Intrinsic value of Torchmark - TMK

Previous Close

$77.22

  Intrinsic Value

$125.01

stock screener

  Rating & Target

str. buy

+62%

  Value-price divergence*

-26%

Previous close

$77.22

 
Intrinsic value

$125.01

 
Up/down potential

+62%

 
Rating

str. buy

 
Value-price divergence*

-26%

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 9.1

 

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
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  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
Revenue, $m
  0
  4,081
  4,237
  4,404
  4,583
  4,773
  4,975
  5,189
  5,416
  5,657
  5,911
  6,180
  6,464
  6,763
  7,079
  7,412
  7,762
  8,132
  8,521
  8,930
  9,361
  9,814
  10,291
  10,792
  11,320
  11,874
  12,456
  13,069
  13,712
  14,389
  15,099
Variable operating expenses, $m
 
  3,165
  3,284
  3,412
  3,549
  3,694
  3,849
  4,013
  4,186
  4,370
  4,565
  4,726
  4,943
  5,172
  5,414
  5,668
  5,936
  6,219
  6,516
  6,830
  7,159
  7,506
  7,870
  8,254
  8,657
  9,081
  9,526
  9,995
  10,487
  11,004
  11,547
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
  3,165
  3,284
  3,412
  3,549
  3,694
  3,849
  4,013
  4,186
  4,370
  4,565
  4,726
  4,943
  5,172
  5,414
  5,668
  5,936
  6,219
  6,516
  6,830
  7,159
  7,506
  7,870
  8,254
  8,657
  9,081
  9,526
  9,995
  10,487
  11,004
  11,547
Operating income, $m
  856
  916
  952
  992
  1,034
  1,078
  1,126
  1,176
  1,230
  1,286
  1,346
  1,454
  1,520
  1,591
  1,665
  1,743
  1,826
  1,913
  2,004
  2,101
  2,202
  2,309
  2,421
  2,539
  2,663
  2,793
  2,930
  3,074
  3,226
  3,385
  3,552
EBITDA, $m
  1,325
  960
  997
  1,036
  1,078
  1,123
  1,170
  1,221
  1,274
  1,331
  1,390
  1,454
  1,520
  1,591
  1,665
  1,743
  1,826
  1,913
  2,004
  2,101
  2,202
  2,309
  2,421
  2,539
  2,663
  2,793
  2,930
  3,074
  3,226
  3,385
  3,552
Interest expense (income), $m
  81
  87
  123
  164
  209
  256
  306
  360
  417
  477
  541
  608
  680
  755
  834
  918
  1,006
  1,099
  1,197
  1,300
  1,409
  1,523
  1,643
  1,770
  1,903
  2,043
  2,190
  2,344
  2,506
  2,677
  2,856
Earnings before tax, $m
  772
  829
  830
  827
  825
  822
  820
  816
  813
  809
  805
  845
  841
  836
  831
  825
  820
  814
  807
  800
  793
  785
  777
  769
  760
  751
  741
  730
  719
  708
  695
Tax expense, $m
  232
  224
  224
  223
  223
  222
  221
  220
  220
  219
  217
  228
  227
  226
  224
  223
  221
  220
  218
  216
  214
  212
  210
  208
  205
  203
  200
  197
  194
  191
  188
Net income, $m
  550
  605
  606
  604
  602
  600
  598
  596
  594
  591
  588
  617
  614
  610
  607
  603
  598
  594
  589
  584
  579
  573
  567
  561
  555
  548
  541
  533
  525
  517
  508

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
  22,177
  23,027
  23,935
  24,905
  25,938
  27,036
  28,201
  29,436
  30,743
  32,125
  33,586
  35,128
  36,755
  38,472
  40,281
  42,187
  44,195
  46,309
  48,534
  50,875
  53,339
  55,930
  58,655
  61,520
  64,532
  67,698
  71,026
  74,524
  78,199
  82,062
Adjusted assets (=assets-cash), $m
  21,436
  22,177
  23,027
  23,935
  24,905
  25,938
  27,036
  28,201
  29,436
  30,743
  32,125
  33,586
  35,128
  36,755
  38,472
  40,281
  42,187
  44,195
  46,309
  48,534
  50,875
  53,339
  55,930
  58,655
  61,520
  64,532
  67,698
  71,026
  74,524
  78,199
  82,062
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
  273
  284
  295
  307
  320
  333
  348
  363
  379
  396
  414
  433
  453
  474
  497
  520
  545
  571
  598
  627
  658
  690
  723
  758
  796
  835
  876
  919
  964
  1,012
Total debt, $m
  1,398
  1,982
  2,651
  3,366
  4,129
  4,942
  5,806
  6,723
  7,695
  8,724
  9,811
  10,961
  12,175
  13,455
  14,806
  16,230
  17,730
  19,310
  20,974
  22,725
  24,568
  26,506
  28,546
  30,690
  32,945
  35,316
  37,808
  40,427
  43,179
  46,072
  49,111
Total liabilities, $m
  16,869
  17,453
  18,122
  18,837
  19,600
  20,413
  21,277
  22,194
  23,166
  24,195
  25,282
  26,432
  27,646
  28,926
  30,277
  31,701
  33,201
  34,781
  36,445
  38,196
  40,039
  41,977
  44,017
  46,161
  48,416
  50,787
  53,279
  55,898
  58,650
  61,543
  64,582
Total equity, $m
  4,567
  4,724
  4,905
  5,098
  5,305
  5,525
  5,759
  6,007
  6,270
  6,548
  6,843
  7,154
  7,482
  7,829
  8,194
  8,580
  8,986
  9,413
  9,864
  10,338
  10,836
  11,361
  11,913
  12,493
  13,104
  13,745
  14,420
  15,129
  15,874
  16,656
  17,479
Total liabilities and equity, $m
  21,436
  22,177
  23,027
  23,935
  24,905
  25,938
  27,036
  28,201
  29,436
  30,743
  32,125
  33,586
  35,128
  36,755
  38,471
  40,281
  42,187
  44,194
  46,309
  48,534
  50,875
  53,338
  55,930
  58,654
  61,520
  64,532
  67,699
  71,027
  74,524
  78,199
  82,061
Debt-to-equity ratio
  0.306
  0.420
  0.540
  0.660
  0.780
  0.890
  1.010
  1.120
  1.230
  1.330
  1.430
  1.530
  1.630
  1.720
  1.810
  1.890
  1.970
  2.050
  2.130
  2.200
  2.270
  2.330
  2.400
  2.460
  2.510
  2.570
  2.620
  2.670
  2.720
  2.770
  2.810
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
  605
  606
  604
  602
  600
  598
  596
  594
  591
  588
  617
  614
  610
  607
  603
  598
  594
  589
  584
  579
  573
  567
  561
  555
  548
  541
  533
  525
  517
  508
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
  649
  650
  648
  647
  645
  642
  640
  638
  635
  632
  617
  614
  610
  607
  603
  598
  594
  589
  584
  579
  573
  567
  561
  555
  548
  541
  533
  525
  517
  508
Change in working capital, $m
  218
  10
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
  45
  48
Cash from operations, $m
  1,399
  640
  639
  637
  635
  632
  629
  626
  622
  619
  615
  599
  595
  590
  585
  580
  575
  569
  563
  557
  550
  543
  536
  528
  519
  511
  502
  492
  482
  471
  460
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
  640
  639
  637
  635
  632
  629
  626
  622
  619
  615
  599
  595
  590
  585
  580
  575
  569
  563
  557
  550
  543
  536
  528
  519
  511
  502
  492
  482
  471
  460
Issuance/(repayment) of debt, $m
  172
  584
  668
  715
  763
  813
  864
  917
  972
  1,029
  1,088
  1,150
  1,214
  1,281
  1,351
  1,424
  1,500
  1,580
  1,664
  1,751
  1,843
  1,939
  2,039
  2,144
  2,255
  2,371
  2,492
  2,619
  2,753
  2,893
  3,039
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
  19
  56
  94
  134
  176
  220
  266
  315
Cash from financing (excl. dividends), $m  
  -253
  584
  668
  715
  763
  813
  864
  917
  972
  1,029
  1,088
  1,150
  1,214
  1,281
  1,351
  1,424
  1,500
  1,580
  1,664
  1,751
  1,843
  1,939
  2,039
  2,163
  2,311
  2,465
  2,626
  2,795
  2,973
  3,159
  3,354
Total cash flow (excl. dividends), $m
  82
  1,224
  1,308
  1,352
  1,398
  1,445
  1,493
  1,543
  1,594
  1,648
  1,703
  1,749
  1,809
  1,871
  1,936
  2,004
  2,075
  2,149
  2,227
  2,308
  2,393
  2,482
  2,575
  2,691
  2,830
  2,975
  3,127
  3,287
  3,455
  3,630
  3,814
Retained Cash Flow (-), $m
  -511
  -157
  -181
  -194
  -207
  -220
  -234
  -248
  -263
  -278
  -294
  -311
  -329
  -347
  -366
  -385
  -406
  -428
  -450
  -474
  -499
  -525
  -552
  -580
  -610
  -642
  -674
  -709
  -745
  -783
  -823
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
 
  1,067
  1,127
  1,159
  1,191
  1,225
  1,259
  1,295
  1,331
  1,369
  1,409
  1,438
  1,480
  1,524
  1,571
  1,619
  1,669
  1,722
  1,777
  1,834
  1,894
  1,957
  2,023
  2,111
  2,220
  2,333
  2,453
  2,578
  2,710
  2,847
  2,992
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
 
  1,023
  1,032
  1,008
  981
  949
  914
  875
  832
  787
  738
  683
  632
  580
  527
  475
  424
  375
  327
  282
  241
  202
  168
  138
  113
  91
  72
  55
  42
  31
  23
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
  99.9
  99.7
  99.3
  98.9
  98.2
  97.5
  96.7
  95.8

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 16.6
Price to Sales 2.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 6.5
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 3.7% 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 117.246 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 $9.1 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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