Intrinsic value of Horace Mann Educators - HMN

Previous Close

$38.40

  Intrinsic Value

$197.24

stock screener

  Rating & Target

str. buy

+414%

  Value-price divergence*

0%

Previous close

$38.40

 
Intrinsic value

$197.24

 
Up/down potential

+414%

 
Rating

str. buy

 
Value-price divergence*

0%

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

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

We calculate the intrinsic value of HMN 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 1.6

 

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, %
  3.64
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  0
  1,212
  1,287
  1,364
  1,446
  1,530
  1,618
  1,711
  1,807
  1,907
  2,012
  2,122
  2,237
  2,357
  2,482
  2,614
  2,752
  2,896
  3,047
  3,205
  3,371
  3,545
  3,727
  3,918
  4,119
  4,329
  4,549
  4,781
  5,023
  5,278
  5,545
Variable operating expenses, $m
 
  1,054
  1,119
  1,186
  1,256
  1,330
  1,406
  1,486
  1,569
  1,656
  1,747
  1,837
  1,937
  2,041
  2,149
  2,263
  2,382
  2,507
  2,638
  2,775
  2,919
  3,069
  3,227
  3,393
  3,566
  3,748
  3,939
  4,139
  4,350
  4,570
  4,801
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
  1,014
  1,054
  1,119
  1,186
  1,256
  1,330
  1,406
  1,486
  1,569
  1,656
  1,747
  1,837
  1,937
  2,041
  2,149
  2,263
  2,382
  2,507
  2,638
  2,775
  2,919
  3,069
  3,227
  3,393
  3,566
  3,748
  3,939
  4,139
  4,350
  4,570
  4,801
Operating income, $m
  126
  158
  168
  178
  189
  201
  212
  225
  238
  251
  265
  285
  300
  316
  333
  351
  369
  388
  409
  430
  452
  475
  500
  526
  552
  581
  610
  641
  674
  708
  744
EBITDA, $m
  126
  166
  176
  186
  198
  209
  221
  234
  247
  261
  275
  290
  306
  322
  339
  357
  376
  396
  416
  438
  461
  484
  509
  535
  563
  591
  622
  653
  686
  721
  758
Interest expense (income), $m
  -12
  9
  29
  50
  72
  95
  119
  144
  170
  198
  226
  256
  288
  320
  354
  390
  427
  467
  508
  551
  596
  643
  692
  744
  799
  856
  915
  978
  1,044
  1,113
  1,185
Earnings before tax, $m
  114
  149
  139
  128
  117
  105
  93
  80
  67
  53
  39
  28
  12
  -4
  -21
  -39
  -58
  -78
  -99
  -121
  -144
  -167
  -192
  -219
  -246
  -275
  -305
  -337
  -370
  -405
  -442
Tax expense, $m
  30
  40
  38
  35
  32
  28
  25
  22
  18
  14
  10
  8
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  84
  109
  102
  94
  86
  77
  68
  59
  49
  39
  28
  21
  9
  -4
  -21
  -39
  -58
  -78
  -99
  -121
  -144
  -167
  -192
  -219
  -246
  -275
  -305
  -337
  -370
  -405
  -442

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
  10,577
  11,221
  11,913
  12,634
  13,385
  14,169
  14,986
  15,839
  16,729
  17,659
  18,631
  19,647
  20,710
  21,821
  22,985
  24,202
  25,477
  26,812
  28,211
  29,677
  31,212
  32,822
  34,510
  36,280
  38,136
  40,082
  42,124
  44,265
  46,512
  48,869
  51,342
Adjusted assets (=assets-cash), $m
  10,577
  11,221
  11,913
  12,634
  13,385
  14,169
  14,986
  15,839
  16,729
  17,659
  18,631
  19,647
  20,710
  21,821
  22,985
  24,202
  25,477
  26,812
  28,211
  29,677
  31,212
  32,822
  34,510
  36,280
  38,136
  40,082
  42,124
  44,265
  46,512
  48,869
  51,342
Revenue / Adjusted assets
  0.000
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
Average production assets, $m
  29
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  89
  93
  98
  103
  108
  114
  120
  126
  132
  139
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
  247
  816
  1,423
  2,057
  2,716
  3,404
  4,122
  4,871
  5,652
  6,469
  7,322
  8,214
  9,147
  10,123
  11,144
  12,213
  13,333
  14,505
  15,733
  17,020
  18,369
  19,782
  21,264
  22,818
  24,447
  26,156
  27,948
  29,829
  31,801
  33,871
  36,043
Total liabilities, $m
  9,283
  9,852
  10,459
  11,093
  11,752
  12,440
  13,158
  13,907
  14,688
  15,505
  16,358
  17,250
  18,183
  19,159
  20,180
  21,249
  22,369
  23,541
  24,769
  26,056
  27,405
  28,818
  30,300
  31,854
  33,483
  35,192
  36,984
  38,865
  40,837
  42,907
  45,079
Total equity, $m
  1,294
  1,369
  1,453
  1,541
  1,633
  1,729
  1,828
  1,932
  2,041
  2,154
  2,273
  2,397
  2,527
  2,662
  2,804
  2,953
  3,108
  3,271
  3,442
  3,621
  3,808
  4,004
  4,210
  4,426
  4,653
  4,890
  5,139
  5,400
  5,674
  5,962
  6,264
Total liabilities and equity, $m
  10,577
  11,221
  11,912
  12,634
  13,385
  14,169
  14,986
  15,839
  16,729
  17,659
  18,631
  19,647
  20,710
  21,821
  22,984
  24,202
  25,477
  26,812
  28,211
  29,677
  31,213
  32,822
  34,510
  36,280
  38,136
  40,082
  42,123
  44,265
  46,511
  48,869
  51,343
Debt-to-equity ratio
  0.191
  0.600
  0.980
  1.330
  1.660
  1.970
  2.250
  2.520
  2.770
  3.000
  3.220
  3.430
  3.620
  3.800
  3.970
  4.140
  4.290
  4.430
  4.570
  4.700
  4.820
  4.940
  5.050
  5.160
  5.250
  5.350
  5.440
  5.520
  5.600
  5.680
  5.750
Adjusted equity ratio
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  84
  109
  102
  94
  86
  77
  68
  59
  49
  39
  28
  21
  9
  -4
  -21
  -39
  -58
  -78
  -99
  -121
  -144
  -167
  -192
  -219
  -246
  -275
  -305
  -337
  -370
  -405
  -442
Depreciation, amort., depletion, $m
  0
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
Funds from operations, $m
  -257
  117
  110
  102
  94
  86
  77
  68
  58
  48
  38
  26
  15
  2
  -15
  -33
  -52
  -71
  -91
  -113
  -135
  -159
  -183
  -209
  -236
  -264
  -294
  -325
  -358
  -392
  -428
Change in working capital, $m
  -464
  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
  207
  120
  110
  102
  94
  86
  77
  68
  58
  48
  38
  26
  15
  2
  -15
  -33
  -52
  -71
  -91
  -113
  -135
  -159
  -183
  -209
  -236
  -264
  -294
  -325
  -358
  -392
  -428
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
New CAPEX, $m
  0
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
Cash from investing activities, $m
  -325
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -12
  -14
  -14
  -15
  -15
  -17
  -17
  -18
  -19
  -20
Free cash flow, $m
  -118
  115
  105
  97
  88
  80
  71
  61
  52
  41
  31
  18
  7
  -7
  -24
  -42
  -62
  -82
  -102
  -124
  -147
  -171
  -197
  -223
  -251
  -280
  -310
  -342
  -376
  -411
  -448
Issuance/(repayment) of debt, $m
  11
  569
  608
  633
  660
  688
  718
  749
  782
  817
  853
  892
  933
  976
  1,021
  1,069
  1,119
  1,172
  1,228
  1,287
  1,349
  1,414
  1,482
  1,554
  1,629
  1,709
  1,792
  1,880
  1,973
  2,070
  2,172
Issuance/(repurchase) of shares, $m
  -18
  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 financing (excl. dividends), $m  
  163
  569
  608
  633
  660
  688
  718
  749
  782
  817
  853
  892
  933
  976
  1,021
  1,069
  1,119
  1,172
  1,228
  1,287
  1,349
  1,414
  1,482
  1,554
  1,629
  1,709
  1,792
  1,880
  1,973
  2,070
  2,172
Total cash flow (excl. dividends), $m
  45
  684
  713
  730
  748
  768
  788
  810
  833
  858
  884
  910
  939
  969
  997
  1,027
  1,058
  1,091
  1,126
  1,162
  1,201
  1,242
  1,285
  1,331
  1,379
  1,429
  1,482
  1,538
  1,597
  1,659
  1,724
Retained Cash Flow (-), $m
  -29
  -75
  -84
  -88
  -92
  -96
  -100
  -104
  -109
  -113
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -187
  -196
  -206
  -216
  -226
  -237
  -249
  -261
  -274
  -288
  -302
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
 
  609
  628
  642
  657
  672
  689
  706
  725
  744
  765
  786
  810
  834
  855
  878
  902
  928
  955
  984
  1,014
  1,046
  1,079
  1,115
  1,152
  1,192
  1,233
  1,277
  1,323
  1,371
  1,422
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  584
  575
  559
  541
  521
  500
  477
  453
  428
  401
  373
  346
  317
  287
  258
  229
  202
  176
  151
  129
  108
  90
  73
  59
  46
  36
  27
  20
  15
  11
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Horace Mann Educators Corporation, through its subsidiaries, operates as a multiline insurance company in the United States. The Company operates through four segments: Property and Casualty Insurance, Annuity Products, Life Insurance, and Corporate and Other. It underwrites and markets personal lines of property and casualty insurance, including personal lines, automobile, and homeowners insurance products; retirement annuities comprising tax-qualified; and life insurance products. The company markets its products through its sales force of full-time agents and independent agents to K-12 teachers, administrators, and other employees of public schools and their families. Horace Mann Educators Corporation was founded in 1945 and is headquartered in Springfield, Illinois.

FINANCIAL RATIOS  of  Horace Mann Educators (HMN)

Valuation Ratios
P/E Ratio 18.4
Price to Sales 1.4
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow 7.5
Growth Rates
Sales Growth Rate 3.6%
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 19.1%
Total Debt to Equity 19.1%
Interest Coverage -9
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 7.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 8.9%
EBITDA Margin - 3 Yr. Avg. 10.6%
Operating Margin 11.1%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 10%
Pre-Tax Margin - 3 Yr. Avg. 11.8%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 26.3%
Eff/ Tax Rate - 3 Yr. Avg. 27.7%
Payout Ratio 52.4%

HMN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HMN stock intrinsic value calculation we used $1140 million for the last fiscal year's total revenue generated by Horace Mann Educators. The default revenue input number comes from 2016 income statement of Horace Mann Educators. 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 HMN stock valuation model: a) initial revenue growth rate of 6.3% 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 4.3%, whose default value for HMN is calculated based on our internal credit rating of Horace Mann Educators, 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 Horace Mann Educators.
    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 HMN stock the variable cost ratio is equal to 87%.

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 HMN 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 Horace Mann Educators.

Corporate tax rate of 27% is the nominal tax rate for Horace Mann Educators. 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 HMN 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 HMN are equal to 2.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Horace Mann Educators 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 HMN 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 - $1294 million for Horace Mann Educators - 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 40.625 million for Horace Mann Educators 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 Horace Mann Educators at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Horace Mann posts 1Q profit   [Apr-24-17 05:14PM  Associated Press]
▶ Horace Mann Increases Quarterly Dividend by 4%   [Mar-08-17 04:15PM  Marketwired]
▶ Horace Mann posts 4Q profit   [Feb-06-17 05:18PM  Associated Press]
▶ Is Horace Mann Educators Corporation (HMN) a Good Stock to Buy?   [Dec-20-16 01:15PM  at Insider Monkey]
▶ Horace Mann Reports Quarterly Dividend of $0.265   [Dec-07-16 04:05PM  Marketwired]
▶ Horace Mann Reports Quarterly Dividend of $0.265   [Sep-02-16 04:05PM  Marketwired]
▶ Horace Mann Reports Quarterly Dividend of $0.265   [May-25-16 04:15PM  Marketwired]
▶ Horace Mann Increases Quarterly Dividend by 6%   [Mar-09-16 04:30PM  Marketwired]
▶ Horace Mann Reports Quarterly Dividend of $0.25   [Dec-09  04:15PM  PR Newswire]
▶ Hedge Funds Are Selling Horace Mann Educators Corporation (HMN)   [Dec-08  06:25AM  at Insider Monkey]
▶ Is First Midwest Bancorp Inc (FMBI) a Good Buy?   [Nov-30  09:31AM  at Insider Monkey]
Stock chart of HMN Financial statements of HMN Annual reports of HMN
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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