Intrinsic value of Kemper Corp - KMPR

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$38.75

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$38.75

 
Intrinsic value

$74.73

 
Up/down potential

+93%

 
Rating

str. buy

 
Value-price divergence* premium content

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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 2.0

 

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
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  0
  2,703
  2,858
  3,019
  3,188
  3,364
  3,548
  3,740
  3,942
  4,152
  4,373
  4,604
  4,846
  5,099
  5,364
  5,642
  5,934
  6,239
  6,559
  6,895
  7,247
  7,617
  8,004
  8,411
  8,837
  9,285
  9,754
  10,247
  10,764
  11,307
  11,877
Variable operating expenses, $m
 
  2,463
  2,602
  2,748
  2,899
  3,058
  3,223
  3,396
  3,577
  3,767
  3,965
  4,140
  4,358
  4,586
  4,824
  5,074
  5,336
  5,611
  5,899
  6,201
  6,518
  6,850
  7,199
  7,564
  7,948
  8,350
  8,773
  9,216
  9,681
  10,169
  10,681
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
  2,463
  2,602
  2,748
  2,899
  3,058
  3,223
  3,396
  3,577
  3,767
  3,965
  4,140
  4,358
  4,586
  4,824
  5,074
  5,336
  5,611
  5,899
  6,201
  6,518
  6,850
  7,199
  7,564
  7,948
  8,350
  8,773
  9,216
  9,681
  10,169
  10,681
Operating income, $m
  94
  240
  255
  272
  289
  306
  325
  344
  364
  386
  408
  463
  488
  513
  540
  568
  597
  628
  660
  694
  729
  767
  806
  846
  889
  934
  982
  1,031
  1,083
  1,138
  1,195
EBITDA, $m
  114
  272
  288
  304
  321
  339
  357
  376
  397
  418
  440
  463
  488
  513
  540
  568
  597
  628
  660
  694
  729
  767
  806
  846
  889
  934
  982
  1,031
  1,083
  1,138
  1,195
Interest expense (income), $m
  44
  44
  66
  88
  111
  135
  161
  187
  215
  244
  274
  306
  339
  374
  411
  449
  489
  531
  575
  621
  669
  720
  773
  829
  888
  949
  1,013
  1,081
  1,152
  1,226
  1,305
Earnings before tax, $m
  4
  195
  190
  184
  177
  171
  164
  157
  149
  142
  133
  157
  148
  139
  129
  119
  108
  97
  85
  73
  60
  47
  32
  17
  2
  -14
  -32
  -50
  -69
  -88
  -109
Tax expense, $m
  -9
  53
  51
  50
  48
  46
  44
  42
  40
  38
  36
  42
  40
  38
  35
  32
  29
  26
  23
  20
  16
  13
  9
  5
  1
  0
  0
  0
  0
  0
  0
Net income, $m
  17
  143
  138
  134
  129
  125
  120
  114
  109
  103
  97
  115
  108
  101
  94
  87
  79
  71
  62
  53
  44
  34
  24
  13
  1
  -14
  -32
  -50
  -69
  -88
  -109

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
  8,692
  9,189
  9,708
  10,250
  10,816
  11,408
  12,027
  12,675
  13,352
  14,061
  14,803
  15,581
  16,395
  17,248
  18,142
  19,079
  20,061
  21,091
  22,171
  23,303
  24,491
  25,737
  27,044
  28,416
  29,855
  31,364
  32,949
  34,612
  36,357
  38,188
Adjusted assets (=assets-cash), $m
  8,211
  8,692
  9,189
  9,708
  10,250
  10,816
  11,408
  12,027
  12,675
  13,352
  14,061
  14,803
  15,581
  16,395
  17,248
  18,142
  19,079
  20,061
  21,091
  22,171
  23,303
  24,491
  25,737
  27,044
  28,416
  29,855
  31,364
  32,949
  34,612
  36,357
  38,188
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
  1,113
  1,491
  1,884
  2,296
  2,726
  3,175
  3,645
  4,136
  4,650
  5,188
  5,752
  6,342
  6,960
  7,607
  8,286
  8,997
  9,742
  10,524
  11,344
  12,203
  13,105
  14,050
  15,043
  16,083
  17,176
  18,322
  19,524
  20,786
  22,111
  23,501
Total liabilities, $m
  6,235
  6,597
  6,975
  7,368
  7,780
  8,210
  8,659
  9,129
  9,620
  10,134
  10,672
  11,236
  11,826
  12,444
  13,091
  13,770
  14,481
  15,226
  16,008
  16,828
  17,687
  18,589
  19,534
  20,527
  21,567
  22,660
  23,806
  25,008
  26,270
  27,595
  28,985
Total equity, $m
  1,975
  2,095
  2,215
  2,340
  2,470
  2,607
  2,749
  2,899
  3,055
  3,218
  3,389
  3,568
  3,755
  3,951
  4,157
  4,372
  4,598
  4,835
  5,083
  5,343
  5,616
  5,902
  6,203
  6,518
  6,848
  7,195
  7,559
  7,941
  8,341
  8,762
  9,203
Total liabilities and equity, $m
  8,210
  8,692
  9,190
  9,708
  10,250
  10,817
  11,408
  12,028
  12,675
  13,352
  14,061
  14,804
  15,581
  16,395
  17,248
  18,142
  19,079
  20,061
  21,091
  22,171
  23,303
  24,491
  25,737
  27,045
  28,415
  29,855
  31,365
  32,949
  34,611
  36,357
  38,188
Debt-to-equity ratio
  0.381
  0.530
  0.670
  0.810
  0.930
  1.050
  1.150
  1.260
  1.350
  1.450
  1.530
  1.610
  1.690
  1.760
  1.830
  1.900
  1.960
  2.020
  2.070
  2.120
  2.170
  2.220
  2.270
  2.310
  2.350
  2.390
  2.420
  2.460
  2.490
  2.520
  2.550
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
  143
  138
  134
  129
  125
  120
  114
  109
  103
  97
  115
  108
  101
  94
  87
  79
  71
  62
  53
  44
  34
  24
  13
  1
  -14
  -32
  -50
  -69
  -88
  -109
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
  175
  171
  166
  162
  157
  152
  147
  141
  136
  130
  115
  108
  101
  94
  87
  79
  71
  62
  53
  44
  34
  24
  13
  1
  -14
  -32
  -50
  -69
  -88
  -109
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
  175
  171
  166
  162
  157
  152
  147
  141
  136
  130
  115
  108
  101
  94
  87
  79
  71
  62
  53
  44
  34
  24
  13
  1
  -14
  -32
  -50
  -69
  -88
  -109
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
  175
  171
  166
  162
  157
  152
  147
  141
  136
  130
  115
  108
  101
  94
  87
  79
  71
  62
  53
  44
  34
  24
  13
  1
  -14
  -32
  -50
  -69
  -88
  -109
Issuance/(repayment) of debt, $m
  0
  361
  377
  394
  411
  430
  449
  470
  491
  514
  538
  563
  590
  618
  647
  679
  711
  746
  782
  820
  860
  902
  946
  992
  1,041
  1,092
  1,146
  1,203
  1,262
  1,325
  1,390
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
  361
  377
  394
  411
  430
  449
  470
  491
  514
  538
  563
  590
  618
  647
  679
  711
  746
  782
  820
  860
  902
  946
  992
  1,041
  1,092
  1,146
  1,203
  1,262
  1,325
  1,390
Total cash flow (excl. dividends), $m
  3
  536
  548
  560
  573
  587
  601
  617
  633
  650
  668
  678
  698
  719
  742
  765
  790
  816
  844
  873
  903
  936
  969
  1,005
  1,042
  1,078
  1,114
  1,153
  1,193
  1,236
  1,281
Retained Cash Flow (-), $m
  17
  -120
  -120
  -125
  -131
  -136
  -143
  -149
  -156
  -163
  -171
  -179
  -187
  -196
  -206
  -215
  -226
  -237
  -248
  -260
  -273
  -286
  -300
  -315
  -331
  -347
  -364
  -382
  -401
  -421
  -441
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
 
  416
  428
  435
  443
  450
  459
  467
  477
  487
  497
  499
  511
  523
  536
  550
  564
  580
  596
  613
  631
  649
  669
  690
  712
  731
  750
  771
  793
  816
  839
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
 
  390
  373
  350
  327
  303
  278
  254
  229
  206
  182
  157
  136
  117
  99
  83
  68
  55
  44
  34
  26
  20
  15
  11
  8
  5
  3
  2
  1
  1
  1
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 116.9
Price to Sales 0.8
Price to Book 1
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 9
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 5.8% 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 50.581 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 $2.0 billion.


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COMPANY NEWS

▶ 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]
▶ [$$] Descartes Acquires Datamyne   [Dec-23-16 03:43PM  at The Wall Street Journal]
▶ Kemper Announces New Kemper Preferred Leader   [Nov-07-16 04:45PM  Business Wire]
▶ Kemper Announces Quarterly Dividend   [Nov-02-16 04:16PM  Business Wire]
▶ CFO Moves: Kemper, Banc of California, Tatts, AirAsia   [Sep-21-16 07:43AM  at The Wall Street Journal]
▶ Kemper Announces New Human Resources Senior Vice President   [Sep-19-16 01:12PM  Business Wire]
▶ Alliance United Wins BIGGIE Award   [Sep-13-16 04:17PM  Business Wire]
▶ Kemper Announces New Property & Casualty Division President   [Jul-05-16 04:14PM  Business Wire]
▶ Kemper Specialty California Receives BIGGIE Awards   [May-11-16 12:51PM  Business Wire]
▶ Kemper Corporation Reports First Quarter 2016 Results   [May-05-16 04:15PM  Business Wire]
▶ Insurer Kemper Names Charles Brooks CIO   [Apr-28-16 01:05PM  at The Wall Street Journal]
▶ Texas storms bruise Travelers' quarterly profit   [Apr-21-16 10:05AM  Reuters]
▶ [$$] 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]
Stock chart of KMPR Financial statements of KMPR Annual reports 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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