Margin - 3 Yr. Avg. 13.8%
Effective Tax Rate 35.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 15.1%

PRI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PRI stock intrinsic value calculation we used $1523 million for the last fiscal year's total revenue generated by Primerica. The default revenue input number comes from 2016 income statement of Primerica. 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 PRI stock valuation model: a) initial revenue growth rate of 11% 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 5.3%, whose default value for PRI is calculated based on our internal credit rating of Primerica, 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 Primerica.
    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 PRI stock the variable cost ratio is equal to 61.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $223 million in the base year in the intrinsic value calculation for PRI 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 Primerica.

Corporate tax rate of 27% is the nominal tax rate for Primerica. 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 PRI 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 PRI are equal to 5.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Primerica 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 PRI is equal to 33%. 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 - $1221 million for Primerica - 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 45.904 million for Primerica 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 Primerica at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ These 3 Stocks Just Raised Their Dividends   [Aug-14-17 07:45AM  Motley Fool]
▶ Primerica Reports Second Quarter 2017 Results   [Aug-08-17 04:05PM  Business Wire]
▶ ETFs with exposure to Primerica, Inc. : July 24, 2017   [Jul-24-17 06:18PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : July 14, 2017   [Jul-14-17 04:22PM  Capital Cube]
▶ Primerica, Inc. Value Analysis (NYSE:PRI) : July 7, 2017   [Jul-07-17 04:11PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : June 19, 2017   [Jun-19-17 03:58PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : June 8, 2017   [Jun-08-17 01:52PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : May 29, 2017   [May-29-17 12:52PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : May 18, 2017   [May-18-17 01:57PM  Capital Cube]
▶ Primerica misses 1Q profit forecasts   [May-09-17 06:40PM  Associated Press]
▶ Primerica Reports First Quarter 2017 Results   [04:05PM  Business Wire]
▶ Breakout Watch: 27 Top Funds Own This IPO Stock Ahead Of Earnings   [Apr-27-17 04:14PM  Investor's Business Daily]
▶ Breakout Watch: Top Financial Stock Jumps Back Into Buy Zone   [Apr-24-17 04:59PM  Investor's Business Daily]
▶ Banks And Financial Stocks: Latest News And Analysis   [Apr-20-17 01:00PM  Investor's Business Daily]
▶ Primerica Announces New Lifetime Investment Platform   [Apr-06-17 04:05PM  Business Wire]
▶ Top 5 GARP Stocks for Marvelous Returns   [Apr-04-17 08:15AM  Zacks]
▶ Why You Should Add The 10-Week-Line Pullback To Your Trading Playbook   [Mar-24-17 01:44PM  Investor's Business Daily]
▶ Bet on These 5 GARP Stocks for Solid Returns   [Mar-20-17 09:53AM  Zacks]
▶ Hedge Funds Are Betting On Valley National Bancorp (VLY)   [Dec-09-16 05:39AM  at Insider Monkey]
▶ Why Financial Advisory Stocks Surged on Wednesday   [Nov-09-16 05:19PM  at Motley Fool]
Stock chart of PRI Financial statements of PRI
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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