Intrinsic value of Primerica - PRI

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$71.70

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$71.70

 
Intrinsic value

$326.81

 
Up/down potential

+356%

 
Rating

str. buy

 
Value-price divergence* premium content

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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 3.3

 

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
  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
  5.25
Revenue, $m
  0
  1,681
  1,847
  2,020
  2,201
  2,389
  2,585
  2,788
  2,999
  3,219
  3,447
  3,685
  3,931
  4,188
  4,455
  4,732
  5,022
  5,323
  5,637
  5,965
  6,306
  6,663
  7,036
  7,425
  7,832
  8,257
  8,702
  9,167
  9,654
  10,164
  10,698
Variable operating expenses, $m
 
  1,036
  1,138
  1,245
  1,356
  1,472
  1,592
  1,717
  1,848
  1,983
  2,124
  2,270
  2,422
  2,580
  2,744
  2,915
  3,093
  3,279
  3,472
  3,674
  3,885
  4,104
  4,334
  4,574
  4,824
  5,086
  5,360
  5,647
  5,947
  6,261
  6,590
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
  1,265
  1,372
  1,485
  1,602
  1,724
  1,851
  1,982
  2,120
  2,261
  2,409
  2,563
  2,722
  2,887
  3,059
  3,238
  3,424
  3,618
  3,820
  4,030
  4,250
  4,479
  4,718
  4,968
  5,227
  5,499
  5,784
  6,081
  6,392
  6,717
  7,058
Operating income, $m
  366
  417
  475
  536
  599
  665
  734
  805
  880
  958
  1,038
  1,122
  1,210
  1,301
  1,395
  1,494
  1,597
  1,705
  1,817
  1,934
  2,056
  2,184
  2,318
  2,458
  2,604
  2,757
  2,918
  3,086
  3,262
  3,447
  3,640
EBITDA, $m
  562
  436
  495
  558
  623
  691
  762
  836
  913
  993
  1,076
  1,163
  1,253
  1,347
  1,444
  1,546
  1,652
  1,763
  1,879
  2,000
  2,126
  2,257
  2,395
  2,539
  2,690
  2,848
  3,013
  3,187
  3,368
  3,559
  3,758
Interest expense (income), $m
  28
  31
  68
  107
  148
  190
  234
  280
  328
  378
  429
  483
  539
  597
  657
  720
  785
  853
  924
  998
  1,075
  1,155
  1,239
  1,326
  1,418
  1,513
  1,613
  1,718
  1,827
  1,942
  2,062
Earnings before tax, $m
  338
  386
  407
  429
  451
  475
  499
  525
  552
  580
  609
  639
  671
  704
  738
  774
  812
  852
  893
  936
  982
  1,029
  1,079
  1,131
  1,186
  1,244
  1,304
  1,368
  1,435
  1,505
  1,579
Tax expense, $m
  119
  104
  110
  116
  122
  128
  135
  142
  149
  157
  164
  173
  181
  190
  199
  209
  219
  230
  241
  253
  265
  278
  291
  305
  320
  336
  352
  369
  387
  406
  426
Net income, $m
  219
  282
  297
  313
  329
  347
  365
  383
  403
  423
  444
  467
  490
  514
  539
  565
  593
  622
  652
  683
  717
  751
  788
  826
  866
  908
  952
  999
  1,047
  1,099
  1,153

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
  12,642
  13,889
  15,190
  16,548
  17,962
  19,432
  20,962
  22,551
  24,203
  25,920
  27,704
  29,558
  31,487
  33,493
  35,582
  37,757
  40,022
  42,384
  44,846
  47,416
  50,098
  52,899
  55,825
  58,884
  62,081
  65,426
  68,926
  72,588
  76,423
  80,438
Adjusted assets (=assets-cash), $m
  11,439
  12,642
  13,889
  15,190
  16,548
  17,962
  19,432
  20,962
  22,551
  24,203
  25,920
  27,704
  29,558
  31,487
  33,493
  35,582
  37,757
  40,022
  42,384
  44,846
  47,416
  50,098
  52,899
  55,825
  58,884
  62,081
  65,426
  68,926
  72,588
  76,423
  80,438
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
  92
  102
  111
  121
  131
  142
  153
  165
  177
  190
  203
  216
  230
  245
  260
  276
  293
  310
  328
  347
  366
  387
  408
  431
  454
  479
  504
  531
  559
  588
Working capital, $m
  0
  555
  610
  667
  726
  788
  853
  920
  990
  1,062
  1,138
  1,216
  1,297
  1,382
  1,470
  1,562
  1,657
  1,757
  1,860
  1,968
  2,081
  2,199
  2,322
  2,450
  2,584
  2,725
  2,872
  3,025
  3,186
  3,354
  3,530
Total debt, $m
  875
  1,946
  3,059
  4,222
  5,434
  6,697
  8,010
  9,376
  10,795
  12,270
  13,803
  15,396
  17,052
  18,775
  20,567
  22,432
  24,374
  26,397
  28,506
  30,705
  32,999
  35,394
  37,896
  40,509
  43,240
  46,096
  49,082
  52,208
  55,478
  58,903
  62,489
Total liabilities, $m
  10,218
  11,289
  12,402
  13,565
  14,777
  16,040
  17,353
  18,719
  20,138
  21,613
  23,146
  24,739
  26,395
  28,118
  29,910
  31,775
  33,717
  35,740
  37,849
  40,048
  42,342
  44,737
  47,239
  49,852
  52,583
  55,439
  58,425
  61,551
  64,821
  68,246
  71,832
Total equity, $m
  1,221
  1,353
  1,486
  1,625
  1,771
  1,922
  2,079
  2,243
  2,413
  2,590
  2,773
  2,964
  3,163
  3,369
  3,584
  3,807
  4,040
  4,282
  4,535
  4,799
  5,073
  5,360
  5,660
  5,973
  6,301
  6,643
  7,001
  7,375
  7,767
  8,177
  8,607
Total liabilities and equity, $m
  11,439
  12,642
  13,888
  15,190
  16,548
  17,962
  19,432
  20,962
  22,551
  24,203
  25,919
  27,703
  29,558
  31,487
  33,494
  35,582
  37,757
  40,022
  42,384
  44,847
  47,415
  50,097
  52,899
  55,825
  58,884
  62,082
  65,426
  68,926
  72,588
  76,423
  80,439
Debt-to-equity ratio
  0.717
  1.440
  2.060
  2.600
  3.070
  3.480
  3.850
  4.180
  4.470
  4.740
  4.980
  5.190
  5.390
  5.570
  5.740
  5.890
  6.030
  6.160
  6.290
  6.400
  6.500
  6.600
  6.700
  6.780
  6.860
  6.940
  7.010
  7.080
  7.140
  7.200
  7.260
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
  282
  297
  313
  329
  347
  365
  383
  403
  423
  444
  467
  490
  514
  539
  565
  593
  622
  652
  683
  717
  751
  788
  826
  866
  908
  952
  999
  1,047
  1,099
  1,153
Depreciation, amort., depletion, $m
  196
  18
  20
  22
  24
  26
  28
  31
  33
  35
  38
  41
  43
  46
  49
  52
  55
  59
  62
  66
  69
  73
  77
  82
  86
  91
  96
  101
  106
  112
  118
Funds from operations, $m
  117
  301
  317
  335
  354
  373
  393
  414
  436
  459
  482
  507
  533
  560
  588
  617
  648
  680
  714
  749
  786
  825
  865
  907
  952
  999
  1,048
  1,099
  1,154
  1,210
  1,270
Change in working capital, $m
  -175
  52
  55
  57
  60
  62
  65
  67
  70
  72
  75
  78
  81
  85
  88
  92
  95
  99
  104
  108
  113
  118
  123
  128
  134
  140
  147
  154
  161
  168
  176
Cash from operations, $m
  292
  246
  263
  278
  294
  311
  328
  347
  366
  386
  407
  429
  452
  475
  500
  526
  553
  581
  610
  641
  673
  707
  742
  779
  818
  858
  901
  946
  993
  1,042
  1,094
Maintenance CAPEX, $m
  0
  -17
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -35
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -101
  -106
  -112
New CAPEX, $m
  0
  -8
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
Cash from investing activities, $m
  -48
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -43
  -45
  -48
  -51
  -55
  -57
  -61
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -93
  -98
  -104
  -109
  -115
  -122
  -128
  -134
  -141
Free cash flow, $m
  244
  221
  235
  248
  262
  276
  291
  307
  324
  341
  359
  378
  397
  418
  439
  461
  485
  509
  534
  561
  589
  618
  648
  680
  714
  749
  786
  825
  865
  908
  953
Issuance/(repayment) of debt, $m
  0
  1,071
  1,113
  1,163
  1,212
  1,262
  1,313
  1,366
  1,419
  1,475
  1,533
  1,593
  1,656
  1,722
  1,792
  1,865
  1,942
  2,023
  2,109
  2,199
  2,295
  2,395
  2,501
  2,613
  2,731
  2,856
  2,987
  3,125
  3,271
  3,424
  3,586
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
  1,071
  1,113
  1,163
  1,212
  1,262
  1,313
  1,366
  1,419
  1,475
  1,533
  1,593
  1,656
  1,722
  1,792
  1,865
  1,942
  2,023
  2,109
  2,199
  2,295
  2,395
  2,501
  2,613
  2,731
  2,856
  2,987
  3,125
  3,271
  3,424
  3,586
Total cash flow (excl. dividends), $m
  93
  1,292
  1,348
  1,411
  1,474
  1,539
  1,605
  1,673
  1,743
  1,816
  1,892
  1,971
  2,054
  2,140
  2,231
  2,326
  2,427
  2,532
  2,643
  2,760
  2,883
  3,013
  3,150
  3,293
  3,445
  3,605
  3,773
  3,950
  4,136
  4,332
  4,539
Retained Cash Flow (-), $m
  -75
  -132
  -133
  -139
  -145
  -151
  -157
  -164
  -170
  -177
  -184
  -191
  -198
  -206
  -215
  -223
  -233
  -242
  -253
  -264
  -275
  -287
  -300
  -313
  -327
  -342
  -358
  -374
  -392
  -410
  -430
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
 
  1,161
  1,215
  1,271
  1,329
  1,387
  1,448
  1,509
  1,573
  1,639
  1,708
  1,780
  1,855
  1,934
  2,016
  2,103
  2,194
  2,290
  2,391
  2,497
  2,608
  2,726
  2,850
  2,980
  3,118
  3,262
  3,415
  3,575
  3,744
  3,922
  4,109
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
 
  1,102
  1,090
  1,072
  1,047
  1,015
  977
  934
  885
  832
  775
  716
  655
  593
  531
  471
  412
  356
  304
  255
  211
  172
  138
  108
  84
  63
  47
  34
  24
  16
  11
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 15
Price to Sales 2.2
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 11.2
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 10.4% 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 0.4 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 45.742 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 $3.3 billion.


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COMPANY NEWS

▶ 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]
▶ Primerica Reports Third Quarter 2016 Results   [04:05PM  Business Wire]
Stock chart of PRI Financial statements of PRI Annual reports 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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