DDM Analysis: CNO

Valuation Snapshot

Stable Growth	$38.81 - $69.14	$51.59
Multi-Stage	$76.46 - $84.15	$80.23
Blended Fair Value	$65.91
Current Price	$39.55
Upside	66.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.18%	2.87%	0.66	0.66	0.63	0.64	0.65	0.65	0.63	0.58	0.53	0.51
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	58.94	36.84	22.10
Cash Retained (M)	228.30	228.30	228.30
(-) Cash Required (M)	-58.94	-36.84	-22.10
(=) Excess Retained (M)	169.36	191.46	206.20
(/) Shares Outstanding (M)	102.72	102.72	102.72
(=) Excess Retained per Share	1.65	1.86	2.01
LTM Dividend per Share	0.65	0.65	0.65
(+) Excess Retained per Share	1.65	1.86	2.01
(=) Adjusted Dividend	2.30	2.51	2.65
WACC / Discount Rate	5.97%	5.97%	5.97%
Growth Rate	0.05%	1.05%	2.05%
Fair Value	$38.81	$51.59	$69.14
Upside / Downside	-1.87%	30.44%	74.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	294.70	297.81	300.95	304.12	307.33	310.57	319.88
Payout Ratio	22.53%	36.03%	49.52%	63.01%	76.51%	90.00%	92.50%
Projected Dividends (M)	66.40	107.29	149.03	191.63	235.12	279.51	295.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.97%	5.97%	5.97%
Growth Rate	0.05%	1.05%	2.05%
Year 1 PV (M)	100.24	101.24	102.24
Year 2 PV (M)	130.09	132.70	135.34
Year 3 PV (M)	156.30	161.03	165.86
Year 4 PV (M)	179.17	186.44	193.93
Year 5 PV (M)	199.00	209.15	219.70
PV of Terminal Value (M)	7,089.38	7,450.80	7,826.83
Equity Value (M)	7,854.17	8,241.36	8,643.90
Shares Outstanding (M)	102.72	102.72	102.72
Fair Value	$76.46	$80.23	$84.15
Upside / Downside	93.33%	102.86%	112.77%

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CNO Financial Group, Inc. (CNO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener