Intrinsic value of Umpqua Holdings - UMPQ

Previous Close

$22.20

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$22.20

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of UMPQ 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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  1,112
  1,137
  1,167
  1,199
  1,236
  1,276
  1,319
  1,366
  1,417
  1,471
  1,529
  1,591
  1,658
  1,728
  1,802
  1,881
  1,965
  2,053
  2,147
  2,245
  2,349
  2,459
  2,575
  2,697
  2,825
  2,960
  3,103
  3,252
  3,410
  3,576
Variable operating expenses, $m
 
  743
  760
  779
  801
  826
  852
  881
  913
  946
  983
  1,022
  1,063
  1,107
  1,154
  1,204
  1,257
  1,313
  1,372
  1,434
  1,500
  1,569
  1,643
  1,720
  1,801
  1,887
  1,977
  2,073
  2,173
  2,278
  2,388
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
  743
  760
  779
  801
  826
  852
  881
  913
  946
  983
  1,022
  1,063
  1,107
  1,154
  1,204
  1,257
  1,313
  1,372
  1,434
  1,500
  1,569
  1,643
  1,720
  1,801
  1,887
  1,977
  2,073
  2,173
  2,278
  2,388
Operating income, $m
  0
  369
  378
  387
  398
  410
  424
  438
  454
  470
  488
  508
  528
  550
  574
  598
  625
  652
  682
  713
  745
  780
  816
  855
  895
  938
  983
  1,030
  1,080
  1,132
  1,187
EBITDA, $m
  59
  2,948
  3,016
  3,093
  3,180
  3,277
  3,382
  3,498
  3,622
  3,757
  3,901
  4,055
  4,220
  4,395
  4,581
  4,779
  4,988
  5,210
  5,444
  5,692
  5,953
  6,229
  6,520
  6,827
  7,150
  7,491
  7,849
  8,226
  8,623
  9,041
  9,480
Interest expense (income), $m
  71
  1,207
  1,111
  1,133
  1,159
  1,188
  1,220
  1,256
  1,294
  1,335
  1,380
  1,428
  1,480
  1,535
  1,593
  1,655
  1,721
  1,791
  1,865
  1,943
  2,025
  2,112
  2,204
  2,301
  2,404
  2,511
  2,625
  2,744
  2,870
  3,002
  3,141
Earnings before tax, $m
  366
  -838
  -733
  -746
  -761
  -778
  -797
  -818
  -840
  -865
  -892
  -921
  -951
  -984
  -1,019
  -1,057
  -1,096
  -1,138
  -1,183
  -1,230
  -1,280
  -1,332
  -1,388
  -1,446
  -1,508
  -1,573
  -1,642
  -1,714
  -1,790
  -1,870
  -1,954
Tax expense, $m
  133
  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
  233
  -838
  -733
  -746
  -761
  -778
  -797
  -818
  -840
  -865
  -892
  -921
  -951
  -984
  -1,019
  -1,057
  -1,096
  -1,138
  -1,183
  -1,230
  -1,280
  -1,332
  -1,388
  -1,446
  -1,508
  -1,573
  -1,642
  -1,714
  -1,790
  -1,870
  -1,954

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
  24,813
  20,215
  20,679
  21,211
  21,808
  22,469
  23,194
  23,984
  24,839
  25,760
  26,749
  27,807
  28,935
  30,137
  31,414
  32,769
  34,205
  35,725
  37,332
  39,031
  40,824
  42,717
  44,712
  46,816
  49,032
  51,366
  53,824
  56,411
  59,133
  61,997
  65,009
Adjusted assets (=assets-cash), $m
  24,813
  20,215
  20,679
  21,211
  21,808
  22,469
  23,194
  23,984
  24,839
  25,760
  26,749
  27,807
  28,935
  30,137
  31,414
  32,769
  34,205
  35,725
  37,332
  39,031
  40,824
  42,717
  44,712
  46,816
  49,032
  51,366
  53,824
  56,411
  59,133
  61,997
  65,009
Revenue / Adjusted assets
  0.000
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
  0.055
Average production assets, $m
  495
  25,787
  26,380
  27,058
  27,819
  28,663
  29,588
  30,596
  31,687
  32,862
  34,123
  35,472
  36,912
  38,445
  40,074
  41,802
  43,634
  45,573
  47,624
  49,791
  52,078
  54,492
  57,038
  59,722
  62,549
  65,527
  68,662
  71,962
  75,434
  79,088
  82,930
Working capital, $m
  0
  -20,310
  -20,778
  -21,311
  -21,911
  -22,575
  -23,304
  -24,098
  -24,957
  -25,882
  -26,876
  -27,938
  -29,072
  -30,280
  -31,563
  -32,924
  -34,367
  -35,894
  -37,509
  -39,216
  -41,018
  -42,919
  -44,924
  -47,038
  -49,265
  -51,610
  -54,079
  -56,678
  -59,413
  -62,291
  -65,317
Total debt, $m
  1,568
  20,569
  20,988
  21,466
  22,003
  22,598
  23,251
  23,962
  24,731
  25,560
  26,450
  27,402
  28,418
  29,499
  30,648
  31,868
  33,161
  34,529
  35,975
  37,504
  39,118
  40,821
  42,617
  44,510
  46,505
  48,606
  50,818
  53,146
  55,596
  58,173
  60,884
Total liabilities, $m
  20,896
  18,193
  18,612
  19,090
  19,627
  20,222
  20,875
  21,586
  22,355
  23,184
  24,074
  25,026
  26,042
  27,123
  28,272
  29,492
  30,784
  32,152
  33,599
  35,128
  36,742
  38,445
  40,241
  42,134
  44,129
  46,230
  48,442
  50,770
  53,220
  55,797
  58,508
Total equity, $m
  3,917
  2,021
  2,068
  2,121
  2,181
  2,247
  2,319
  2,398
  2,484
  2,576
  2,675
  2,781
  2,894
  3,014
  3,141
  3,277
  3,420
  3,572
  3,733
  3,903
  4,082
  4,272
  4,471
  4,682
  4,903
  5,137
  5,382
  5,641
  5,913
  6,200
  6,501
Total liabilities and equity, $m
  24,813
  20,214
  20,680
  21,211
  21,808
  22,469
  23,194
  23,984
  24,839
  25,760
  26,749
  27,807
  28,936
  30,137
  31,413
  32,769
  34,204
  35,724
  37,332
  39,031
  40,824
  42,717
  44,712
  46,816
  49,032
  51,367
  53,824
  56,411
  59,133
  61,997
  65,009
Debt-to-equity ratio
  0.400
  10.180
  10.150
  10.120
  10.090
  10.060
  10.020
  9.990
  9.960
  9.920
  9.890
  9.850
  9.820
  9.790
  9.760
  9.730
  9.690
  9.670
  9.640
  9.610
  9.580
  9.560
  9.530
  9.510
  9.480
  9.460
  9.440
  9.420
  9.400
  9.380
  9.370
Adjusted equity ratio
  0.158
  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
  233
  -838
  -733
  -746
  -761
  -778
  -797
  -818
  -840
  -865
  -892
  -921
  -951
  -984
  -1,019
  -1,057
  -1,096
  -1,138
  -1,183
  -1,230
  -1,280
  -1,332
  -1,388
  -1,446
  -1,508
  -1,573
  -1,642
  -1,714
  -1,790
  -1,870
  -1,954
Depreciation, amort., depletion, $m
  59
  2,579
  2,638
  2,706
  2,782
  2,866
  2,959
  3,060
  3,169
  3,286
  3,412
  3,547
  3,691
  3,844
  4,007
  4,180
  4,363
  4,557
  4,762
  4,979
  5,208
  5,449
  5,704
  5,972
  6,255
  6,553
  6,866
  7,196
  7,543
  7,909
  8,293
Funds from operations, $m
  406
  1,741
  1,905
  1,960
  2,021
  2,088
  2,162
  2,242
  2,328
  2,421
  2,520
  2,627
  2,740
  2,860
  2,988
  3,124
  3,267
  3,419
  3,580
  3,749
  3,928
  4,117
  4,316
  4,526
  4,747
  4,979
  5,224
  5,482
  5,753
  6,039
  6,339
Change in working capital, $m
  -16
  -398
  -467
  -534
  -599
  -664
  -729
  -794
  -859
  -926
  -993
  -1,063
  -1,134
  -1,207
  -1,283
  -1,362
  -1,443
  -1,527
  -1,615
  -1,707
  -1,802
  -1,901
  -2,005
  -2,113
  -2,227
  -2,345
  -2,469
  -2,599
  -2,735
  -2,877
  -3,027
Cash from operations, $m
  422
  2,139
  2,372
  2,494
  2,620
  2,753
  2,891
  3,036
  3,187
  3,347
  3,514
  3,689
  3,874
  4,067
  4,271
  4,485
  4,710
  4,946
  5,195
  5,456
  5,730
  6,018
  6,321
  6,639
  6,973
  7,325
  7,694
  8,081
  8,488
  8,916
  9,365
Maintenance CAPEX, $m
  0
  -2,528
  -2,579
  -2,638
  -2,706
  -2,782
  -2,866
  -2,959
  -3,060
  -3,169
  -3,286
  -3,412
  -3,547
  -3,691
  -3,844
  -4,007
  -4,180
  -4,363
  -4,557
  -4,762
  -4,979
  -5,208
  -5,449
  -5,704
  -5,972
  -6,255
  -6,553
  -6,866
  -7,196
  -7,543
  -7,909
New CAPEX, $m
  -30
  -510
  -593
  -678
  -761
  -843
  -925
  -1,008
  -1,091
  -1,175
  -1,261
  -1,349
  -1,440
  -1,533
  -1,629
  -1,729
  -1,832
  -1,939
  -2,051
  -2,167
  -2,288
  -2,414
  -2,546
  -2,683
  -2,827
  -2,978
  -3,135
  -3,300
  -3,473
  -3,653
  -3,843
Cash from investing activities, $m
  -919
  -3,038
  -3,172
  -3,316
  -3,467
  -3,625
  -3,791
  -3,967
  -4,151
  -4,344
  -4,547
  -4,761
  -4,987
  -5,224
  -5,473
  -5,736
  -6,012
  -6,302
  -6,608
  -6,929
  -7,267
  -7,622
  -7,995
  -8,387
  -8,799
  -9,233
  -9,688
  -10,166
  -10,669
  -11,196
  -11,752
Free cash flow, $m
  -497
  -898
  -800
  -822
  -846
  -873
  -901
  -931
  -963
  -997
  -1,034
  -1,072
  -1,113
  -1,157
  -1,202
  -1,251
  -1,302
  -1,356
  -1,413
  -1,473
  -1,537
  -1,604
  -1,674
  -1,748
  -1,826
  -1,908
  -1,994
  -2,085
  -2,180
  -2,281
  -2,386
Issuance/(repayment) of debt, $m
  -35
  -1,780
  418
  478
  537
  595
  653
  711
  770
  829
  890
  952
  1,016
  1,081
  1,149
  1,220
  1,292
  1,368
  1,447
  1,529
  1,614
  1,703
  1,796
  1,893
  1,995
  2,101
  2,212
  2,328
  2,450
  2,577
  2,711
Issuance/(repurchase) of shares, $m
  -15
  2,884
  780
  799
  821
  844
  869
  897
  926
  957
  991
  1,026
  1,064
  1,104
  1,147
  1,192
  1,240
  1,290
  1,344
  1,400
  1,459
  1,522
  1,587
  1,657
  1,730
  1,807
  1,888
  1,973
  2,062
  2,156
  2,256
Cash from financing (excl. dividends), $m  
  1,314
  1,104
  1,198
  1,277
  1,358
  1,439
  1,522
  1,608
  1,696
  1,786
  1,881
  1,978
  2,080
  2,185
  2,296
  2,412
  2,532
  2,658
  2,791
  2,929
  3,073
  3,225
  3,383
  3,550
  3,725
  3,908
  4,100
  4,301
  4,512
  4,733
  4,967
Total cash flow (excl. dividends), $m
  817
  206
  398
  455
  511
  566
  621
  677
  732
  789
  847
  906
  967
  1,029
  1,094
  1,161
  1,230
  1,302
  1,377
  1,455
  1,536
  1,621
  1,710
  1,802
  1,899
  2,000
  2,105
  2,216
  2,332
  2,453
  2,580
Retained Cash Flow (-), $m
  -68
  -2,884
  -780
  -799
  -821
  -844
  -869
  -897
  -926
  -957
  -991
  -1,026
  -1,064
  -1,104
  -1,147
  -1,192
  -1,240
  -1,290
  -1,344
  -1,400
  -1,459
  -1,522
  -1,587
  -1,657
  -1,730
  -1,807
  -1,888
  -1,973
  -2,062
  -2,156
  -2,256
Prev. year cash balance distribution, $m
 
  25
  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
 
  10
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
Cash available for distribution, $m
 
  -2,654
  -381
  -344
  -309
  -278
  -248
  -220
  -193
  -168
  -144
  -120
  -97
  -75
  -53
  -31
  -10
  12
  33
  55
  77
  99
  122
  145
  169
  193
  218
  243
  270
  297
  325
Discount rate, %
 
  14.90
  15.65
  16.43
  17.25
  18.11
  19.02
  19.97
  20.97
  22.01
  23.11
  24.27
  25.48
  26.76
  28.10
  29.50
  30.98
  32.52
  34.15
  35.86
  37.65
  39.53
  41.51
  43.59
  45.77
  48.05
  50.46
  52.98
  55.63
  58.41
  61.33
PV of cash for distribution, $m
 
  -2,309
  -285
  -218
  -164
  -121
  -87
  -61
  -42
  -28
  -18
  -11
  -6
  -3
  -2
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  36.1
  26.0
  18.8
  13.5
  9.8
  7.0
  5.1
  3.7
  2.6
  1.9
  1.4
  1.0
  0.7
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Umpqua Holdings Corporation is a bank holding company. The Company's principal operating subsidiaries include Umpqua Bank (the Bank) and Umpqua Investments, Inc. (Umpqua Investments). It operates through two segments: Community Banking and Home Lending. The Community Banking segment's principal business focus is the offering of loan and deposit products to business and retail customers in its primary market areas. As of December 31, 2016, the Community Banking segment operated 346 locations throughout Oregon, California, Washington, Idaho and Nevada. The Home Lending segment originates, sells and services residential mortgage loans. The Company offers a range of traditional and digital financial products. Its products and services include Deposit Products, Private Bank, Broker Dealer and Investment Advisory Services, Commercial Loans and Leases and Commercial Real Estate Loans, and Consumer Loans.

FINANCIAL RATIOS  of  Umpqua Holdings (UMPQ)

Valuation Ratios
P/E Ratio 21
Price to Sales 0
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow 12.5
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -56.5%
Cap. Spend. - 3 Yr. Gr. Rate -2.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 40%
Total Debt to Equity 40%
Interest Coverage 6
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 6%
Return On Equity - 3 Yr. Avg. 5.7%
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 36.3%
Eff/ Tax Rate - 3 Yr. Avg. 36%
Payout Ratio 60.5%

UMPQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UMPQ stock intrinsic value calculation we used $1090 million for the last fiscal year's total revenue generated by Umpqua Holdings. The default revenue input number comes from 2016 income statement of Umpqua Holdings. 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 UMPQ stock valuation model: a) initial revenue growth rate of 2% 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 14.9%, whose default value for UMPQ is calculated based on our internal credit rating of Umpqua Holdings, 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 Umpqua Holdings.
    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 UMPQ stock the variable cost ratio is equal to 66.8%.

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 UMPQ 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 Umpqua Holdings.

Corporate tax rate of 27% is the nominal tax rate for Umpqua Holdings. 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 UMPQ stock is equal to 0.9%.

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 UMPQ are equal to 2319.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Umpqua Holdings 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 UMPQ is equal to -1826.8%. 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 Umpqua Holdings - 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 220 million for Umpqua Holdings 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 Umpqua Holdings at the current share price and the inputted number of shares is $4.9 billion.

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COMPANY NEWS

▶ Umpqua Holdings Corporation to Host Earnings Call   [Jul-19-18 11:00AM  ACCESSWIRE]
▶ Umpqua: 2Q Earnings Snapshot   [Jul-18-18 05:21PM  Associated Press]
▶ Umpqua Reports Second Quarter 2018 Results   [04:15PM  GlobeNewswire]
▶ Umpqua Holdings Earnings Outlook   [10:12AM  Benzinga]
▶ Umpqua Holdings Announces Quarterly Dividend   [Jun-15-18 08:00AM  GlobeNewswire]
▶ Opening Bell, May 3, 2018   [May-03-18 09:30AM  CNBC Videos]
▶ NFL-star-turned-Umpqua-exec Tory Nixon on 'banking as a team sport'   [Apr-27-18 01:58AM  American City Business Journals]
▶ Income Investing: Top Dividend Stock Umpqua Boosts Yield, Breaks Out   [Apr-21-18 01:22PM  Investor's Business Daily]
▶ Umpqua Bank reports 69% growth in first quarter profits   [Apr-20-18 02:18PM  American City Business Journals]
▶ Umpqua: 1Q Earnings Snapshot   [Apr-18-18 04:35PM  Associated Press]
▶ Umpqua Reports First Quarter 2018 Results   [04:15PM  GlobeNewswire]
▶ Umpqua Holdings Raises Quarterly Dividend by 11.1%   [Mar-15-18 04:15PM  GlobeNewswire]
▶ This Regional Bank's Dividend Yield Tops 3%   [Feb-22-18 02:02PM  Investor's Business Daily]
▶ Umpqua beats 4Q profit forecasts   [Jan-23-18 04:53PM  Associated Press]
▶ Umpqua Reports Quarterly and Annual Results   [04:15PM  GlobeNewswire]
▶ Former CEO Ray Davis to retire from Umpqua Bank for good next week   [Dec-29-17 12:54PM  American City Business Journals]
▶ Umpqua Holdings Announces Quarterly Dividend   [Dec-15-17 08:00AM  GlobeNewswire]
▶ Umpqua Bank Unveils Financial Fitness Guide for New Year   [Dec-13-17 01:45PM  GlobeNewswire]
▶ Umpqua Earns Relative Strength Rating Upgrade; Hits Key Benchmark   [Nov-29-17 03:00AM  Investor's Business Daily]
▶ Why Sterling Banks IPO could trigger a buyout   [Nov-13-17 05:32PM  American City Business Journals]
▶ Umpqua Meets 80-Plus Relative Strength Rating Benchmark   [Oct-30-17 03:00AM  Investor's Business Daily]
▶ Umpqua beats 3Q profit forecasts   [Oct-18-17 04:25PM  Associated Press]
▶ Umpqua Reports Third Quarter 2017 Results   [04:15PM  GlobeNewswire]
▶ Umpqua Sees IBD RS Rating Climb To 71   [03:00AM  Investor's Business Daily]
▶ Umpqua Getting Closer To Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Umpqua Bank parent raises dividend by 12.5%   [Sep-14-17 08:09AM  MarketWatch]
▶ Umpqua misses Street 2Q forecasts   [Jul-19-17 09:56PM  Associated Press]
▶ Umpqua Reports Second Quarter 2017 Results   [04:15PM  GlobeNewswire]
▶ 5 Highest-Yielding Regional Bank Stocks   [Jun-28-17 08:28AM  Motley Fool]
▶ Umpqua Holdings Announces Quarterly Dividend   [Jun-15-17 08:00AM  GlobeNewswire]
Financial statements of UMPQ
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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