Intrinsic value of CNO Financial Group - CNO

Previous Close

$22.31

  Intrinsic Value

$92.41

stock screener

  Rating & Target

str. buy

+314%

  Value-price divergence*

0%

Previous close

$22.31

 
Intrinsic value

$92.41

 
Up/down potential

+314%

 
Rating

str. buy

 
Value-price divergence*

0%

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CNO 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 2016), $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 3.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.28
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  0
  4,467
  4,940
  5,435
  5,952
  6,492
  7,054
  7,639
  8,247
  8,880
  9,537
  10,220
  10,930
  11,668
  12,435
  13,233
  14,064
  14,929
  15,830
  16,768
  17,747
  18,768
  19,834
  20,947
  22,109
  23,324
  24,594
  25,922
  27,312
  28,766
  30,289
Variable operating expenses, $m
 
  3,931
  4,347
  4,782
  5,238
  5,713
  6,207
  6,722
  7,258
  7,814
  8,393
  8,994
  9,618
  10,268
  10,943
  11,645
  12,376
  13,137
  13,930
  14,756
  15,618
  16,516
  17,454
  18,433
  19,456
  20,525
  21,643
  22,812
  24,035
  25,314
  26,654
Fixed operating expenses, $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 operating expenses, $m
  3,548
  3,931
  4,347
  4,782
  5,238
  5,713
  6,207
  6,722
  7,258
  7,814
  8,393
  8,994
  9,618
  10,268
  10,943
  11,645
  12,376
  13,137
  13,930
  14,756
  15,618
  16,516
  17,454
  18,433
  19,456
  20,525
  21,643
  22,812
  24,035
  25,314
  26,654
Operating income, $m
  470
  536
  593
  652
  714
  779
  846
  917
  990
  1,066
  1,144
  1,226
  1,312
  1,400
  1,492
  1,588
  1,688
  1,791
  1,900
  2,012
  2,130
  2,252
  2,380
  2,514
  2,653
  2,799
  2,951
  3,111
  3,277
  3,452
  3,635
EBITDA, $m
  470
  536
  593
  652
  714
  779
  846
  917
  990
  1,066
  1,144
  1,226
  1,312
  1,400
  1,492
  1,588
  1,688
  1,791
  1,900
  2,012
  2,130
  2,252
  2,380
  2,514
  2,653
  2,799
  2,951
  3,111
  3,277
  3,452
  3,635
Interest expense (income), $m
  0
  148
  253
  366
  484
  608
  736
  871
  1,011
  1,156
  1,307
  1,464
  1,627
  1,797
  1,973
  2,156
  2,347
  2,545
  2,752
  2,967
  3,192
  3,425
  3,669
  3,924
  4,190
  4,467
  4,758
  5,061
  5,378
  5,710
  6,058
Earnings before tax, $m
  353
  388
  340
  286
  230
  171
  110
  46
  -21
  -90
  -163
  -238
  -316
  -397
  -481
  -568
  -659
  -754
  -852
  -955
  -1,062
  -1,173
  -1,289
  -1,410
  -1,537
  -1,669
  -1,806
  -1,950
  -2,101
  -2,258
  -2,423
Tax expense, $m
  -5
  105
  92
  77
  62
  46
  30
  12
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  358
  283
  248
  209
  168
  125
  80
  33
  -21
  -90
  -163
  -238
  -316
  -397
  -481
  -568
  -659
  -754
  -852
  -955
  -1,062
  -1,173
  -1,289
  -1,410
  -1,537
  -1,669
  -1,806
  -1,950
  -2,101
  -2,258
  -2,423

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
  0
Total assets, $m
  31,975
  35,452
  39,202
  43,131
  47,237
  51,521
  55,983
  60,627
  65,456
  70,476
  75,692
  81,113
  86,747
  92,603
  98,693
  105,027
  111,619
  118,483
  125,632
  133,083
  140,851
  148,956
  157,414
  166,246
  175,471
  185,113
  195,192
  205,734
  216,762
  228,304
  240,386
Adjusted assets (=assets-cash), $m
  31,975
  35,452
  39,202
  43,131
  47,237
  51,521
  55,983
  60,627
  65,456
  70,476
  75,692
  81,113
  86,747
  92,603
  98,693
  105,027
  111,619
  118,483
  125,632
  133,083
  140,851
  148,956
  157,414
  166,246
  175,471
  185,113
  195,192
  205,734
  216,762
  228,304
  240,386
Revenue / Adjusted assets
  0.000
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
  0.126
Average production 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
  0
Working capital, $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
  0
Total debt, $m
  4,223
  7,223
  10,449
  13,828
  17,359
  21,043
  24,880
  28,874
  33,027
  37,344
  41,830
  46,492
  51,337
  56,374
  61,611
  67,058
  72,728
  78,630
  84,778
  91,186
  97,867
  104,837
  112,111
  119,706
  127,640
  135,932
  144,600
  153,666
  163,151
  173,076
  183,467
Total liabilities, $m
  27,488
  30,488
  33,714
  37,093
  40,624
  44,308
  48,145
  52,139
  56,292
  60,609
  65,095
  69,757
  74,602
  79,639
  84,876
  90,323
  95,993
  101,895
  108,043
  114,451
  121,132
  128,102
  135,376
  142,971
  150,905
  159,197
  167,865
  176,931
  186,416
  196,341
  206,732
Total equity, $m
  4,487
  4,963
  5,488
  6,038
  6,613
  7,213
  7,838
  8,488
  9,164
  9,867
  10,597
  11,356
  12,145
  12,964
  13,817
  14,704
  15,627
  16,588
  17,588
  18,632
  19,719
  20,854
  22,038
  23,274
  24,566
  25,916
  27,327
  28,803
  30,347
  31,963
  33,654
Total liabilities and equity, $m
  31,975
  35,451
  39,202
  43,131
  47,237
  51,521
  55,983
  60,627
  65,456
  70,476
  75,692
  81,113
  86,747
  92,603
  98,693
  105,027
  111,620
  118,483
  125,631
  133,083
  140,851
  148,956
  157,414
  166,245
  175,471
  185,113
  195,192
  205,734
  216,763
  228,304
  240,386
Debt-to-equity ratio
  0.941
  1.460
  1.900
  2.290
  2.620
  2.920
  3.170
  3.400
  3.600
  3.780
  3.950
  4.090
  4.230
  4.350
  4.460
  4.560
  4.650
  4.740
  4.820
  4.890
  4.960
  5.030
  5.090
  5.140
  5.200
  5.250
  5.290
  5.340
  5.380
  5.410
  5.450
Adjusted equity ratio
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140
  0.140

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  358
  283
  248
  209
  168
  125
  80
  33
  -21
  -90
  -163
  -238
  -316
  -397
  -481
  -568
  -659
  -754
  -852
  -955
  -1,062
  -1,173
  -1,289
  -1,410
  -1,537
  -1,669
  -1,806
  -1,950
  -2,101
  -2,258
  -2,423
Depreciation, amort., depletion, $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
  0
Funds from operations, $m
  1,453
  283
  248
  209
  168
  125
  80
  33
  -21
  -90
  -163
  -238
  -316
  -397
  -481
  -568
  -659
  -754
  -852
  -955
  -1,062
  -1,173
  -1,289
  -1,410
  -1,537
  -1,669
  -1,806
  -1,950
  -2,101
  -2,258
  -2,423
Change in working capital, $m
  693
  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 operations, $m
  760
  283
  248
  209
  168
  125
  80
  33
  -21
  -90
  -163
  -238
  -316
  -397
  -481
  -568
  -659
  -754
  -852
  -955
  -1,062
  -1,173
  -1,289
  -1,410
  -1,537
  -1,669
  -1,806
  -1,950
  -2,101
  -2,258
  -2,423
Maintenance CAPEX, $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
  0
New CAPEX, $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
  0
Cash from investing activities, $m
  -742
  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
Free cash flow, $m
  18
  283
  248
  209
  168
  125
  80
  33
  -21
  -90
  -163
  -238
  -316
  -397
  -481
  -568
  -659
  -754
  -852
  -955
  -1,062
  -1,173
  -1,289
  -1,410
  -1,537
  -1,669
  -1,806
  -1,950
  -2,101
  -2,258
  -2,423
Issuance/(repayment) of debt, $m
  78
  3,000
  3,226
  3,379
  3,531
  3,684
  3,838
  3,994
  4,153
  4,317
  4,486
  4,662
  4,845
  5,036
  5,237
  5,448
  5,669
  5,902
  6,148
  6,408
  6,681
  6,970
  7,274
  7,595
  7,934
  8,292
  8,668
  9,066
  9,484
  9,926
  10,390
Issuance/(repurchase) of shares, $m
  -198
  193
  277
  341
  407
  475
  544
  617
  697
  793
  893
  997
  1,104
  1,217
  1,333
  1,455
  1,582
  1,715
  1,853
  1,998
  2,149
  2,308
  2,473
  2,647
  2,828
  3,018
  3,217
  3,426
  3,645
  3,874
  4,115
Cash from financing (excl. dividends), $m  
  85
  3,193
  3,503
  3,720
  3,938
  4,159
  4,382
  4,611
  4,850
  5,110
  5,379
  5,659
  5,949
  6,253
  6,570
  6,903
  7,251
  7,617
  8,001
  8,406
  8,830
  9,278
  9,747
  10,242
  10,762
  11,310
  11,885
  12,492
  13,129
  13,800
  14,505
Total cash flow (excl. dividends), $m
  102
  3,477
  3,751
  3,929
  4,106
  4,283
  4,462
  4,644
  4,829
  5,020
  5,217
  5,421
  5,634
  5,856
  6,090
  6,334
  6,592
  6,863
  7,149
  7,451
  7,769
  8,104
  8,458
  8,832
  9,226
  9,641
  10,080
  10,542
  11,028
  11,541
  12,082
Retained Cash Flow (-), $m
  -348
  -476
  -525
  -550
  -575
  -600
  -625
  -650
  -697
  -793
  -893
  -997
  -1,104
  -1,217
  -1,333
  -1,455
  -1,582
  -1,715
  -1,853
  -1,998
  -2,149
  -2,308
  -2,473
  -2,647
  -2,828
  -3,018
  -3,217
  -3,426
  -3,645
  -3,874
  -4,115
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
 
  3,000
  3,226
  3,379
  3,531
  3,684
  3,838
  3,994
  4,132
  4,227
  4,324
  4,424
  4,529
  4,640
  4,756
  4,879
  5,010
  5,148
  5,296
  5,453
  5,619
  5,797
  5,985
  6,185
  6,398
  6,623
  6,862
  7,115
  7,384
  7,667
  7,967
Discount rate, %
 
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
 
  2,740
  2,667
  2,506
  2,326
  2,133
  1,931
  1,726
  1,515
  1,296
  1,093
  909
  744
  599
  474
  368
  280
  209
  153
  109
  76
  52
  34
  22
  14
  8
  5
  3
  2
  1
  0
Current shareholders' claim on cash, %
  100
  95.2
  89.4
  83.3
  77.3
  71.3
  65.5
  60.0
  54.7
  49.7
  45.0
  40.5
  36.4
  32.6
  29.1
  25.9
  23.0
  20.4
  18.0
  15.9
  14.0
  12.3
  10.8
  9.5
  8.3
  7.3
  6.4
  5.5
  4.8
  4.2
  3.7

CNO Financial Group, Inc., through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, and other insurance products for senior and middle-income markets in the United States. It operates through Bankers Life, Washington National, Colonial Penn, and Long-Term Care in Run Off segments. The Bankers Life segment markets and distributes Medicare supplement insurance, interest-sensitive and traditional life insurance, fixed annuities, and long-term care insurance products; and Medicare advantage and prescription drug plan products through various distribution and marketing agreements. The Washington National segment markets and distributes supplemental health insurance, including specified disease, accident, and hospital indemnity insurance products; and life insurance at home and the worksite through independent marketing organizations and insurance agencies. The Colonial Penn segment primarily markets graded benefit and simplified issue life insurance directly to customers through television advertising, direct mail, the Internet, and telemarketing. The Long-Term Care in Run Off segment engages in the long-term care business. The company sells its products through career agents, independent producers, and direct marketing. CNO Financial Group, Inc. was founded in 1979 and is headquartered in Carmel, Indiana.

FINANCIAL RATIOS  of  CNO Financial Group (CNO)

Valuation Ratios
P/E Ratio 10.8
Price to Sales 1
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 5.1
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 94.1%
Total Debt to Equity 94.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. 0.7%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.7%
Return On Equity 8.3%
Return On Equity - 3 Yr. Avg. 5.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 8.8%
EBITDA Margin - 3 Yr. Avg. 7.5%
Operating Margin 11.7%
Oper. Margin - 3 Yr. Avg. 10%
Pre-Tax Margin 8.8%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. 5.7%
Effective Tax Rate -1.4%
Eff/ Tax Rate - 3 Yr. Avg. 31.9%
Payout Ratio 15.4%

CNO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CNO stock intrinsic value calculation we used $4017 million for the last fiscal year's total revenue generated by CNO Financial Group. The default revenue input number comes from 2016 income statement of CNO Financial Group. 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 CNO stock valuation model: a) initial revenue growth rate of 11.2% 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 9.5%, whose default value for CNO is calculated based on our internal credit rating of CNO Financial Group, 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 CNO Financial Group.
    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 CNO stock the variable cost ratio is equal to 88%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CNO 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 3.5% for CNO Financial Group.

Corporate tax rate of 27% is the nominal tax rate for CNO Financial Group. 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 CNO 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 CNO are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in CNO Financial Group 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 CNO is equal to 0%. 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 - $4487 million for CNO Financial Group - 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 172.154 million for CNO Financial Group 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 CNO Financial Group at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ The Market In 5 Minutes   [08:28AM  Benzinga]
▶ CNO Financial Group Declares Quarterly Dividend   [Aug-09-17 04:15PM  PR Newswire]
▶ CNO beats 2Q profit forecasts   [Jul-26-17 10:52PM  Associated Press]
▶ Colonial Penn Honored as Corporate Citizen of the Year   [Jun-19-17 12:49PM  PR Newswire]
▶ Rising Revenue and Earnings   [May-08-17 04:34PM  GuruFocus.com]
▶ CNO beats 1Q profit forecasts   [Apr-26-17 06:26PM  Associated Press]
▶ 8 Stocks Trading Below the Peter Lynch Value   [Feb-22-17 03:37PM  GuruFocus.com]
▶ CNO Financial Group Appoints Vice Presidents   [Jan-11-17 05:15PM  PR Newswire]
▶ CNO Financial Group Declares Quarterly Dividend   [Nov-17-16 04:15PM  PR Newswire]
Stock chart of CNO Financial statements of CNO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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