Intrinsic value of Primerica - PRI

Previous Close

$108.95

  Intrinsic Value

$66.78

stock screener

  Rating & Target

sell

-39%

Previous close

$108.95

 
Intrinsic value

$66.78

 
Up/down potential

-39%

 
Rating

sell

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

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

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, %
  7.94
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  0
  1,878
  2,077
  2,285
  2,503
  2,729
  2,966
  3,212
  3,468
  3,734
  4,010
  4,297
  4,596
  4,906
  5,229
  5,564
  5,913
  6,277
  6,656
  7,050
  7,462
  7,891
  8,340
  8,807
  9,296
  9,807
  10,341
  10,899
  11,484
  12,095
  12,735
Variable operating expenses, $m
 
  1,380
  1,527
  1,679
  1,839
  2,006
  2,180
  2,361
  2,549
  2,744
  2,947
  3,158
  3,378
  3,606
  3,843
  4,090
  4,346
  4,614
  4,892
  5,182
  5,485
  5,800
  6,130
  6,473
  6,833
  7,208
  7,601
  8,011
  8,441
  8,890
  9,360
Fixed operating expenses, $m
 
  18
  19
  19
  20
  20
  21
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  32
  33
  34
  35
Total operating expenses, $m
  1,156
  1,398
  1,546
  1,698
  1,859
  2,026
  2,201
  2,382
  2,570
  2,766
  2,969
  3,181
  3,401
  3,630
  3,867
  4,115
  4,371
  4,640
  4,919
  5,209
  5,513
  5,828
  6,159
  6,503
  6,863
  7,239
  7,633
  8,043
  8,474
  8,924
  9,395
Operating income, $m
  366
  479
  532
  586
  644
  703
  765
  830
  898
  968
  1,040
  1,116
  1,194
  1,276
  1,361
  1,450
  1,542
  1,637
  1,737
  1,841
  1,950
  2,063
  2,181
  2,304
  2,433
  2,568
  2,709
  2,856
  3,010
  3,171
  3,340
EBITDA, $m
  562
  1,808
  2,001
  2,203
  2,414
  2,634
  2,864
  3,103
  3,351
  3,609
  3,877
  4,156
  4,446
  4,747
  5,060
  5,386
  5,725
  6,078
  6,446
  6,829
  7,229
  7,646
  8,081
  8,536
  9,010
  9,506
  10,025
  10,567
  11,135
  11,729
  12,350
Interest expense (income), $m
  28
  148
  148
  150
  153
  155
  158
  160
  163
  166
  168
  171
  175
  178
  181
  185
  188
  192
  196
  200
  204
  209
  214
  219
  224
  229
  234
  240
  246
  253
  259
Earnings before tax, $m
  338
  331
  383
  436
  491
  548
  608
  670
  735
  802
  872
  944
  1,020
  1,098
  1,180
  1,265
  1,353
  1,445
  1,541
  1,641
  1,745
  1,854
  1,967
  2,086
  2,210
  2,339
  2,474
  2,616
  2,764
  2,919
  3,081
Tax expense, $m
  119
  89
  103
  118
  133
  148
  164
  181
  198
  217
  235
  255
  275
  297
  319
  342
  365
  390
  416
  443
  471
  501
  531
  563
  597
  632
  668
  706
  746
  788
  832
Net income, $m
  219
  242
  280
  318
  358
  400
  444
  489
  536
  585
  636
  689
  745
  802
  861
  923
  988
  1,055
  1,125
  1,198
  1,274
  1,353
  1,436
  1,523
  1,613
  1,707
  1,806
  1,909
  2,018
  2,131
  2,249

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
  420
  465
  511
  560
  611
  664
  719
  776
  835
  897
  962
  1,028
  1,098
  1,170
  1,245
  1,323
  1,405
  1,489
  1,578
  1,670
  1,766
  1,866
  1,971
  2,080
  2,194
  2,314
  2,439
  2,570
  2,706
  2,850
Adjusted assets (=assets-cash), $m
  11,439
  420
  465
  511
  560
  611
  664
  719
  776
  835
  897
  962
  1,028
  1,098
  1,170
  1,245
  1,323
  1,405
  1,489
  1,578
  1,670
  1,766
  1,866
  1,971
  2,080
  2,194
  2,314
  2,439
  2,570
  2,706
  2,850
Revenue / Adjusted assets
  0.000
  4.471
  4.467
  4.472
  4.470
  4.466
  4.467
  4.467
  4.469
  4.472
  4.470
  4.467
  4.471
  4.468
  4.469
  4.469
  4.469
  4.468
  4.470
  4.468
  4.468
  4.468
  4.469
  4.468
  4.469
  4.470
  4.469
  4.469
  4.468
  4.470
  4.468
Average production assets, $m
  85
  13,288
  14,694
  16,167
  17,706
  19,311
  20,984
  22,724
  24,534
  26,416
  28,371
  30,403
  32,515
  34,710
  36,992
  39,366
  41,837
  44,410
  47,090
  49,882
  52,794
  55,832
  59,002
  62,312
  65,771
  69,384
  73,162
  77,114
  81,247
  85,573
  90,102
Working capital, $m
  0
  -12,219
  -13,512
  -14,866
  -16,282
  -17,758
  -19,296
  -20,897
  -22,561
  -24,291
  -26,089
  -27,958
  -29,900
  -31,918
  -34,017
  -36,200
  -38,473
  -40,838
  -43,302
  -45,871
  -48,548
  -51,342
  -54,257
  -57,301
  -60,481
  -63,804
  -67,278
  -70,912
  -74,713
  -78,691
  -82,855
Total debt, $m
  875
  2,745
  2,785
  2,827
  2,871
  2,917
  2,964
  3,014
  3,066
  3,119
  3,175
  3,233
  3,293
  3,355
  3,420
  3,488
  3,558
  3,631
  3,708
  3,787
  3,870
  3,956
  4,047
  4,141
  4,239
  4,342
  4,450
  4,562
  4,680
  4,803
  4,932
Total liabilities, $m
  10,218
  378
  418
  460
  504
  550
  597
  647
  698
  752
  808
  865
  926
  988
  1,053
  1,121
  1,191
  1,264
  1,340
  1,420
  1,503
  1,589
  1,679
  1,774
  1,872
  1,975
  2,083
  2,195
  2,313
  2,436
  2,565
Total equity, $m
  1,221
  42
  46
  51
  56
  61
  66
  72
  78
  84
  90
  96
  103
  110
  117
  125
  132
  140
  149
  158
  167
  177
  187
  197
  208
  219
  231
  244
  257
  271
  285
Total liabilities and equity, $m
  11,439
  420
  464
  511
  560
  611
  663
  719
  776
  836
  898
  961
  1,029
  1,098
  1,170
  1,246
  1,323
  1,404
  1,489
  1,578
  1,670
  1,766
  1,866
  1,971
  2,080
  2,194
  2,314
  2,439
  2,570
  2,707
  2,850
Debt-to-equity ratio
  0.717
  65.320
  59.940
  55.300
  51.270
  47.760
  44.670
  41.940
  39.510
  37.330
  35.380
  33.620
  32.020
  30.560
  29.230
  28.010
  26.890
  25.850
  24.890
  24.000
  23.180
  22.410
  21.690
  21.010
  20.380
  19.790
  19.230
  18.710
  18.210
  17.750
  17.310
Adjusted equity ratio
  0.107
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  219
  242
  280
  318
  358
  400
  444
  489
  536
  585
  636
  689
  745
  802
  861
  923
  988
  1,055
  1,125
  1,198
  1,274
  1,353
  1,436
  1,523
  1,613
  1,707
  1,806
  1,909
  2,018
  2,131
  2,249
Depreciation, amort., depletion, $m
  196
  1,329
  1,469
  1,617
  1,771
  1,931
  2,098
  2,272
  2,453
  2,642
  2,837
  3,040
  3,251
  3,471
  3,699
  3,937
  4,184
  4,441
  4,709
  4,988
  5,279
  5,583
  5,900
  6,231
  6,577
  6,938
  7,316
  7,711
  8,125
  8,557
  9,010
Funds from operations, $m
  117
  1,570
  1,749
  1,935
  2,129
  2,331
  2,542
  2,762
  2,990
  3,227
  3,474
  3,730
  3,996
  4,273
  4,561
  4,860
  5,172
  5,496
  5,834
  6,186
  6,553
  6,936
  7,336
  7,754
  8,190
  8,646
  9,122
  9,621
  10,142
  10,688
  11,259
Change in working capital, $m
  -175
  -1,231
  -1,293
  -1,354
  -1,415
  -1,476
  -1,538
  -1,601
  -1,665
  -1,730
  -1,798
  -1,868
  -1,942
  -2,019
  -2,099
  -2,183
  -2,272
  -2,366
  -2,464
  -2,568
  -2,678
  -2,793
  -2,915
  -3,044
  -3,180
  -3,323
  -3,474
  -3,633
  -3,801
  -3,978
  -4,164
Cash from operations, $m
  292
  2,801
  3,042
  3,289
  3,544
  3,808
  4,080
  4,362
  4,654
  4,957
  5,272
  5,598
  5,938
  6,291
  6,660
  7,043
  7,444
  7,862
  8,298
  8,754
  9,231
  9,730
  10,252
  10,798
  11,370
  11,969
  12,597
  13,254
  13,943
  14,666
  15,424
Maintenance CAPEX, $m
  0
  -1,195
  -1,329
  -1,469
  -1,617
  -1,771
  -1,931
  -2,098
  -2,272
  -2,453
  -2,642
  -2,837
  -3,040
  -3,251
  -3,471
  -3,699
  -3,937
  -4,184
  -4,441
  -4,709
  -4,988
  -5,279
  -5,583
  -5,900
  -6,231
  -6,577
  -6,938
  -7,316
  -7,711
  -8,125
  -8,557
New CAPEX, $m
  0
  -1,338
  -1,406
  -1,473
  -1,539
  -1,606
  -1,673
  -1,741
  -1,810
  -1,882
  -1,955
  -2,032
  -2,112
  -2,195
  -2,282
  -2,374
  -2,471
  -2,573
  -2,680
  -2,793
  -2,912
  -3,038
  -3,170
  -3,310
  -3,458
  -3,614
  -3,778
  -3,951
  -4,134
  -4,326
  -4,529
Cash from investing activities, $m
  -48
  -2,533
  -2,735
  -2,942
  -3,156
  -3,377
  -3,604
  -3,839
  -4,082
  -4,335
  -4,597
  -4,869
  -5,152
  -5,446
  -5,753
  -6,073
  -6,408
  -6,757
  -7,121
  -7,502
  -7,900
  -8,317
  -8,753
  -9,210
  -9,689
  -10,191
  -10,716
  -11,267
  -11,845
  -12,451
  -13,086
Free cash flow, $m
  244
  268
  307
  347
  388
  432
  477
  523
  572
  622
  675
  729
  786
  845
  906
  970
  1,036
  1,105
  1,177
  1,253
  1,331
  1,413
  1,498
  1,587
  1,681
  1,778
  1,880
  1,987
  2,098
  2,215
  2,338
Issuance/(repayment) of debt, $m
  0
  0
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  62
  65
  68
  70
  73
  76
  79
  83
  86
  90
  94
  98
  103
  108
  112
  118
  123
  129
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
  0
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  62
  65
  68
  70
  73
  76
  79
  83
  86
  90
  94
  98
  103
  108
  112
  118
  123
  129
Total cash flow (excl. dividends), $m
  93
  268
  347
  389
  432
  477
  524
  573
  623
  676
  730
  787
  846
  907
  971
  1,037
  1,107
  1,179
  1,254
  1,332
  1,414
  1,499
  1,588
  1,682
  1,779
  1,881
  1,988
  2,099
  2,216
  2,338
  2,467
Retained Cash Flow (-), $m
  -75
  -42
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
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
 
  15
  17
  19
  21
  23
  25
  27
  29
  31
  34
  36
  39
  41
  44
  47
  50
  53
  56
  60
  63
  67
  71
  75
  79
  84
  88
  93
  98
  103
  109
Cash available for distribution, $m
 
  226
  343
  384
  427
  472
  519
  567
  618
  670
  724
  781
  839
  900
  964
  1,030
  1,099
  1,170
  1,245
  1,323
  1,405
  1,490
  1,578
  1,671
  1,768
  1,870
  1,976
  2,087
  2,203
  2,325
  2,452
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  205
  280
  280
  275
  265
  251
  233
  213
  192
  169
  146
  124
  103
  84
  67
  52
  40
  29
  21
  15
  10
  7
  4
  3
  2
  1
  1
  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

Primerica Inc. (Primerica) is a distributor of financial products to middle-income households in the United States and Canada. The Company operates through three segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products. The Term Life Insurance segment includes underwriting profits on its in-force book of term life insurance policies, net of reinsurance, which are underwritten by its life insurance company subsidiaries. The Investment and Savings Products segment includes retail and managed mutual funds, and annuities distributed through licensed broker-dealer subsidiaries and includes segregated funds, an individual annuity savings product that it underwrites in Canada through Primerica Life Insurance Company of Canada (Primerica Life Canada). In the United States, it distributes mutual fund and annuity products of various third-party companies. It also earns fees for account servicing on a subset of the mutual funds it distributes.

FINANCIAL RATIOS  of  Primerica (PRI)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 3.3
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 17.1
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 $1689 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 11.2% 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 10.1%, 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 73.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $18 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 5.4% 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 0.9%.

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 707.5%.

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 -650.6%. 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 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 46 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 $5.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Primerica Announces Countrywide Event in Canada   [Jul-03-18 08:45AM  Business Wire]
▶ Does Pragma Inkaso SA. (WSE:PRI) Fall With The Market?   [May-28-18 03:42AM  Simply Wall St.]
▶ Primerica: 1Q Earnings Snapshot   [May-08-18 07:07PM  Associated Press]
▶ Primerica Reports First Quarter 2018 Results   [04:15PM  Business Wire]
▶ 3 Small-Caps to Buy Now According to Quant Billionaires   [Feb-19-18 08:00AM  Insider Monkey]
▶ Primerica beats 4Q profit forecasts   [Feb-07-18 07:53PM  Associated Press]
▶ 6 GARP Stocks to Invest in for Maximum Returns   [Jan-05-18 09:19AM  Zacks]
▶ ETFs with exposure to Primerica, Inc. : December 26, 2017   [Dec-26-17 12:00PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : December 14, 2017   [Dec-14-17 02:05PM  Capital Cube]
▶ Primerica Earns Composite Rating Upgrade   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Primerica, Inc. : November 27, 2017   [Nov-27-17 03:25PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : November 16, 2017   [Nov-16-17 11:57AM  Capital Cube]
▶ Stocks Flashing Renewed Technical Strength: Primerica   [03:00AM  Investor's Business Daily]
▶ Primerica beats 3Q profit forecasts   [Nov-07-17 06:51PM  Associated Press]
▶ Primerica Reports Third Quarter 2017 Results   [04:15PM  Business Wire]
▶ Top 10 Direct Sales Companies in USA   [Nov-02-17 09:45AM  Insider Monkey]
▶ 5 GARP Stocks for Marvelous Returns   [Nov-01-17 09:31AM  Zacks]
▶ ETFs with exposure to Primerica, Inc. : October 5, 2017   [Oct-05-17 11:16AM  Capital Cube]
▶ Stocks With Rising Relative Strength: Metlife   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Primerica, Inc. : August 28, 2017   [Aug-28-17 06:17PM  Capital Cube]
▶ 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]
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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