Intrinsic value of CNO Financial Group - CNO

Previous Close

$24.65

  Intrinsic Value

$55.19

stock screener

  Rating & Target

str. buy

+124%

  Value-price divergence*

-91%

Previous close

$24.65

 
Intrinsic value

$55.19

 
Up/down potential

+124%

 
Rating

str. buy

 
Value-price divergence*

-91%

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 4.2

 

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
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  0
  4,190
  4,373
  4,567
  4,772
  4,988
  5,217
  5,459
  5,713
  5,982
  6,265
  6,563
  6,876
  7,206
  7,554
  7,920
  8,304
  8,709
  9,134
  9,581
  10,051
  10,545
  11,064
  11,610
  12,183
  12,785
  13,418
  14,083
  14,781
  15,515
  16,286
Variable operating expenses, $m
 
  3,687
  3,848
  4,019
  4,199
  4,390
  4,591
  4,804
  5,028
  5,264
  5,513
  5,775
  6,051
  6,342
  6,647
  6,969
  7,308
  7,664
  8,038
  8,431
  8,845
  9,279
  9,736
  10,216
  10,721
  11,251
  11,808
  12,393
  13,008
  13,653
  14,331
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
  3,687
  3,848
  4,019
  4,199
  4,390
  4,591
  4,804
  5,028
  5,264
  5,513
  5,775
  6,051
  6,342
  6,647
  6,969
  7,308
  7,664
  8,038
  8,431
  8,845
  9,279
  9,736
  10,216
  10,721
  11,251
  11,808
  12,393
  13,008
  13,653
  14,331
Operating income, $m
  470
  503
  525
  548
  573
  599
  626
  655
  686
  718
  752
  788
  825
  865
  906
  950
  996
  1,045
  1,096
  1,150
  1,206
  1,265
  1,328
  1,393
  1,462
  1,534
  1,610
  1,690
  1,774
  1,862
  1,954
EBITDA, $m
  470
  503
  525
  548
  573
  599
  626
  655
  686
  718
  752
  788
  825
  865
  906
  950
  996
  1,045
  1,096
  1,150
  1,206
  1,265
  1,328
  1,393
  1,462
  1,534
  1,610
  1,690
  1,774
  1,862
  1,954
Interest expense (income), $m
  0
  148
  187
  230
  277
  326
  377
  432
  490
  551
  615
  682
  753
  828
  907
  990
  1,078
  1,169
  1,266
  1,368
  1,474
  1,587
  1,705
  1,829
  1,959
  2,096
  2,240
  2,391
  2,550
  2,717
  2,892
Earnings before tax, $m
  353
  355
  338
  318
  296
  273
  249
  223
  196
  167
  137
  105
  72
  36
  -1
  -40
  -81
  -124
  -170
  -218
  -268
  -321
  -377
  -436
  -497
  -562
  -630
  -701
  -776
  -855
  -938
Tax expense, $m
  -5
  96
  91
  86
  80
  74
  67
  60
  53
  45
  37
  28
  19
  10
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  358
  259
  247
  232
  216
  199
  182
  163
  143
  122
  100
  77
  52
  27
  -1
  -40
  -81
  -124
  -170
  -218
  -268
  -321
  -377
  -436
  -497
  -562
  -630
  -701
  -776
  -855
  -938

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
  33,252
  34,705
  36,243
  37,871
  39,590
  41,406
  43,322
  45,343
  47,474
  49,719
  52,084
  54,573
  57,194
  59,952
  62,854
  65,906
  69,115
  72,491
  76,039
  79,769
  83,690
  87,810
  92,140
  96,690
  101,470
  106,493
  111,769
  117,312
  123,135
  129,251
Adjusted assets (=assets-cash), $m
  31,975
  33,252
  34,705
  36,243
  37,871
  39,590
  41,406
  43,322
  45,343
  47,474
  49,719
  52,084
  54,573
  57,194
  59,952
  62,854
  65,906
  69,115
  72,491
  76,039
  79,769
  83,690
  87,810
  92,140
  96,690
  101,470
  106,493
  111,769
  117,312
  123,135
  129,251
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
  5,332
  6,581
  7,904
  9,304
  10,783
  12,344
  13,992
  15,730
  17,563
  19,493
  21,527
  23,668
  25,922
  28,294
  30,789
  33,414
  36,174
  39,077
  42,128
  45,336
  48,708
  52,252
  55,975
  59,888
  63,999
  68,319
  72,857
  77,623
  82,631
  87,891
Total liabilities, $m
  27,488
  28,597
  29,846
  31,169
  32,569
  34,048
  35,609
  37,257
  38,995
  40,828
  42,758
  44,792
  46,933
  49,187
  51,559
  54,054
  56,679
  59,439
  62,342
  65,393
  68,601
  71,973
  75,517
  79,240
  83,153
  87,264
  91,584
  96,122
  100,888
  105,896
  111,156
Total equity, $m
  4,487
  4,655
  4,859
  5,074
  5,302
  5,543
  5,797
  6,065
  6,348
  6,646
  6,961
  7,292
  7,640
  8,007
  8,393
  8,800
  9,227
  9,676
  10,149
  10,645
  11,168
  11,717
  12,293
  12,900
  13,537
  14,206
  14,909
  15,648
  16,424
  17,239
  18,095
Total liabilities and equity, $m
  31,975
  33,252
  34,705
  36,243
  37,871
  39,591
  41,406
  43,322
  45,343
  47,474
  49,719
  52,084
  54,573
  57,194
  59,952
  62,854
  65,906
  69,115
  72,491
  76,038
  79,769
  83,690
  87,810
  92,140
  96,690
  101,470
  106,493
  111,770
  117,312
  123,135
  129,251
Debt-to-equity ratio
  0.941
  1.150
  1.350
  1.560
  1.750
  1.950
  2.130
  2.310
  2.480
  2.640
  2.800
  2.950
  3.100
  3.240
  3.370
  3.500
  3.620
  3.740
  3.850
  3.960
  4.060
  4.160
  4.250
  4.340
  4.420
  4.510
  4.580
  4.660
  4.730
  4.790
  4.860
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
  259
  247
  232
  216
  199
  182
  163
  143
  122
  100
  77
  52
  27
  -1
  -40
  -81
  -124
  -170
  -218
  -268
  -321
  -377
  -436
  -497
  -562
  -630
  -701
  -776
  -855
  -938
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
  259
  247
  232
  216
  199
  182
  163
  143
  122
  100
  77
  52
  27
  -1
  -40
  -81
  -124
  -170
  -218
  -268
  -321
  -377
  -436
  -497
  -562
  -630
  -701
  -776
  -855
  -938
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
  259
  247
  232
  216
  199
  182
  163
  143
  122
  100
  77
  52
  27
  -1
  -40
  -81
  -124
  -170
  -218
  -268
  -321
  -377
  -436
  -497
  -562
  -630
  -701
  -776
  -855
  -938
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
  259
  247
  232
  216
  199
  182
  163
  143
  122
  100
  77
  52
  27
  -1
  -40
  -81
  -124
  -170
  -218
  -268
  -321
  -377
  -436
  -497
  -562
  -630
  -701
  -776
  -855
  -938
Issuance/(repayment) of debt, $m
  78
  1,109
  1,250
  1,323
  1,399
  1,479
  1,562
  1,648
  1,738
  1,832
  1,931
  2,034
  2,141
  2,254
  2,372
  2,495
  2,625
  2,760
  2,903
  3,052
  3,208
  3,372
  3,544
  3,724
  3,913
  4,111
  4,319
  4,538
  4,767
  5,007
  5,260
Issuance/(repurchase) of shares, $m
  -198
  0
  0
  0
  12
  41
  73
  105
  140
  176
  214
  254
  296
  340
  387
  446
  508
  574
  643
  715
  791
  870
  954
  1,042
  1,134
  1,231
  1,333
  1,440
  1,552
  1,670
  1,794
Cash from financing (excl. dividends), $m  
  85
  1,109
  1,250
  1,323
  1,411
  1,520
  1,635
  1,753
  1,878
  2,008
  2,145
  2,288
  2,437
  2,594
  2,759
  2,941
  3,133
  3,334
  3,546
  3,767
  3,999
  4,242
  4,498
  4,766
  5,047
  5,342
  5,652
  5,978
  6,319
  6,677
  7,054
Total cash flow (excl. dividends), $m
  102
  1,368
  1,497
  1,555
  1,627
  1,720
  1,816
  1,916
  2,021
  2,131
  2,245
  2,365
  2,490
  2,621
  2,758
  2,902
  3,052
  3,210
  3,375
  3,548
  3,730
  3,921
  4,120
  4,330
  4,550
  4,780
  5,023
  5,276
  5,543
  5,823
  6,116
Retained Cash Flow (-), $m
  -348
  -168
  -203
  -215
  -228
  -241
  -254
  -268
  -283
  -298
  -314
  -331
  -349
  -367
  -387
  -446
  -508
  -574
  -643
  -715
  -791
  -870
  -954
  -1,042
  -1,134
  -1,231
  -1,333
  -1,440
  -1,552
  -1,670
  -1,794
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
 
  1,199
  1,293
  1,340
  1,399
  1,479
  1,562
  1,648
  1,738
  1,832
  1,931
  2,034
  2,141
  2,254
  2,371
  2,455
  2,544
  2,636
  2,733
  2,834
  2,939
  3,050
  3,166
  3,288
  3,416
  3,549
  3,690
  3,837
  3,991
  4,152
  4,322
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
 
  1,095
  1,069
  994
  922
  856
  786
  712
  637
  562
  488
  418
  352
  291
  236
  185
  142
  107
  79
  57
  40
  27
  18
  12
  7
  4
  3
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  99.8
  98.9
  97.5
  95.7
  93.4
  90.7
  87.6
  84.3
  80.8
  77.1
  73.3
  69.3
  65.3
  61.2
  57.1
  53.1
  49.2
  45.4
  41.7
  38.2
  34.9
  31.8
  28.9
  26.2
  23.7
  21.3
  19.2

CNO Financial Group, Inc. is a holding company for a group of insurance companies operating throughout the United States that develops, markets and administers health insurance, annuity, individual life insurance and other insurance products. The Company's segments include Bankers Life, Washington National and Colonial Penn. It sells health insurance, annuity, individual life insurance and other insurance products through three primary distribution channels: career agents, independent producers and direct marketing. The Company offers products in various categories, including health, annuities and life insurance. The health products include Medicare supplement, long-term care, prescription drug plan and Medicare advantage, supplemental health products and other health products. The annuities products include fixed index annuities and other fixed interest annuities. The life insurance products include interest-sensitive life products and traditional life products.

FINANCIAL RATIOS  of  CNO Financial Group (CNO)

Valuation Ratios
P/E Ratio 12
Price to Sales 1.1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 5.6
Price to Free Cash Flow 5.6
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 4.3% 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 169.416 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 $4.2 billion.

RELATED COMPANIES Price Int.Val. Rating
AFL AFLAC 84.45 202.40  str.buy
UNM Unum Group 52.28 108.36  str.buy
UNH UnitedHealth G 203.25 183.79  hold
TMK Torchmark 82.53 125.01  str.buy
RGA Reinsurance Gr 145.44 340.10  str.buy
MET MetLife 52.99 243.89  str.buy
AAME Atlantic Ameri 3.25 5.19  str.buy
AIZ Assurant 101.14 143.53  buy

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]
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.