Intrinsic value of Kemper Corp - KMPR

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$40.35

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$40.35

 
Intrinsic value

$55.91

 
Up/down potential

+39%

 
Rating

buy

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

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

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

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 2.1

 

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
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  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
  4.90
  4.91
Revenue, $m
  0
  2,632
  2,716
  2,808
  2,907
  3,014
  3,129
  3,253
  3,384
  3,524
  3,673
  3,831
  3,999
  4,176
  4,364
  4,562
  4,771
  4,992
  5,225
  5,471
  5,729
  6,002
  6,289
  6,591
  6,909
  7,243
  7,595
  7,965
  8,354
  8,763
  9,193
Variable operating expenses, $m
 
  2,399
  2,475
  2,557
  2,647
  2,743
  2,847
  2,958
  3,076
  3,202
  3,336
  3,446
  3,596
  3,756
  3,924
  4,103
  4,291
  4,490
  4,699
  4,920
  5,153
  5,398
  5,656
  5,927
  6,213
  6,514
  6,830
  7,163
  7,513
  7,881
  8,267
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
  2,399
  2,475
  2,557
  2,647
  2,743
  2,847
  2,958
  3,076
  3,202
  3,336
  3,446
  3,596
  3,756
  3,924
  4,103
  4,291
  4,490
  4,699
  4,920
  5,153
  5,398
  5,656
  5,927
  6,213
  6,514
  6,830
  7,163
  7,513
  7,881
  8,267
Operating income, $m
  94
  233
  241
  250
  260
  271
  283
  295
  308
  322
  337
  386
  402
  420
  439
  459
  480
  502
  526
  551
  577
  604
  633
  663
  695
  729
  764
  802
  841
  882
  925
EBITDA, $m
  114
  265
  273
  283
  293
  303
  315
  327
  341
  355
  370
  386
  402
  420
  439
  459
  480
  502
  526
  551
  577
  604
  633
  663
  695
  729
  764
  802
  841
  882
  925
Interest expense (income), $m
  44
  44
  55
  68
  81
  95
  110
  127
  145
  164
  184
  205
  228
  252
  278
  305
  333
  363
  395
  429
  464
  501
  541
  582
  625
  671
  719
  770
  823
  879
  938
Earnings before tax, $m
  4
  188
  186
  183
  180
  176
  172
  168
  163
  159
  153
  180
  174
  168
  161
  154
  147
  139
  131
  122
  112
  103
  92
  81
  70
  58
  45
  32
  17
  3
  -13
Tax expense, $m
  -9
  51
  50
  49
  48
  48
  46
  45
  44
  43
  41
  49
  47
  45
  44
  42
  40
  38
  35
  33
  30
  28
  25
  22
  19
  16
  12
  9
  5
  1
  0
Net income, $m
  17
  137
  136
  133
  131
  128
  126
  123
  119
  116
  112
  132
  127
  123
  118
  113
  107
  101
  95
  89
  82
  75
  67
  59
  51
  42
  33
  23
  13
  2
  -13

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
  8,462
  8,733
  9,028
  9,348
  9,692
  10,062
  10,459
  10,882
  11,332
  11,811
  12,319
  12,858
  13,428
  14,031
  14,668
  15,341
  16,051
  16,801
  17,590
  18,422
  19,298
  20,221
  21,192
  22,214
  23,290
  24,421
  25,610
  26,861
  28,176
  29,558
Adjusted assets (=assets-cash), $m
  8,211
  8,462
  8,733
  9,028
  9,348
  9,692
  10,062
  10,459
  10,882
  11,332
  11,811
  12,319
  12,858
  13,428
  14,031
  14,668
  15,341
  16,051
  16,801
  17,590
  18,422
  19,298
  20,221
  21,192
  22,214
  23,290
  24,421
  25,610
  26,861
  28,176
  29,558
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
  939
  1,144
  1,368
  1,611
  1,872
  2,153
  2,454
  2,775
  3,117
  3,480
  3,866
  4,275
  4,708
  5,165
  5,649
  6,160
  6,699
  7,268
  7,867
  8,498
  9,163
  9,864
  10,601
  11,377
  12,193
  13,051
  13,954
  14,903
  15,901
  16,951
Total liabilities, $m
  6,235
  6,423
  6,628
  6,852
  7,095
  7,356
  7,637
  7,938
  8,259
  8,601
  8,964
  9,350
  9,759
  10,192
  10,649
  11,133
  11,644
  12,183
  12,752
  13,351
  13,982
  14,647
  15,348
  16,085
  16,861
  17,677
  18,535
  19,438
  20,387
  21,385
  22,435
Total equity, $m
  1,975
  2,039
  2,105
  2,176
  2,253
  2,336
  2,425
  2,521
  2,622
  2,731
  2,846
  2,969
  3,099
  3,236
  3,381
  3,535
  3,697
  3,868
  4,049
  4,239
  4,440
  4,651
  4,873
  5,107
  5,354
  5,613
  5,885
  6,172
  6,473
  6,790
  7,123
Total liabilities and equity, $m
  8,210
  8,462
  8,733
  9,028
  9,348
  9,692
  10,062
  10,459
  10,881
  11,332
  11,810
  12,319
  12,858
  13,428
  14,030
  14,668
  15,341
  16,051
  16,801
  17,590
  18,422
  19,298
  20,221
  21,192
  22,215
  23,290
  24,420
  25,610
  26,860
  28,175
  29,558
Debt-to-equity ratio
  0.381
  0.460
  0.540
  0.630
  0.720
  0.800
  0.890
  0.970
  1.060
  1.140
  1.220
  1.300
  1.380
  1.450
  1.530
  1.600
  1.670
  1.730
  1.790
  1.860
  1.910
  1.970
  2.020
  2.080
  2.130
  2.170
  2.220
  2.260
  2.300
  2.340
  2.380
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
  137
  136
  133
  131
  128
  126
  123
  119
  116
  112
  132
  127
  123
  118
  113
  107
  101
  95
  89
  82
  75
  67
  59
  51
  42
  33
  23
  13
  2
  -13
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
  170
  168
  166
  163
  161
  158
  155
  152
  148
  144
  132
  127
  123
  118
  113
  107
  101
  95
  89
  82
  75
  67
  59
  51
  42
  33
  23
  13
  2
  -13
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
  170
  168
  166
  163
  161
  158
  155
  152
  148
  144
  132
  127
  123
  118
  113
  107
  101
  95
  89
  82
  75
  67
  59
  51
  42
  33
  23
  13
  2
  -13
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
  170
  168
  166
  163
  161
  158
  155
  152
  148
  144
  132
  127
  123
  118
  113
  107
  101
  95
  89
  82
  75
  67
  59
  51
  42
  33
  23
  13
  2
  -13
Issuance/(repayment) of debt, $m
  0
  187
  206
  224
  243
  262
  281
  301
  321
  342
  363
  386
  409
  433
  458
  484
  511
  539
  569
  599
  631
  665
  700
  737
  776
  816
  858
  903
  949
  998
  1,049
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
  187
  206
  224
  243
  262
  281
  301
  321
  342
  363
  386
  409
  433
  458
  484
  511
  539
  569
  599
  631
  665
  700
  737
  776
  816
  858
  903
  949
  998
  1,049
Total cash flow (excl. dividends), $m
  3
  356
  373
  390
  406
  422
  439
  456
  473
  490
  508
  517
  536
  556
  576
  596
  618
  640
  664
  688
  714
  740
  768
  797
  827
  858
  891
  926
  962
  1,000
  1,036
Retained Cash Flow (-), $m
  17
  -64
  -65
  -71
  -77
  -83
  -89
  -95
  -102
  -109
  -115
  -122
  -130
  -137
  -145
  -154
  -162
  -171
  -181
  -190
  -201
  -211
  -222
  -234
  -246
  -259
  -273
  -287
  -301
  -317
  -333
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
 
  292
  308
  319
  329
  339
  350
  360
  371
  381
  392
  395
  406
  418
  430
  443
  456
  469
  483
  498
  513
  529
  545
  562
  580
  599
  619
  639
  661
  683
  703
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
 
  273
  268
  256
  243
  228
  212
  196
  178
  161
  144
  124
  109
  93
  79
  67
  55
  45
  36
  28
  22
  16
  12
  9
  6
  4
  3
  2
  1
  1
  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, a diversified insurance holding company, provides property and casualty, and life and health insurance to individuals and businesses in the United States. The company’s Property & Casualty Insurance segment provides automobile, homeowners, renters, fire, umbrella, and other types of property and casualty insurance to individuals; and commercial automobile insurance to businesses. This segment distributes its products through independent agents and brokers. The Life & Health Insurance segment provides life insurance, including permanent and term insurance, as well as supplemental accident and health insurance products; Medicare supplement insurance; and limited health insurance coverages, such as fixed indemnity and accident-only plans to individuals in rural areas. The company was formerly known as Unitrin, Inc. and changed its name to Kemper Corporation in August 2011. Kemper Corporation was founded in 1990 and is headquartered in Chicago, Illinois.

FINANCIAL RATIOS  of  Kemper Corp (KMPR)

Valuation Ratios
P/E Ratio 121.7
Price to Sales 0.8
Price to Book 1
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 9.4
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 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 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 51.378 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 $2.1 billion.


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COMPANY NEWS

▶ Kemper Announces Quarterly Dividend   [Feb-08-17 05:30PM  Business Wire]
▶ [$$] Descartes Acquires Datamyne   [Dec-23-16 03:43PM  at The Wall Street Journal]
▶ Kemper Announces New Kemper Preferred Leader   [Nov-07-16 04:45PM  Business Wire]
▶ Kemper Announces Quarterly Dividend   [Nov-02-16 04:16PM  Business Wire]
▶ CFO Moves: Kemper, Banc of California, Tatts, AirAsia   [Sep-21-16 07:43AM  at The Wall Street Journal]
▶ Kemper Announces New Human Resources Senior Vice President   [Sep-19-16 01:12PM  Business Wire]
▶ Alliance United Wins BIGGIE Award   [Sep-13-16 04:17PM  Business Wire]
▶ Kemper Announces New Property & Casualty Division President   [Jul-05-16 04:14PM  Business Wire]
▶ Kemper Specialty California Receives BIGGIE Awards   [May-11-16 12:51PM  Business Wire]
▶ Kemper Corporation Reports First Quarter 2016 Results   [May-05-16 04:15PM  Business Wire]
▶ Insurer Kemper Names Charles Brooks CIO   [Apr-28-16 01:05PM  at The Wall Street Journal]
▶ Texas storms bruise Travelers' quarterly profit   [Apr-21-16 10:05AM  Reuters]
▶ [$$] Why Decades-Old Life-Insurance Benefits May Still Go Unpaid   [Feb-26-16 11:00PM  at The Wall Street Journal]
▶ Kemper Announces Property & Casualty Leadership Change   [Feb-10-16 06:06PM  Business Wire]
▶ Kemper Announces Quarterly Dividend   [Feb-03-16 04:47PM  Business Wire]
▶ Is Kemper Corporation (KMPR) Going to Burn These Hedge Funds?   [Nov-30  10:51AM  at Insider Monkey]
▶ Kemper Corporation Reports Third Quarter 2015 Earnings   [Nov-05  04:16PM  Business Wire]
▶ Kemper Announces Quarterly Dividend   [Nov-04  04:47PM  Business Wire]
Stock chart of KMPR 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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