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Tuesday, January 16, 2018

Lincoln National Corp Valuation – November 2015 Update $LNC



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Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Most Undervalued Companies for the Defensive Investor – November 2015.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Lincoln National Corp (LNC) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Lincoln National Corporation is a holding company, which operates multiple 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. 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. It operates in four segments: Annuities offers fixed (including indexed) and variable annuities. Retirement Plan Services provides employers with retirement plan products and services. Life Insurance focuses in the creation and protection of wealth through life insurance products. Group Protection offers principally group non-medical insurance products.


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Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.


Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Long-Term Debt $5,604,000,000
Total Assets $249,532,000,000
Intangible Assets $2,273,000,000
Total Liabilities $235,131,000,000
Shares Outstanding (Diluted Average) 253,211,000

Earnings Per Share History

Next Fiscal Year Estimate $4.74
Dec14 $5.67
Dec13 $4.52
Dec12 $4.56
Dec11 $0.69
Dec10 $2.30
Dec09 -$1.85
Dec08 $0.22
Dec07 $4.43
Dec06 $5.13
Dec05 $4.72
Dec04 $3.95
Dec03 $2.85
Dec02 $0.26
Dec01 $2.85
Dec00 $3.03
Dec99 $2.30
Dec98 $2.51
Dec97 $4.49
Dec96 $2.44
Dec95 $2.32

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $4.65
Dec14 $4.25
Dec13 $3.04
Dec12 $1.93
Dec11 $0.80
Dec10 $1.25
Dec09 $1.33
Dec08 $3.17
Dec07 $4.51
Dec06 $4.16
Dec05 $3.42
Dec04 $2.71
Dec03 $2.15
Dec02 $1.93
Dec01 $2.85
Dec00 $2.89
Dec99 $2.81

Recommended Reading:

Other ModernGraham posts about the company

10 Most Undervalued Companies for the Enterprising Investor – November 2015
10 Companies Benjamin Graham Would Invest In Today – November 2015
10 Most Undervalued Companies for the Enterprising Investor – October 2015
5 Undervalued Companies for Value Investors with a High Beta – October 2015
The Best Stocks of the Financial Services Industry – September 2015

Other ModernGraham posts about related companies

Unum Group Valuation – November 2015 Update $UNM
Principal Financial Group Valuation – November 2015 Update $PFG
Assurant Inc. Valuation – November 2015 Update $AIZ
American International Group Inc. Valuation – November 2015 Update $AIG
Cincinnati Financial Corp Valuation – November 2015 Update $CINF
American Financial Group Inc. Valuation – November 2015 Update $AFG
Loews Corporation Valuation – November 2015 Update $L
Allstate Corporation Valuation – October 2015 Update $ALL
Humana Inc. Valuation – October 2015 Update $HUM
Torchmark Corporation Valuation – October 2015 Update $TMK

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

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