Definitive Analysis
Definitive Analysis

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CNO Financial Group, Inc. (CNO)

Company Dividend Discount ModelIndustry: Insurance - LifeSector: Financial Services

Valuation Snapshot

Stable Growth$25.51 - $38.68$31.70
Multi-Stage$36.11 - $39.62$37.83
Blended Fair Value$34.77
Current Price$39.55
Upside-12.10%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.18%2.87%0.660.660.630.640.650.650.630.580.530.51
YoY Growth---0.59%5.09%-1.37%-1.94%-0.15%3.55%8.72%8.76%5.38%1.96%
Dividend Yield--1.58%2.44%2.84%2.55%2.69%5.27%3.82%2.68%2.60%2.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)294.70
(-) Cash Dividends Paid (M)66.40
(=) Cash Retained (M)228.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)58.9436.8422.10
Cash Retained (M)228.30228.30228.30
(-) Cash Required (M)-58.94-36.84-22.10
(=) Excess Retained (M)169.36191.46206.20
(/) Shares Outstanding (M)102.72102.72102.72
(=) Excess Retained per Share1.651.862.01
LTM Dividend per Share0.650.650.65
(+) Excess Retained per Share1.651.862.01
(=) Adjusted Dividend2.302.512.65
WACC / Discount Rate9.06%9.06%9.06%
Growth Rate0.05%1.05%2.05%
Fair Value$25.51$31.70$38.68
Upside / Downside-35.50%-19.84%-2.20%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)294.70297.81300.95304.12307.33310.57319.88
Payout Ratio22.53%36.03%49.52%63.01%76.51%90.00%92.50%
Projected Dividends (M)66.40107.29149.03191.63235.12279.51295.89

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.06%9.06%9.06%
Growth Rate0.05%1.05%2.05%
Year 1 PV (M)97.4098.3899.35
Year 2 PV (M)122.83125.30127.79
Year 3 PV (M)143.40147.75152.18
Year 4 PV (M)159.74166.22172.90
Year 5 PV (M)172.40181.19190.34
PV of Terminal Value (M)3,013.493,167.123,326.96
Equity Value (M)3,709.283,885.964,069.52
Shares Outstanding (M)102.72102.72102.72
Fair Value$36.11$37.83$39.62
Upside / Downside-8.70%-4.35%0.17%

High-Yield Dividend Screener

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