Intrinsic value of Lincoln National - LNC

Previous Close

$83.35

  Intrinsic Value

$134.82

stock screener

  Rating & Target

str. buy

+62%

Previous close

$83.35

 
Intrinsic value

$134.82

 
Up/down potential

+62%

 
Rating

str. buy

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of LNC 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, %
  -1.29
  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
  13,775
  14,092
  14,454
  14,861
  15,311
  15,806
  16,344
  16,927
  17,554
  18,228
  18,949
  19,718
  20,537
  21,407
  22,330
  23,309
  24,345
  25,440
  26,597
  27,820
  29,109
  30,469
  31,902
  33,413
  35,003
  36,678
  38,441
  40,296
  42,248
  44,300
Variable operating expenses, $m
 
  12,021
  12,292
  12,602
  12,951
  13,336
  13,760
  14,220
  14,719
  15,257
  15,833
  16,223
  16,882
  17,583
  18,328
  19,118
  19,956
  20,843
  21,781
  22,772
  23,818
  24,922
  26,087
  27,314
  28,607
  29,969
  31,403
  32,912
  34,500
  36,171
  37,928
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
  11,666
  12,021
  12,292
  12,602
  12,951
  13,336
  13,760
  14,220
  14,719
  15,257
  15,833
  16,223
  16,882
  17,583
  18,328
  19,118
  19,956
  20,843
  21,781
  22,772
  23,818
  24,922
  26,087
  27,314
  28,607
  29,969
  31,403
  32,912
  34,500
  36,171
  37,928
Operating income, $m
  1,839
  1,754
  1,800
  1,852
  1,910
  1,975
  2,046
  2,123
  2,207
  2,298
  2,394
  2,725
  2,836
  2,954
  3,079
  3,212
  3,353
  3,502
  3,659
  3,826
  4,001
  4,187
  4,382
  4,589
  4,806
  5,035
  5,275
  5,529
  5,796
  6,076
  6,372
EBITDA, $m
  1,839
  1,988
  2,034
  2,086
  2,145
  2,210
  2,281
  2,359
  2,443
  2,534
  2,631
  2,735
  2,846
  2,964
  3,090
  3,223
  3,364
  3,514
  3,672
  3,839
  4,015
  4,201
  4,398
  4,605
  4,822
  5,052
  5,294
  5,548
  5,816
  6,098
  6,394
Interest expense (income), $m
  274
  267
  -169
  105
  418
  770
  1,160
  1,588
  2,053
  2,558
  3,101
  3,684
  4,308
  4,973
  5,682
  6,435
  7,234
  8,081
  8,977
  9,925
  10,927
  11,984
  13,100
  14,277
  15,518
  16,825
  18,201
  19,651
  21,176
  22,781
  24,470
Earnings before tax, $m
  1,458
  1,487
  1,969
  1,747
  1,492
  1,205
  886
  536
  154
  -260
  -707
  -959
  -1,472
  -2,019
  -2,603
  -3,223
  -3,881
  -4,579
  -5,318
  -6,100
  -6,926
  -7,798
  -8,718
  -9,689
  -10,712
  -11,790
  -12,926
  -14,122
  -15,380
  -16,705
  -18,098
Tax expense, $m
  266
  401
  532
  472
  403
  325
  239
  145
  42
  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
  1,192
  1,085
  1,437
  1,275
  1,089
  880
  647
  391
  112
  -260
  -707
  -959
  -1,472
  -2,019
  -2,603
  -3,223
  -3,881
  -4,579
  -5,318
  -6,100
  -6,926
  -7,798
  -8,718
  -9,689
  -10,712
  -11,790
  -12,926
  -14,122
  -15,380
  -16,705
  -18,098

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
  261,627
  264,906
  270,999
  277,963
  285,782
  294,446
  303,953
  314,304
  325,510
  337,582
  350,537
  364,397
  379,186
  394,933
  411,668
  429,426
  448,245
  468,165
  489,231
  511,490
  534,992
  559,790
  585,942
  613,508
  642,552
  673,142
  705,349
  739,250
  774,923
  812,452
  851,927
Adjusted assets (=assets-cash), $m
  261,627
  264,906
  270,999
  277,963
  285,782
  294,446
  303,953
  314,304
  325,510
  337,582
  350,537
  364,397
  379,186
  394,933
  411,668
  429,426
  448,245
  468,165
  489,231
  511,490
  534,992
  559,790
  585,942
  613,508
  642,552
  673,142
  705,349
  739,250
  774,923
  812,452
  851,927
Revenue / Adjusted assets
  0.000
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
  0.052
Average production assets, $m
  64
  69
  70
  72
  74
  77
  79
  82
  85
  88
  91
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  146
  152
  160
  167
  175
  183
  192
  201
  211
  222
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
  5,345
  -3,389
  2,095
  8,363
  15,400
  23,198
  31,753
  41,070
  51,155
  62,019
  73,679
  86,153
  99,464
  113,636
  128,697
  144,679
  161,616
  179,545
  198,504
  218,537
  239,688
  262,007
  285,544
  310,353
  336,493
  364,024
  393,010
  423,521
  455,626
  489,403
  524,930
Total liabilities, $m
  247,149
  238,415
  243,899
  250,167
  257,204
  265,002
  273,557
  282,874
  292,959
  303,823
  315,483
  327,957
  341,268
  355,440
  370,501
  386,483
  403,420
  421,349
  440,308
  460,341
  481,492
  503,811
  527,348
  552,157
  578,297
  605,828
  634,814
  665,325
  697,430
  731,207
  766,734
Total equity, $m
  14,478
  26,491
  27,100
  27,796
  28,578
  29,445
  30,395
  31,430
  32,551
  33,758
  35,054
  36,440
  37,919
  39,493
  41,167
  42,943
  44,824
  46,817
  48,923
  51,149
  53,499
  55,979
  58,594
  61,351
  64,255
  67,314
  70,535
  73,925
  77,492
  81,245
  85,193
Total liabilities and equity, $m
  261,627
  264,906
  270,999
  277,963
  285,782
  294,447
  303,952
  314,304
  325,510
  337,581
  350,537
  364,397
  379,187
  394,933
  411,668
  429,426
  448,244
  468,166
  489,231
  511,490
  534,991
  559,790
  585,942
  613,508
  642,552
  673,142
  705,349
  739,250
  774,922
  812,452
  851,927
Debt-to-equity ratio
  0.369
  -0.130
  0.080
  0.300
  0.540
  0.790
  1.040
  1.310
  1.570
  1.840
  2.100
  2.360
  2.620
  2.880
  3.130
  3.370
  3.610
  3.840
  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
  0.055
  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
  1,192
  1,085
  1,437
  1,275
  1,089
  880
  647
  391
  112
  -260
  -707
  -959
  -1,472
  -2,019
  -2,603
  -3,223
  -3,881
  -4,579
  -5,318
  -6,100
  -6,926
  -7,798
  -8,718
  -9,689
  -10,712
  -11,790
  -12,926
  -14,122
  -15,380
  -16,705
  -18,098
Depreciation, amort., depletion, $m
  0
  234
  234
  235
  235
  235
  235
  235
  236
  236
  236
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
Funds from operations, $m
  2,223
  1,320
  1,672
  1,510
  1,324
  1,115
  882
  627
  348
  -24
  -470
  -949
  -1,462
  -2,009
  -2,592
  -3,212
  -3,870
  -4,567
  -5,305
  -6,086
  -6,912
  -7,783
  -8,703
  -9,673
  -10,695
  -11,773
  -12,907
  -14,102
  -15,360
  -16,684
  -18,076
Change in working capital, $m
  951
  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
  1,272
  1,320
  1,672
  1,510
  1,324
  1,115
  882
  627
  348
  -24
  -470
  -949
  -1,462
  -2,009
  -2,592
  -3,212
  -3,870
  -4,567
  -5,305
  -6,086
  -6,912
  -7,783
  -8,703
  -9,673
  -10,695
  -11,773
  -12,907
  -14,102
  -15,360
  -16,684
  -18,076
Maintenance CAPEX, $m
  0
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
New CAPEX, $m
  0
  -5
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Cash from investing activities, $m
  -3,666
  -11
  -9
  -9
  -9
  -9
  -10
  -11
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -16
  -16
  -17
  -17
  -19
  -19
  -20
  -22
  -22
  -24
  -25
  -26
  -27
  -28
  -30
  -31
Free cash flow, $m
  -2,394
  1,308
  1,663
  1,501
  1,315
  1,105
  872
  616
  337
  -36
  -482
  -962
  -1,475
  -2,023
  -2,607
  -3,227
  -3,886
  -4,584
  -5,323
  -6,105
  -6,931
  -7,803
  -8,724
  -9,695
  -10,719
  -11,797
  -12,933
  -14,129
  -15,389
  -16,714
  -18,108
Issuance/(repayment) of debt, $m
  -264
  -8,734
  5,484
  6,268
  7,037
  7,798
  8,556
  9,316
  10,085
  10,865
  11,660
  12,474
  13,310
  14,172
  15,062
  15,982
  16,937
  17,928
  18,959
  20,033
  21,151
  22,318
  23,537
  24,809
  26,140
  27,531
  28,987
  30,510
  32,106
  33,777
  35,527
Issuance/(repurchase) of shares, $m
  -853
  10,927
  0
  0
  0
  0
  304
  644
  1,008
  1,467
  2,002
  2,345
  2,951
  3,594
  4,276
  4,999
  5,763
  6,571
  7,425
  8,326
  9,276
  10,277
  11,333
  12,445
  13,616
  14,849
  16,146
  17,512
  18,948
  20,458
  22,046
Cash from financing (excl. dividends), $m  
  2,208
  2,193
  5,484
  6,268
  7,037
  7,798
  8,860
  9,960
  11,093
  12,332
  13,662
  14,819
  16,261
  17,766
  19,338
  20,981
  22,700
  24,499
  26,384
  28,359
  30,427
  32,595
  34,870
  37,254
  39,756
  42,380
  45,133
  48,022
  51,054
  54,235
  57,573
Total cash flow (excl. dividends), $m
  -186
  3,502
  7,147
  7,769
  8,352
  8,903
  9,731
  10,577
  11,430
  12,296
  13,180
  13,857
  14,786
  15,743
  16,731
  17,754
  18,814
  19,916
  21,061
  22,253
  23,496
  24,793
  26,146
  27,560
  29,037
  30,583
  32,200
  33,892
  35,665
  37,521
  39,465
Retained Cash Flow (-), $m
  -861
  -12,013
  -609
  -696
  -782
  -866
  -951
  -1,035
  -1,121
  -1,467
  -2,002
  -2,345
  -2,951
  -3,594
  -4,276
  -4,999
  -5,763
  -6,571
  -7,425
  -8,326
  -9,276
  -10,277
  -11,333
  -12,445
  -13,616
  -14,849
  -16,146
  -17,512
  -18,948
  -20,458
  -22,046
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
 
  -8,511
  6,538
  7,073
  7,570
  8,036
  8,781
  9,541
  10,309
  10,829
  11,178
  11,512
  11,835
  12,149
  12,455
  12,755
  13,051
  13,344
  13,636
  13,928
  14,220
  14,515
  14,813
  15,114
  15,421
  15,734
  16,053
  16,381
  16,717
  17,063
  17,419
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  -7,932
  5,640
  5,607
  5,472
  5,253
  5,145
  4,964
  4,715
  4,308
  3,823
  3,345
  2,884
  2,449
  2,047
  1,684
  1,361
  1,081
  842
  643
  481
  352
  252
  176
  120
  80
  51
  32
  20
  12
  7
Current shareholders' claim on cash, %
  100
  62.7
  62.7
  62.7
  62.7
  62.7
  62.2
  61.2
  59.6
  57.6
  55.0
  52.3
  49.1
  45.7
  42.1
  38.4
  34.8
  31.2
  27.7
  24.4
  21.4
  18.5
  16.0
  13.7
  11.7
  9.9
  8.3
  6.9
  5.8
  4.8
  3.9

Lincoln National Corporation is a holding company, which operates insurance and retirement businesses through subsidiary companies. The Company sells a range of wealth protection, accumulation and retirement income products and solutions, through its business segments. The Company operates through four segments: Annuities segment, which offers fixed (including indexed) and variable annuities; Retirement Plan Services segment, which provides employers with retirement plan products and services; Life Insurance segment, which focuses on the creation and protection of wealth through life insurance products, and Group Protection, which offers principally group non-medical insurance products. These products include fixed and indexed annuities, variable annuities, universal life insurance, variable universal life insurance, linked-benefit UL, term life insurance, indexed universal life insurance, employer-sponsored retirement plans and services, and group life, disability and dental.

FINANCIAL RATIOS  of  Lincoln National (LNC)

Valuation Ratios
P/E Ratio 15.8
Price to Sales 1.4
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 14.8
Price to Free Cash Flow 14.8
Growth Rates
Sales Growth Rate -1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 36.9%
Total Debt to Equity 36.9%
Interest Coverage 6
Management Effectiveness
Return On Assets 0.6%
Ret/ On Assets - 3 Yr. Avg. 0.6%
Return On Total Capital 6.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 8.5%
Return On Equity - 3 Yr. Avg. 8.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 12.8%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 13.6%
Oper. Margin - 3 Yr. Avg. 14.3%
Pre-Tax Margin 10.8%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 8.8%
Net Profit Margin - 3 Yr. Avg. 9.5%
Effective Tax Rate 18.2%
Eff/ Tax Rate - 3 Yr. Avg. 20.6%
Payout Ratio 20%

LNC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LNC stock intrinsic value calculation we used $13505 million for the last fiscal year's total revenue generated by Lincoln National. The default revenue input number comes from 2016 income statement of Lincoln National. 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 LNC 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 7.3%, whose default value for LNC is calculated based on our internal credit rating of Lincoln National, 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 Lincoln National.
    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 LNC stock the variable cost ratio is equal to 87.3%.

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 LNC 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% for Lincoln National.

Corporate tax rate of 27% is the nominal tax rate for Lincoln National. 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 LNC 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 LNC are equal to 0.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Lincoln National 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 LNC 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 - $14478 million for Lincoln National - 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 220.242 million for Lincoln National 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 Lincoln National at the current share price and the inputted number of shares is $18.4 billion.

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COMPANY NEWS

▶ Lincoln Financial Group to acquire Boston insurer for $3.3 billion   [02:06PM  American City Business Journals]
▶ 6 Companies Growing Revenue and Earnings   [Jan-17-18 03:42PM  GuruFocus.com]
▶ Stocks With Rising Relative Strength: Lincoln National   [03:00AM  Investor's Business Daily]
▶ Lincoln Financial, DowDuPont & SPDR Financial ETF (XLF)   [Jan-09-18 01:57PM  CNBC Videos]
▶ Stocks Generating Improved Relative Strength: Lincoln National   [03:00AM  Investor's Business Daily]
▶ Lincoln National Getting Closer To Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ Lincoln National Trying To Close In On Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Lincoln National beats 3Q profit forecasts   [Nov-01-17 05:16PM  Associated Press]
▶ Going Shorter; Takeaways and Observations: Best of Kass   [Oct-13-17 09:00PM  TheStreet.com]
▶ Lincoln Financial Group to Report Third Quarter Earnings   [Sep-21-17 11:00AM  Business Wire]
▶ Stocks To Watch: Lincoln National Sees RS Rating Jump To 81   [03:00AM  Investor's Business Daily]
▶ Lincoln National Earns Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Insurance on the Street: What Analysts Think of the Giants   [Sep-15-17 09:08AM  Market Realist]
▶ Stocks Showing Improved Relative Strength: Lincoln National   [03:00AM  Investor's Business Daily]
Financial statements of LNC
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