Intrinsic value of Kemper Corp - KMPR

Previous Close

$58.65

  Intrinsic Value

$94.99

stock screener

  Rating & Target

str. buy

+62%

  Value-price divergence*

-11%

Previous close

$58.65

 
Intrinsic value

$94.99

 
Up/down potential

+62%

 
Rating

str. buy

 
Value-price divergence*

-11%

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 3.0

 

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
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  0
  2,770
  2,993
  3,225
  3,466
  3,717
  3,977
  4,248
  4,529
  4,822
  5,127
  5,444
  5,774
  6,118
  6,477
  6,851
  7,242
  7,650
  8,075
  8,520
  8,986
  9,472
  9,981
  10,513
  11,071
  11,654
  12,265
  12,906
  13,576
  14,279
  15,016
Variable operating expenses, $m
 
  2,523
  2,724
  2,933
  3,150
  3,375
  3,609
  3,853
  4,106
  4,369
  4,643
  4,896
  5,193
  5,503
  5,825
  6,162
  6,513
  6,880
  7,263
  7,663
  8,081
  8,519
  8,976
  9,455
  9,956
  10,481
  11,031
  11,607
  12,210
  12,842
  13,505
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
  2,523
  2,724
  2,933
  3,150
  3,375
  3,609
  3,853
  4,106
  4,369
  4,643
  4,896
  5,193
  5,503
  5,825
  6,162
  6,513
  6,880
  7,263
  7,663
  8,081
  8,519
  8,976
  9,455
  9,956
  10,481
  11,031
  11,607
  12,210
  12,842
  13,505
Operating income, $m
  94
  246
  269
  292
  317
  342
  368
  395
  424
  453
  484
  548
  581
  616
  652
  690
  729
  770
  813
  858
  904
  953
  1,004
  1,058
  1,114
  1,173
  1,234
  1,299
  1,366
  1,437
  1,511
EBITDA, $m
  114
  279
  301
  325
  349
  374
  400
  428
  456
  485
  516
  548
  581
  616
  652
  690
  729
  770
  813
  858
  904
  953
  1,004
  1,058
  1,114
  1,173
  1,234
  1,299
  1,366
  1,437
  1,511
Interest expense (income), $m
  44
  44
  75
  107
  141
  176
  212
  249
  288
  329
  371
  415
  460
  508
  557
  609
  663
  719
  778
  839
  903
  970
  1,040
  1,114
  1,190
  1,271
  1,355
  1,443
  1,535
  1,631
  1,733
Earnings before tax, $m
  4
  202
  194
  185
  176
  166
  156
  146
  135
  124
  113
  133
  121
  108
  94
  80
  66
  51
  35
  18
  1
  -17
  -36
  -56
  -76
  -98
  -120
  -144
  -168
  -194
  -221
Tax expense, $m
  -9
  55
  52
  50
  47
  45
  42
  39
  37
  34
  30
  36
  33
  29
  26
  22
  18
  14
  9
  5
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  17
  148
  141
  135
  128
  121
  114
  107
  99
  91
  82
  97
  88
  79
  69
  59
  48
  37
  25
  13
  1
  -17
  -36
  -56
  -76
  -98
  -120
  -144
  -168
  -194
  -221

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
  8,906
  9,623
  10,370
  11,145
  11,951
  12,788
  13,659
  14,564
  15,505
  16,485
  17,504
  18,566
  19,673
  20,827
  22,030
  23,286
  24,597
  25,966
  27,397
  28,893
  30,457
  32,093
  33,805
  35,597
  37,473
  39,438
  41,497
  43,654
  45,914
  48,283
Adjusted assets (=assets-cash), $m
  8,211
  8,906
  9,623
  10,370
  11,145
  11,951
  12,788
  13,659
  14,564
  15,505
  16,485
  17,504
  18,566
  19,673
  20,827
  22,030
  23,286
  24,597
  25,966
  27,397
  28,893
  30,457
  32,093
  33,805
  35,597
  37,473
  39,438
  41,497
  43,654
  45,914
  48,283
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
  1,275
  1,820
  2,386
  2,975
  3,587
  4,222
  4,883
  5,570
  6,284
  7,028
  7,802
  8,608
  9,448
  10,323
  11,237
  12,190
  13,185
  14,224
  15,310
  16,445
  17,633
  18,874
  20,174
  21,534
  22,958
  24,450
  26,012
  27,649
  29,365
  31,163
Total liabilities, $m
  6,235
  6,759
  7,304
  7,870
  8,459
  9,071
  9,706
  10,367
  11,054
  11,768
  12,512
  13,286
  14,092
  14,932
  15,807
  16,721
  17,674
  18,669
  19,708
  20,794
  21,929
  23,117
  24,358
  25,658
  27,018
  28,442
  29,934
  31,496
  33,133
  34,849
  36,647
Total equity, $m
  1,975
  2,146
  2,319
  2,499
  2,686
  2,880
  3,082
  3,292
  3,510
  3,737
  3,973
  4,219
  4,475
  4,741
  5,019
  5,309
  5,612
  5,928
  6,258
  6,603
  6,963
  7,340
  7,734
  8,147
  8,579
  9,031
  9,505
  10,001
  10,521
  11,065
  11,636
Total liabilities and equity, $m
  8,210
  8,905
  9,623
  10,369
  11,145
  11,951
  12,788
  13,659
  14,564
  15,505
  16,485
  17,505
  18,567
  19,673
  20,826
  22,030
  23,286
  24,597
  25,966
  27,397
  28,892
  30,457
  32,092
  33,805
  35,597
  37,473
  39,439
  41,497
  43,654
  45,914
  48,283
Debt-to-equity ratio
  0.381
  0.590
  0.780
  0.950
  1.110
  1.250
  1.370
  1.480
  1.590
  1.680
  1.770
  1.850
  1.920
  1.990
  2.060
  2.120
  2.170
  2.220
  2.270
  2.320
  2.360
  2.400
  2.440
  2.480
  2.510
  2.540
  2.570
  2.600
  2.630
  2.650
  2.680
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
  148
  141
  135
  128
  121
  114
  107
  99
  91
  82
  97
  88
  79
  69
  59
  48
  37
  25
  13
  1
  -17
  -36
  -56
  -76
  -98
  -120
  -144
  -168
  -194
  -221
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
  180
  174
  167
  161
  154
  146
  139
  131
  123
  115
  97
  88
  79
  69
  59
  48
  37
  25
  13
  1
  -17
  -36
  -56
  -76
  -98
  -120
  -144
  -168
  -194
  -221
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
  180
  174
  167
  161
  154
  146
  139
  131
  123
  115
  97
  88
  79
  69
  59
  48
  37
  25
  13
  1
  -17
  -36
  -56
  -76
  -98
  -120
  -144
  -168
  -194
  -221
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
  180
  174
  167
  161
  154
  146
  139
  131
  123
  115
  97
  88
  79
  69
  59
  48
  37
  25
  13
  1
  -17
  -36
  -56
  -76
  -98
  -120
  -144
  -168
  -194
  -221
Issuance/(repayment) of debt, $m
  0
  523
  545
  566
  589
  612
  636
  661
  687
  714
  743
  774
  806
  840
  876
  913
  953
  995
  1,039
  1,086
  1,135
  1,187
  1,242
  1,299
  1,360
  1,424
  1,492
  1,562
  1,637
  1,716
  1,798
Issuance/(repurchase) of shares, $m
  0
  24
  32
  45
  59
  73
  88
  103
  119
  136
  154
  148
  168
  188
  209
  231
  255
  279
  305
  331
  360
  394
  430
  468
  508
  550
  594
  640
  688
  739
  792
Cash from financing (excl. dividends), $m  
  1
  547
  577
  611
  648
  685
  724
  764
  806
  850
  897
  922
  974
  1,028
  1,085
  1,144
  1,208
  1,274
  1,344
  1,417
  1,495
  1,581
  1,672
  1,767
  1,868
  1,974
  2,086
  2,202
  2,325
  2,455
  2,590
Total cash flow (excl. dividends), $m
  3
  727
  750
  778
  808
  838
  870
  903
  937
  974
  1,012
  1,020
  1,062
  1,107
  1,154
  1,203
  1,256
  1,311
  1,369
  1,431
  1,496
  1,564
  1,636
  1,712
  1,792
  1,876
  1,965
  2,059
  2,157
  2,260
  2,369
Retained Cash Flow (-), $m
  17
  -171
  -173
  -180
  -187
  -194
  -202
  -210
  -218
  -227
  -236
  -246
  -256
  -267
  -278
  -290
  -303
  -316
  -330
  -345
  -360
  -394
  -430
  -468
  -508
  -550
  -594
  -640
  -688
  -739
  -792
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
 
  556
  577
  599
  621
  644
  668
  693
  719
  747
  776
  774
  806
  840
  876
  913
  953
  995
  1,039
  1,086
  1,135
  1,170
  1,206
  1,244
  1,284
  1,327
  1,371
  1,419
  1,469
  1,521
  1,577
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
 
  520
  503
  482
  459
  433
  405
  376
  346
  316
  285
  244
  215
  188
  162
  137
  115
  95
  77
  61
  48
  36
  27
  19
  14
  9
  6
  4
  3
  2
  1
Current shareholders' claim on cash, %
  100
  99.2
  98.3
  97.1
  95.6
  94.0
  92.1
  90.2
  88.1
  85.9
  83.7
  81.7
  79.7
  77.5
  75.4
  73.2
  71.0
  68.8
  66.5
  64.3
  62.1
  59.9
  57.7
  55.5
  53.4
  51.2
  49.1
  47.1
  45.1
  43.1
  41.2

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 176.9
Price to Sales 1.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 12.5
Price to Free Cash Flow 13.6
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 8.4% 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 51.822 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 $3.0 billion.

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COMPANY NEWS

▶ 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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