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Allstate Corp ALL

Morningstar Rating
$159.72 −2.06 (1.27%)
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Company Report

Allstate Earnings: Finishing the Year on a Strong Note

Allstate endured a difficult 2023, but fourth-quarter results were largely positive, in our view. The company saw improvement in auto lines and benefited from a minimal level of catastrophes. A solid profit for the quarter allowed the company to close out the full year with a modest loss of $316 million. We will maintain our $122 fair value estimate and see the shares as materially overvalued. While Allstate is likely on an upswing, we don’t think the company has a moat, and we believe it is challenged when it comes to long-term growth. As such, we think the current market book multiple, which is materially higher than the company's historical average, is not fully warranted.

Price vs Fair Value

ALL is trading at a 31% premium.
Price
$159.72
Fair Value
$175.00
Uncertainty
Medium
1-Star Price
$836.70
5-Star Price
$57.10
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Allstate has historically had a differentiated approach through its use of captive agents and its bundling strategy.

Bears

Allstate's growth prospects are quite limited, given its dependence on the declining captive agent channel, and the maturity of the insurance industry.

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News

Trading Information

Previous Close Price
$161.78
Day Range
$159.63162.95
52-Week Range
$100.57168.05
Bid/Ask
$156.00 / $159.70
Market Cap
$41.93 Bil
Volume/Avg
1.7 Mil / 1.5 Mil

Key Statistics

Price/Earnings (Normalized)
169.88
Price/Sales
0.74
Dividend Yield (Trailing)
2.23%
Dividend Yield (Forward)
2.23%
Total Yield
3.91%

Company Profile

Allstate is one of the largest U.S. property and casualty insurers in the U.S. Personal auto represents the largest percentage of revenue, but the company offers homeowners insurance and other insurance products. Allstate products are sold in North America primarily by about 10,000 company agencies.
Sector
Financial Services
Industry
Insurance - Property & Casualty
Stock Style Box
Mid Value
Total Number of Employees
54,500

Competitors

Valuation

Metric
ALL
TRV
BRK.B
Price/Earnings (Normalized)
169.8825.1324.45
Price/Book Value
2.691.981.65
Price/Sales
0.741.222.17
Price/Cash Flow
12.314.8526.99
Price/Earnings
ALL
TRV
BRK.B

Financial Strength

Metric
ALL
TRV
BRK.B
Quick Ratio
Current Ratio
Interest Coverage
−6.349.9720.58
Quick Ratio
No chart available

Profitability

Metric
ALL
TRV
BRK.B
Return on Assets (Normalized)
−1.65%2.55%7.90%
Return on Equity (Normalized)
−10.97%13.79%15.53%
Return on Invested Capital (Normalized)
−5.39%11.35%12.90%
Return on Assets
ALL
TRV
BRK.B
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Insurance - Property & Casualty Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
PGR
Progressive CorpVnqfp$111.0 Bil
CB
Chubb LtdWkqktjg$102.2 Bil
TKOMY
Tokio Marine Holdings Inc ADRNxqhc$57.7 Bil
TKOMF
Tokio Marine Holdings IncDwmh$57.7 Bil
TRV
The Travelers Companies IncRqspvl$50.4 Bil
IFCZF
Intact Financial CorpSkjlwz$30.1 Bil
PPCCF
PICC Property and Casualty Co Ltd Class HWmwcb$28.4 Bil
WRB
WR Berkley CorpLlvycgb$21.0 Bil
MKL
Markel Group IncKqgx$19.1 Bil

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