Globe Life Inc. 4.25% Junior Su (GL-PD)

Industry: Insurance - Life Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
OMU.JO	29	Old Mutual Limited	11,219	3.65	3.92	-0.20	-0.20	-0.04	-0.10
MGDL.TA	30	Migdal Insurance a	10,420	8.66	4.83	-6.30	-4.64	-5.24	-4.69
HDFCLIFE.BO	31	HDFC Life Insuranc	9,385	86.08	80.34	82.73	76.29	96.88	78.56
GNW	32	Genworth Financial	7,100	16.51	16.51	2.77	2.98	2.43	3.59
WUW.DE	33	Wüstenrot & Würt	6,951	9.21	9.69	51.44	76.89	1.16	1.43
ICICIPRULI.BO	34	ICICI Prudential L	6,298	65.88	63.30	41.91	36.86	32.39	30.80
GL	35	Globe Life Inc.	5,941	10.38	9.43	7.71	6.99	6.30	7.69
GL-PD	36	Globe Life Inc. 4.	5,941	10.38	9.43	7.71	6.99	6.30	7.69
BHF	37	Brighthouse Financ	5,895	3.15	3.15	-0.31	-0.31	-0.17	-0.35
1299.HK	38	AIA Group Limited	5,703	8.77	7.92	7.34	7.10	1.89	1.51
81299.HK	39	Aia-r	5,703	8.77	7.92	7.34	7.10	1.89	1.51
FG	40	F&G Annuities & Li	5,231	8.83	8.90	3.01	3.01	7.91	7.28
2905.TW	41	Mercuries & Associ	4,995	-	-	-	-	-0.11	-0.32
MFSL.BO	42	Max Financial Serv	4,852	335.77	368.45	102.46	109.22	2,198.57	313.13
JXN	43	Jackson Financial	4,747	12.32	12.32	6.30	6.30	15.84	7.31
CNO	44	CNO Financial Grou	4,442	13.23	14.51	7.44	7.09	48.06	17.43

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.02	9.17	7.34	7.09	6.30	7.28
Full Range Median Multiple	9.79	9.56	7.44	7.10	7.91	7.31
Industry Multiple	42.23	43.66	29.13	30.89	219.39	42.75
Market Implied Multiple	1.25	1.13	0.98	0.89	0.80	0.98
Company (GL-PD) Multiple	10.38	9.43	7.71	6.99	6.30	7.69
(*) Net Income / EBITDA / Revenue	1,150	1,265	1,561	1,720	1,908	1,563
Winsorized Enterprise Value	N/A	N/A	11,452	12,192	12,027	11,386
Full Range Median Enterprise Value	N/A	N/A	11,617	12,219	15,090	11,431
(-) Net Debt	92	92	92	92	92	92
Winsorized Equity Value	10,374	11,600	11,361	12,100	11,935	11,294
Full Range Median Equity Value	11,264	12,097	11,525	12,128	14,999	11,340
(/) Shares Outstanding	83	83	83	83	83	83
Winsorized Fair Value	$124.27	$138.96	$136.09	$144.95	$142.97	$135.29
Full Range Median Fair Value	$134.93	$144.91	$138.06	$145.28	$179.67	$135.84
Current Price	$17.17	$17.17	$17.17	$17.17	$17.17	$17.17
Upside / Downside	623.77%	709.30%	692.61%	744.20%	732.67%	687.94%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$86.99	$97.27	$95.26	$101.46	$100.08	$94.70
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY