Intrinsic value of Torchmark - TMK

Previous Close

$78.32

  Intrinsic Value

$134.68

stock screener

  Rating & Target

str. buy

+72%

  Value-price divergence*

+1216%

Previous close

$78.32

 
Intrinsic value

$134.68

 
Up/down potential

+72%

 
Rating

str. buy

 
Value-price divergence*

+1216%

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

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

We calculate the intrinsic value of TMK 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 9.3

 

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, %
  4.49
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  0
  4,120
  4,315
  4,520
  4,736
  4,964
  5,203
  5,455
  5,720
  5,998
  6,291
  6,599
  6,923
  7,263
  7,621
  7,997
  8,392
  8,807
  9,243
  9,701
  10,182
  10,687
  11,218
  11,776
  12,361
  12,976
  13,622
  14,301
  15,013
  15,762
  16,547
Variable operating expenses, $m
 
  3,195
  3,344
  3,501
  3,666
  3,840
  4,023
  4,216
  4,419
  4,632
  4,856
  5,047
  5,295
  5,555
  5,828
  6,116
  6,418
  6,735
  7,068
  7,419
  7,787
  8,173
  8,579
  9,006
  9,453
  9,924
  10,418
  10,937
  11,482
  12,054
  12,655
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
  3,079
  3,195
  3,344
  3,501
  3,666
  3,840
  4,023
  4,216
  4,419
  4,632
  4,856
  5,047
  5,295
  5,555
  5,828
  6,116
  6,418
  6,735
  7,068
  7,419
  7,787
  8,173
  8,579
  9,006
  9,453
  9,924
  10,418
  10,937
  11,482
  12,054
  12,655
Operating income, $m
  856
  925
  971
  1,019
  1,070
  1,123
  1,180
  1,239
  1,301
  1,367
  1,436
  1,552
  1,629
  1,709
  1,793
  1,881
  1,974
  2,072
  2,174
  2,282
  2,395
  2,514
  2,639
  2,770
  2,908
  3,052
  3,204
  3,364
  3,532
  3,708
  3,893
EBITDA, $m
  1,325
  969
  1,015
  1,063
  1,114
  1,168
  1,224
  1,283
  1,345
  1,411
  1,480
  1,552
  1,629
  1,709
  1,793
  1,881
  1,974
  2,072
  2,174
  2,282
  2,395
  2,514
  2,639
  2,770
  2,908
  3,052
  3,204
  3,364
  3,532
  3,708
  3,893
Interest expense (income), $m
  81
  87
  133
  185
  239
  297
  357
  421
  487
  558
  631
  709
  791
  877
  967
  1,062
  1,161
  1,266
  1,376
  1,492
  1,613
  1,741
  1,875
  2,016
  2,163
  2,319
  2,482
  2,653
  2,833
  3,022
  3,221
Earnings before tax, $m
  772
  838
  837
  834
  830
  827
  823
  818
  814
  809
  804
  843
  838
  832
  826
  819
  813
  805
  798
  790
  782
  773
  764
  754
  744
  734
  722
  711
  698
  686
  672
Tax expense, $m
  232
  226
  226
  225
  224
  223
  222
  221
  220
  218
  217
  228
  226
  225
  223
  221
  219
  217
  215
  213
  211
  209
  206
  204
  201
  198
  195
  192
  189
  185
  181
Net income, $m
  550
  612
  611
  609
  606
  603
  601
  597
  594
  591
  587
  616
  612
  607
  603
  598
  593
  588
  583
  577
  571
  564
  558
  551
  543
  536
  527
  519
  510
  500
  491

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
  21,436
  22,391
  23,450
  24,566
  25,740
  26,977
  28,278
  29,646
  31,086
  32,600
  34,192
  35,866
  37,626
  39,475
  41,419
  43,461
  45,608
  47,863
  50,232
  52,721
  55,336
  58,082
  60,967
  63,997
  67,180
  70,523
  74,034
  77,722
  81,594
  85,661
  89,932
Adjusted assets (=assets-cash), $m
  21,436
  22,391
  23,450
  24,566
  25,740
  26,977
  28,278
  29,646
  31,086
  32,600
  34,192
  35,866
  37,626
  39,475
  41,419
  43,461
  45,608
  47,863
  50,232
  52,721
  55,336
  58,082
  60,967
  63,997
  67,180
  70,523
  74,034
  77,722
  81,594
  85,661
  89,932
Revenue / Adjusted assets
  0.000
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
Average production assets, $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
Working capital, $m
  0
  276
  289
  303
  317
  333
  349
  365
  383
  402
  422
  442
  464
  487
  511
  536
  562
  590
  619
  650
  682
  716
  752
  789
  828
  869
  913
  958
  1,006
  1,056
  1,109
Total debt, $m
  1,398
  2,151
  2,984
  3,862
  4,787
  5,760
  6,783
  7,861
  8,994
  10,185
  11,438
  12,756
  14,141
  15,596
  17,126
  18,733
  20,422
  22,197
  24,061
  26,020
  28,078
  30,240
  32,510
  34,895
  37,400
  40,031
  42,794
  45,696
  48,744
  51,944
  55,305
Total liabilities, $m
  16,869
  17,622
  18,455
  19,333
  20,258
  21,231
  22,254
  23,332
  24,465
  25,656
  26,909
  28,227
  29,612
  31,067
  32,597
  34,204
  35,893
  37,668
  39,532
  41,491
  43,549
  45,711
  47,981
  50,366
  52,871
  55,502
  58,265
  61,167
  64,215
  67,415
  70,776
Total equity, $m
  4,567
  4,769
  4,995
  5,232
  5,483
  5,746
  6,023
  6,315
  6,621
  6,944
  7,283
  7,640
  8,014
  8,408
  8,822
  9,257
  9,714
  10,195
  10,699
  11,230
  11,786
  12,371
  12,986
  13,631
  14,309
  15,021
  15,769
  16,555
  17,380
  18,246
  19,156
Total liabilities and equity, $m
  21,436
  22,391
  23,450
  24,565
  25,741
  26,977
  28,277
  29,647
  31,086
  32,600
  34,192
  35,867
  37,626
  39,475
  41,419
  43,461
  45,607
  47,863
  50,231
  52,721
  55,335
  58,082
  60,967
  63,997
  67,180
  70,523
  74,034
  77,722
  81,595
  85,661
  89,932
Debt-to-equity ratio
  0.306
  0.450
  0.600
  0.740
  0.870
  1.000
  1.130
  1.240
  1.360
  1.470
  1.570
  1.670
  1.760
  1.850
  1.940
  2.020
  2.100
  2.180
  2.250
  2.320
  2.380
  2.440
  2.500
  2.560
  2.610
  2.660
  2.710
  2.760
  2.800
  2.850
  2.890
Adjusted equity ratio
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  550
  612
  611
  609
  606
  603
  601
  597
  594
  591
  587
  616
  612
  607
  603
  598
  593
  588
  583
  577
  571
  564
  558
  551
  543
  536
  527
  519
  510
  500
  491
Depreciation, amort., depletion, $m
  469
  44
  44
  44
  44
  44
  44
  44
  44
  44
  44
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  1,617
  656
  656
  653
  650
  648
  645
  642
  638
  635
  631
  616
  612
  607
  603
  598
  593
  588
  583
  577
  571
  564
  558
  551
  543
  536
  527
  519
  510
  500
  491
Change in working capital, $m
  218
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  48
  50
  53
Cash from operations, $m
  1,399
  644
  642
  639
  636
  632
  629
  625
  621
  616
  612
  595
  590
  584
  579
  573
  567
  560
  553
  546
  538
  531
  522
  513
  504
  494
  484
  473
  462
  450
  438
Maintenance CAPEX, $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
New CAPEX, $m
  -25
  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 investing activities, $m
  -1,062
  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
Free cash flow, $m
  337
  644
  642
  639
  636
  632
  629
  625
  621
  616
  612
  595
  590
  584
  579
  573
  567
  560
  553
  546
  538
  531
  522
  513
  504
  494
  484
  473
  462
  450
  438
Issuance/(repayment) of debt, $m
  163
  753
  834
  878
  924
  973
  1,024
  1,077
  1,133
  1,192
  1,253
  1,317
  1,385
  1,455
  1,530
  1,607
  1,689
  1,775
  1,865
  1,959
  2,058
  2,162
  2,271
  2,385
  2,505
  2,631
  2,763
  2,902
  3,048
  3,201
  3,361
Issuance/(repurchase) of shares, $m
  -343
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  21
  57
  95
  135
  176
  220
  267
  315
  366
  419
Cash from financing (excl. dividends), $m  
  -253
  753
  834
  878
  924
  973
  1,024
  1,077
  1,133
  1,192
  1,253
  1,317
  1,385
  1,455
  1,530
  1,607
  1,689
  1,775
  1,865
  1,959
  2,058
  2,183
  2,328
  2,480
  2,640
  2,807
  2,983
  3,169
  3,363
  3,567
  3,780
Total cash flow (excl. dividends), $m
  82
  1,396
  1,476
  1,517
  1,560
  1,605
  1,653
  1,702
  1,754
  1,808
  1,865
  1,912
  1,975
  2,040
  2,109
  2,180
  2,256
  2,335
  2,418
  2,505
  2,596
  2,713
  2,849
  2,993
  3,144
  3,302
  3,468
  3,642
  3,825
  4,017
  4,218
Retained Cash Flow (-), $m
  -511
  -202
  -226
  -238
  -250
  -263
  -277
  -292
  -307
  -323
  -339
  -357
  -375
  -394
  -414
  -435
  -457
  -480
  -505
  -530
  -557
  -585
  -615
  -645
  -678
  -712
  -748
  -785
  -825
  -866
  -910
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
 
  1,194
  1,250
  1,280
  1,310
  1,342
  1,375
  1,410
  1,447
  1,485
  1,526
  1,556
  1,600
  1,646
  1,695
  1,745
  1,799
  1,855
  1,913
  1,975
  2,039
  2,128
  2,235
  2,348
  2,466
  2,590
  2,720
  2,856
  3,000
  3,151
  3,309
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,145
  1,145
  1,114
  1,079
  1,040
  998
  953
  904
  853
  800
  739
  683
  626
  569
  512
  457
  404
  352
  304
  259
  220
  185
  154
  126
  101
  79
  61
  46
  34
  25
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
  99.9
  99.7
  99.3
  98.9
  98.3
  97.6
  96.8
  95.9
  94.9
  93.8

Torchmark Corporation, through its subsidiaries, provides various life and health insurance products, and annuities in the United States, Canada, and New Zealand. It operates through Life Insurance, Health Insurance, and Annuities segments. The Life Insurance segment offers life insurance products, including traditional and interest-sensitive whole life and term life insurance, and other life insurance. The Health Insurance segment provides health insurance products comprising Medicare Supplements, critical illness, accident, long-term care, and limited-benefit supplemental hospital and surgical coverages. The Annuities segment provides single-premium and flexible-premium deferred annuities. The company sells its products through sales by direct response, exclusive agents, and independent agents, as well as through direct mail, Internet, television, and magazine distribution channels. Torchmark Corporation was founded in 1900 and is headquartered in McKinney, Texas.

FINANCIAL RATIOS  of  Torchmark (TMK)

Valuation Ratios
P/E Ratio 16.8
Price to Sales 2.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 6.7
Growth Rates
Sales Growth Rate 4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.4%
Cap. Spend. - 3 Yr. Gr. Rate 17.8%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 24.8%
Total Debt to Equity 30.6%
Interest Coverage 11
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 9.8%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity 12.8%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 33.6%
EBITDA Margin - 3 Yr. Avg. 34.4%
Operating Margin 21.8%
Oper. Margin - 3 Yr. Avg. 22.6%
Pre-Tax Margin 19.6%
Pre-Tax Margin - 3 Yr. Avg. 20.5%
Net Profit Margin 14%
Net Profit Margin - 3 Yr. Avg. 14.3%
Effective Tax Rate 30.1%
Eff/ Tax Rate - 3 Yr. Avg. 31.8%
Payout Ratio 12.2%

TMK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TMK stock intrinsic value calculation we used $3935 million for the last fiscal year's total revenue generated by Torchmark. The default revenue input number comes from 2016 income statement of Torchmark. 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 TMK stock valuation model: a) initial revenue growth rate of 4.7% 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 4.3%, whose default value for TMK is calculated based on our internal credit rating of Torchmark, 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 Torchmark.
    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 TMK stock the variable cost ratio is equal to 77.6%.

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 TMK 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 6.2% for Torchmark.

Corporate tax rate of 27% is the nominal tax rate for Torchmark. 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 TMK 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 TMK are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Torchmark 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 TMK is equal to 6.7%. 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 - $4567 million for Torchmark - 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 118.806 million for Torchmark 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 Torchmark at the current share price and the inputted number of shares is $9.3 billion.

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COMPANY NEWS

▶ 3 Hidden Gems in Warren Buffett's Portfolio   [Jul-21-17 08:02AM  Motley Fool]
▶ ETFs with exposure to Torchmark Corp. : July 13, 2017   [Jul-13-17 04:44PM  Capital Cube]
▶ Family Heritage Life Wins StevieĀ® Award   [Jun-16-17 04:05PM  PR Newswire]
▶ ETFs with exposure to Torchmark Corp. : June 9, 2017   [Jun-09-17 02:00PM  Capital Cube]
▶ Torchmark Corporation Declares Dividend   [May-18-17 06:00PM  PR Newswire]
▶ Torchmark beats 1Q profit forecasts   [Apr-19-17 04:24PM  Associated Press]
▶ Dividend Growth Stocks Raising The Bar   [Mar-06-17 09:28AM  Insider Monkey]
▶ Dividend Growth Stocks Raising The Bar   [09:28AM  at Insider Monkey]
▶ Torchmark Corporation Declares Dividend   [Feb-28-17 04:05PM  PR Newswire]
▶ Is YPF SA (ADR) (YPF) A Good Stock To Buy?   [Dec-02-16 07:39AM  at Insider Monkey]
▶ Teck Resources Ltd (USA) (TCK): Hedge Funds Are Snapping Up   [Nov-25-16 10:45AM  at Insider Monkey]
▶ Torchmark Corporation Declares Dividend   [Sep-08-16 05:30PM  PR Newswire]
Stock chart of TMK Financial statements of TMK Annual reports of TMK
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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