Discounted Cash Flow

Horace Mann Educators Corp. /De/

HMN · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $1.1b $83.8m $207.4m 7.4% $2.04
2017 $1.2b (3.8%) $169.5m (102.3%) $256.6m (23.7%) 14.5% (94.9%) $4.10 (101.0%)
2018 $1.2b (1.7%) $18.3m (-89.2%) $18.3m (-92.9%) 1.5% (-89.4%) $0.44 (-89.3%)
2019 $1.4b (20.0%) $184.4m (905.5%) $127.6m (595.5%) 12.9% (737.6%) $4.42 (904.5%)
2020 $1.3b (-8.4%) $133.3m (-27.7%) $259.8m (103.6%) 10.2% (-21.1%) $3.18 (-28.1%)
2021 $1.3b (1.5%) $142.8m (7.1%) $204.9m (-21.1%) 10.7% (5.5%) $3.40 (6.9%)
2022 $1.4b (4.0%) $-2.6m (-101.8%) $171.5m (-16.3%) -0.2% (-101.8%) $-0.06 (-101.8%)
2023 $1.5b (7.9%) $45.0m (1830.8%) $302.1m (76.2%) 3.0% (1704.3%) $1.09 (1916.7%)
2024 $1.6b (6.9%) $102.8m (128.4%) $452.1m (49.7%) 6.4% (113.7%) $2.49 (128.4%)
2025 $1.7b (6.7%) $162.1m (57.7%) $553.2m (22.4%) 9.5% (47.8%) $3.93 (57.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model