Intrinsic value of Voya Financial - VOYA

Previous Close

$40.15

  Intrinsic Value

$112.42

stock screener

  Rating & Target

str. buy

+180%

Previous close

$40.15

 
Intrinsic value

$112.42

 
Up/down potential

+180%

 
Rating

str. buy

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

We calculate the intrinsic value of VOYA 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 7.2

 

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, %
  -4.71
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  11,040
  11,294
  11,585
  11,911
  12,272
  12,668
  13,099
  13,566
  14,069
  14,609
  15,187
  15,803
  16,460
  17,157
  17,897
  18,682
  19,512
  20,390
  21,317
  22,297
  23,330
  24,420
  25,569
  26,780
  28,055
  29,397
  30,810
  32,296
  33,861
  35,506
Variable operating expenses, $m
 
  10,014
  10,244
  10,507
  10,803
  11,130
  11,489
  11,880
  12,304
  12,760
  13,250
  13,770
  14,329
  14,924
  15,557
  16,228
  16,939
  17,692
  18,488
  19,329
  20,217
  21,154
  22,142
  23,184
  24,281
  25,437
  26,655
  27,936
  29,284
  30,702
  32,194
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
  11,047
  10,014
  10,244
  10,507
  10,803
  11,130
  11,489
  11,880
  12,304
  12,760
  13,250
  13,770
  14,329
  14,924
  15,557
  16,228
  16,939
  17,692
  18,488
  19,329
  20,217
  21,154
  22,142
  23,184
  24,281
  25,437
  26,655
  27,936
  29,284
  30,702
  32,194
Operating income, $m
  -224
  1,027
  1,051
  1,078
  1,108
  1,142
  1,179
  1,219
  1,262
  1,309
  1,360
  1,417
  1,474
  1,535
  1,601
  1,670
  1,743
  1,820
  1,902
  1,989
  2,080
  2,176
  2,278
  2,385
  2,498
  2,617
  2,742
  2,874
  3,013
  3,159
  3,312
EBITDA, $m
  466
  1,096
  1,121
  1,150
  1,183
  1,218
  1,258
  1,301
  1,347
  1,397
  1,451
  1,508
  1,569
  1,634
  1,703
  1,777
  1,855
  1,937
  2,024
  2,117
  2,214
  2,316
  2,425
  2,539
  2,659
  2,785
  2,919
  3,059
  3,207
  3,362
  3,525
Interest expense (income), $m
  190
  192
  -154
  88
  364
  675
  1,019
  1,396
  1,808
  2,253
  2,732
  3,247
  3,797
  4,384
  5,010
  5,674
  6,380
  7,127
  7,918
  8,755
  9,639
  10,572
  11,557
  12,596
  13,691
  14,844
  16,059
  17,338
  18,685
  20,101
  21,592
Earnings before tax, $m
  -613
  835
  1,205
  990
  744
  467
  160
  -178
  -545
  -943
  -1,372
  -1,830
  -2,323
  -2,849
  -3,409
  -4,005
  -4,637
  -5,307
  -6,016
  -6,766
  -7,559
  -8,396
  -9,279
  -10,211
  -11,192
  -12,227
  -13,317
  -14,464
  -15,672
  -16,943
  -18,280
Tax expense, $m
  -214
  225
  325
  267
  201
  126
  43
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -428
  610
  880
  723
  543
  341
  117
  -178
  -545
  -943
  -1,372
  -1,830
  -2,323
  -2,849
  -3,409
  -4,005
  -4,637
  -5,307
  -6,016
  -6,766
  -7,559
  -8,396
  -9,279
  -10,211
  -11,192
  -12,227
  -13,317
  -14,464
  -15,672
  -16,943
  -18,280

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
  214,235
  216,480
  221,459
  227,151
  233,540
  240,621
  248,389
  256,848
  266,005
  275,870
  286,458
  297,784
  309,870
  322,738
  336,414
  350,925
  366,304
  382,583
  399,798
  417,988
  437,193
  457,458
  478,830
  501,356
  525,091
  550,089
  576,409
  604,112
  633,264
  663,933
  696,191
Adjusted assets (=assets-cash), $m
  214,235
  216,480
  221,459
  227,151
  233,540
  240,621
  248,389
  256,848
  266,005
  275,870
  286,458
  297,784
  309,870
  322,738
  336,414
  350,925
  366,304
  382,583
  399,798
  417,988
  437,193
  457,458
  478,830
  501,356
  525,091
  550,089
  576,409
  604,112
  633,264
  663,933
  696,191
Revenue / Adjusted assets
  0.000
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
Average production assets, $m
  323
  331
  339
  348
  357
  368
  380
  393
  407
  422
  438
  456
  474
  494
  515
  537
  560
  585
  612
  640
  669
  700
  733
  767
  803
  842
  882
  924
  969
  1,016
  1,065
Working capital, $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 debt, $m
  3,550
  -2,859
  1,622
  6,744
  12,495
  18,867
  25,859
  33,473
  41,714
  50,592
  60,121
  70,315
  81,192
  92,773
  105,081
  118,142
  131,983
  146,634
  162,127
  178,498
  195,783
  214,021
  233,256
  253,530
  274,891
  297,389
  321,077
  346,010
  372,246
  399,848
  428,881
Total liabilities, $m
  201,241
  194,832
  199,313
  204,435
  210,186
  216,558
  223,550
  231,164
  239,405
  248,283
  257,812
  268,006
  278,883
  290,464
  302,772
  315,833
  329,674
  344,325
  359,818
  376,189
  393,474
  411,712
  430,947
  451,221
  472,582
  495,080
  518,768
  543,701
  569,937
  597,539
  626,572
Total equity, $m
  12,994
  21,648
  22,146
  22,715
  23,354
  24,062
  24,839
  25,685
  26,601
  27,587
  28,646
  29,778
  30,987
  32,274
  33,641
  35,093
  36,630
  38,258
  39,980
  41,799
  43,719
  45,746
  47,883
  50,136
  52,509
  55,009
  57,641
  60,411
  63,326
  66,393
  69,619
Total liabilities and equity, $m
  214,235
  216,480
  221,459
  227,150
  233,540
  240,620
  248,389
  256,849
  266,006
  275,870
  286,458
  297,784
  309,870
  322,738
  336,413
  350,926
  366,304
  382,583
  399,798
  417,988
  437,193
  457,458
  478,830
  501,357
  525,091
  550,089
  576,409
  604,112
  633,263
  663,932
  696,191
Debt-to-equity ratio
  0.273
  -0.130
  0.070
  0.300
  0.540
  0.780
  1.040
  1.300
  1.570
  1.830
  2.100
  2.360
  2.620
  2.870
  3.120
  3.370
  3.600
  3.830
  4.060
  4.270
  4.480
  4.680
  4.870
  5.060
  5.240
  5.410
  5.570
  5.730
  5.880
  6.020
  6.160
Adjusted equity ratio
  0.061
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -428
  610
  880
  723
  543
  341
  117
  -178
  -545
  -943
  -1,372
  -1,830
  -2,323
  -2,849
  -3,409
  -4,005
  -4,637
  -5,307
  -6,016
  -6,766
  -7,559
  -8,396
  -9,279
  -10,211
  -11,192
  -12,227
  -13,317
  -14,464
  -15,672
  -16,943
  -18,280
Depreciation, amort., depletion, $m
  690
  69
  71
  73
  75
  77
  79
  82
  84
  88
  91
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  147
  153
  161
  168
  176
  185
  194
  203
  213
Funds from operations, $m
  5,585
  679
  950
  795
  618
  418
  196
  -96
  -461
  -856
  -1,281
  -1,739
  -2,228
  -2,750
  -3,306
  -3,897
  -4,525
  -5,190
  -5,894
  -6,638
  -7,425
  -8,256
  -9,133
  -10,057
  -11,032
  -12,059
  -13,140
  -14,279
  -15,478
  -16,739
  -18,067
Change in working capital, $m
  1,999
  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 operations, $m
  3,586
  679
  950
  795
  618
  418
  196
  -96
  -461
  -856
  -1,281
  -1,739
  -2,228
  -2,750
  -3,306
  -3,897
  -4,525
  -5,190
  -5,894
  -6,638
  -7,425
  -8,256
  -9,133
  -10,057
  -11,032
  -12,059
  -13,140
  -14,279
  -15,478
  -16,739
  -18,067
Maintenance CAPEX, $m
  0
  -65
  -66
  -68
  -70
  -71
  -74
  -76
  -79
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -134
  -140
  -147
  -153
  -161
  -168
  -176
  -185
  -194
  -203
New CAPEX, $m
  -67
  -9
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
Cash from investing activities, $m
  -3,683
  -74
  -74
  -77
  -80
  -82
  -86
  -89
  -93
  -96
  -100
  -105
  -109
  -115
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -165
  -173
  -181
  -189
  -199
  -208
  -218
  -230
  -241
  -252
Free cash flow, $m
  -97
  606
  877
  719
  538
  335
  110
  -185
  -553
  -952
  -1,382
  -1,844
  -2,338
  -2,865
  -3,426
  -4,023
  -4,656
  -5,327
  -6,037
  -6,789
  -7,582
  -8,421
  -9,305
  -10,238
  -11,221
  -12,258
  -13,349
  -14,498
  -15,707
  -16,980
  -18,319
Issuance/(repayment) of debt, $m
  -239
  -6,409
  4,481
  5,122
  5,751
  6,372
  6,992
  7,613
  8,241
  8,879
  9,528
  10,194
  10,877
  11,581
  12,308
  13,061
  13,841
  14,651
  15,494
  16,371
  17,285
  18,239
  19,234
  20,274
  21,361
  22,498
  23,688
  24,933
  26,237
  27,602
  29,033
Issuance/(repurchase) of shares, $m
  -686
  8,044
  0
  0
  96
  367
  660
  1,023
  1,461
  1,930
  2,431
  2,962
  3,531
  4,136
  4,777
  5,456
  6,175
  6,935
  7,738
  8,585
  9,479
  10,422
  11,416
  12,463
  13,566
  14,727
  15,949
  17,234
  18,587
  20,009
  21,505
Cash from financing (excl. dividends), $m  
  503
  1,635
  4,481
  5,122
  5,847
  6,739
  7,652
  8,636
  9,702
  10,809
  11,959
  13,156
  14,408
  15,717
  17,085
  18,517
  20,016
  21,586
  23,232
  24,956
  26,764
  28,661
  30,650
  32,737
  34,927
  37,225
  39,637
  42,167
  44,824
  47,611
  50,538
Total cash flow (excl. dividends), $m
  406
  2,241
  5,358
  5,841
  6,385
  7,075
  7,762
  8,452
  9,149
  9,856
  10,577
  11,313
  12,071
  12,852
  13,659
  14,494
  15,360
  16,259
  17,194
  18,167
  19,182
  20,240
  21,345
  22,499
  23,706
  24,967
  26,288
  27,669
  29,116
  30,631
  32,219
Retained Cash Flow (-), $m
  442
  -8,654
  -498
  -569
  -639
  -708
  -777
  -1,023
  -1,461
  -1,930
  -2,431
  -2,962
  -3,531
  -4,136
  -4,777
  -5,456
  -6,175
  -6,935
  -7,738
  -8,585
  -9,479
  -10,422
  -11,416
  -12,463
  -13,566
  -14,727
  -15,949
  -17,234
  -18,587
  -20,009
  -21,505
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
 
  -6,413
  4,860
  5,272
  5,746
  6,367
  6,985
  7,429
  7,688
  7,926
  8,146
  8,350
  8,540
  8,717
  8,882
  9,038
  9,185
  9,324
  9,456
  9,582
  9,703
  9,818
  9,929
  10,036
  10,140
  10,241
  10,339
  10,435
  10,529
  10,622
  10,714
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  -6,119
  4,405
  4,516
  4,628
  4,795
  4,889
  4,802
  4,558
  4,278
  3,972
  3,648
  3,313
  2,975
  2,641
  2,316
  2,005
  1,714
  1,445
  1,201
  983
  792
  628
  489
  374
  280
  206
  148
  104
  72
  48
Current shareholders' claim on cash, %
  100
  53.1
  53.1
  53.1
  52.7
  51.6
  49.6
  46.9
  43.4
  39.3
  34.9
  30.4
  26.0
  21.8
  18.0
  14.6
  11.7
  9.2
  7.1
  5.5
  4.1
  3.1
  2.3
  1.7
  1.2
  0.9
  0.6
  0.4
  0.3
  0.2
  0.1

Voya Financial, Inc. is a retirement, investment and insurance company. The Company operates through five segments: Retirement, Investment Management, Annuities, Individual Life and Employee Benefits. The Retirement segment is a provider of retirement services and products in the United States. The Investment Management segment offers domestic and international fixed income, equity, multi-asset and alternatives products and solutions. The Annuities segment provides fixed and indexed annuities, tax-qualified mutual fund custodial and other investment-only products and payout annuities for pre-retirement wealth accumulation and post-retirement income management sold through multiple channels. The Individual Life segment provides wealth protection and transfer opportunities through universal and variable products. The Employee Benefits segment provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses.

FINANCIAL RATIOS  of  Voya Financial (VOYA)

Valuation Ratios
P/E Ratio -18.3
Price to Sales 0.7
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 2.2
Price to Free Cash Flow 2.2
Growth Rates
Sales Growth Rate -4.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.7%
Cap. Spend. - 3 Yr. Gr. Rate 10.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 27.3%
Total Debt to Equity 27.3%
Interest Coverage -2
Management Effectiveness
Return On Assets -0.1%
Ret/ On Assets - 3 Yr. Avg. 0.5%
Return On Total Capital -2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity -3.2%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 2.5%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin -2.1%
Oper. Margin - 3 Yr. Avg. 6%
Pre-Tax Margin -5.7%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin -4%
Net Profit Margin - 3 Yr. Avg. 6.8%
Effective Tax Rate 34.9%
Eff/ Tax Rate - 3 Yr. Avg. -57.8%
Payout Ratio -1.9%

VOYA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VOYA stock intrinsic value calculation we used $10824 million for the last fiscal year's total revenue generated by Voya Financial. The default revenue input number comes from 2016 income statement of Voya Financial. 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 VOYA stock valuation model: a) initial revenue growth rate of 2% 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 4.8%, whose default value for VOYA is calculated based on our internal credit rating of Voya Financial, 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 Voya Financial.
    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 VOYA stock the variable cost ratio is equal to 90.7%.

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 VOYA 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 5.4% for Voya Financial.

Corporate tax rate of 27% is the nominal tax rate for Voya Financial. 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 VOYA 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 VOYA are equal to 3%.

Life of production assets of 0.5 years is the average useful life of capital assets used in Voya Financial 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 VOYA is equal to 0%. 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 - $12994 million for Voya Financial - 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 179.826 million for Voya Financial 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 Voya Financial at the current share price and the inputted number of shares is $7.2 billion.

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COMPANY NEWS

▶ AIG: What Are Analysts Recommending for the Stock?   [Oct-17-17 09:10AM  Market Realist]
▶ Voya Equity Closed End Funds Declare Distributions   [Oct-16-17 04:30PM  PR Newswire]
▶ Voya Financial Named a 2017 "Great Place to Work"   [Oct-03-17 08:10AM  PR Newswire]
▶ Stocks Generating Improved Relative Strength: Voya Financial   [Sep-22-17 03:00AM  Investor's Business Daily]
▶ Voya Financial Sees RS Rating Improve To 71   [Aug-28-17 03:00AM  Investor's Business Daily]
▶ /C O R R E C T I O N -- Voya Financial, Inc./   [Aug-22-17 02:04PM  PR Newswire]
▶ Voya Equity Closed End Funds Declare Distributions   [Aug-15-17 04:30PM  PR Newswire]
▶ [$$] Voya: A Cheap Financial Stock With Rich Prospects   [Aug-05-17 12:17AM  Barrons.com]
▶ Voya misses Street 2Q forecasts   [Aug-01-17 10:40PM  Associated Press]
▶ Voya Equity Closed End Funds Declare Distributions   [Jul-17-17 04:30PM  PR Newswire]
▶ [$$] How MetLife Spinoff Could Shine Bright   [12:13AM  The Wall Street Journal]
▶ [$$] How MetLife Spinoff Could Shine Bright   [Jul-03-17 10:51AM  The Wall Street Journal]
▶ Voya Equity Closed End Funds Declare Distributions   [May-15-17 04:30PM  PR Newswire]
▶ [$$] Axa: a new policy   [May-10-17 11:45AM  Financial Times]
▶ Voya reports 1Q loss   [May-03-17 06:14AM  Associated Press]
▶ Voya Equity Closed End Funds Declare Distributions   [Apr-17-17 04:30PM  PR Newswire]
▶ Voya Financial CEO Gives Us His Best Financial Advise   [Apr-14-17 05:00PM  Fortune Videos]
▶ [$$] Voya Hires Business-Development Head for Pomona Investment Fund   [Apr-12-17 03:03PM  The Wall Street Journal]
▶ Voya Financial Launches Enhanced Accident Insurance   [Apr-06-17 10:00AM  PR Newswire]
▶ [$$] Finding Value in European Conglomerates   [Mar-18-17 12:16AM  at Barrons.com]
Financial statements of VOYA
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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