Intrinsic value of Kemper Corp - KMPR

Previous Close

$77.65

  Intrinsic Value

$19.63

stock screener

  Rating & Target

str. sell

-75%

Previous close

$77.65

 
Intrinsic value

$19.63

 
Up/down potential

-75%

 
Rating

str. sell

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
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  0
  2,941
  3,167
  3,403
  3,647
  3,901
  4,165
  4,440
  4,726
  5,023
  5,333
  5,655
  5,991
  6,341
  6,707
  7,088
  7,486
  7,902
  8,337
  8,791
  9,267
  9,764
  10,284
  10,829
  11,399
  11,996
  12,622
  13,277
  13,964
  14,684
  15,439
Variable operating expenses, $m
 
  782
  842
  905
  970
  1,038
  1,108
  1,181
  1,257
  1,336
  1,419
  1,504
  1,594
  1,687
  1,784
  1,885
  1,991
  2,102
  2,218
  2,339
  2,465
  2,597
  2,736
  2,880
  3,032
  3,191
  3,357
  3,532
  3,715
  3,906
  4,107
Fixed operating expenses, $m
 
  1,836
  1,876
  1,917
  1,959
  2,002
  2,046
  2,092
  2,138
  2,185
  2,233
  2,282
  2,332
  2,383
  2,436
  2,489
  2,544
  2,600
  2,657
  2,716
  2,775
  2,836
  2,899
  2,963
  3,028
  3,094
  3,162
  3,232
  3,303
  3,376
  3,450
Total operating expenses, $m
  2,461
  2,618
  2,718
  2,822
  2,929
  3,040
  3,154
  3,273
  3,395
  3,521
  3,652
  3,786
  3,926
  4,070
  4,220
  4,374
  4,535
  4,702
  4,875
  5,055
  5,240
  5,433
  5,635
  5,843
  6,060
  6,285
  6,519
  6,764
  7,018
  7,282
  7,557
Operating income, $m
  94
  323
  449
  580
  718
  861
  1,011
  1,168
  1,331
  1,502
  1,682
  1,869
  2,066
  2,271
  2,487
  2,714
  2,951
  3,200
  3,462
  3,737
  4,026
  4,330
  4,650
  4,986
  5,339
  5,711
  6,102
  6,513
  6,947
  7,403
  7,882
EBITDA, $m
  114
  1,219
  1,413
  1,616
  1,828
  2,049
  2,279
  2,520
  2,770
  3,032
  3,305
  3,591
  3,890
  4,202
  4,529
  4,872
  5,231
  5,607
  6,001
  6,414
  6,848
  7,303
  7,781
  8,283
  8,810
  9,364
  9,945
  10,556
  11,199
  11,874
  12,584
Interest expense (income), $m
  44
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
  367
Earnings before tax, $m
  4
  -44
  81
  213
  350
  494
  643
  800
  964
  1,135
  1,314
  1,502
  1,698
  1,904
  2,120
  2,346
  2,584
  2,833
  3,095
  3,370
  3,659
  3,963
  4,282
  4,618
  4,972
  5,343
  5,734
  6,146
  6,579
  7,035
  7,515
Tax expense, $m
  -9
  0
  22
  57
  95
  133
  174
  216
  260
  306
  355
  405
  458
  514
  572
  633
  698
  765
  836
  910
  988
  1,070
  1,156
  1,247
  1,342
  1,443
  1,548
  1,659
  1,776
  1,899
  2,029
Net income, $m
  17
  -44
  59
  155
  256
  360
  470
  584
  704
  829
  959
  1,096
  1,240
  1,390
  1,547
  1,713
  1,886
  2,068
  2,259
  2,460
  2,671
  2,893
  3,126
  3,371
  3,629
  3,901
  4,186
  4,487
  4,803
  5,136
  5,486

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
  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
Adjusted assets (=assets-cash), $m
  8,211
  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
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $m
  0
  8,955
  9,644
  10,361
  11,106
  11,879
  12,684
  13,520
  14,390
  15,296
  16,238
  17,220
  18,243
  19,310
  20,423
  21,584
  22,796
  24,063
  25,386
  26,770
  28,217
  29,731
  31,315
  32,973
  34,710
  36,528
  38,433
  40,429
  42,521
  44,714
  47,013
Working capital, $m
  0
  -6,411
  -6,905
  -7,418
  -7,951
  -8,505
  -9,081
  -9,680
  -10,302
  -10,951
  -11,625
  -12,328
  -13,061
  -13,824
  -14,621
  -15,452
  -16,321
  -17,227
  -18,175
  -19,165
  -20,201
  -21,285
  -22,419
  -23,606
  -24,850
  -26,152
  -27,515
  -28,945
  -30,442
  -32,012
  -33,658
Total debt, $m
  752
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
  6,805
Total liabilities, $m
  6,235
  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 equity, $m
  1,975
  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 liabilities and equity, $m
  8,210
  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
Debt-to-equity ratio
  0.381
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.241
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  17
  -44
  59
  155
  256
  360
  470
  584
  704
  829
  959
  1,096
  1,240
  1,390
  1,547
  1,713
  1,886
  2,068
  2,259
  2,460
  2,671
  2,893
  3,126
  3,371
  3,629
  3,901
  4,186
  4,487
  4,803
  5,136
  5,486
Depreciation, amort., depletion, $m
  20
  895
  964
  1,036
  1,111
  1,188
  1,268
  1,352
  1,439
  1,530
  1,624
  1,722
  1,824
  1,931
  2,042
  2,158
  2,280
  2,406
  2,539
  2,677
  2,822
  2,973
  3,132
  3,297
  3,471
  3,653
  3,843
  4,043
  4,252
  4,471
  4,701
Funds from operations, $m
  386
  851
  1,024
  1,192
  1,366
  1,548
  1,738
  1,936
  2,143
  2,358
  2,583
  2,818
  3,064
  3,321
  3,590
  3,871
  4,166
  4,474
  4,798
  5,137
  5,493
  5,866
  6,258
  6,669
  7,100
  7,553
  8,029
  8,530
  9,055
  9,607
  10,187
Change in working capital, $m
  145
  -475
  -494
  -513
  -533
  -554
  -576
  -599
  -623
  -648
  -675
  -703
  -732
  -764
  -797
  -831
  -868
  -907
  -948
  -991
  -1,036
  -1,084
  -1,134
  -1,187
  -1,243
  -1,302
  -1,364
  -1,429
  -1,498
  -1,570
  -1,646
Cash from operations, $m
  241
  1,326
  1,518
  1,705
  1,899
  2,102
  2,314
  2,535
  2,765
  3,006
  3,258
  3,521
  3,796
  4,085
  4,386
  4,702
  5,034
  5,381
  5,745
  6,128
  6,529
  6,950
  7,392
  7,856
  8,343
  8,855
  9,393
  9,959
  10,553
  11,177
  11,833
Maintenance CAPEX, $m
  0
  -829
  -895
  -964
  -1,036
  -1,111
  -1,188
  -1,268
  -1,352
  -1,439
  -1,530
  -1,624
  -1,722
  -1,824
  -1,931
  -2,042
  -2,158
  -2,280
  -2,406
  -2,539
  -2,677
  -2,822
  -2,973
  -3,132
  -3,297
  -3,471
  -3,653
  -3,843
  -4,043
  -4,252
  -4,471
New CAPEX, $m
  -20
  -662
  -690
  -717
  -745
  -774
  -804
  -836
  -870
  -905
  -943
  -982
  -1,023
  -1,067
  -1,113
  -1,161
  -1,213
  -1,267
  -1,324
  -1,384
  -1,447
  -1,514
  -1,584
  -1,658
  -1,736
  -1,819
  -1,905
  -1,996
  -2,092
  -2,193
  -2,299
Cash from investing activities, $m
  -238
  -1,491
  -1,585
  -1,681
  -1,781
  -1,885
  -1,992
  -2,104
  -2,222
  -2,344
  -2,473
  -2,606
  -2,745
  -2,891
  -3,044
  -3,203
  -3,371
  -3,547
  -3,730
  -3,923
  -4,124
  -4,336
  -4,557
  -4,790
  -5,033
  -5,290
  -5,558
  -5,839
  -6,135
  -6,445
  -6,770
Free cash flow, $m
  3
  -165
  -67
  24
  119
  218
  322
  430
  543
  662
  786
  916
  1,051
  1,194
  1,343
  1,499
  1,663
  1,835
  2,016
  2,205
  2,405
  2,614
  2,834
  3,066
  3,310
  3,566
  3,835
  4,119
  4,418
  4,732
  5,063
Issuance/(repayment) of debt, $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
Issuance/(repurchase) of shares, $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 financing (excl. dividends), $m  
  1
  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 cash flow (excl. dividends), $m
  3
  -165
  -67
  24
  119
  218
  322
  430
  543
  662
  786
  916
  1,051
  1,194
  1,343
  1,499
  1,663
  1,835
  2,016
  2,205
  2,405
  2,614
  2,834
  3,066
  3,310
  3,566
  3,835
  4,119
  4,418
  4,732
  5,063
Retained Cash Flow (-), $m
  17
  -44
  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
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
 
  -44
  0
  24
  119
  218
  322
  430
  543
  662
  786
  916
  1,051
  1,194
  1,343
  1,499
  1,663
  1,835
  2,016
  2,205
  2,405
  2,614
  2,834
  3,066
  3,310
  3,566
  3,835
  4,119
  4,418
  4,732
  5,063
Discount rate, %
 
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.66
  30.09
  31.60
  33.18
  34.84
  36.58
  38.41
  40.33
  42.35
  44.46
  46.69
  49.02
  51.47
  54.05
  56.75
  59.59
  62.57
PV of cash for distribution, $m
 
  -39
  0
  15
  62
  93
  111
  117
  115
  107
  95
  80
  66
  52
  39
  29
  21
  14
  9
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
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

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 234.2
Price to Sales 1.6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 16.5
Price to Free Cash Flow 18
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 $2723 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 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 15.2%, 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 26.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1796 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 5.4% 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 304.5%.

Life of production assets of 10 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 -218%. 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 - $0 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 51 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 $4.0 billion.

RELATED COMPANIES Price Int.Val. Rating
ALL Allstate 98.38 91.01  hold
FAC First Acceptan 0.810 3.01  str.buy

COMPANY NEWS

▶ Kemper Announces Quarterly Dividend   [Aug-01-18 02:32PM  Business Wire]
▶ Kemper Corporation to Host Earnings Call   [Jul-30-18 02:15PM  ACCESSWIRE]
▶ Kemper Completes Acquisition of Infinity, Adds New Director   [Jul-02-18 01:02PM  Business Wire]
▶ Preferred Bank Set to Join S&P SmallCap 600   [Jun-29-18 05:41PM  PR Newswire]
▶ Kemper Amends and Extends Credit Agreement   [Jun-12-18 04:39PM  Business Wire]
▶ Does Kemper Corporations (NYSE:KMPR) PE Ratio Warrant A Sell?   [May-07-18 03:07PM  Simply Wall St.]
▶ Can The Uptrend Continue for Kemper (KMPR)?   [May-04-18 10:04AM  Zacks]
▶ Kemper Announces Quarterly Dividend   [04:41PM  Business Wire]
▶ Company News for May 1, 2018   [May-01-18 10:25AM  Zacks]
▶ Kemper Corporation to Host Earnings Call   [Apr-30-18 12:00PM  ACCESSWIRE]
▶ Kemper: 1Q Earnings Snapshot   [06:37AM  Associated Press]
▶ Should You Buy Kemper (KMPR) Ahead of Earnings?   [Apr-26-18 08:40AM  Zacks]
▶ Kemper Announces Early Termination of HSR Waiting Period   [Mar-13-18 04:15PM  Business Wire]
▶ Birmingham's Infinity Property & Casualty to be acquired in $1.4B deal   [01:25PM  American City Business Journals]
▶ Kemper beats 4Q profit forecasts   [Feb-13-18 07:32PM  Associated Press]
▶ Kemper Announces Quarterly Dividend   [Feb-07-18 04:15PM  Business Wire]
▶ 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]
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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