Intrinsic value of Horace Mann Educators - HMN

Previous Close

$45.85

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$45.85

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

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 2017), $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 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  1,217
  1,264
  1,315
  1,369
  1,427
  1,488
  1,553
  1,622
  1,695
  1,772
  1,853
  1,938
  2,029
  2,124
  2,224
  2,330
  2,441
  2,559
  2,682
  2,812
  2,948
  3,092
  3,243
  3,401
  3,568
  3,743
  3,928
  4,121
  4,325
  4,539
Variable operating expenses, $m
  1,082
  1,124
  1,169
  1,217
  1,269
  1,323
  1,381
  1,442
  1,507
  1,575
  1,647
  1,723
  1,804
  1,888
  1,977
  2,071
  2,170
  2,275
  2,384
  2,500
  2,621
  2,749
  2,883
  3,024
  3,172
  3,328
  3,492
  3,664
  3,845
  4,035
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
  1,082
  1,124
  1,169
  1,217
  1,269
  1,323
  1,381
  1,442
  1,507
  1,575
  1,647
  1,723
  1,804
  1,888
  1,977
  2,071
  2,170
  2,275
  2,384
  2,500
  2,621
  2,749
  2,883
  3,024
  3,172
  3,328
  3,492
  3,664
  3,845
  4,035
Operating income, $m
  135
  140
  146
  152
  158
  165
  172
  180
  188
  197
  206
  215
  225
  236
  247
  259
  271
  284
  298
  312
  327
  343
  360
  378
  396
  416
  436
  457
  480
  504
EBITDA, $m
  1,266
  1,315
  1,368
  1,425
  1,485
  1,548
  1,616
  1,687
  1,763
  1,843
  1,927
  2,017
  2,111
  2,210
  2,314
  2,424
  2,540
  2,662
  2,790
  2,925
  3,067
  3,216
  3,373
  3,538
  3,712
  3,894
  4,086
  4,287
  4,499
  4,722
Interest expense (income), $m
  -12
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
  451
Earnings before tax, $m
  -316
  -311
  -305
  -299
  -293
  -286
  -279
  -271
  -263
  -254
  -245
  -236
  -226
  -215
  -204
  -192
  -180
  -167
  -153
  -139
  -124
  -108
  -91
  -73
  -55
  -36
  -15
  6
  29
  53
Tax expense, $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
  2
  8
  14
Net income, $m
  -316
  -311
  -305
  -299
  -293
  -286
  -279
  -271
  -263
  -254
  -245
  -236
  -226
  -215
  -204
  -192
  -180
  -167
  -153
  -139
  -124
  -108
  -91
  -73
  -55
  -36
  -15
  5
  21
  39

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
Total 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
Adjusted assets (=assets-cash), $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
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
Average production assets, $m
  11,305
  11,748
  12,222
  12,726
  13,262
  13,831
  14,434
  15,073
  15,749
  16,463
  17,218
  18,014
  18,853
  19,738
  20,671
  21,654
  22,688
  23,777
  24,923
  26,129
  27,397
  28,731
  30,134
  31,608
  33,159
  34,788
  36,500
  38,300
  40,191
  42,178
Working capital, $m
  -10,019
  -10,412
  -10,832
  -11,278
  -11,753
  -12,258
  -12,793
  -13,359
  -13,958
  -14,591
  -15,259
  -15,965
  -16,709
  -17,493
  -18,320
  -19,191
  -20,108
  -21,073
  -22,088
  -23,157
  -24,281
  -25,463
  -26,706
  -28,013
  -29,387
  -30,831
  -32,349
  -33,944
  -35,620
  -37,380
Total debt, $m
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
  8,352
Total liabilities, $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 equity, $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 liabilities and equity, $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
Debt-to-equity ratio
  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
  0.000
  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
  -316
  -311
  -305
  -299
  -293
  -286
  -279
  -271
  -263
  -254
  -245
  -236
  -226
  -215
  -204
  -192
  -180
  -167
  -153
  -139
  -124
  -108
  -91
  -73
  -55
  -36
  -15
  5
  21
  39
Depreciation, amort., depletion, $m
  1,131
  1,175
  1,222
  1,273
  1,326
  1,383
  1,443
  1,507
  1,575
  1,646
  1,722
  1,801
  1,885
  1,974
  2,067
  2,165
  2,269
  2,378
  2,492
  2,613
  2,740
  2,873
  3,013
  3,161
  3,316
  3,479
  3,650
  3,830
  4,019
  4,218
Funds from operations, $m
  815
  864
  917
  974
  1,034
  1,097
  1,165
  1,236
  1,312
  1,392
  1,476
  1,566
  1,659
  1,759
  1,863
  1,973
  2,089
  2,211
  2,339
  2,474
  2,616
  2,765
  2,922
  3,087
  3,261
  3,443
  3,635
  3,835
  4,040
  4,256
Change in working capital, $m
  -367
  -393
  -419
  -447
  -475
  -504
  -535
  -566
  -599
  -633
  -668
  -705
  -744
  -784
  -827
  -871
  -917
  -965
  -1,016
  -1,069
  -1,124
  -1,182
  -1,243
  -1,307
  -1,374
  -1,444
  -1,518
  -1,595
  -1,676
  -1,761
Cash from operations, $m
  1,181
  1,257
  1,337
  1,420
  1,509
  1,602
  1,700
  1,803
  1,911
  2,025
  2,145
  2,271
  2,404
  2,543
  2,690
  2,844
  3,006
  3,176
  3,355
  3,543
  3,740
  3,947
  4,165
  4,394
  4,635
  4,887
  5,153
  5,430
  5,716
  6,017
Maintenance CAPEX, $m
  -1,089
  -1,131
  -1,175
  -1,222
  -1,273
  -1,326
  -1,383
  -1,443
  -1,507
  -1,575
  -1,646
  -1,722
  -1,801
  -1,885
  -1,974
  -2,067
  -2,165
  -2,269
  -2,378
  -2,492
  -2,613
  -2,740
  -2,873
  -3,013
  -3,161
  -3,316
  -3,479
  -3,650
  -3,830
  -4,019
New CAPEX, $m
  -418
  -443
  -473
  -504
  -536
  -569
  -603
  -639
  -676
  -714
  -754
  -796
  -840
  -885
  -933
  -982
  -1,035
  -1,089
  -1,146
  -1,206
  -1,268
  -1,334
  -1,403
  -1,475
  -1,550
  -1,629
  -1,712
  -1,800
  -1,891
  -1,987
Cash from investing activities, $m
  -1,507
  -1,574
  -1,648
  -1,726
  -1,809
  -1,895
  -1,986
  -2,082
  -2,183
  -2,289
  -2,400
  -2,518
  -2,641
  -2,770
  -2,907
  -3,049
  -3,200
  -3,358
  -3,524
  -3,698
  -3,881
  -4,074
  -4,276
  -4,488
  -4,711
  -4,945
  -5,191
  -5,450
  -5,721
  -6,006
Free cash flow, $m
  -325
  -317
  -312
  -306
  -300
  -294
  -287
  -280
  -272
  -264
  -256
  -247
  -237
  -227
  -217
  -206
  -194
  -182
  -169
  -155
  -141
  -126
  -110
  -94
  -76
  -58
  -39
  -20
  -5
  11
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
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
Cash from financing (excl. dividends), $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 cash flow (excl. dividends), $m
  -325
  -317
  -312
  -306
  -300
  -294
  -287
  -280
  -272
  -264
  -256
  -247
  -237
  -227
  -217
  -206
  -194
  -182
  -169
  -155
  -141
  -126
  -110
  -94
  -76
  -58
  -39
  -20
  -5
  11
Retained Cash Flow (-), $m
  -316
  -311
  -305
  -299
  -293
  -286
  -279
  -271
  -263
  -254
  -245
  -236
  -226
  -215
  -204
  -192
  -180
  -167
  -153
  -139
  -124
  -108
  -91
  -73
  -55
  -36
  -15
  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
  -316
  -311
  -305
  -299
  -293
  -286
  -279
  -271
  -263
  -254
  -245
  -236
  -226
  -215
  -204
  -192
  -180
  -167
  -153
  -139
  -124
  -108
  -91
  -73
  -55
  -36
  -15
  0
  0
  11
Discount rate, %
  14.60
  15.33
  16.10
  16.90
  17.75
  18.63
  19.57
  20.54
  21.57
  22.65
  23.78
  24.97
  26.22
  27.53
  28.91
  30.35
  31.87
  33.46
  35.14
  36.89
  38.74
  40.68
  42.71
  44.84
  47.09
  49.44
  51.91
  54.51
  57.23
  60.10
PV of cash for distribution, $m
  -276
  -234
  -195
  -160
  -129
  -103
  -80
  -61
  -45
  -33
  -23
  -16
  -11
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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 (HMEC) is an insurance holding company. Through its subsidiaries, HMEC markets and underwrites personal lines of property and casualty (primarily personal lines automobile and homeowners) insurance, retirement annuities (primarily tax-qualified products) and life insurance in the United States. The Company's operating segments include Property and Casualty segment, comprising primarily personal lines automobile and homeowners products; Retirement segment, comprising primarily tax-qualified fixed and variable annuities; Life segment life insurance, and Corporate and Other. It markets and services its products through a sales force of full-time agents supported by its Customer Contact Center. These agents sell HMEC's products and limited additional third-party vendor products. As of December 31, 2016, its property and casualty subsidiaries and its life insurance subsidiary were licensed to write business in over 48 states and the District of Columbia.

FINANCIAL RATIOS  of  Horace Mann Educators (HMN)

Valuation Ratios
P/E Ratio 22
Price to Sales 1.6
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 8.9
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 $1172 million for the last fiscal year's total revenue generated by Horace Mann Educators. The default revenue input number comes from 2017 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 3.8% 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 14.6%, 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 88.9%.

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 5.4% 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 929.3%.

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 -823.6%. 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 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 41 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 $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Horace Mann: 2Q Earnings Snapshot   [05:05AM  Associated Press]
▶ Horace Mann Declares Quarterly Dividend of $0.285   [May-23-18 04:15PM  ACCESSWIRE]
▶ Horace Mann chairman to retire after 8 years in the role   [Mar-08-18 03:19PM  MarketWatch]
▶ Horace Mann Increases Quarterly Dividend by 3.6%   [Mar-07-18 04:15PM  GlobeNewswire]
▶ Horace Mann posts 4Q profit   [Feb-06-18 07:41PM  Associated Press]
▶ Horace Mann Reports Quarterly Dividend of $0.275   [Dec-06-17 04:15PM  Marketwired]
▶ Horace Mann Names Bret Benham Head of Life & Retirement   [Nov-27-17 04:15PM  Marketwired]
▶ Analysts Views on AIG after Its 3Q17 Earnings Release   [Nov-16-17 07:30AM  Market Realist]
▶ Horace Mann posts 3Q profit   [Oct-24-17 06:03PM  Associated Press]
▶ Horace Mann Reports Quarterly Dividend of $0.275   [Sep-01-17 04:15PM  Marketwired]
▶ Horace Mann misses 2Q profit forecasts   [Jul-24-17 10:42PM  Associated Press]
▶ New Strong Sell Stocks for July 17th   [Jul-17-17 09:17AM  Zacks]
▶ 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]
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