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Intrinsic value of Lincoln National Corporation (LNC)

Previous Close$45.94
Intrinsic Value
Upside potential
Previous Close
$45.94
* Our model cannot be used “out of the box” for the valuation of this stock. You can still do your own valuation by changing the valuation input parameters.
Use floor (the cash flow based valuation has rendered a result, which is lower than an estimated minimum value derived from the company’s balance sheet analysis)

VALUATION INPUT DATA (original, your and others' valuations)

ParameterOrig.Your
Date of valuation (DoV)  
Intrinsic value (IV) at DoV, $/sh  
IV at current val. algorithm, $/sh32.86 

The original valuation is based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

Registered users can save their valuation input data

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

Company description

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers variable, fixed, and indexed variable annuities. The Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace. This segment offers individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and a range of plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. The Life Insurance segment provides life insurance products, including term insurance, such as single and survivorship versions of universal life insurance; variable universal life insurance; indexed universal life insurance products; and critical illness and long-term care riders. The Group Protection segment offers group non-medical insurance products comprising short and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, and critical illness benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The company distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries. Lincoln National Corporation was founded in 1905 and is headquartered in Radnor, Pennsylvania.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %10.3NaN
Revenue, $19230NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m17322NaN
Operating income, $m1908NaN
EBITDA, $m1862NaN
Interest expense (income), $mNaN
Earnings before tax, $m1638NaN
Tax expense, $m233NaN
Net income, $m1405NaN

BALANCE SHEET

Cash and short-term investments, $m2612NaN
Total assets, $m371278NaN
Adjusted assets (=assets-cash), $m368666NaN
Average production assets, $m2521NaN
Working capital, $m-138180NaN
Total debt, $m6782NaN
Total liabilities, $m351006NaN
Total equity, $m20272NaN
Debt-to-equity ratio0.335NaN
Adjusted equity ratio0.049NaN

CASH FLOW

Net income, $m1405NaN
Depreciation, amort., depletion, $m-46NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m151NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-1522NaN
Free cash flow, $m1673NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m-138180
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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