CNO Financial Group, Inc.

AI-generated fair value estimate for this company.

Method: Two-stage owner-earnings growth model: $3.02 TTM EPS base; 7% annual earnings growth years 1-5 (continued share buybacks plus underlying life/health/annuity business growth); 4% years 6-10; 3.5% terminal growth; 11% discount rate; 92.52M shares outstanding.

Reasoning: As a life, health and annuity insurer, CNO's GAAP operating/investing cash flows are distorted by large non-economic swings from investment portfolio purchases/sales and reserve movements, making a literal unlevered-FCF DCF unreliable, so an owner-earnings (net income) based two-stage growth model, reflecting CNO's historical buyback-driven EPS growth, is used instead.