Intrinsic value of Primerica - PRI

Previous Close

$74.70

  Intrinsic Value

$160.47

stock screener

  Rating & Target

str. buy

+115%

  Value-price divergence*

-29%

Previous close

$74.70

 
Intrinsic value

$160.47

 
Up/down potential

+115%

 
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 3.4

 

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
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  5.00
Revenue, $m
  0
  1,474
  1,546
  1,622
  1,702
  1,786
  1,874
  1,967
  2,065
  2,167
  2,274
  2,387
  2,506
  2,631
  2,761
  2,899
  3,043
  3,195
  3,354
  3,521
  3,697
  3,881
  4,075
  4,278
  4,492
  4,716
  4,951
  5,199
  5,458
  5,731
  6,017
Variable operating expenses, $m
 
  1,132
  1,187
  1,246
  1,307
  1,372
  1,440
  1,511
  1,586
  1,664
  1,747
  1,833
  1,925
  2,020
  2,121
  2,226
  2,337
  2,454
  2,576
  2,704
  2,839
  2,981
  3,129
  3,286
  3,450
  3,622
  3,803
  3,993
  4,192
  4,401
  4,621
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
  1,156
  1,132
  1,187
  1,246
  1,307
  1,372
  1,440
  1,511
  1,586
  1,664
  1,747
  1,833
  1,925
  2,020
  2,121
  2,226
  2,337
  2,454
  2,576
  2,704
  2,839
  2,981
  3,129
  3,286
  3,450
  3,622
  3,803
  3,993
  4,192
  4,401
  4,621
Operating income, $m
  366
  342
  359
  376
  395
  414
  435
  456
  479
  503
  528
  554
  581
  610
  641
  673
  706
  741
  778
  817
  858
  900
  945
  993
  1,042
  1,094
  1,149
  1,206
  1,266
  1,330
  1,396
EBITDA, $m
  562
  357
  375
  393
  413
  433
  454
  477
  500
  525
  551
  579
  607
  638
  669
  703
  738
  774
  813
  854
  896
  941
  988
  1,037
  1,089
  1,143
  1,200
  1,260
  1,323
  1,389
  1,459
Interest expense (income), $m
  28
  35
  59
  83
  107
  133
  160
  189
  219
  251
  284
  319
  355
  394
  434
  477
  521
  568
  617
  669
  723
  780
  840
  903
  969
  1,038
  1,111
  1,187
  1,267
  1,352
  1,440
Earnings before tax, $m
  338
  307
  300
  294
  288
  281
  274
  267
  260
  252
  244
  235
  226
  216
  206
  196
  185
  173
  161
  148
  134
  120
  105
  90
  73
  56
  38
  19
  -1
  -22
  -44
Tax expense, $m
  119
  83
  81
  79
  78
  76
  74
  72
  70
  68
  66
  63
  61
  58
  56
  53
  50
  47
  43
  40
  36
  32
  28
  24
  20
  15
  10
  5
  0
  0
  0
Net income, $m
  219
  224
  219
  214
  210
  205
  200
  195
  190
  184
  178
  172
  165
  158
  151
  143
  135
  126
  117
  108
  98
  88
  77
  66
  54
  41
  28
  14
  -1
  -22
  -44

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
  11,165
  11,714
  12,290
  12,895
  13,532
  14,200
  14,903
  15,641
  16,416
  17,231
  18,086
  18,985
  19,929
  20,920
  21,961
  23,055
  24,203
  25,409
  26,676
  28,006
  29,403
  30,870
  32,410
  34,028
  35,727
  37,511
  39,384
  41,351
  43,416
  45,585
Adjusted assets (=assets-cash), $m
  11,439
  11,165
  11,714
  12,290
  12,895
  13,532
  14,200
  14,903
  15,641
  16,416
  17,231
  18,086
  18,985
  19,929
  20,920
  21,961
  23,055
  24,203
  25,409
  26,676
  28,006
  29,403
  30,870
  32,410
  34,028
  35,727
  37,511
  39,384
  41,351
  43,416
  45,585
Revenue / Adjusted assets
  0.000
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
Average production assets, $m
  85
  77
  80
  84
  89
  93
  97
  102
  107
  113
  118
  124
  130
  137
  144
  151
  158
  166
  174
  183
  192
  202
  212
  222
  234
  245
  257
  270
  284
  298
  313
Working capital, $m
  0
  382
  400
  420
  441
  463
  485
  509
  535
  561
  589
  618
  649
  681
  715
  751
  788
  827
  869
  912
  957
  1,005
  1,055
  1,108
  1,163
  1,221
  1,282
  1,346
  1,414
  1,484
  1,558
Total debt, $m
  875
  1,232
  1,721
  2,235
  2,775
  3,342
  3,939
  4,565
  5,224
  5,915
  6,642
  7,405
  8,206
  9,048
  9,933
  10,861
  11,837
  12,861
  13,937
  15,067
  16,254
  17,500
  18,808
  20,182
  21,625
  23,140
  24,731
  26,402
  28,157
  29,999
  31,934
Total liabilities, $m
  10,218
  9,960
  10,449
  10,963
  11,503
  12,070
  12,667
  13,293
  13,952
  14,643
  15,370
  16,133
  16,934
  17,776
  18,661
  19,589
  20,565
  21,589
  22,665
  23,795
  24,982
  26,228
  27,536
  28,910
  30,353
  31,868
  33,459
  35,130
  36,885
  38,727
  40,662
Total equity, $m
  1,221
  1,206
  1,265
  1,327
  1,393
  1,461
  1,534
  1,610
  1,689
  1,773
  1,861
  1,953
  2,050
  2,152
  2,259
  2,372
  2,490
  2,614
  2,744
  2,881
  3,025
  3,176
  3,334
  3,500
  3,675
  3,858
  4,051
  4,253
  4,466
  4,689
  4,923
Total liabilities and equity, $m
  11,439
  11,166
  11,714
  12,290
  12,896
  13,531
  14,201
  14,903
  15,641
  16,416
  17,231
  18,086
  18,984
  19,928
  20,920
  21,961
  23,055
  24,203
  25,409
  26,676
  28,007
  29,404
  30,870
  32,410
  34,028
  35,726
  37,510
  39,383
  41,351
  43,416
  45,585
Debt-to-equity ratio
  0.717
  1.020
  1.360
  1.680
  1.990
  2.290
  2.570
  2.840
  3.090
  3.340
  3.570
  3.790
  4.000
  4.200
  4.400
  4.580
  4.750
  4.920
  5.080
  5.230
  5.370
  5.510
  5.640
  5.770
  5.880
  6.000
  6.100
  6.210
  6.300
  6.400
  6.490
Adjusted equity ratio
  0.107
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  219
  224
  219
  214
  210
  205
  200
  195
  190
  184
  178
  172
  165
  158
  151
  143
  135
  126
  117
  108
  98
  88
  77
  66
  54
  41
  28
  14
  -1
  -22
  -44
Depreciation, amort., depletion, $m
  196
  15
  16
  17
  18
  19
  19
  20
  21
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  47
  49
  51
  54
  57
  60
  63
Funds from operations, $m
  117
  239
  235
  231
  228
  224
  220
  216
  211
  206
  202
  196
  191
  185
  179
  173
  166
  160
  152
  145
  137
  128
  119
  110
  100
  90
  79
  68
  56
  38
  19
Change in working capital, $m
  -175
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
  61
  64
  67
  71
  74
Cash from operations, $m
  292
  206
  216
  212
  207
  202
  197
  192
  186
  180
  174
  167
  160
  153
  145
  137
  129
  120
  111
  101
  91
  80
  69
  57
  45
  32
  18
  4
  -11
  -33
  -56
Maintenance CAPEX, $m
  0
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -60
New CAPEX, $m
  0
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
Cash from investing activities, $m
  -48
  -18
  -19
  -20
  -21
  -22
  -24
  -24
  -25
  -26
  -29
  -30
  -31
  -32
  -34
  -36
  -38
  -40
  -41
  -44
  -46
  -48
  -50
  -53
  -55
  -59
  -61
  -64
  -68
  -71
  -75
Free cash flow, $m
  244
  188
  197
  192
  186
  180
  174
  167
  160
  153
  146
  138
  129
  121
  111
  102
  91
  81
  70
  58
  45
  32
  19
  4
  -11
  -26
  -43
  -60
  -79
  -104
  -130
Issuance/(repayment) of debt, $m
  0
  495
  489
  514
  540
  568
  596
  627
  658
  692
  726
  763
  802
  842
  884
  929
  975
  1,024
  1,076
  1,130
  1,187
  1,246
  1,309
  1,374
  1,443
  1,515
  1,591
  1,671
  1,754
  1,842
  1,935
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
  495
  489
  514
  540
  568
  596
  627
  658
  692
  726
  763
  802
  842
  884
  929
  975
  1,024
  1,076
  1,130
  1,187
  1,246
  1,309
  1,374
  1,443
  1,515
  1,591
  1,671
  1,754
  1,842
  1,935
Total cash flow (excl. dividends), $m
  93
  683
  686
  706
  726
  748
  770
  794
  819
  845
  872
  901
  931
  962
  996
  1,030
  1,067
  1,105
  1,145
  1,188
  1,232
  1,278
  1,327
  1,378
  1,432
  1,489
  1,548
  1,610
  1,675
  1,738
  1,805
Retained Cash Flow (-), $m
  -75
  -60
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -158
  -166
  -175
  -183
  -193
  -202
  -212
  -223
  -234
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
 
  623
  627
  643
  661
  679
  698
  718
  739
  761
  784
  808
  834
  861
  889
  918
  949
  981
  1,015
  1,051
  1,088
  1,128
  1,169
  1,212
  1,258
  1,305
  1,355
  1,408
  1,463
  1,515
  1,570
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  593
  566
  548
  528
  505
  482
  456
  429
  401
  371
  342
  311
  281
  252
  223
  195
  169
  144
  121
  101
  82
  66
  52
  41
  31
  23
  17
  12
  8
  6
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 15.6
Price to Sales 2.2
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 11.7
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 $1405 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 4.9% 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 5%, 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 76.8%.

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 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 4.8% 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 5.2%.

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 25.9%. 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 - $1146 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 $3.4 billion.

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COMPANY NEWS

▶ 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]
▶ 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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