Intrinsic value of United Financial Bancorp - UBNK

Previous Close

$17.92

  Intrinsic Value

$0.81

stock screener

  Rating & Target

str. sell

-96%

Previous close

$17.92

 
Intrinsic value

$0.81

 
Up/down potential

-96%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as UBNK.

We calculate the intrinsic value of UBNK 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -100.00
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
Revenue, $m
  0
  231
  254
  279
  305
  332
  361
  390
  420
  452
  485
  519
  555
  592
  630
  670
  712
  755
  801
  848
  897
  948
  1,002
  1,058
  1,116
  1,177
  1,241
  1,308
  1,378
  1,451
  1,527
Variable operating expenses, $m
 
  102
  112
  123
  135
  147
  159
  172
  186
  200
  214
  230
  245
  262
  279
  296
  315
  334
  354
  375
  396
  419
  443
  467
  493
  520
  548
  578
  609
  641
  675
Fixed operating expenses, $m
 
  52
  53
  54
  56
  57
  58
  59
  61
  62
  63
  65
  66
  68
  69
  71
  72
  74
  75
  77
  79
  81
  82
  84
  86
  88
  90
  92
  94
  96
  98
Total operating expenses, $m
  0
  154
  165
  177
  191
  204
  217
  231
  247
  262
  277
  295
  311
  330
  348
  367
  387
  408
  429
  452
  475
  500
  525
  551
  579
  608
  638
  670
  703
  737
  773
Operating income, $m
  0
  77
  89
  101
  115
  129
  143
  158
  174
  190
  207
  225
  243
  263
  283
  303
  325
  348
  371
  396
  422
  449
  477
  506
  537
  569
  603
  638
  675
  714
  754
EBITDA, $m
  6
  836
  927
  1,021
  1,120
  1,223
  1,330
  1,442
  1,558
  1,679
  1,805
  1,935
  2,071
  2,212
  2,358
  2,511
  2,670
  2,835
  3,008
  3,187
  3,375
  3,571
  3,775
  3,988
  4,212
  4,445
  4,689
  4,944
  5,211
  5,490
  5,783
Interest expense (income), $m
  44
  354
  352
  381
  411
  443
  476
  510
  546
  583
  621
  661
  703
  746
  791
  838
  886
  937
  990
  1,045
  1,102
  1,162
  1,224
  1,289
  1,357
  1,428
  1,502
  1,580
  1,661
  1,746
  1,834
Earnings before tax, $m
  54
  -277
  -263
  -280
  -297
  -314
  -333
  -352
  -372
  -392
  -414
  -436
  -459
  -483
  -508
  -534
  -561
  -589
  -618
  -649
  -680
  -713
  -747
  -783
  -820
  -859
  -899
  -942
  -986
  -1,032
  -1,080
Tax expense, $m
  4
  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
Net income, $m
  50
  -277
  -263
  -280
  -297
  -314
  -333
  -352
  -372
  -392
  -414
  -436
  -459
  -483
  -508
  -534
  -561
  -589
  -618
  -649
  -680
  -713
  -747
  -783
  -820
  -859
  -899
  -942
  -986
  -1,032
  -1,080

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
  6,600
  5,767
  6,361
  6,983
  7,633
  8,310
  9,015
  9,749
  10,511
  11,304
  12,127
  12,983
  13,872
  14,797
  15,759
  16,760
  17,801
  18,886
  20,016
  21,194
  22,423
  23,705
  25,043
  26,441
  27,901
  29,427
  31,023
  32,693
  34,440
  36,268
  38,182
Adjusted assets (=assets-cash), $m
  6,600
  5,767
  6,361
  6,983
  7,633
  8,310
  9,015
  9,749
  10,511
  11,304
  12,127
  12,983
  13,872
  14,797
  15,759
  16,760
  17,801
  18,886
  20,016
  21,194
  22,423
  23,705
  25,043
  26,441
  27,901
  29,427
  31,023
  32,693
  34,440
  36,268
  38,182
Revenue / Adjusted assets
  0.000
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
Average production assets, $m
  69
  7,595
  8,378
  9,198
  10,053
  10,945
  11,874
  12,840
  13,844
  14,888
  15,972
  17,100
  18,271
  19,489
  20,756
  22,074
  23,446
  24,874
  26,363
  27,914
  29,533
  31,221
  32,984
  34,824
  36,748
  38,758
  40,860
  43,059
  45,360
  47,768
  50,289
Working capital, $m
  0
  -6,980
  -7,699
  -8,452
  -9,238
  -10,058
  -10,911
  -11,799
  -12,722
  -13,681
  -14,678
  -15,714
  -16,790
  -17,909
  -19,073
  -20,285
  -21,545
  -22,858
  -24,226
  -25,652
  -27,139
  -28,690
  -30,310
  -32,002
  -33,769
  -35,616
  -37,548
  -39,569
  -41,683
  -43,896
  -46,213
Total debt, $m
  123
  6,521
  7,056
  7,616
  8,200
  8,810
  9,444
  10,104
  10,791
  11,504
  12,245
  13,015
  13,816
  14,648
  15,514
  16,414
  17,352
  18,328
  19,345
  20,405
  21,511
  22,665
  23,869
  25,127
  26,441
  27,815
  29,252
  30,754
  32,326
  33,972
  35,694
Total liabilities, $m
  5,944
  5,190
  5,725
  6,285
  6,870
  7,479
  8,114
  8,774
  9,460
  10,173
  10,914
  11,685
  12,485
  13,318
  14,183
  15,084
  16,021
  16,997
  18,014
  19,075
  20,180
  21,334
  22,539
  23,797
  25,111
  26,485
  27,921
  29,423
  30,996
  32,641
  34,364
Total equity, $m
  656
  577
  636
  698
  763
  831
  902
  975
  1,051
  1,130
  1,213
  1,298
  1,387
  1,480
  1,576
  1,676
  1,780
  1,889
  2,002
  2,119
  2,242
  2,370
  2,504
  2,644
  2,790
  2,943
  3,102
  3,269
  3,444
  3,627
  3,818
Total liabilities and equity, $m
  6,600
  5,767
  6,361
  6,983
  7,633
  8,310
  9,016
  9,749
  10,511
  11,303
  12,127
  12,983
  13,872
  14,798
  15,759
  16,760
  17,801
  18,886
  20,016
  21,194
  22,422
  23,704
  25,043
  26,441
  27,901
  29,428
  31,023
  32,692
  34,440
  36,268
  38,182
Debt-to-equity ratio
  0.188
  11.310
  11.090
  10.910
  10.740
  10.600
  10.480
  10.360
  10.270
  10.180
  10.100
  10.020
  9.960
  9.900
  9.840
  9.790
  9.750
  9.700
  9.660
  9.630
  9.590
  9.560
  9.530
  9.500
  9.480
  9.450
  9.430
  9.410
  9.390
  9.370
  9.350
Adjusted equity ratio
  0.099
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  50
  -277
  -263
  -280
  -297
  -314
  -333
  -352
  -372
  -392
  -414
  -436
  -459
  -483
  -508
  -534
  -561
  -589
  -618
  -649
  -680
  -713
  -747
  -783
  -820
  -859
  -899
  -942
  -986
  -1,032
  -1,080
Depreciation, amort., depletion, $m
  6
  760
  838
  920
  1,005
  1,095
  1,187
  1,284
  1,384
  1,489
  1,597
  1,710
  1,827
  1,949
  2,076
  2,207
  2,345
  2,487
  2,636
  2,791
  2,953
  3,122
  3,298
  3,482
  3,675
  3,876
  4,086
  4,306
  4,536
  4,777
  5,029
Funds from operations, $m
  -57
  483
  574
  640
  709
  780
  855
  932
  1,013
  1,096
  1,183
  1,274
  1,368
  1,465
  1,567
  1,673
  1,783
  1,898
  2,018
  2,143
  2,273
  2,409
  2,551
  2,700
  2,855
  3,017
  3,187
  3,364
  3,550
  3,745
  3,949
Change in working capital, $m
  -57
  -686
  -720
  -753
  -786
  -820
  -853
  -888
  -923
  -959
  -997
  -1,036
  -1,077
  -1,119
  -1,164
  -1,211
  -1,261
  -1,313
  -1,368
  -1,426
  -1,487
  -1,552
  -1,620
  -1,692
  -1,767
  -1,847
  -1,932
  -2,021
  -2,114
  -2,213
  -2,317
Cash from operations, $m
  0
  1,169
  1,294
  1,393
  1,495
  1,600
  1,708
  1,820
  1,936
  2,056
  2,180
  2,310
  2,444
  2,585
  2,731
  2,884
  3,044
  3,211
  3,386
  3,569
  3,760
  3,961
  4,171
  4,391
  4,622
  4,864
  5,118
  5,385
  5,664
  5,958
  6,265
Maintenance CAPEX, $m
  0
  -686
  -760
  -838
  -920
  -1,005
  -1,095
  -1,187
  -1,284
  -1,384
  -1,489
  -1,597
  -1,710
  -1,827
  -1,949
  -2,076
  -2,207
  -2,345
  -2,487
  -2,636
  -2,791
  -2,953
  -3,122
  -3,298
  -3,482
  -3,675
  -3,876
  -4,086
  -4,306
  -4,536
  -4,777
New CAPEX, $m
  -3
  -738
  -783
  -819
  -855
  -892
  -929
  -966
  -1,004
  -1,044
  -1,085
  -1,127
  -1,172
  -1,218
  -1,267
  -1,318
  -1,372
  -1,429
  -1,488
  -1,552
  -1,618
  -1,688
  -1,763
  -1,841
  -1,923
  -2,010
  -2,102
  -2,199
  -2,301
  -2,408
  -2,521
Cash from investing activities, $m
  -332
  -1,424
  -1,543
  -1,657
  -1,775
  -1,897
  -2,024
  -2,153
  -2,288
  -2,428
  -2,574
  -2,724
  -2,882
  -3,045
  -3,216
  -3,394
  -3,579
  -3,774
  -3,975
  -4,188
  -4,409
  -4,641
  -4,885
  -5,139
  -5,405
  -5,685
  -5,978
  -6,285
  -6,607
  -6,944
  -7,298
Free cash flow, $m
  -332
  -256
  -249
  -264
  -280
  -297
  -315
  -333
  -353
  -373
  -393
  -415
  -437
  -460
  -484
  -509
  -535
  -562
  -590
  -619
  -650
  -681
  -714
  -748
  -784
  -821
  -860
  -900
  -942
  -986
  -1,032
Issuance/(repayment) of debt, $m
  0
  -27
  535
  560
  585
  609
  635
  660
  686
  713
  741
  770
  801
  832
  866
  901
  937
  976
  1,017
  1,060
  1,106
  1,154
  1,204
  1,258
  1,314
  1,374
  1,436
  1,502
  1,572
  1,645
  1,723
Issuance/(repurchase) of shares, $m
  6
  866
  323
  342
  361
  382
  403
  425
  448
  472
  496
  522
  548
  576
  605
  634
  665
  698
  731
  766
  803
  841
  881
  923
  966
  1,012
  1,059
  1,109
  1,161
  1,215
  1,272
Cash from financing (excl. dividends), $m  
  353
  839
  858
  902
  946
  991
  1,038
  1,085
  1,134
  1,185
  1,237
  1,292
  1,349
  1,408
  1,471
  1,535
  1,602
  1,674
  1,748
  1,826
  1,909
  1,995
  2,085
  2,181
  2,280
  2,386
  2,495
  2,611
  2,733
  2,860
  2,995
Total cash flow (excl. dividends), $m
  20
  582
  609
  638
  666
  694
  723
  752
  782
  812
  844
  877
  912
  948
  986
  1,026
  1,068
  1,112
  1,158
  1,207
  1,259
  1,314
  1,372
  1,433
  1,497
  1,564
  1,636
  1,711
  1,790
  1,874
  1,962
Retained Cash Flow (-), $m
  -30
  -866
  -323
  -342
  -361
  -382
  -403
  -425
  -448
  -472
  -496
  -522
  -548
  -576
  -605
  -634
  -665
  -698
  -731
  -766
  -803
  -841
  -881
  -923
  -966
  -1,012
  -1,059
  -1,109
  -1,161
  -1,215
  -1,272
Prev. year cash balance distribution, $m
 
  12
  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
 
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
Cash available for distribution, $m
 
  -271
  287
  296
  304
  312
  319
  327
  334
  341
  348
  355
  363
  372
  381
  391
  402
  414
  427
  441
  456
  473
  491
  510
  531
  553
  577
  602
  630
  659
  690
Discount rate, %
 
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
  60.51
PV of cash for distribution, $m
 
  -237
  215
  189
  162
  137
  114
  93
  74
  58
  45
  34
  25
  18
  12
  8
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  32.1
  20.9
  13.7
  9.2
  6.2
  4.2
  2.9
  2.0
  1.4
  1.0
  0.7
  0.5
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

United Financial Bancorp, Inc. is a bank holding company. The Company, through its subsidiary United Bank (the Bank) and various subsidiaries, delivers financial services to individuals, families and businesses in Connecticut and Massachusetts, including retail, commercial and consumer banking, as well as financial advisory services. The Company's operations include the delivery of loan and deposit products to customers. Personal and business banking customers also bank with the Company online through its Website at www.bankatunited.com, as well as its mobile and telephone banking channels. The Company originates commercial loans, commercial real estate loans, residential and commercial construction loans, residential real estate loans collateralized by one- to four-family residences, home equity lines of credit and fixed rate loans and other consumer loans. The principal lending activity of the Bank is to originate loans secured by first mortgages on one- to four-family residences.

FINANCIAL RATIOS  of  United Financial Bancorp (UBNK)

Valuation Ratios
P/E Ratio 18.2
Price to Sales 0
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -303.4
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate -15.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 18.8%
Total Debt to Equity 18.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 6.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.7%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. 5.8%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 7.4%
Eff/ Tax Rate - 3 Yr. Avg. -194%
Payout Ratio 48%

UBNK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UBNK stock intrinsic value calculation we used $208 million for the last fiscal year's total revenue generated by United Financial Bancorp. The default revenue input number comes from 2016 income statement of United Financial Bancorp. 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 UBNK stock valuation model: a) initial revenue growth rate of 10.9% 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 14.7%, whose default value for UBNK is calculated based on our internal credit rating of United Financial Bancorp, 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 United Financial Bancorp.
    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 UBNK stock the variable cost ratio is equal to 44.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $51 million in the base year in the intrinsic value calculation for UBNK 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 5.4% for United Financial Bancorp.

Corporate tax rate of 27% is the nominal tax rate for United Financial Bancorp. 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 UBNK stock is equal to 1.5%.

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 UBNK are equal to 3292.7%.

Life of production assets of 10 years is the average useful life of capital assets used in United Financial Bancorp 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 UBNK is equal to -3025.8%. 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 - $0 million for United Financial Bancorp - 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 50 million for United Financial Bancorp 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 United Financial Bancorp at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
PBCT People's U 18.30 1.09  str.sell
BHLB Berkshire Hill 41.45 82.93  str.buy
FBNK First Connecti 30.90 6.35  str.sell

COMPANY NEWS

▶ United Financial: 2Q Earnings Snapshot   [Jul-17-18 04:48PM  Associated Press]
▶ Why I Like United Financial Bancorp Inc (NASDAQ:UBNK)   [Jun-19-18 10:45AM  Simply Wall St.]
▶ United Bank Announces the Purchase of Six Bank Branches   [May-22-18 09:00AM  GlobeNewswire]
▶ April Top Financial Dividend Payers   [Apr-19-18 01:02PM  Simply Wall St.]
▶ United Financial Bancorp Inc to Host Earnings Call   [Apr-18-18 08:00AM  ACCESSWIRE]
▶ United Financial: 1Q Earnings Snapshot   [Apr-17-18 04:47PM  Associated Press]
▶ March Financial Dividend Stocks To Look Out For   [Mar-15-18 01:02PM  Simply Wall St.]
▶ February Financial Dividend Stocks To Look Out For   [Feb-08-18 12:02PM  Simply Wall St.]
▶ United Financial posts 4Q profit   [Jan-23-18 06:13PM  Associated Press]
▶ NasdaqGS Top Financial Dividend Paying Stocks   [Dec-28-17 12:02PM  Simply Wall St.]
▶ Top Stocks in November   [Nov-09-17 06:02AM  Simply Wall St.]
▶ United Financial posts 3Q profit   [04:40PM  Associated Press]
▶ Is It Too Late To Buy United Financial Bancorp Inc (UBNK)?   [Sep-22-17 05:06PM  Simply Wall St.]
▶ United Financial posts 2Q profit   [Jul-18-17 09:57PM  Associated Press]
▶ United Bank to Open a Bank Branch in Downtown Hartford   [May-08-17 08:52AM  PR Newswire]
▶ United Financial posts 1Q profit   [Apr-18-17 04:50PM  Associated Press]
▶ United Financial posts 4Q profit   [Jan-24-17 05:56PM  Associated Press]
Financial statements of UBNK
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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