Intrinsic value of Torchmark - TMK

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$76.33

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$76.33

 
Intrinsic value

$1,429

 
Up/down potential

+999%

 
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 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 9.0

 

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
  37.10
  33.89
  31.00
  28.40
  26.06
  23.95
  22.06
  20.35
  18.82
  17.44
  16.19
  15.07
  14.07
  13.16
  12.34
  11.61
  10.95
  10.35
  9.82
  9.34
  8.90
  8.51
  8.16
  7.85
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
Revenue, $m
  0
  5,395
  7,223
  9,462
  12,150
  15,316
  18,985
  23,173
  27,890
  33,138
  38,916
  45,218
  52,033
  59,352
  67,163
  75,453
  84,212
  93,432
  103,106
  113,229
  123,800
  134,821
  146,298
  158,237
  170,651
  183,553
  196,961
  210,894
  225,375
  240,430
  256,086
Variable operating expenses, $m
 
  4,170
  5,568
  7,281
  9,336
  11,758
  14,563
  17,766
  21,373
  25,387
  29,806
  34,581
  39,793
  45,391
  51,364
  57,704
  64,403
  71,454
  78,852
  86,594
  94,678
  103,107
  111,884
  121,015
  130,508
  140,375
  150,629
  161,285
  172,359
  183,873
  195,847
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
  4,170
  5,568
  7,281
  9,336
  11,758
  14,563
  17,766
  21,373
  25,387
  29,806
  34,581
  39,793
  45,391
  51,364
  57,704
  64,403
  71,454
  78,852
  86,594
  94,678
  103,107
  111,884
  121,015
  130,508
  140,375
  150,629
  161,285
  172,359
  183,873
  195,847
Operating income, $m
  856
  1,225
  1,655
  2,182
  2,814
  3,559
  4,422
  5,407
  6,516
  7,751
  9,110
  10,637
  12,240
  13,962
  15,799
  17,749
  19,810
  21,978
  24,254
  26,635
  29,122
  31,714
  34,414
  37,223
  40,143
  43,178
  46,332
  49,609
  53,015
  56,557
  60,240
EBITDA, $m
  1,325
  1,269
  1,699
  2,226
  2,858
  3,603
  4,466
  5,451
  6,561
  7,795
  9,154
  10,637
  12,240
  13,962
  15,799
  17,749
  19,810
  21,978
  24,254
  26,635
  29,122
  31,714
  34,414
  37,223
  40,143
  43,178
  46,332
  49,609
  53,015
  56,557
  60,240
Interest expense (income), $m
  81
  87
  471
  956
  1,550
  2,263
  3,102
  4,075
  5,186
  6,437
  7,829
  9,361
  11,032
  12,839
  14,780
  16,851
  19,050
  21,373
  23,818
  26,383
  29,067
  31,871
  34,793
  37,837
  41,003
  44,295
  47,716
  51,272
  54,967
  58,807
  62,799
Earnings before tax, $m
  772
  1,138
  1,183
  1,225
  1,264
  1,296
  1,319
  1,332
  1,330
  1,314
  1,282
  1,276
  1,208
  1,122
  1,019
  898
  760
  606
  436
  252
  54
  -156
  -379
  -614
  -860
  -1,117
  -1,385
  -1,663
  -1,951
  -2,250
  -2,559
Tax expense, $m
  232
  307
  320
  331
  341
  350
  356
  360
  359
  355
  346
  344
  326
  303
  275
  242
  205
  164
  118
  68
  15
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  550
  831
  864
  895
  923
  946
  963
  972
  971
  959
  936
  931
  882
  819
  744
  655
  555
  442
  318
  184
  40
  -156
  -379
  -614
  -860
  -1,117
  -1,385
  -1,663
  -1,951
  -2,250
  -2,559

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
  29,320
  39,257
  51,427
  66,032
  83,241
  103,181
  125,942
  151,575
  180,098
  211,501
  245,748
  282,790
  322,568
  365,015
  410,071
  457,676
  507,784
  560,357
  615,373
  672,825
  732,724
  795,096
  859,985
  927,451
  997,571
  1,070,438
  1,146,161
  1,224,863
  1,306,683
  1,391,774
Adjusted assets (=assets-cash), $m
  21,436
  29,320
  39,257
  51,427
  66,032
  83,241
  103,181
  125,942
  151,575
  180,098
  211,501
  245,748
  282,790
  322,568
  365,015
  410,071
  457,676
  507,784
  560,357
  615,373
  672,825
  732,724
  795,096
  859,985
  927,451
  997,571
  1,070,438
  1,146,161
  1,224,863
  1,306,683
  1,391,774
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
  361
  484
  634
  814
  1,026
  1,272
  1,553
  1,869
  2,220
  2,607
  3,030
  3,486
  3,977
  4,500
  5,055
  5,642
  6,260
  6,908
  7,586
  8,295
  9,033
  9,802
  10,602
  11,434
  12,298
  13,196
  14,130
  15,100
  16,109
  17,158
Total debt, $m
  1,398
  7,604
  15,424
  25,002
  36,496
  50,039
  65,732
  83,645
  103,818
  126,266
  150,980
  177,933
  207,085
  238,390
  271,796
  307,255
  344,720
  384,155
  425,530
  468,827
  514,042
  561,183
  610,270
  661,337
  714,433
  769,617
  826,964
  886,557
  948,496
  1,012,889
  1,079,855
Total liabilities, $m
  16,869
  23,075
  30,895
  40,473
  51,967
  65,510
  81,203
  99,116
  119,289
  141,737
  166,451
  193,404
  222,556
  253,861
  287,267
  322,726
  360,191
  399,626
  441,001
  484,298
  529,513
  576,654
  625,741
  676,808
  729,904
  785,088
  842,435
  902,028
  963,967
  1,028,360
  1,095,326
Total equity, $m
  4,567
  6,245
  8,362
  10,954
  14,065
  17,730
  21,977
  26,826
  32,285
  38,361
  45,050
  52,344
  60,234
  68,707
  77,748
  87,345
  97,485
  108,158
  119,356
  131,074
  143,312
  156,070
  169,356
  183,177
  197,547
  212,483
  228,003
  244,132
  260,896
  278,324
  296,448
Total liabilities and equity, $m
  21,436
  29,320
  39,257
  51,427
  66,032
  83,240
  103,180
  125,942
  151,574
  180,098
  211,501
  245,748
  282,790
  322,568
  365,015
  410,071
  457,676
  507,784
  560,357
  615,372
  672,825
  732,724
  795,097
  859,985
  927,451
  997,571
  1,070,438
  1,146,160
  1,224,863
  1,306,684
  1,391,774
Debt-to-equity ratio
  0.306
  1.220
  1.840
  2.280
  2.590
  2.820
  2.990
  3.120
  3.220
  3.290
  3.350
  3.400
  3.440
  3.470
  3.500
  3.520
  3.540
  3.550
  3.570
  3.580
  3.590
  3.600
  3.600
  3.610
  3.620
  3.620
  3.630
  3.630
  3.640
  3.640
  3.640
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
  831
  864
  895
  923
  946
  963
  972
  971
  959
  936
  931
  882
  819
  744
  655
  555
  442
  318
  184
  40
  -156
  -379
  -614
  -860
  -1,117
  -1,385
  -1,663
  -1,951
  -2,250
  -2,559
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
  875
  908
  939
  967
  990
  1,007
  1,016
  1,015
  1,004
  980
  931
  882
  819
  744
  655
  555
  442
  318
  184
  40
  -156
  -379
  -614
  -860
  -1,117
  -1,385
  -1,663
  -1,951
  -2,250
  -2,559
Change in working capital, $m
  218
  98
  122
  150
  180
  212
  246
  281
  316
  352
  387
  422
  457
  490
  523
  555
  587
  618
  648
  678
  708
  738
  769
  800
  832
  864
  898
  934
  970
  1,009
  1,049
Cash from operations, $m
  1,399
  777
  786
  789
  787
  778
  761
  736
  699
  652
  593
  509
  425
  329
  220
  100
  -32
  -176
  -330
  -494
  -669
  -895
  -1,148
  -1,414
  -1,692
  -1,982
  -2,283
  -2,596
  -2,921
  -3,259
  -3,608
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
  777
  786
  789
  787
  778
  761
  736
  699
  652
  593
  509
  425
  329
  220
  100
  -32
  -176
  -330
  -494
  -669
  -895
  -1,148
  -1,414
  -1,692
  -1,982
  -2,283
  -2,596
  -2,921
  -3,259
  -3,608
Issuance/(repayment) of debt, $m
  163
  6,206
  7,820
  9,578
  11,495
  13,543
  15,693
  17,913
  20,173
  22,448
  24,714
  26,953
  29,152
  31,305
  33,407
  35,459
  37,466
  39,434
  41,375
  43,298
  45,215
  47,141
  49,087
  51,067
  53,096
  55,184
  57,346
  59,594
  61,939
  64,392
  66,966
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
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -253
  6,206
  7,820
  9,578
  11,495
  13,543
  15,693
  17,913
  20,173
  22,448
  24,714
  26,953
  29,152
  31,305
  33,407
  35,459
  37,466
  39,434
  41,375
  43,298
  45,215
  47,141
  49,087
  51,067
  53,096
  55,184
  57,346
  59,594
  61,939
  64,392
  66,966
Total cash flow (excl. dividends), $m
  82
  6,983
  8,606
  10,366
  12,281
  14,321
  16,454
  18,648
  20,873
  23,100
  25,306
  27,462
  29,578
  31,634
  33,627
  35,559
  37,433
  39,259
  41,045
  42,803
  44,547
  46,246
  47,939
  49,653
  51,404
  53,203
  55,063
  56,998
  59,017
  61,134
  63,358
Retained Cash Flow (-), $m
  -511
  -1,678
  -2,116
  -2,592
  -3,111
  -3,665
  -4,247
  -4,848
  -5,460
  -6,075
  -6,689
  -7,295
  -7,890
  -8,473
  -9,041
  -9,597
  -10,140
  -10,673
  -11,198
  -11,718
  -12,237
  -12,758
  -13,285
  -13,821
  -14,370
  -14,936
  -15,521
  -16,129
  -16,764
  -17,428
  -18,124
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
 
  5,305
  6,489
  7,774
  9,170
  10,656
  12,207
  13,800
  15,413
  17,024
  18,618
  20,167
  21,688
  23,161
  24,585
  25,962
  27,293
  28,586
  29,847
  31,085
  32,309
  33,487
  34,653
  35,832
  37,033
  38,267
  39,543
  40,869
  42,254
  43,706
  45,234
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
 
  5,086
  5,941
  6,766
  7,551
  8,260
  8,859
  9,323
  9,633
  9,780
  9,760
  9,577
  9,255
  8,806
  8,254
  7,622
  6,936
  6,220
  5,497
  4,786
  4,106
  3,464
  2,875
  2,348
  1,886
  1,489
  1,154
  877
  654
  477
  341
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

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 16.4
Price to Sales 2.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 6.6
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 37.1% 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 117.731 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 $9.0 billion.


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COMPANY NEWS

▶ 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]
▶ Torchmark Corporation Declares Dividend   [May-20-16 04:28PM  PR Newswire]
Stock chart of TMK Financial statements of TMK
Valuation of Stocks

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