Intrinsic value of Erie Indemnity Company - ERIE

Previous Close

$247.23

  Intrinsic Value

$781.28

stock screener

  Rating & Target

str. buy

+216%

Previous close

$247.23

 
Intrinsic value

$781.28

 
Up/down potential

+216%

 
Rating

str. buy

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

We calculate the intrinsic value of ERIE 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 0001), $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 12.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  43.60
  39.74
  36.27
  33.14
  30.33
  27.79
  25.51
  23.46
  21.62
  19.95
  18.46
  17.11
  15.90
  14.81
  13.83
  12.95
  12.15
  11.44
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
Revenue, $m
  3,421
  4,780
  6,513
  8,672
  11,302
  14,443
  18,128
  22,381
  27,218
  32,650
  38,677
  45,295
  52,498
  60,274
  68,610
  77,493
  86,911
  96,851
  107,305
  118,265
  129,728
  141,694
  154,165
  167,147
  180,651
  194,689
  209,279
  224,441
  240,197
  256,574
Variable operating expenses, $m
  2,827
  3,945
  5,370
  7,146
  9,309
  11,892
  14,923
  18,421
  22,400
  26,867
  31,811
  37,255
  43,180
  49,575
  56,432
  63,738
  71,484
  79,660
  88,258
  97,273
  106,702
  116,543
  126,801
  137,479
  148,585
  160,132
  172,132
  184,603
  197,562
  211,032
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
  2,827
  3,945
  5,370
  7,146
  9,309
  11,892
  14,923
  18,421
  22,400
  26,867
  31,811
  37,255
  43,180
  49,575
  56,432
  63,738
  71,484
  79,660
  88,258
  97,273
  106,702
  116,543
  126,801
  137,479
  148,585
  160,132
  172,132
  184,603
  197,562
  211,032
Operating income, $m
  594
  835
  1,143
  1,526
  1,993
  2,550
  3,205
  3,959
  4,818
  5,782
  6,865
  8,040
  9,318
  10,699
  12,178
  13,755
  15,427
  17,191
  19,047
  20,992
  23,027
  25,151
  27,364
  29,669
  32,065
  34,557
  37,147
  39,838
  42,635
  45,542
EBITDA, $m
  638
  891
  1,215
  1,617
  2,108
  2,694
  3,381
  4,174
  5,076
  6,089
  7,213
  8,448
  9,791
  11,241
  12,796
  14,452
  16,209
  18,063
  20,012
  22,056
  24,194
  26,426
  28,752
  31,173
  33,691
  36,309
  39,031
  41,858
  44,797
  47,851
Interest expense (income), $m
  0
  5
  24
  49
  81
  120
  168
  225
  292
  369
  457
  556
  666
  786
  918
  1,059
  1,211
  1,372
  1,544
  1,725
  1,915
  2,114
  2,323
  2,541
  2,768
  3,004
  3,250
  3,505
  3,771
  4,047
  4,334
Earnings before tax, $m
  589
  811
  1,094
  1,446
  1,873
  2,383
  2,980
  3,667
  4,449
  5,325
  6,309
  7,374
  8,532
  9,781
  11,119
  12,544
  14,054
  15,647
  17,322
  19,077
  20,912
  22,828
  24,823
  26,901
  29,061
  31,307
  33,642
  36,067
  38,588
  41,208
Tax expense, $m
  159
  219
  295
  390
  506
  643
  805
  990
  1,201
  1,438
  1,703
  1,991
  2,304
  2,641
  3,002
  3,387
  3,795
  4,225
  4,677
  5,151
  5,646
  6,163
  6,702
  7,263
  7,847
  8,453
  9,083
  9,738
  10,419
  11,126
Net income, $m
  430
  592
  799
  1,055
  1,367
  1,739
  2,175
  2,677
  3,248
  3,887
  4,605
  5,383
  6,228
  7,140
  8,117
  9,157
  10,260
  11,422
  12,645
  13,926
  15,266
  16,664
  18,121
  19,638
  21,215
  22,854
  24,558
  26,329
  28,169
  30,082

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
Total assets, $m
  2,377
  3,322
  4,526
  6,026
  7,854
  10,037
  12,597
  15,553
  18,915
  22,689
  26,877
  31,477
  36,482
  41,886
  47,679
  53,852
  60,397
  67,304
  74,569
  82,186
  90,152
  98,467
  107,133
  116,155
  125,539
  135,295
  145,434
  155,970
  166,919
  178,300
Adjusted assets (=assets-cash), $m
  2,377
  3,322
  4,526
  6,026
  7,854
  10,037
  12,597
  15,553
  18,915
  22,689
  26,877
  31,477
  36,482
  41,886
  47,679
  53,852
  60,397
  67,304
  74,569
  82,186
  90,152
  98,467
  107,133
  116,155
  125,539
  135,295
  145,434
  155,970
  166,919
  178,300
Revenue / Adjusted assets
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
  1.439
Average production assets, $m
  154
  215
  293
  390
  509
  650
  816
  1,007
  1,225
  1,469
  1,740
  2,038
  2,362
  2,712
  3,087
  3,487
  3,911
  4,358
  4,829
  5,322
  5,838
  6,376
  6,937
  7,522
  8,129
  8,761
  9,418
  10,100
  10,809
  11,546
Working capital, $m
  -65
  -91
  -124
  -165
  -215
  -274
  -344
  -425
  -517
  -620
  -735
  -861
  -997
  -1,145
  -1,304
  -1,472
  -1,651
  -1,840
  -2,039
  -2,247
  -2,465
  -2,692
  -2,929
  -3,176
  -3,432
  -3,699
  -3,976
  -4,264
  -4,564
  -4,875
Total debt, $m
  450
  908
  1,492
  2,220
  3,106
  4,165
  5,407
  6,840
  8,471
  10,301
  12,332
  14,563
  16,991
  19,612
  22,421
  25,415
  28,589
  31,940
  35,463
  39,157
  43,021
  47,053
  51,257
  55,632
  60,183
  64,915
  69,832
  74,942
  80,253
  85,772
Total liabilities, $m
  1,153
  1,611
  2,195
  2,923
  3,809
  4,868
  6,110
  7,543
  9,174
  11,004
  13,036
  15,266
  17,694
  20,315
  23,124
  26,118
  29,292
  32,643
  36,166
  39,860
  43,724
  47,756
  51,960
  56,335
  60,887
  65,618
  70,535
  75,645
  80,956
  86,476
Total equity, $m
  1,224
  1,711
  2,331
  3,104
  4,045
  5,169
  6,488
  8,010
  9,741
  11,685
  13,842
  16,211
  18,788
  21,571
  24,555
  27,734
  31,104
  34,662
  38,403
  42,326
  46,428
  50,710
  55,174
  59,820
  64,653
  69,677
  74,898
  80,325
  85,963
  91,825
Total liabilities and equity, $m
  2,377
  3,322
  4,526
  6,027
  7,854
  10,037
  12,598
  15,553
  18,915
  22,689
  26,878
  31,477
  36,482
  41,886
  47,679
  53,852
  60,396
  67,305
  74,569
  82,186
  90,152
  98,466
  107,134
  116,155
  125,540
  135,295
  145,433
  155,970
  166,919
  178,301
Debt-to-equity ratio
  0.370
  0.530
  0.640
  0.720
  0.770
  0.810
  0.830
  0.850
  0.870
  0.880
  0.890
  0.900
  0.900
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
Adjusted equity ratio
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515
  0.515

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  430
  592
  799
  1,055
  1,367
  1,739
  2,175
  2,677
  3,248
  3,887
  4,605
  5,383
  6,228
  7,140
  8,117
  9,157
  10,260
  11,422
  12,645
  13,926
  15,266
  16,664
  18,121
  19,638
  21,215
  22,854
  24,558
  26,329
  28,169
  30,082
Depreciation, amort., depletion, $m
  44
  56
  72
  91
  115
  143
  176
  215
  258
  307
  348
  408
  472
  542
  617
  697
  782
  872
  966
  1,064
  1,168
  1,275
  1,387
  1,504
  1,626
  1,752
  1,884
  2,020
  2,162
  2,309
Funds from operations, $m
  474
  648
  870
  1,146
  1,482
  1,882
  2,351
  2,892
  3,506
  4,194
  4,954
  5,791
  6,701
  7,683
  8,735
  9,855
  11,042
  12,294
  13,611
  14,991
  16,434
  17,939
  19,508
  21,142
  22,841
  24,607
  26,442
  28,349
  30,331
  32,391
Change in working capital, $m
  -20
  -26
  -33
  -41
  -50
  -60
  -70
  -81
  -92
  -103
  -115
  -126
  -137
  -148
  -158
  -169
  -179
  -189
  -199
  -208
  -218
  -227
  -237
  -247
  -257
  -267
  -277
  -288
  -299
  -311
Cash from operations, $m
  493
  674
  903
  1,187
  1,532
  1,942
  2,421
  2,973
  3,598
  4,297
  5,068
  5,916
  6,838
  7,830
  8,893
  10,024
  11,221
  12,483
  13,809
  15,199
  16,651
  18,167
  19,745
  21,388
  23,097
  24,873
  26,719
  28,637
  30,630
  32,702
Maintenance CAPEX, $m
  -21
  -31
  -43
  -59
  -78
  -102
  -130
  -163
  -201
  -245
  -294
  -348
  -408
  -472
  -542
  -617
  -697
  -782
  -872
  -966
  -1,064
  -1,168
  -1,275
  -1,387
  -1,504
  -1,626
  -1,752
  -1,884
  -2,020
  -2,162
New CAPEX, $m
  -47
  -61
  -78
  -97
  -118
  -141
  -166
  -191
  -218
  -244
  -271
  -298
  -324
  -350
  -375
  -400
  -424
  -447
  -470
  -493
  -516
  -538
  -561
  -584
  -608
  -632
  -657
  -682
  -709
  -737
Cash from investing activities, $m
  -68
  -92
  -121
  -156
  -196
  -243
  -296
  -354
  -419
  -489
  -565
  -646
  -732
  -822
  -917
  -1,017
  -1,121
  -1,229
  -1,342
  -1,459
  -1,580
  -1,706
  -1,836
  -1,971
  -2,112
  -2,258
  -2,409
  -2,566
  -2,729
  -2,899
Free cash flow, $m
  425
  582
  782
  1,032
  1,336
  1,699
  2,126
  2,618
  3,178
  3,808
  4,503
  5,270
  6,106
  7,008
  7,975
  9,006
  10,099
  11,253
  12,467
  13,740
  15,071
  16,461
  17,909
  19,417
  20,985
  22,616
  24,310
  26,071
  27,901
  29,803
Issuance/(repayment) of debt, $m
  350
  458
  584
  727
  886
  1,059
  1,242
  1,433
  1,631
  1,831
  2,031
  2,231
  2,428
  2,621
  2,810
  2,994
  3,174
  3,350
  3,523
  3,694
  3,864
  4,033
  4,203
  4,376
  4,551
  4,732
  4,917
  5,110
  5,310
  5,520
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  350
  458
  584
  727
  886
  1,059
  1,242
  1,433
  1,631
  1,831
  2,031
  2,231
  2,428
  2,621
  2,810
  2,994
  3,174
  3,350
  3,523
  3,694
  3,864
  4,033
  4,203
  4,376
  4,551
  4,732
  4,917
  5,110
  5,310
  5,520
Total cash flow (excl. dividends), $m
  775
  1,040
  1,366
  1,759
  2,222
  2,758
  3,368
  4,052
  4,809
  5,638
  6,534
  7,501
  8,533
  9,629
  10,785
  12,000
  13,274
  14,604
  15,991
  17,434
  18,935
  20,494
  22,112
  23,792
  25,537
  27,347
  29,228
  31,181
  33,212
  35,323
Retained Cash Flow (-), $m
  -372
  -486
  -620
  -772
  -941
  -1,124
  -1,319
  -1,522
  -1,731
  -1,944
  -2,157
  -2,369
  -2,578
  -2,783
  -2,983
  -3,179
  -3,370
  -3,558
  -3,741
  -3,923
  -4,103
  -4,282
  -4,463
  -4,646
  -4,833
  -5,024
  -5,222
  -5,426
  -5,639
  -5,861
Prev. year cash balance distribution, $m
  122
  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
  525
  554
  746
  987
  1,281
  1,634
  2,049
  2,529
  3,078
  3,695
  4,377
  5,132
  5,956
  6,846
  7,802
  8,821
  9,903
  11,046
  12,249
  13,511
  14,832
  16,211
  17,649
  19,146
  20,704
  22,323
  24,006
  25,755
  27,573
  29,462
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
  503
  507
  649
  812
  993
  1,186
  1,384
  1,581
  1,768
  1,937
  2,079
  2,190
  2,264
  2,298
  2,290
  2,242
  2,155
  2,034
  1,886
  1,717
  1,534
  1,345
  1,157
  975
  805
  651
  515
  398
  301
  222
Current shareholders' claim on cash, %
  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

Erie Indemnity Company is a management company. The Company serves as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (Exchange). The Exchange is a reciprocal insurer that writes property and casualty insurance. The Company's function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange. The sales related services the Company provides include agent compensation, and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written, as well as additional commissions and bonuses to agents. The underwriting services the Company provides include underwriting and policy processing expenses. It provides information technology services that supports various functions. The remaining services the Company provides include customer service and administrative costs.

FINANCIAL RATIOS  of  Erie Indemnity Company (ERIE)

Valuation Ratios
P/E Ratio 54.4
Price to Sales 7.2
Price to Book 14
Price to Tangible Book
Price to Cash Flow 45
Price to Free Cash Flow 49.9
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 92.3%
Cap. Spend. - 3 Yr. Gr. Rate 17.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 3.1%
Total Debt to Equity 3.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.2%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 26.1%
Ret/ On T. Cap. - 3 Yr. Avg. 24.4%
Return On Equity 26.5%
Return On Equity - 3 Yr. Avg. 24.5%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 21%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 18.3%
Oper. Margin - 3 Yr. Avg. 16.5%
Pre-Tax Margin 20%
Pre-Tax Margin - 3 Yr. Avg. 18.5%
Net Profit Margin 13.1%
Net Profit Margin - 3 Yr. Avg. 12.2%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 33.9%
Payout Ratio 64.8%

ERIE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ERIE stock intrinsic value calculation we used $2382 million for the last fiscal year's total revenue generated by Erie Indemnity Company. The default revenue input number comes from 0001 income statement of Erie Indemnity Company. 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 ERIE stock valuation model: a) initial revenue growth rate of 43.6% 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 ERIE is calculated based on our internal credit rating of Erie Indemnity Company, 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 Erie Indemnity Company.
    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 ERIE stock the variable cost ratio is equal to 82.8%.

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 ERIE 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 Erie Indemnity Company.

Corporate tax rate of 27% is the nominal tax rate for Erie Indemnity Company. 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 ERIE 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 ERIE are equal to 4.5%.

Life of production assets of 0 years is the average useful life of capital assets used in Erie Indemnity Company 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 ERIE is equal to -1.9%. 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 - $973.672 million for Erie Indemnity Company - 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 52.294 million for Erie Indemnity Company 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 Erie Indemnity Company at the current share price and the inputted number of shares is $12.9 billion.

RELATED COMPANIES Price Int.Val. Rating

CONTACT US      

About X-FIN       Privacy policy       Terms of use      

Copyright © X-FIN.com 2005-2019. All rigths reserved.