Intrinsic value of Primerica - PRI

Previous Close

$104.05

  Intrinsic Value

$288.78

stock screener

  Rating & Target

str. buy

+178%

Previous close

$104.05

 
Intrinsic value

$288.78

 
Up/down potential

+178%

 
Rating

str. buy

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

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

We calculate the intrinsic value of PRI 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 4.7

 

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, %
  7.94
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  0
  1,659
  1,800
  1,947
  2,099
  2,258
  2,423
  2,594
  2,772
  2,957
  3,150
  3,350
  3,559
  3,776
  4,002
  4,238
  4,484
  4,740
  5,008
  5,288
  5,580
  5,886
  6,205
  6,539
  6,889
  7,255
  7,638
  8,039
  8,459
  8,899
  9,361
Variable operating expenses, $m
 
  1,022
  1,109
  1,199
  1,293
  1,391
  1,492
  1,598
  1,708
  1,822
  1,940
  2,064
  2,192
  2,326
  2,465
  2,611
  2,762
  2,920
  3,085
  3,257
  3,437
  3,626
  3,822
  4,028
  4,244
  4,469
  4,705
  4,952
  5,211
  5,482
  5,766
Fixed operating expenses, $m
 
  229
  234
  240
  246
  252
  259
  265
  272
  278
  285
  293
  300
  307
  315
  323
  331
  339
  348
  356
  365
  375
  384
  394
  403
  413
  424
  434
  445
  456
  468
Total operating expenses, $m
  1,156
  1,251
  1,343
  1,439
  1,539
  1,643
  1,751
  1,863
  1,980
  2,100
  2,225
  2,357
  2,492
  2,633
  2,780
  2,934
  3,093
  3,259
  3,433
  3,613
  3,802
  4,001
  4,206
  4,422
  4,647
  4,882
  5,129
  5,386
  5,656
  5,938
  6,234
Operating income, $m
  366
  408
  457
  507
  560
  615
  672
  731
  793
  857
  924
  994
  1,067
  1,143
  1,222
  1,304
  1,391
  1,481
  1,575
  1,674
  1,777
  1,886
  1,999
  2,118
  2,242
  2,372
  2,509
  2,653
  2,803
  2,961
  3,127
EBITDA, $m
  562
  427
  477
  529
  583
  640
  698
  760
  823
  890
  959
  1,031
  1,106
  1,184
  1,266
  1,351
  1,440
  1,533
  1,630
  1,732
  1,839
  1,950
  2,067
  2,190
  2,318
  2,452
  2,593
  2,741
  2,896
  3,059
  3,230
Interest expense (income), $m
  28
  31
  63
  96
  130
  166
  204
  242
  283
  324
  368
  413
  460
  509
  560
  613
  669
  727
  787
  850
  916
  984
  1,056
  1,131
  1,210
  1,292
  1,378
  1,468
  1,562
  1,661
  1,764
Earnings before tax, $m
  338
  378
  394
  411
  430
  448
  468
  489
  510
  533
  556
  581
  606
  633
  661
  691
  722
  754
  788
  824
  862
  901
  943
  986
  1,032
  1,081
  1,131
  1,185
  1,241
  1,300
  1,362
Tax expense, $m
  119
  102
  106
  111
  116
  121
  126
  132
  138
  144
  150
  157
  164
  171
  179
  187
  195
  204
  213
  223
  233
  243
  255
  266
  279
  292
  305
  320
  335
  351
  368
Net income, $m
  219
  276
  288
  300
  314
  327
  342
  357
  372
  389
  406
  424
  443
  462
  483
  504
  527
  551
  576
  602
  629
  658
  688
  720
  754
  789
  826
  865
  906
  949
  995

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
  11,439
  12,470
  13,531
  14,636
  15,783
  16,976
  18,216
  19,505
  20,844
  22,236
  23,684
  25,190
  26,758
  28,390
  30,091
  31,864
  33,713
  35,642
  37,656
  39,760
  41,957
  44,254
  46,655
  49,167
  51,796
  54,547
  57,427
  60,443
  63,602
  66,912
  70,380
Adjusted assets (=assets-cash), $m
  11,439
  12,470
  13,531
  14,636
  15,783
  16,976
  18,216
  19,505
  20,844
  22,236
  23,684
  25,190
  26,758
  28,390
  30,091
  31,864
  33,713
  35,642
  37,656
  39,760
  41,957
  44,254
  46,655
  49,167
  51,796
  54,547
  57,427
  60,443
  63,602
  66,912
  70,380
Revenue / Adjusted assets
  0.000
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
Average production assets, $m
  85
  91
  99
  107
  115
  124
  133
  143
  152
  163
  173
  184
  196
  208
  220
  233
  247
  261
  275
  291
  307
  324
  341
  360
  379
  399
  420
  442
  465
  489
  515
Working capital, $m
  0
  547
  594
  642
  693
  745
  800
  856
  915
  976
  1,039
  1,106
  1,174
  1,246
  1,321
  1,399
  1,480
  1,564
  1,653
  1,745
  1,841
  1,942
  2,048
  2,158
  2,273
  2,394
  2,520
  2,653
  2,791
  2,937
  3,089
Total debt, $m
  875
  1,793
  2,741
  3,727
  4,752
  5,817
  6,924
  8,075
  9,270
  10,514
  11,806
  13,151
  14,551
  16,009
  17,528
  19,112
  20,763
  22,486
  24,284
  26,162
  28,125
  30,176
  32,320
  34,563
  36,911
  39,367
  41,939
  44,632
  47,454
  50,409
  53,507
Total liabilities, $m
  10,218
  11,136
  12,084
  13,070
  14,095
  15,160
  16,267
  17,418
  18,613
  19,857
  21,149
  22,494
  23,894
  25,352
  26,871
  28,455
  30,106
  31,829
  33,627
  35,505
  37,468
  39,519
  41,663
  43,906
  46,254
  48,710
  51,282
  53,975
  56,797
  59,752
  62,850
Total equity, $m
  1,221
  1,334
  1,448
  1,566
  1,689
  1,816
  1,949
  2,087
  2,230
  2,379
  2,534
  2,695
  2,863
  3,038
  3,220
  3,409
  3,607
  3,814
  4,029
  4,254
  4,489
  4,735
  4,992
  5,261
  5,542
  5,836
  6,145
  6,467
  6,805
  7,160
  7,531
Total liabilities and equity, $m
  11,439
  12,470
  13,532
  14,636
  15,784
  16,976
  18,216
  19,505
  20,843
  22,236
  23,683
  25,189
  26,757
  28,390
  30,091
  31,864
  33,713
  35,643
  37,656
  39,759
  41,957
  44,254
  46,655
  49,167
  51,796
  54,546
  57,427
  60,442
  63,602
  66,912
  70,381
Debt-to-equity ratio
  0.717
  1.340
  1.890
  2.380
  2.810
  3.200
  3.550
  3.870
  4.160
  4.420
  4.660
  4.880
  5.080
  5.270
  5.440
  5.610
  5.760
  5.900
  6.030
  6.150
  6.260
  6.370
  6.470
  6.570
  6.660
  6.750
  6.830
  6.900
  6.970
  7.040
  7.110
Adjusted equity ratio
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  219
  276
  288
  300
  314
  327
  342
  357
  372
  389
  406
  424
  443
  462
  483
  504
  527
  551
  576
  602
  629
  658
  688
  720
  754
  789
  826
  865
  906
  949
  995
Depreciation, amort., depletion, $m
  196
  18
  20
  21
  23
  25
  27
  29
  30
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  88
  93
  98
  103
Funds from operations, $m
  117
  294
  307
  322
  337
  352
  368
  385
  403
  421
  441
  461
  482
  504
  527
  551
  576
  603
  631
  660
  690
  723
  756
  792
  829
  869
  910
  953
  999
  1,047
  1,098
Change in working capital, $m
  -175
  45
  47
  48
  50
  52
  54
  57
  59
  61
  64
  66
  69
  72
  75
  78
  81
  85
  88
  92
  96
  101
  105
  110
  115
  121
  126
  132
  139
  145
  152
Cash from operations, $m
  292
  249
  261
  273
  286
  300
  314
  329
  344
  360
  377
  395
  413
  432
  452
  473
  495
  518
  542
  567
  594
  622
  651
  682
  714
  748
  783
  821
  860
  902
  945
Maintenance CAPEX, $m
  0
  -17
  -18
  -20
  -21
  -23
  -25
  -27
  -29
  -30
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
New CAPEX, $m
  0
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
Cash from investing activities, $m
  -48
  -24
  -26
  -28
  -29
  -32
  -34
  -36
  -39
  -40
  -44
  -46
  -48
  -51
  -54
  -57
  -61
  -63
  -67
  -70
  -74
  -78
  -83
  -86
  -91
  -96
  -101
  -106
  -111
  -117
  -123
Free cash flow, $m
  244
  226
  235
  245
  256
  268
  280
  293
  306
  320
  334
  349
  365
  381
  398
  416
  435
  455
  475
  497
  520
  544
  569
  595
  623
  652
  683
  715
  749
  784
  822
Issuance/(repayment) of debt, $m
  0
  918
  948
  986
  1,025
  1,065
  1,107
  1,151
  1,196
  1,243
  1,293
  1,345
  1,400
  1,458
  1,519
  1,583
  1,651
  1,723
  1,798
  1,878
  1,962
  2,051
  2,145
  2,243
  2,347
  2,457
  2,572
  2,693
  2,821
  2,956
  3,097
Issuance/(repurchase) of shares, $m
  -150
  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  
  -152
  918
  948
  986
  1,025
  1,065
  1,107
  1,151
  1,196
  1,243
  1,293
  1,345
  1,400
  1,458
  1,519
  1,583
  1,651
  1,723
  1,798
  1,878
  1,962
  2,051
  2,145
  2,243
  2,347
  2,457
  2,572
  2,693
  2,821
  2,956
  3,097
Total cash flow (excl. dividends), $m
  93
  1,144
  1,183
  1,231
  1,282
  1,333
  1,387
  1,443
  1,502
  1,563
  1,627
  1,694
  1,765
  1,839
  1,917
  1,999
  2,086
  2,178
  2,274
  2,375
  2,482
  2,595
  2,713
  2,838
  2,970
  3,109
  3,254
  3,408
  3,570
  3,740
  3,919
Retained Cash Flow (-), $m
  -75
  -113
  -114
  -118
  -123
  -128
  -133
  -138
  -143
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -206
  -215
  -225
  -235
  -246
  -257
  -269
  -281
  -294
  -308
  -323
  -338
  -354
  -371
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
 
  1,030
  1,069
  1,113
  1,159
  1,206
  1,255
  1,305
  1,358
  1,414
  1,472
  1,533
  1,597
  1,664
  1,735
  1,810
  1,888
  1,971
  2,058
  2,150
  2,247
  2,349
  2,456
  2,569
  2,689
  2,814
  2,946
  3,085
  3,232
  3,386
  3,548
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  978
  959
  939
  913
  882
  847
  807
  764
  717
  668
  616
  564
  510
  457
  405
  355
  307
  261
  220
  182
  148
  119
  93
  72
  54
  40
  29
  21
  14
  10
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

Primerica Inc. (Primerica) is a distributor of financial products to middle-income households in the United States and Canada. The Company operates through three segments: Term Life Insurance, Investment and Savings Products, and Corporate and Other Distributed Products. The Term Life Insurance segment includes underwriting profits on its in-force book of term life insurance policies, net of reinsurance, which are underwritten by its life insurance company subsidiaries. The Investment and Savings Products segment includes retail and managed mutual funds, and annuities distributed through licensed broker-dealer subsidiaries and includes segregated funds, an individual annuity savings product that it underwrites in Canada through Primerica Life Insurance Company of Canada (Primerica Life Canada). In the United States, it distributes mutual fund and annuity products of various third-party companies. It also earns fees for account servicing on a subset of the mutual funds it distributes.

FINANCIAL RATIOS  of  Primerica (PRI)

Valuation Ratios
P/E Ratio 21.7
Price to Sales 3.1
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow 16.3
Growth Rates
Sales Growth Rate 7.9%
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 0
Current Ratio NaN
LT Debt to Equity 30.5%
Total Debt to Equity 71.7%
Interest Coverage 13
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 11%
Ret/ On T. Cap. - 3 Yr. Avg. 10.6%
Return On Equity 18.5%
Return On Equity - 3 Yr. Avg. 16.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 36.9%
EBITDA Margin - 3 Yr. Avg. 35.5%
Operating Margin 24.1%
Oper. Margin - 3 Yr. Avg. 23.4%
Pre-Tax Margin 22.2%
Pre-Tax Margin - 3 Yr. Avg. 21.1%
Net Profit Margin 14.4%
Net Profit Margin - 3 Yr. Avg. 13.8%
Effective Tax Rate 35.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 15.1%

PRI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PRI stock intrinsic value calculation we used $1523 million for the last fiscal year's total revenue generated by Primerica. The default revenue input number comes from 2016 income statement of Primerica. 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 PRI stock valuation model: a) initial revenue growth rate of 8.9% 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 5.3%, whose default value for PRI is calculated based on our internal credit rating of Primerica, 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 Primerica.
    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 PRI stock the variable cost ratio is equal to 61.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $223 million in the base year in the intrinsic value calculation for PRI 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 3.5% for Primerica.

Corporate tax rate of 27% is the nominal tax rate for Primerica. 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 PRI 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 PRI are equal to 5.5%.

Life of production assets of 0.4 years is the average useful life of capital assets used in Primerica 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 PRI is equal to 33%. 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 - $1221 million for Primerica - 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 44.91 million for Primerica 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 Primerica at the current share price and the inputted number of shares is $4.7 billion.

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COMPANY NEWS

▶ Primerica Earns Composite Rating Upgrade   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Primerica, Inc. : November 27, 2017   [Nov-27-17 03:25PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : November 16, 2017   [Nov-16-17 11:57AM  Capital Cube]
▶ Stocks Flashing Renewed Technical Strength: Primerica   [03:00AM  Investor's Business Daily]
▶ Primerica beats 3Q profit forecasts   [Nov-07-17 06:51PM  Associated Press]
▶ Primerica Reports Third Quarter 2017 Results   [04:15PM  Business Wire]
▶ Top 10 Direct Sales Companies in USA   [Nov-02-17 09:45AM  Insider Monkey]
▶ 5 GARP Stocks for Marvelous Returns   [Nov-01-17 09:31AM  Zacks]
▶ ETFs with exposure to Primerica, Inc. : October 5, 2017   [Oct-05-17 11:16AM  Capital Cube]
▶ Stocks With Rising Relative Strength: Metlife   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Primerica, Inc. : August 28, 2017   [Aug-28-17 06:17PM  Capital Cube]
▶ These 3 Stocks Just Raised Their Dividends   [Aug-14-17 07:45AM  Motley Fool]
▶ Primerica Reports Second Quarter 2017 Results   [Aug-08-17 04:05PM  Business Wire]
▶ ETFs with exposure to Primerica, Inc. : July 24, 2017   [Jul-24-17 06:18PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : July 14, 2017   [Jul-14-17 04:22PM  Capital Cube]
▶ Primerica, Inc. Value Analysis (NYSE:PRI) : July 7, 2017   [Jul-07-17 04:11PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : June 19, 2017   [Jun-19-17 03:58PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : June 8, 2017   [Jun-08-17 01:52PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : May 29, 2017   [May-29-17 12:52PM  Capital Cube]
▶ ETFs with exposure to Primerica, Inc. : May 18, 2017   [May-18-17 01:57PM  Capital Cube]
▶ Primerica misses 1Q profit forecasts   [May-09-17 06:40PM  Associated Press]
▶ Primerica Reports First Quarter 2017 Results   [04:05PM  Business Wire]
▶ Breakout Watch: 27 Top Funds Own This IPO Stock Ahead Of Earnings   [Apr-27-17 04:14PM  Investor's Business Daily]
▶ Breakout Watch: Top Financial Stock Jumps Back Into Buy Zone   [Apr-24-17 04:59PM  Investor's Business Daily]
▶ Banks And Financial Stocks: Latest News And Analysis   [Apr-20-17 01:00PM  Investor's Business Daily]
▶ Primerica Announces New Lifetime Investment Platform   [Apr-06-17 04:05PM  Business Wire]
▶ Top 5 GARP Stocks for Marvelous Returns   [Apr-04-17 08:15AM  Zacks]
▶ Why You Should Add The 10-Week-Line Pullback To Your Trading Playbook   [Mar-24-17 01:44PM  Investor's Business Daily]
▶ Bet on These 5 GARP Stocks for Solid Returns   [Mar-20-17 09:53AM  Zacks]
Financial statements of PRI
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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