Intrinsic value of Torchmark - TMK

Previous Close

$83.47

  Intrinsic Value

$1.94

stock screener

  Rating & Target

str. sell

-98%

Previous close

$83.47

 
Intrinsic value

$1.94

 
Up/down potential

-98%

 
Rating

str. sell

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

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 2017), $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 9.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  4,389
  4,632
  4,886
  5,152
  5,430
  5,720
  6,024
  6,343
  6,677
  7,026
  7,392
  7,775
  8,177
  8,599
  9,040
  9,504
  9,989
  10,499
  11,033
  11,594
  12,182
  12,799
  13,447
  14,126
  14,839
  15,587
  16,373
  17,197
  18,062
  18,971
Variable operating expenses, $m
  3,204
  3,381
  3,567
  3,761
  3,964
  4,176
  4,398
  4,630
  4,874
  5,129
  5,396
  5,676
  5,969
  6,277
  6,599
  6,938
  7,292
  7,664
  8,054
  8,463
  8,893
  9,343
  9,816
  10,312
  10,833
  11,379
  11,952
  12,554
  13,186
  13,849
Fixed operating expenses, $m
  218
  222
  227
  232
  237
  243
  248
  254
  259
  265
  271
  277
  283
  289
  295
  302
  308
  315
  322
  329
  336
  344
  351
  359
  367
  375
  383
  392
  400
  409
Total operating expenses, $m
  3,422
  3,603
  3,794
  3,993
  4,201
  4,419
  4,646
  4,884
  5,133
  5,394
  5,667
  5,953
  6,252
  6,566
  6,894
  7,240
  7,600
  7,979
  8,376
  8,792
  9,229
  9,687
  10,167
  10,671
  11,200
  11,754
  12,335
  12,946
  13,586
  14,258
Operating income, $m
  967
  1,028
  1,092
  1,159
  1,228
  1,302
  1,379
  1,459
  1,544
  1,632
  1,725
  1,823
  1,925
  2,033
  2,146
  2,264
  2,389
  2,520
  2,657
  2,801
  2,953
  3,112
  3,279
  3,455
  3,640
  3,834
  4,037
  4,251
  4,476
  4,713
EBITDA, $m
  3,339
  3,531
  3,732
  3,943
  4,163
  4,393
  4,634
  4,887
  5,152
  5,429
  5,720
  6,025
  6,344
  6,679
  7,031
  7,400
  7,787
  8,193
  8,619
  9,066
  9,536
  10,029
  10,546
  11,089
  11,659
  12,257
  12,885
  13,545
  14,237
  14,965
Interest expense (income), $m
  81
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
  958
Earnings before tax, $m
  10
  70
  134
  201
  271
  344
  421
  501
  586
  675
  768
  865
  968
  1,075
  1,188
  1,307
  1,431
  1,562
  1,699
  1,844
  1,995
  2,154
  2,322
  2,497
  2,682
  2,876
  3,080
  3,294
  3,519
  3,755
Tax expense, $m
  3
  19
  36
  54
  73
  93
  114
  135
  158
  182
  207
  234
  261
  290
  321
  353
  386
  422
  459
  498
  539
  582
  627
  674
  724
  776
  832
  889
  950
  1,014
Net income, $m
  7
  51
  98
  147
  198
  251
  307
  366
  428
  492
  560
  632
  706
  785
  867
  954
  1,045
  1,140
  1,240
  1,346
  1,456
  1,573
  1,695
  1,823
  1,958
  2,099
  2,248
  2,404
  2,569
  2,741

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
  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
Adjusted assets (=assets-cash), $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
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  23,717
  25,031
  26,404
  27,839
  29,341
  30,912
  32,556
  34,277
  36,080
  37,968
  39,946
  42,018
  44,190
  46,467
  48,854
  51,357
  53,982
  56,735
  59,623
  62,653
  65,831
  69,166
  72,665
  76,337
  80,190
  84,234
  88,479
  92,933
  97,609
  102,517
Working capital, $m
  -17,744
  -18,727
  -19,754
  -20,828
  -21,952
  -23,127
  -24,357
  -25,645
  -26,993
  -28,406
  -29,885
  -31,436
  -33,061
  -34,764
  -36,550
  -38,423
  -40,387
  -42,447
  -44,607
  -46,874
  -49,251
  -51,746
  -54,364
  -57,111
  -59,994
  -63,020
  -66,195
  -69,528
  -73,026
  -76,698
Total debt, $m
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
  17,734
Total liabilities, $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 equity, $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 liabilities and equity, $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
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  7
  51
  98
  147
  198
  251
  307
  366
  428
  492
  560
  632
  706
  785
  867
  954
  1,045
  1,140
  1,240
  1,346
  1,456
  1,573
  1,695
  1,823
  1,958
  2,099
  2,248
  2,404
  2,569
  2,741
Depreciation, amort., depletion, $m
  2,372
  2,503
  2,640
  2,784
  2,934
  3,091
  3,256
  3,428
  3,608
  3,797
  3,995
  4,202
  4,419
  4,647
  4,885
  5,136
  5,398
  5,674
  5,962
  6,265
  6,583
  6,917
  7,266
  7,634
  8,019
  8,423
  8,848
  9,293
  9,761
  10,252
Funds from operations, $m
  2,379
  2,555
  2,738
  2,931
  3,132
  3,342
  3,563
  3,794
  4,036
  4,289
  4,555
  4,833
  5,125
  5,432
  5,753
  6,090
  6,443
  6,814
  7,203
  7,611
  8,039
  8,489
  8,961
  9,457
  9,977
  10,523
  11,096
  11,698
  12,330
  12,993
Change in working capital, $m
  -941
  -983
  -1,027
  -1,074
  -1,123
  -1,175
  -1,230
  -1,288
  -1,348
  -1,412
  -1,480
  -1,551
  -1,625
  -1,703
  -1,786
  -1,873
  -1,964
  -2,060
  -2,161
  -2,267
  -2,378
  -2,495
  -2,618
  -2,747
  -2,883
  -3,026
  -3,175
  -3,333
  -3,498
  -3,672
Cash from operations, $m
  3,320
  3,538
  3,766
  4,005
  4,255
  4,518
  4,793
  5,082
  5,384
  5,702
  6,035
  6,384
  6,750
  7,135
  7,539
  7,962
  8,407
  8,873
  9,363
  9,878
  10,417
  10,984
  11,579
  12,204
  12,860
  13,548
  14,271
  15,031
  15,828
  16,665
Maintenance CAPEX, $m
  -2,246
  -2,372
  -2,503
  -2,640
  -2,784
  -2,934
  -3,091
  -3,256
  -3,428
  -3,608
  -3,797
  -3,995
  -4,202
  -4,419
  -4,647
  -4,885
  -5,136
  -5,398
  -5,674
  -5,962
  -6,265
  -6,583
  -6,917
  -7,266
  -7,634
  -8,019
  -8,423
  -8,848
  -9,293
  -9,761
New CAPEX, $m
  -1,261
  -1,314
  -1,373
  -1,436
  -1,502
  -1,571
  -1,644
  -1,721
  -1,802
  -1,888
  -1,978
  -2,072
  -2,172
  -2,277
  -2,387
  -2,503
  -2,625
  -2,753
  -2,888
  -3,029
  -3,178
  -3,335
  -3,499
  -3,672
  -3,853
  -4,044
  -4,244
  -4,455
  -4,676
  -4,908
Cash from investing activities, $m
  -3,507
  -3,686
  -3,876
  -4,076
  -4,286
  -4,505
  -4,735
  -4,977
  -5,230
  -5,496
  -5,775
  -6,067
  -6,374
  -6,696
  -7,034
  -7,388
  -7,761
  -8,151
  -8,562
  -8,991
  -9,443
  -9,918
  -10,416
  -10,938
  -11,487
  -12,063
  -12,667
  -13,303
  -13,969
  -14,669
Free cash flow, $m
  -187
  -148
  -111
  -71
  -30
  13
  58
  105
  154
  206
  260
  317
  376
  439
  505
  574
  646
  722
  802
  886
  974
  1,066
  1,163
  1,265
  1,373
  1,485
  1,604
  1,728
  1,859
  1,996
Issuance/(repayment) of debt, $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
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  
  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 cash flow (excl. dividends), $m
  -187
  -148
  -111
  -71
  -30
  13
  58
  105
  154
  206
  260
  317
  376
  439
  505
  574
  646
  722
  802
  886
  974
  1,066
  1,163
  1,265
  1,373
  1,485
  1,604
  1,728
  1,859
  1,996
Retained Cash Flow (-), $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
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
  0
  0
  0
  0
  0
  13
  58
  105
  154
  206
  260
  317
  376
  439
  505
  574
  646
  722
  802
  886
  974
  1,066
  1,163
  1,265
  1,373
  1,485
  1,604
  1,728
  1,859
  1,996
Discount rate, %
  14.30
  15.02
  15.77
  16.55
  17.38
  18.25
  19.16
  20.12
  21.13
  22.18
  23.29
  24.46
  25.68
  26.96
  28.31
  29.73
  31.22
  32.78
  34.41
  36.14
  37.94
  39.84
  41.83
  43.92
  46.12
  48.42
  50.85
  53.39
  56.06
  58.86
PV of cash for distribution, $m
  0
  0
  0
  0
  0
  5
  17
  24
  27
  28
  26
  23
  19
  16
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
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

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 17.9
Price to Sales 2.5
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 7.2
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 $4156 million for the last fiscal year's total revenue generated by Torchmark. The default revenue input number comes from 2017 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 5.6% 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 14.3%, 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 73%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $213 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 5.4% 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 540.4%.

Life of production assets of 10 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 -404.3%. 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 - $0 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 115 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 $9.6 billion.

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COMPANY NEWS

▶ Torchmark Corporation Declares Dividend   [May-11-18 04:41PM  PR Newswire]
▶ Torchmark: 1Q Earnings Snapshot   [Apr-18-18 04:36PM  Associated Press]
▶ 3 Warren Buffett Stocks You've Probably Never Heard Of   [Feb-23-18 02:31PM  Motley Fool]
▶ Torchmark beats 4Q profit forecasts   [Feb-07-18 05:35PM  Associated Press]
▶ ETFs with exposure to Torchmark Corp. : December 26, 2017   [Dec-26-17 12:14PM  Capital Cube]
▶ ETFs with exposure to Torchmark Corp. : December 12, 2017   [Dec-12-17 02:18PM  Capital Cube]
▶ ETFs with exposure to Torchmark Corp. : November 27, 2017   [Nov-27-17 04:01PM  Capital Cube]
▶ ETFs with exposure to Torchmark Corp. : November 16, 2017   [Nov-16-17 12:05PM  Capital Cube]
▶ Torchmark Corporation Declares Dividend   [Nov-13-17 06:47PM  PR Newswire]
▶ Torchmark beats 3Q profit forecasts   [Oct-24-17 04:33PM  Associated Press]
▶ What to watch when Netflix delivers earnings   [Oct-16-17 09:15AM  Yahoo Finance]
▶ Yahoo Finance Live: Market Movers - Oct 16th, 2017   [07:20AM  Yahoo Finance Video]
▶ ETFs with exposure to Torchmark Corp. : August 28, 2017   [Aug-28-17 06:58PM  Capital Cube]
▶ Torchmark Corporation Declares Dividend   [05:00PM  PR Newswire]
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