Intrinsic value of United Community Banks - UCBI

Previous Close

$30.35

  Intrinsic Value

$1.04

stock screener

  Rating & Target

str. sell

-97%

Previous close

$30.35

 
Intrinsic value

$1.04

 
Up/down potential

-97%

 
Rating

str. sell

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

We calculate the intrinsic value of UCBI 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
  9.00
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
Revenue, $m
  0
  480
  521
  564
  608
  655
  703
  753
  805
  859
  916
  974
  1,035
  1,098
  1,165
  1,233
  1,305
  1,380
  1,458
  1,540
  1,625
  1,715
  1,808
  1,905
  2,007
  2,114
  2,226
  2,343
  2,466
  2,594
  2,729
Variable operating expenses, $m
 
  286
  311
  337
  363
  391
  420
  450
  481
  513
  547
  582
  618
  656
  695
  736
  779
  824
  871
  919
  970
  1,024
  1,079
  1,137
  1,198
  1,262
  1,329
  1,399
  1,472
  1,549
  1,629
Fixed operating expenses, $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
Total operating expenses, $m
  0
  286
  311
  337
  363
  391
  420
  450
  481
  513
  547
  582
  618
  656
  695
  736
  779
  824
  871
  919
  970
  1,024
  1,079
  1,137
  1,198
  1,262
  1,329
  1,399
  1,472
  1,549
  1,629
Operating income, $m
  0
  193
  210
  227
  245
  264
  283
  303
  324
  346
  369
  393
  417
  443
  469
  497
  526
  556
  588
  621
  655
  691
  729
  768
  809
  852
  897
  944
  994
  1,045
  1,100
EBITDA, $m
  30
  1,425
  1,548
  1,675
  1,808
  1,946
  2,089
  2,238
  2,392
  2,553
  2,720
  2,894
  3,075
  3,264
  3,460
  3,665
  3,878
  4,101
  4,333
  4,576
  4,830
  5,095
  5,372
  5,661
  5,964
  6,282
  6,614
  6,962
  7,326
  7,708
  8,107
Interest expense (income), $m
  32
  576
  552
  596
  641
  688
  737
  788
  841
  896
  953
  1,013
  1,074
  1,139
  1,206
  1,276
  1,348
  1,424
  1,503
  1,586
  1,672
  1,763
  1,857
  1,955
  2,058
  2,166
  2,279
  2,397
  2,521
  2,650
  2,786
Earnings before tax, $m
  163
  -383
  -342
  -368
  -396
  -424
  -454
  -485
  -516
  -550
  -584
  -620
  -657
  -696
  -737
  -779
  -822
  -868
  -916
  -965
  -1,017
  -1,072
  -1,128
  -1,187
  -1,249
  -1,314
  -1,382
  -1,453
  -1,527
  -1,605
  -1,686
Tax expense, $m
  62
  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
  101
  -383
  -342
  -368
  -396
  -424
  -454
  -485
  -516
  -550
  -584
  -620
  -657
  -696
  -737
  -779
  -822
  -868
  -916
  -965
  -1,017
  -1,072
  -1,128
  -1,187
  -1,249
  -1,314
  -1,382
  -1,453
  -1,527
  -1,605
  -1,686

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
  10,709
  10,426
  11,323
  12,256
  13,226
  14,234
  15,282
  16,371
  17,503
  18,679
  19,903
  21,176
  22,500
  23,879
  25,316
  26,814
  28,375
  30,004
  31,705
  33,480
  35,335
  37,274
  39,301
  41,420
  43,638
  45,959
  48,389
  50,934
  53,599
  56,391
  59,317
Adjusted assets (=assets-cash), $m
  10,709
  10,426
  11,323
  12,256
  13,226
  14,234
  15,282
  16,371
  17,503
  18,679
  19,903
  21,176
  22,500
  23,879
  25,316
  26,814
  28,375
  30,004
  31,705
  33,480
  35,335
  37,274
  39,301
  41,420
  43,638
  45,959
  48,389
  50,934
  53,599
  56,391
  59,317
Revenue / Adjusted assets
  0.000
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
  0.046
Average production assets, $m
  184
  12,318
  13,377
  14,479
  15,625
  16,817
  18,055
  19,341
  20,678
  22,068
  23,514
  25,017
  26,582
  28,212
  29,909
  31,678
  33,523
  35,448
  37,456
  39,554
  41,746
  44,036
  46,430
  48,935
  51,555
  54,297
  57,168
  60,174
  63,323
  66,622
  70,078
Working capital, $m
  0
  -11,289
  -12,260
  -13,270
  -14,321
  -15,413
  -16,547
  -17,727
  -18,952
  -20,226
  -21,551
  -22,929
  -24,363
  -25,857
  -27,412
  -29,034
  -30,724
  -32,488
  -34,330
  -36,252
  -38,261
  -40,360
  -42,554
  -44,850
  -47,251
  -49,765
  -52,396
  -55,151
  -58,037
  -61,060
  -64,228
Total debt, $m
  180
  10,222
  11,029
  11,869
  12,742
  13,649
  14,593
  15,573
  16,591
  17,650
  18,751
  19,897
  21,089
  22,330
  23,623
  24,971
  26,376
  27,842
  29,373
  30,971
  32,640
  34,385
  36,209
  38,117
  40,113
  42,202
  44,389
  46,679
  49,078
  51,591
  54,224
Total liabilities, $m
  9,633
  9,383
  10,190
  11,030
  11,903
  12,811
  13,754
  14,734
  15,753
  16,812
  17,913
  19,058
  20,250
  21,491
  22,785
  24,132
  25,538
  27,004
  28,534
  30,132
  31,802
  33,546
  35,370
  37,278
  39,274
  41,363
  43,550
  45,840
  48,239
  50,752
  53,385
Total equity, $m
  1,076
  1,043
  1,132
  1,226
  1,323
  1,423
  1,528
  1,637
  1,750
  1,868
  1,990
  2,118
  2,250
  2,388
  2,532
  2,681
  2,838
  3,000
  3,170
  3,348
  3,534
  3,727
  3,930
  4,142
  4,364
  4,596
  4,839
  5,093
  5,360
  5,639
  5,932
Total liabilities and equity, $m
  10,709
  10,426
  11,322
  12,256
  13,226
  14,234
  15,282
  16,371
  17,503
  18,680
  19,903
  21,176
  22,500
  23,879
  25,317
  26,813
  28,376
  30,004
  31,704
  33,480
  35,336
  37,273
  39,300
  41,420
  43,638
  45,959
  48,389
  50,933
  53,599
  56,391
  59,317
Debt-to-equity ratio
  0.167
  9.800
  9.740
  9.680
  9.630
  9.590
  9.550
  9.510
  9.480
  9.450
  9.420
  9.400
  9.370
  9.350
  9.330
  9.310
  9.300
  9.280
  9.260
  9.250
  9.240
  9.220
  9.210
  9.200
  9.190
  9.180
  9.170
  9.160
  9.160
  9.150
  9.140
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  101
  -383
  -342
  -368
  -396
  -424
  -454
  -485
  -516
  -550
  -584
  -620
  -657
  -696
  -737
  -779
  -822
  -868
  -916
  -965
  -1,017
  -1,072
  -1,128
  -1,187
  -1,249
  -1,314
  -1,382
  -1,453
  -1,527
  -1,605
  -1,686
Depreciation, amort., depletion, $m
  30
  1,232
  1,338
  1,448
  1,563
  1,682
  1,805
  1,934
  2,068
  2,207
  2,351
  2,502
  2,658
  2,821
  2,991
  3,168
  3,352
  3,545
  3,746
  3,955
  4,175
  4,404
  4,643
  4,893
  5,156
  5,430
  5,717
  6,017
  6,332
  6,662
  7,008
Funds from operations, $m
  93
  849
  996
  1,080
  1,167
  1,257
  1,352
  1,450
  1,551
  1,657
  1,767
  1,882
  2,001
  2,125
  2,254
  2,389
  2,530
  2,677
  2,830
  2,990
  3,157
  3,332
  3,515
  3,706
  3,906
  4,116
  4,335
  4,565
  4,805
  5,057
  5,322
Change in working capital, $m
  -46
  -932
  -971
  -1,010
  -1,050
  -1,092
  -1,135
  -1,179
  -1,225
  -1,274
  -1,325
  -1,378
  -1,434
  -1,493
  -1,556
  -1,621
  -1,691
  -1,764
  -1,841
  -1,923
  -2,008
  -2,099
  -2,195
  -2,295
  -2,401
  -2,513
  -2,631
  -2,755
  -2,886
  -3,023
  -3,168
Cash from operations, $m
  139
  1,781
  1,966
  2,090
  2,217
  2,349
  2,486
  2,629
  2,777
  2,931
  3,092
  3,260
  3,435
  3,618
  3,810
  4,011
  4,221
  4,441
  4,671
  4,913
  5,166
  5,431
  5,709
  6,001
  6,308
  6,629
  6,966
  7,320
  7,691
  8,081
  8,490
Maintenance CAPEX, $m
  0
  -1,131
  -1,232
  -1,338
  -1,448
  -1,563
  -1,682
  -1,805
  -1,934
  -2,068
  -2,207
  -2,351
  -2,502
  -2,658
  -2,821
  -2,991
  -3,168
  -3,352
  -3,545
  -3,746
  -3,955
  -4,175
  -4,404
  -4,643
  -4,893
  -5,156
  -5,430
  -5,717
  -6,017
  -6,332
  -6,662
New CAPEX, $m
  -17
  -1,006
  -1,059
  -1,102
  -1,146
  -1,191
  -1,238
  -1,287
  -1,337
  -1,390
  -1,445
  -1,504
  -1,565
  -1,629
  -1,697
  -1,769
  -1,845
  -1,925
  -2,009
  -2,098
  -2,191
  -2,290
  -2,395
  -2,504
  -2,620
  -2,742
  -2,871
  -3,006
  -3,149
  -3,299
  -3,457
Cash from investing activities, $m
  -732
  -2,137
  -2,291
  -2,440
  -2,594
  -2,754
  -2,920
  -3,092
  -3,271
  -3,458
  -3,652
  -3,855
  -4,067
  -4,287
  -4,518
  -4,760
  -5,013
  -5,277
  -5,554
  -5,844
  -6,146
  -6,465
  -6,799
  -7,147
  -7,513
  -7,898
  -8,301
  -8,723
  -9,166
  -9,631
  -10,119
Free cash flow, $m
  -593
  -356
  -325
  -350
  -377
  -405
  -433
  -463
  -494
  -527
  -560
  -595
  -631
  -669
  -708
  -749
  -792
  -836
  -883
  -931
  -981
  -1,034
  -1,089
  -1,146
  -1,206
  -1,269
  -1,334
  -1,403
  -1,475
  -1,550
  -1,629
Issuance/(repayment) of debt, $m
  -22
  -449
  807
  840
  873
  908
  943
  980
  1,019
  1,059
  1,101
  1,145
  1,192
  1,241
  1,293
  1,348
  1,405
  1,466
  1,530
  1,598
  1,669
  1,745
  1,824
  1,908
  1,996
  2,089
  2,187
  2,290
  2,399
  2,513
  2,633
Issuance/(repurchase) of shares, $m
  -23
  1,661
  432
  462
  493
  525
  559
  593
  630
  667
  706
  747
  790
  834
  880
  928
  979
  1,031
  1,086
  1,143
  1,203
  1,265
  1,331
  1,399
  1,471
  1,546
  1,625
  1,707
  1,794
  1,884
  1,979
Cash from financing (excl. dividends), $m  
  587
  1,212
  1,239
  1,302
  1,366
  1,433
  1,502
  1,573
  1,649
  1,726
  1,807
  1,892
  1,982
  2,075
  2,173
  2,276
  2,384
  2,497
  2,616
  2,741
  2,872
  3,010
  3,155
  3,307
  3,467
  3,635
  3,812
  3,997
  4,193
  4,397
  4,612
Total cash flow (excl. dividends), $m
  -7
  856
  914
  951
  989
  1,028
  1,068
  1,110
  1,154
  1,199
  1,247
  1,298
  1,350
  1,406
  1,465
  1,527
  1,592
  1,661
  1,734
  1,810
  1,891
  1,976
  2,066
  2,161
  2,261
  2,366
  2,477
  2,594
  2,717
  2,847
  2,983
Retained Cash Flow (-), $m
  -58
  -1,661
  -432
  -462
  -493
  -525
  -559
  -593
  -630
  -667
  -706
  -747
  -790
  -834
  -880
  -928
  -979
  -1,031
  -1,086
  -1,143
  -1,203
  -1,265
  -1,331
  -1,399
  -1,471
  -1,546
  -1,625
  -1,707
  -1,794
  -1,884
  -1,979
Prev. year cash balance distribution, $m
 
  235
  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
 
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
  32
  34
Cash available for distribution, $m
 
  -570
  482
  490
  496
  503
  510
  517
  524
  532
  541
  550
  561
  572
  585
  598
  613
  630
  648
  667
  688
  711
  735
  762
  790
  820
  853
  887
  924
  963
  1,004
Discount rate, %
 
  14.30
  15.02
  15.77
  16.55
  17.38
  18.25
  19.16
  20.12
  21.13
  22.18
  23.29
  24.46
  25.68
  26.96
  28.31
  29.73
  31.22
  32.78
  34.41
  36.14
  37.94
  39.84
  41.83
  43.92
  46.12
  48.42
  50.85
  53.39
  56.06
  58.86
PV of cash for distribution, $m
 
  -499
  365
  316
  269
  226
  186
  151
  121
  95
  73
  55
  41
  29
  21
  14
  10
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  35.4
  25.1
  17.9
  12.8
  9.2
  6.6
  4.8
  3.5
  2.5
  1.8
  1.3
  1.0
  0.7
  0.5
  0.4
  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

United Community Banks, Inc. (United) is a bank holding company. United conducts its operations through a community-focused operating model of separate community banks, which, as of December 31, 2016, operated at 139 locations throughout the Atlanta-Sandy Springs-Roswell, Georgia, and Gainesville, Georgia metropolitan statistical areas, upstate and coastal South Carolina, north and coastal Georgia, western North Carolina, and east Tennessee. The community banks offer a range of retail and corporate banking services, including checking, savings and time deposit accounts, secured and unsecured loans, wire transfers, brokerage services and other financial services. The Company operates through its subsidiary, United Community Bank, Blairsville, Georgia (the Bank) and Four Oaks Bank & Trust Company. The Bank owns an insurance agency, United Community Insurance Services, Inc., known as United Community Advisory Services, which is a subsidiary of the Bank.

FINANCIAL RATIOS  of  United Community Banks (UCBI)

Valuation Ratios
P/E Ratio 21.5
Price to Sales 0
Price to Book 2
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 17.8
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 54.5%
Cap. Spend. - 3 Yr. Gr. Rate 16.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 16.7%
Total Debt to Equity 16.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 8.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.5%
Return On Equity 9.6%
Return On Equity - 3 Yr. Avg. 8.9%
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 38%
Eff/ Tax Rate - 3 Yr. Avg. 37.3%
Payout Ratio 15.8%

UCBI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UCBI stock intrinsic value calculation we used $440 million for the last fiscal year's total revenue generated by United Community Banks. The default revenue input number comes from 2016 income statement of United Community Banks. 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 UCBI stock valuation model: a) initial revenue growth rate of 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 14.3%, whose default value for UCBI is calculated based on our internal credit rating of United Community Banks, 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 Community Banks.
    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 UCBI stock the variable cost ratio is equal to 59.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for UCBI 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 Community Banks.

Corporate tax rate of 27% is the nominal tax rate for United Community Banks. 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 UCBI stock is equal to 1.3%.

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 UCBI are equal to 2568.3%.

Life of production assets of 10 years is the average useful life of capital assets used in United Community Banks 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 UCBI is equal to -2353.9%. 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 Community Banks - 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 73 million for United Community Banks 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 Community Banks at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ CFO Lifetime Achievement winner: Role will not get any easier (Photos)   [May-29-18 04:58PM  American City Business Journals]
▶ United Community Banks: 1Q Earnings Snapshot   [Apr-24-18 05:19PM  Associated Press]
▶ Georgia bank's new CEO: Raleigh will continue to be a priority   [Apr-09-18 08:47AM  American City Business Journals]
▶ One of Georgia's longest-serving bank CEOs announces retirement   [Apr-03-18 05:40AM  American City Business Journals]
▶ United Community Banks, Inc. Announces CEO Succession Plan   [Apr-02-18 04:20PM  GlobeNewswire]
▶ United Community Banks reports 4Q loss   [Jan-23-18 05:35PM  Associated Press]
▶ United Community Banks meets 3Q profit forecasts   [Oct-24-17 06:30PM  Associated Press]
▶ Lynn Harton Named CEO of United Community Bank   [Aug-17-17 05:30AM  GlobeNewswire]
▶ United Community Banks meets 2Q profit forecasts   [Jul-26-17 09:36PM  Associated Press]
▶ United Community Banks beats 1Q profit forecasts   [Apr-26-17 06:08AM  Associated Press]
▶ United Community Banks names Harralson CFO   [Apr-18-17 10:25AM  American City Business Journals]
Financial statements of UCBI
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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