Intrinsic value of Kemper Corp - KMPR

Previous Close

$70.95

  Intrinsic Value

$83.42

stock screener

  Rating & Target

hold

+18%

Previous close

$70.95

 
Intrinsic value

$83.42

 
Up/down potential

+18%

 
Rating

hold

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

We calculate the intrinsic value of KMPR 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  7.90
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  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
Revenue, $m
  0
  2,729
  2,909
  3,097
  3,293
  3,496
  3,708
  3,929
  4,159
  4,400
  4,650
  4,912
  5,185
  5,471
  5,770
  6,082
  6,408
  6,750
  7,108
  7,483
  7,875
  8,286
  8,717
  9,168
  9,641
  10,137
  10,657
  11,202
  11,774
  12,373
  13,003
Variable operating expenses, $m
 
  2,486
  2,649
  2,818
  2,994
  3,177
  3,367
  3,566
  3,773
  3,989
  4,215
  4,418
  4,664
  4,920
  5,189
  5,470
  5,763
  6,071
  6,393
  6,730
  7,082
  7,452
  7,839
  8,245
  8,671
  9,117
  9,584
  10,075
  10,589
  11,128
  11,694
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
  2,461
  2,486
  2,649
  2,818
  2,994
  3,177
  3,367
  3,566
  3,773
  3,989
  4,215
  4,418
  4,664
  4,920
  5,189
  5,470
  5,763
  6,071
  6,393
  6,730
  7,082
  7,452
  7,839
  8,245
  8,671
  9,117
  9,584
  10,075
  10,589
  11,128
  11,694
Operating income, $m
  94
  242
  261
  279
  299
  320
  341
  363
  386
  410
  436
  494
  522
  551
  581
  612
  645
  679
  715
  753
  793
  834
  877
  923
  970
  1,020
  1,073
  1,127
  1,185
  1,245
  1,309
EBITDA, $m
  114
  275
  293
  312
  331
  352
  373
  395
  419
  443
  468
  494
  522
  551
  581
  612
  645
  679
  715
  753
  793
  834
  877
  923
  970
  1,020
  1,073
  1,127
  1,185
  1,245
  1,309
Interest expense (income), $m
  44
  44
  69
  95
  122
  151
  180
  210
  242
  275
  310
  346
  384
  423
  464
  507
  552
  599
  648
  700
  754
  810
  870
  932
  997
  1,065
  1,136
  1,211
  1,289
  1,372
  1,458
Earnings before tax, $m
  4
  198
  191
  184
  177
  169
  161
  153
  144
  135
  126
  148
  138
  128
  116
  105
  93
  80
  67
  53
  39
  24
  8
  -9
  -26
  -44
  -64
  -84
  -104
  -126
  -149
Tax expense, $m
  -9
  53
  52
  50
  48
  46
  43
  41
  39
  36
  34
  40
  37
  34
  31
  28
  25
  22
  18
  14
  10
  6
  2
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  17
  145
  140
  134
  129
  123
  118
  111
  105
  99
  92
  108
  101
  93
  85
  77
  68
  59
  49
  39
  28
  17
  6
  -9
  -26
  -44
  -64
  -84
  -104
  -126
  -149

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
  8,211
  8,774
  9,355
  9,959
  10,588
  11,242
  11,924
  12,634
  13,374
  14,147
  14,953
  15,794
  16,673
  17,592
  18,552
  19,556
  20,606
  21,705
  22,855
  24,060
  25,321
  26,643
  28,027
  29,479
  30,999
  32,594
  34,266
  36,019
  37,858
  39,786
  41,809
Adjusted assets (=assets-cash), $m
  8,211
  8,774
  9,355
  9,959
  10,588
  11,242
  11,924
  12,634
  13,374
  14,147
  14,953
  15,794
  16,673
  17,592
  18,552
  19,556
  20,606
  21,705
  22,855
  24,060
  25,321
  26,643
  28,027
  29,479
  30,999
  32,594
  34,266
  36,019
  37,858
  39,786
  41,809
Revenue / Adjusted assets
  0.000
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
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
  752
  1,176
  1,616
  2,075
  2,552
  3,049
  3,566
  4,105
  4,667
  5,253
  5,865
  6,504
  7,171
  7,868
  8,597
  9,359
  10,156
  10,990
  11,863
  12,777
  13,735
  14,738
  15,789
  16,890
  18,045
  19,255
  20,524
  21,854
  23,250
  24,714
  26,249
Total liabilities, $m
  6,235
  6,660
  7,100
  7,559
  8,036
  8,533
  9,050
  9,589
  10,151
  10,737
  11,349
  11,988
  12,655
  13,352
  14,081
  14,843
  15,640
  16,474
  17,347
  18,261
  19,219
  20,222
  21,273
  22,374
  23,529
  24,739
  26,008
  27,338
  28,734
  30,198
  31,733
Total equity, $m
  1,975
  2,115
  2,255
  2,400
  2,552
  2,709
  2,874
  3,045
  3,223
  3,409
  3,604
  3,806
  4,018
  4,240
  4,471
  4,713
  4,966
  5,231
  5,508
  5,798
  6,102
  6,421
  6,755
  7,104
  7,471
  7,855
  8,258
  8,681
  9,124
  9,588
  10,076
Total liabilities and equity, $m
  8,210
  8,775
  9,355
  9,959
  10,588
  11,242
  11,924
  12,634
  13,374
  14,146
  14,953
  15,794
  16,673
  17,592
  18,552
  19,556
  20,606
  21,705
  22,855
  24,059
  25,321
  26,643
  28,028
  29,478
  31,000
  32,594
  34,266
  36,019
  37,858
  39,786
  41,809
Debt-to-equity ratio
  0.381
  0.560
  0.720
  0.860
  1.000
  1.130
  1.240
  1.350
  1.450
  1.540
  1.630
  1.710
  1.780
  1.860
  1.920
  1.990
  2.050
  2.100
  2.150
  2.200
  2.250
  2.300
  2.340
  2.380
  2.420
  2.450
  2.490
  2.520
  2.550
  2.580
  2.610
Adjusted equity ratio
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  17
  145
  140
  134
  129
  123
  118
  111
  105
  99
  92
  108
  101
  93
  85
  77
  68
  59
  49
  39
  28
  17
  6
  -9
  -26
  -44
  -64
  -84
  -104
  -126
  -149
Depreciation, amort., depletion, $m
  20
  32
  32
  32
  32
  32
  32
  32
  32
  32
  32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  386
  177
  172
  167
  161
  156
  150
  144
  137
  131
  124
  108
  101
  93
  85
  77
  68
  59
  49
  39
  28
  17
  6
  -9
  -26
  -44
  -64
  -84
  -104
  -126
  -149
Change in working capital, $m
  145
  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
  241
  177
  172
  167
  161
  156
  150
  144
  137
  131
  124
  108
  101
  93
  85
  77
  68
  59
  49
  39
  28
  17
  6
  -9
  -26
  -44
  -64
  -84
  -104
  -126
  -149
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
  -20
  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
  -238
  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
  3
  177
  172
  167
  161
  156
  150
  144
  137
  131
  124
  108
  101
  93
  85
  77
  68
  59
  49
  39
  28
  17
  6
  -9
  -26
  -44
  -64
  -84
  -104
  -126
  -149
Issuance/(repayment) of debt, $m
  0
  424
  441
  459
  477
  497
  517
  539
  562
  586
  612
  639
  667
  697
  729
  762
  797
  834
  873
  914
  957
  1,003
  1,051
  1,101
  1,154
  1,210
  1,269
  1,331
  1,396
  1,464
  1,535
Issuance/(repurchase) of shares, $m
  0
  0
  0
  11
  23
  34
  47
  60
  73
  87
  102
  95
  111
  128
  146
  165
  185
  206
  228
  251
  276
  301
  328
  359
  393
  429
  466
  506
  548
  591
  637
Cash from financing (excl. dividends), $m  
  1
  424
  441
  470
  500
  531
  564
  599
  635
  673
  714
  734
  778
  825
  875
  927
  982
  1,040
  1,101
  1,165
  1,233
  1,304
  1,379
  1,460
  1,547
  1,639
  1,735
  1,837
  1,944
  2,055
  2,172
Total cash flow (excl. dividends), $m
  3
  600
  613
  636
  661
  687
  714
  743
  773
  805
  838
  841
  879
  918
  960
  1,004
  1,050
  1,099
  1,150
  1,205
  1,261
  1,321
  1,385
  1,451
  1,521
  1,594
  1,672
  1,753
  1,839
  1,929
  2,023
Retained Cash Flow (-), $m
  17
  -140
  -140
  -146
  -152
  -158
  -164
  -171
  -178
  -186
  -194
  -203
  -212
  -221
  -231
  -242
  -253
  -265
  -277
  -290
  -304
  -318
  -334
  -359
  -393
  -429
  -466
  -506
  -548
  -591
  -637
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
 
  461
  473
  491
  509
  529
  550
  571
  594
  619
  644
  639
  667
  697
  729
  762
  797
  834
  873
  914
  957
  1,003
  1,051
  1,092
  1,128
  1,166
  1,205
  1,247
  1,291
  1,337
  1,386
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  431
  412
  395
  376
  356
  334
  310
  286
  261
  236
  201
  178
  156
  135
  115
  96
  79
  64
  51
  40
  31
  23
  17
  12
  8
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  99.7
  99.2
  98.5
  97.6
  96.6
  95.3
  94.0
  92.5
  91.2
  89.8
  88.3
  86.7
  85.1
  83.3
  81.5
  79.6
  77.8
  75.8
  73.9
  71.9
  70.0
  68.0
  65.9
  63.9
  61.9
  59.9
  57.9
  55.9

Kemper Corporation (Kemper) is a diversified insurance holding company. The Company, through its subsidiaries, provides automobile, homeowners, life, health and other insurance products to individuals and businesses. The Company operates through two segments: Property & Casualty Insurance, and Life & Health Insurance. The Property & Casualty Insurance segment's products include personal automobile insurance, both preferred and nonstandard, homeowners insurance, other personal insurance and commercial automobile insurance. These products are distributed primarily through independent agents and brokers. The Life & Health Insurance segment's products are individual life, accident, health and property insurance. These products are distributed by career agents employed by the Company and independent agents and brokers.

FINANCIAL RATIOS  of  Kemper Corp (KMPR)

Valuation Ratios
P/E Ratio 214
Price to Sales 1.4
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 16.5
Growth Rates
Sales Growth Rate 7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 81.8%
Cap. Spend. - 3 Yr. Gr. Rate -1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 38.1%
Total Debt to Equity 38.1%
Interest Coverage 1
Management Effectiveness
Return On Assets 2%
Ret/ On Assets - 3 Yr. Avg. 1.8%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.6%
Return On Equity 0.9%
Return On Equity - 3 Yr. Avg. 3.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 2.7%
EBITDA Margin - 3 Yr. Avg. 6.8%
Operating Margin 3.7%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 0.2%
Pre-Tax Margin - 3 Yr. Avg. 3.9%
Net Profit Margin 0.7%
Net Profit Margin - 3 Yr. Avg. 3.2%
Effective Tax Rate -225%
Eff/ Tax Rate - 3 Yr. Avg. -58.5%
Payout Ratio 288.2%

KMPR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KMPR stock intrinsic value calculation we used $2555 million for the last fiscal year's total revenue generated by Kemper Corp. The default revenue input number comes from 2016 income statement of Kemper Corp. 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 KMPR stock valuation model: a) initial revenue growth rate of 6.8% 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 6.8%, whose default value for KMPR is calculated based on our internal credit rating of Kemper Corp, 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 Kemper Corp.
    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 KMPR stock the variable cost ratio is equal to 91.2%.

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 KMPR 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 5.9% for Kemper Corp.

Corporate tax rate of 27% is the nominal tax rate for Kemper Corp. 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 KMPR 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 KMPR are equal to 0%.

Life of production assets of 16.2 years is the average useful life of capital assets used in Kemper Corp 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 KMPR 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 - $1975 million for Kemper Corp - 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 52.25 million for Kemper Corp 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 Kemper Corp at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Kemper Corp. : December 28, 2017   [Dec-28-17 12:19PM  Capital Cube]
▶ Kemper Announces Quarterly Dividend   [Nov-01-17 04:15PM  Business Wire]
▶ Kemper beats 3Q profit forecasts   [06:49AM  Associated Press]
▶ ETFs with exposure to Kemper Corp. : October 17, 2017   [Oct-17-17 09:48AM  Capital Cube]
▶ Kemper Corporation Prevails in Arbitration   [Oct-11-17 04:55PM  Business Wire]
▶ ETFs with exposure to Kemper Corp. : October 5, 2017   [Oct-05-17 11:08AM  Capital Cube]
▶ ETFs with exposure to Kemper Corp. : September 25, 2017   [Sep-25-17 10:40AM  Capital Cube]
▶ Alliance United Wins Fifth BIGGIE Award in a Row   [Sep-19-17 02:33PM  Business Wire]
▶ Kemper Announces Quarterly Dividend   [Aug-02-17 05:30PM  Business Wire]
▶ Kemper beats 2Q profit forecasts   [Aug-01-17 11:48PM  Associated Press]
▶ [$$] NewSpring Invests in Fox Rent A Car   [Jul-21-17 11:41AM  The Wall Street Journal]
▶ Kemper Corp. Value Analysis (NYSE:KMPR) : July 4, 2017   [Jul-04-17 04:10PM  Capital Cube]
▶ Kemper Announces New Leader for Reserve National Business   [May-08-17 04:15PM  Business Wire]
▶ Kemper reports 1Q loss   [May-04-17 07:56PM  Associated Press]
▶ Kemper Announces Quarterly Dividend   [May-03-17 04:15PM  Business Wire]
▶ Kemper beats Street 4Q forecasts   [Feb-09-17 06:45PM  Associated Press]
▶ Kemper Announces Quarterly Dividend   [Feb-08-17 05:30PM  Business Wire]
▶ [$$] Descartes Acquires Datamyne   [Dec-23-16 03:43PM  at The Wall Street Journal]
▶ Kemper Announces New Kemper Preferred Leader   [Nov-07-16 04:45PM  Business Wire]
▶ Kemper Announces Quarterly Dividend   [Nov-02-16 04:16PM  Business Wire]
▶ CFO Moves: Kemper, Banc of California, Tatts, AirAsia   [Sep-21-16 07:43AM  at The Wall Street Journal]
▶ Kemper Announces New Human Resources Senior Vice President   [Sep-19-16 01:12PM  Business Wire]
▶ Alliance United Wins BIGGIE Award   [Sep-13-16 04:17PM  Business Wire]
Financial statements of KMPR
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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