Intrinsic value of Torchmark - TMK

Previous Close

$91.66

  Intrinsic Value

$150.48

stock screener

  Rating & Target

str. buy

+64%

Previous close

$91.66

 
Intrinsic value

$150.48

 
Up/down potential

+64%

 
Rating

str. buy

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

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

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, %
  4.49
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  0
  4,159
  4,393
  4,638
  4,894
  5,161
  5,440
  5,732
  6,038
  6,358
  6,693
  7,044
  7,412
  7,797
  8,201
  8,624
  9,068
  9,533
  10,021
  10,533
  11,069
  11,632
  12,223
  12,842
  13,492
  14,174
  14,890
  15,641
  16,430
  17,257
  18,126
Variable operating expenses, $m
 
  3,225
  3,404
  3,591
  3,787
  3,991
  4,205
  4,428
  4,662
  4,907
  5,163
  5,387
  5,669
  5,963
  6,272
  6,596
  6,935
  7,291
  7,664
  8,055
  8,465
  8,896
  9,347
  9,821
  10,318
  10,840
  11,387
  11,962
  12,565
  13,198
  13,862
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
  3,225
  3,404
  3,591
  3,787
  3,991
  4,205
  4,428
  4,662
  4,907
  5,163
  5,387
  5,669
  5,963
  6,272
  6,596
  6,935
  7,291
  7,664
  8,055
  8,465
  8,896
  9,347
  9,821
  10,318
  10,840
  11,387
  11,962
  12,565
  13,198
  13,862
Operating income, $m
  856
  934
  989
  1,047
  1,107
  1,170
  1,235
  1,304
  1,376
  1,451
  1,530
  1,657
  1,744
  1,834
  1,929
  2,029
  2,133
  2,243
  2,357
  2,478
  2,604
  2,736
  2,875
  3,021
  3,174
  3,334
  3,503
  3,679
  3,865
  4,059
  4,264
EBITDA, $m
  1,325
  978
  1,033
  1,091
  1,151
  1,214
  1,280
  1,348
  1,420
  1,496
  1,575
  1,657
  1,744
  1,834
  1,929
  2,029
  2,133
  2,243
  2,357
  2,478
  2,604
  2,736
  2,875
  3,021
  3,174
  3,334
  3,503
  3,679
  3,865
  4,059
  4,264
Interest expense (income), $m
  81
  87
  144
  206
  271
  339
  409
  483
  561
  642
  727
  816
  909
  1,006
  1,109
  1,216
  1,328
  1,445
  1,569
  1,698
  1,834
  1,976
  2,125
  2,282
  2,446
  2,619
  2,800
  2,989
  3,189
  3,398
  3,617
Earnings before tax, $m
  772
  848
  846
  841
  836
  831
  826
  821
  815
  809
  803
  841
  835
  828
  821
  813
  805
  797
  788
  779
  770
  760
  750
  739
  727
  716
  703
  690
  676
  662
  647
Tax expense, $m
  232
  229
  228
  227
  226
  224
  223
  222
  220
  219
  217
  227
  225
  224
  222
  220
  217
  215
  213
  210
  208
  205
  202
  199
  196
  193
  190
  186
  183
  179
  175
Net income, $m
  550
  619
  617
  614
  610
  607
  603
  599
  595
  591
  586
  614
  609
  604
  599
  594
  588
  582
  576
  569
  562
  555
  547
  539
  531
  522
  513
  504
  494
  483
  472

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
  22,605
  23,878
  25,207
  26,596
  28,048
  29,566
  31,154
  32,816
  34,556
  36,378
  38,285
  40,284
  42,377
  44,572
  46,872
  49,283
  51,811
  54,462
  57,242
  60,158
  63,217
  66,427
  69,794
  73,327
  77,034
  80,925
  85,007
  89,292
  93,790
  98,510
Adjusted assets (=assets-cash), $m
  21,436
  22,605
  23,878
  25,207
  26,596
  28,048
  29,566
  31,154
  32,816
  34,556
  36,378
  38,285
  40,284
  42,377
  44,572
  46,872
  49,283
  51,811
  54,462
  57,242
  60,158
  63,217
  66,427
  69,794
  73,327
  77,034
  80,925
  85,007
  89,292
  93,790
  98,510
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
  279
  294
  311
  328
  346
  364
  384
  405
  426
  448
  472
  497
  522
  549
  578
  608
  639
  671
  706
  742
  779
  819
  860
  904
  950
  998
  1,048
  1,101
  1,156
  1,214
Total debt, $m
  1,398
  2,319
  3,321
  4,367
  5,460
  6,603
  7,797
  9,047
  10,355
  11,725
  13,158
  14,659
  16,232
  17,880
  19,607
  21,417
  23,315
  25,304
  27,390
  29,579
  31,874
  34,281
  36,807
  39,457
  42,237
  45,155
  48,217
  51,430
  54,802
  58,342
  62,056
Total liabilities, $m
  16,869
  17,790
  18,792
  19,838
  20,931
  22,074
  23,268
  24,518
  25,826
  27,196
  28,629
  30,130
  31,703
  33,351
  35,078
  36,888
  38,786
  40,775
  42,861
  45,050
  47,345
  49,752
  52,278
  54,928
  57,708
  60,626
  63,688
  66,901
  70,273
  73,813
  77,527
Total equity, $m
  4,567
  4,815
  5,086
  5,369
  5,665
  5,974
  6,298
  6,636
  6,990
  7,360
  7,748
  8,155
  8,580
  9,026
  9,494
  9,984
  10,497
  11,036
  11,600
  12,193
  12,814
  13,465
  14,149
  14,866
  15,619
  16,408
  17,237
  18,107
  19,019
  19,977
  20,983
Total liabilities and equity, $m
  21,436
  22,605
  23,878
  25,207
  26,596
  28,048
  29,566
  31,154
  32,816
  34,556
  36,377
  38,285
  40,283
  42,377
  44,572
  46,872
  49,283
  51,811
  54,461
  57,243
  60,159
  63,217
  66,427
  69,794
  73,327
  77,034
  80,925
  85,008
  89,292
  93,790
  98,510
Debt-to-equity ratio
  0.306
  0.480
  0.650
  0.810
  0.960
  1.110
  1.240
  1.360
  1.480
  1.590
  1.700
  1.800
  1.890
  1.980
  2.070
  2.150
  2.220
  2.290
  2.360
  2.430
  2.490
  2.550
  2.600
  2.650
  2.700
  2.750
  2.800
  2.840
  2.880
  2.920
  2.960
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
  619
  617
  614
  610
  607
  603
  599
  595
  591
  586
  614
  609
  604
  599
  594
  588
  582
  576
  569
  562
  555
  547
  539
  531
  522
  513
  504
  494
  483
  472
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
  663
  661
  658
  655
  651
  647
  643
  639
  635
  631
  614
  609
  604
  599
  594
  588
  582
  576
  569
  562
  555
  547
  539
  531
  522
  513
  504
  494
  483
  472
Change in working capital, $m
  218
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
Cash from operations, $m
  1,399
  648
  646
  642
  638
  633
  629
  624
  619
  614
  608
  591
  585
  578
  572
  565
  558
  551
  543
  535
  526
  517
  508
  498
  487
  477
  465
  453
  441
  428
  414
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
  648
  646
  642
  638
  633
  629
  624
  619
  614
  608
  591
  585
  578
  572
  565
  558
  551
  543
  535
  526
  517
  508
  498
  487
  477
  465
  453
  441
  428
  414
Issuance/(repayment) of debt, $m
  172
  921
  1,002
  1,046
  1,093
  1,143
  1,195
  1,250
  1,308
  1,369
  1,434
  1,501
  1,573
  1,648
  1,727
  1,810
  1,898
  1,990
  2,086
  2,188
  2,295
  2,408
  2,526
  2,650
  2,780
  2,918
  3,062
  3,213
  3,372
  3,539
  3,715
Issuance/(repurchase) of shares, $m
  -343
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  23
  59
  97
  136
  178
  221
  267
  315
  366
  419
  475
  533
Cash from financing (excl. dividends), $m  
  -253
  921
  1,002
  1,046
  1,093
  1,143
  1,195
  1,250
  1,308
  1,369
  1,434
  1,501
  1,573
  1,648
  1,727
  1,810
  1,898
  1,990
  2,086
  2,211
  2,354
  2,505
  2,662
  2,828
  3,001
  3,185
  3,377
  3,579
  3,791
  4,014
  4,248
Total cash flow (excl. dividends), $m
  82
  1,569
  1,647
  1,688
  1,731
  1,776
  1,823
  1,874
  1,927
  1,983
  2,042
  2,092
  2,157
  2,226
  2,299
  2,375
  2,456
  2,540
  2,629
  2,746
  2,880
  3,021
  3,170
  3,326
  3,489
  3,662
  3,842
  4,032
  4,232
  4,442
  4,662
Retained Cash Flow (-), $m
  -511
  -248
  -271
  -283
  -296
  -309
  -323
  -338
  -354
  -371
  -388
  -406
  -426
  -446
  -467
  -490
  -514
  -538
  -565
  -592
  -621
  -652
  -684
  -717
  -753
  -790
  -829
  -870
  -913
  -958
  -1,005
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
 
  1,321
  1,376
  1,405
  1,435
  1,467
  1,500
  1,535
  1,573
  1,612
  1,654
  1,686
  1,732
  1,780
  1,832
  1,885
  1,942
  2,002
  2,065
  2,154
  2,259
  2,370
  2,486
  2,608
  2,737
  2,872
  3,014
  3,163
  3,319
  3,484
  3,657
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
 
  1,267
  1,260
  1,222
  1,181
  1,137
  1,089
  1,037
  983
  926
  867
  800
  739
  677
  615
  554
  494
  436
  380
  332
  287
  245
  206
  171
  139
  112
  88
  68
  51
  38
  28
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
  99.9
  99.7
  99.4
  99.0
  98.4
  97.8
  97.1
  96.3
  95.4
  94.5
  93.5
  92.4

Torchmark Corporation (Torchmark) is an insurance holding company. The Company, through its subsidiaries, provides a range of life and health insurance products and annuities to a base of customers. The Company's segments include life insurance, health insurance, annuities and investment. The life insurance segment includes traditional and interest-sensitive whole life insurance as well as term life insurance. The Health insurance products are guaranteed-renewable and include Medicare Supplement, critical illness, accident and limited-benefit supplemental hospital and surgical coverage's. Annuities include fixed-benefit contracts. The Company markets its insurance products through various distribution channels, each of which sells the products of its insurance segments. Its subsidiaries include American Income Life Insurance Company (American Income) and Liberty National Life Insurance Company (Liberty National).

FINANCIAL RATIOS  of  Torchmark (TMK)

Valuation Ratios
P/E Ratio 19.7
Price to Sales 2.7
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 7.9
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 5.7% 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 0.9 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 115.974 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 $10.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to Torchmark Corp. : December 26, 2017   [Dec-26-17 12:14PM  Capital Cube]
▶ ETFs with exposure to Torchmark Corp. : December 12, 2017   [Dec-12-17 02:18PM  Capital Cube]
▶ ETFs with exposure to Torchmark Corp. : November 27, 2017   [Nov-27-17 04:01PM  Capital Cube]
▶ ETFs with exposure to Torchmark Corp. : November 16, 2017   [Nov-16-17 12:05PM  Capital Cube]
▶ Torchmark Corporation Declares Dividend   [Nov-13-17 06:47PM  PR Newswire]
▶ Torchmark beats 3Q profit forecasts   [Oct-24-17 04:33PM  Associated Press]
▶ What to watch when Netflix delivers earnings   [Oct-16-17 09:15AM  Yahoo Finance]
▶ Yahoo Finance Live: Market Movers - Oct 16th, 2017   [07:20AM  Yahoo Finance Video]
▶ ETFs with exposure to Torchmark Corp. : August 28, 2017   [Aug-28-17 06:58PM  Capital Cube]
▶ Torchmark Corporation Declares Dividend   [05:00PM  PR Newswire]
▶ Torchmark beats 2Q profit forecasts   [Jul-26-17 10:05PM  Associated Press]
▶ ETFs with exposure to Torchmark Corp. : July 25, 2017   [Jul-25-17 01:39PM  Capital Cube]
▶ 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]
Financial statements 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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