Intrinsic value of Unum Group - UNM

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$45.26

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$45.26

 
Intrinsic value

$112.56

 
Up/down potential

+149%

 
Rating

str. buy

 
Value-price divergence* premium content

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of UNM 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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 10.4

 

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, %
  2.91
  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
  4.87
Revenue, $m
  0
  11,332
  11,623
  11,950
  12,312
  12,710
  13,143
  13,611
  14,116
  14,658
  15,237
  15,856
  16,514
  17,214
  17,956
  18,743
  19,576
  20,457
  21,388
  22,371
  23,408
  24,501
  25,654
  26,868
  28,147
  29,494
  30,912
  32,403
  33,973
  35,623
  37,359
Variable operating expenses, $m
 
  6,878
  7,054
  7,251
  7,470
  7,710
  7,971
  8,254
  8,559
  8,886
  9,236
  9,576
  9,974
  10,397
  10,845
  11,321
  11,824
  12,356
  12,918
  13,511
  14,138
  14,798
  15,494
  16,228
  17,000
  17,814
  18,670
  19,571
  20,519
  21,516
  22,564
Fixed operating expenses, $m
 
  2,983
  3,057
  3,134
  3,212
  3,292
  3,375
  3,459
  3,546
  3,634
  3,725
  3,818
  3,914
  4,011
  4,112
  4,215
  4,320
  4,428
  4,539
  4,652
  4,768
  4,888
  5,010
  5,135
  5,263
  5,395
  5,530
  5,668
  5,810
  5,955
  6,104
Total operating expenses, $m
  9,563
  9,861
  10,111
  10,385
  10,682
  11,002
  11,346
  11,713
  12,105
  12,520
  12,961
  13,394
  13,888
  14,408
  14,957
  15,536
  16,144
  16,784
  17,457
  18,163
  18,906
  19,686
  20,504
  21,363
  22,263
  23,209
  24,200
  25,239
  26,329
  27,471
  28,668
Operating income, $m
  1,514
  1,471
  1,512
  1,565
  1,630
  1,707
  1,797
  1,898
  2,011
  2,137
  2,276
  2,461
  2,626
  2,806
  2,999
  3,208
  3,433
  3,674
  3,932
  4,207
  4,502
  4,815
  5,150
  5,505
  5,884
  6,285
  6,712
  7,164
  7,644
  8,153
  8,691
EBITDA, $m
  1,616
  1,577
  1,620
  1,675
  1,743
  1,822
  1,914
  2,018
  2,135
  2,264
  2,407
  2,563
  2,732
  2,916
  3,114
  3,328
  3,558
  3,805
  4,068
  4,351
  4,651
  4,972
  5,314
  5,678
  6,064
  6,474
  6,910
  7,372
  7,862
  8,381
  8,930
Interest expense (income), $m
  154
  159
  220
  294
  377
  468
  569
  678
  797
  925
  1,062
  1,209
  1,365
  1,532
  1,709
  1,897
  2,096
  2,307
  2,530
  2,766
  3,015
  3,277
  3,554
  3,846
  4,153
  4,477
  4,818
  5,177
  5,554
  5,952
  6,370
Earnings before tax, $m
  1,348
  1,312
  1,292
  1,271
  1,254
  1,239
  1,228
  1,219
  1,214
  1,212
  1,214
  1,252
  1,261
  1,274
  1,290
  1,311
  1,336
  1,366
  1,401
  1,441
  1,487
  1,538
  1,596
  1,660
  1,730
  1,808
  1,894
  1,988
  2,090
  2,201
  2,322
Tax expense, $m
  417
  354
  349
  343
  339
  335
  331
  329
  328
  327
  328
  338
  340
  344
  348
  354
  361
  369
  378
  389
  401
  415
  431
  448
  467
  488
  511
  537
  564
  594
  627
Net income, $m
  931
  958
  943
  928
  915
  905
  896
  890
  886
  885
  886
  914
  921
  930
  942
  957
  976
  997
  1,023
  1,052
  1,086
  1,123
  1,165
  1,212
  1,263
  1,320
  1,383
  1,451
  1,526
  1,607
  1,695

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
  61,942
  63,306
  64,933
  66,760
  68,783
  71,004
  73,422
  76,040
  78,860
  81,886
  85,124
  88,579
  92,257
  96,167
  100,315
  104,711
  109,365
  114,286
  119,485
  124,975
  130,768
  136,878
  143,317
  150,102
  157,248
  164,771
  172,691
  181,024
  189,791
  199,012
  208,710
Adjusted assets (=assets-cash), $m
  61,942
  63,306
  64,933
  66,760
  68,783
  71,004
  73,422
  76,040
  78,860
  81,886
  85,124
  88,579
  92,257
  96,167
  100,315
  104,711
  109,365
  114,286
  119,485
  124,975
  130,768
  136,878
  143,317
  150,102
  157,248
  164,771
  172,691
  181,024
  189,791
  199,012
  208,710
Revenue / Adjusted assets
  0.000
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
  0.179
Average production assets, $m
  628
  646
  663
  681
  702
  724
  749
  776
  805
  835
  869
  904
  941
  981
  1,024
  1,068
  1,116
  1,166
  1,219
  1,275
  1,334
  1,397
  1,462
  1,531
  1,604
  1,681
  1,762
  1,847
  1,936
  2,031
  2,129
Working capital, $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 debt, $m
  2,999
  4,152
  5,543
  7,104
  8,835
  10,734
  12,801
  15,039
  17,450
  20,038
  22,806
  25,760
  28,905
  32,248
  35,794
  39,553
  43,532
  47,739
  52,185
  56,879
  61,832
  67,055
  72,561
  78,362
  84,472
  90,905
  97,676
  104,800
  112,296
  120,181
  128,472
Total liabilities, $m
  52,974
  54,127
  55,518
  57,079
  58,810
  60,709
  62,776
  65,014
  67,425
  70,013
  72,781
  75,735
  78,880
  82,223
  85,769
  89,528
  93,507
  97,714
  102,160
  106,854
  111,807
  117,030
  122,536
  128,337
  134,447
  140,880
  147,651
  154,775
  162,271
  170,156
  178,447
Total equity, $m
  8,968
  9,179
  9,415
  9,680
  9,974
  10,296
  10,646
  11,026
  11,435
  11,874
  12,343
  12,844
  13,377
  13,944
  14,546
  15,183
  15,858
  16,571
  17,325
  18,121
  18,961
  19,847
  20,781
  21,765
  22,801
  23,892
  25,040
  26,248
  27,520
  28,857
  30,263
Total liabilities and equity, $m
  61,942
  63,306
  64,933
  66,759
  68,784
  71,005
  73,422
  76,040
  78,860
  81,887
  85,124
  88,579
  92,257
  96,167
  100,315
  104,711
  109,365
  114,285
  119,485
  124,975
  130,768
  136,877
  143,317
  150,102
  157,248
  164,772
  172,691
  181,023
  189,791
  199,013
  208,710
Debt-to-equity ratio
  0.334
  0.450
  0.590
  0.730
  0.890
  1.040
  1.200
  1.360
  1.530
  1.690
  1.850
  2.010
  2.160
  2.310
  2.460
  2.610
  2.750
  2.880
  3.010
  3.140
  3.260
  3.380
  3.490
  3.600
  3.700
  3.800
  3.900
  3.990
  4.080
  4.160
  4.250
Adjusted equity ratio
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  931
  958
  943
  928
  915
  905
  896
  890
  886
  885
  886
  914
  921
  930
  942
  957
  976
  997
  1,023
  1,052
  1,086
  1,123
  1,165
  1,212
  1,263
  1,320
  1,383
  1,451
  1,526
  1,607
  1,695
Depreciation, amort., depletion, $m
  102
  106
  108
  110
  112
  115
  118
  121
  124
  127
  131
  102
  106
  110
  115
  120
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  208
  218
  228
  239
Funds from operations, $m
  1,354
  1,064
  1,051
  1,038
  1,028
  1,020
  1,014
  1,011
  1,010
  1,012
  1,017
  1,016
  1,026
  1,040
  1,057
  1,077
  1,101
  1,129
  1,160
  1,196
  1,235
  1,280
  1,329
  1,384
  1,443
  1,509
  1,581
  1,658
  1,743
  1,835
  1,934
Change in working capital, $m
  238
  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
Cash from operations, $m
  1,116
  1,055
  1,051
  1,038
  1,028
  1,020
  1,014
  1,011
  1,010
  1,012
  1,017
  1,016
  1,026
  1,040
  1,057
  1,077
  1,101
  1,129
  1,160
  1,196
  1,235
  1,280
  1,329
  1,384
  1,443
  1,509
  1,581
  1,658
  1,743
  1,835
  1,934
Maintenance CAPEX, $m
  0
  -71
  -73
  -74
  -77
  -79
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -189
  -198
  -208
  -218
  -228
New CAPEX, $m
  -85
  -18
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
Cash from investing activities, $m
  -710
  -89
  -90
  -93
  -98
  -102
  -106
  -111
  -116
  -121
  -127
  -133
  -140
  -146
  -152
  -160
  -167
  -175
  -184
  -193
  -202
  -212
  -223
  -233
  -245
  -257
  -270
  -283
  -297
  -312
  -327
Free cash flow, $m
  406
  966
  962
  945
  930
  918
  908
  900
  894
  891
  890
  883
  887
  894
  904
  917
  933
  953
  976
  1,003
  1,033
  1,068
  1,107
  1,150
  1,199
  1,252
  1,311
  1,375
  1,446
  1,523
  1,607
Issuance/(repayment) of debt, $m
  195
  1,153
  1,391
  1,562
  1,730
  1,899
  2,068
  2,238
  2,411
  2,588
  2,768
  2,954
  3,145
  3,342
  3,547
  3,759
  3,979
  4,208
  4,446
  4,694
  4,953
  5,223
  5,506
  5,801
  6,110
  6,433
  6,771
  7,125
  7,496
  7,884
  8,291
Issuance/(repurchase) of shares, $m
  -397
  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
Cash from financing (excl. dividends), $m  
  -236
  1,153
  1,391
  1,562
  1,730
  1,899
  2,068
  2,238
  2,411
  2,588
  2,768
  2,954
  3,145
  3,342
  3,547
  3,759
  3,979
  4,208
  4,446
  4,694
  4,953
  5,223
  5,506
  5,801
  6,110
  6,433
  6,771
  7,125
  7,496
  7,884
  8,291
Total cash flow (excl. dividends), $m
  170
  2,118
  2,353
  2,507
  2,661
  2,817
  2,975
  3,138
  3,305
  3,479
  3,659
  3,837
  4,032
  4,237
  4,451
  4,676
  4,912
  5,160
  5,422
  5,697
  5,986
  6,291
  6,612
  6,951
  7,308
  7,685
  8,082
  8,500
  8,942
  9,407
  9,898
Retained Cash Flow (-), $m
  -304
  -211
  -236
  -265
  -293
  -322
  -351
  -380
  -409
  -439
  -469
  -501
  -533
  -567
  -602
  -637
  -675
  -714
  -754
  -796
  -840
  -886
  -934
  -984
  -1,036
  -1,091
  -1,148
  -1,208
  -1,271
  -1,337
  -1,406
Prev. year cash balance distribution, $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
Cash flow adjustment, $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
Cash available for distribution, $m
 
  1,907
  2,117
  2,242
  2,367
  2,495
  2,625
  2,758
  2,896
  3,040
  3,189
  3,336
  3,499
  3,670
  3,850
  4,039
  4,237
  4,447
  4,668
  4,900
  5,146
  5,405
  5,679
  5,967
  6,272
  6,594
  6,933
  7,292
  7,671
  8,070
  8,492
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  1,804
  1,885
  1,867
  1,833
  1,785
  1,722
  1,648
  1,563
  1,468
  1,367
  1,256
  1,146
  1,034
  922
  812
  706
  606
  512
  426
  349
  281
  222
  172
  131
  97
  70
  50
  35
  23
  15
Current shareholders' claim on cash, %
  100
  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

Unum Group, together with its subsidiaries, provides group and individual disability insurance products and services primarily in the United States and the United Kingdom. It operates through Unum US, Unum UK, Colonial Life, and Closed Block segments. The company offers group long-term and short-term disability, group life, and accidental death and dismemberment products; supplemental and voluntary products, such as individual disability, voluntary benefits, and dental and vision products; and accident, sickness, disability, life, and cancer and critical illness products. It also provides group pension, individual life and corporate-owned life insurance, reinsurance pools and management operations, and other products. The company sells its products primarily to employers for the benefit of employees. Unum Group sells its products through field sales personnel, independent brokers, and consultants, as well as independent contractor agency sales force. The company was founded in 1848 and is based in Chattanooga, Tennessee.

FINANCIAL RATIOS  of  Unum Group (UNM)

Valuation Ratios
P/E Ratio 11.2
Price to Sales 0.9
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow 10.1
Growth Rates
Sales Growth Rate 2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15%
Cap. Spend. - 3 Yr. Gr. Rate -4.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 33.4%
Total Debt to Equity 33.4%
Interest Coverage 10
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 10.6%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 14.5%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 13.7%
Oper. Margin - 3 Yr. Avg. 11.1%
Pre-Tax Margin 12.2%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 8.4%
Net Profit Margin - 3 Yr. Avg. 6.8%
Effective Tax Rate 30.9%
Eff/ Tax Rate - 3 Yr. Avg. 28.9%
Payout Ratio 19.7%

UNM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UNM stock intrinsic value calculation we used $11077 million for the last fiscal year's total revenue generated by Unum Group. The default revenue input number comes from 2016 income statement of Unum Group. 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 UNM stock valuation model: a) initial revenue growth rate of 2.3% 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 5.7%, whose default value for UNM is calculated based on our internal credit rating of Unum Group, 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 Unum Group.
    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 UNM stock the variable cost ratio is equal to 60.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2910 million in the base year in the intrinsic value calculation for UNM 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 5.3% for Unum Group.

Corporate tax rate of 27% is the nominal tax rate for Unum Group. 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 UNM stock is equal to 0%.

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 UNM are equal to 5.7%.

Life of production assets of 8.9 years is the average useful life of capital assets used in Unum Group 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 UNM is equal to 0%. 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 - $8968 million for Unum Group - 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 229.473 million for Unum Group 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 Unum Group at the current share price and the inputted number of shares is $10.4 billion.


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COMPANY NEWS

▶ Unums disability claims reflect workforce health trends   [May-16-17 10:00AM  Business Wire]
▶ Disability claims data shows good news for moms and babies   [May-09-17 04:00PM  Business Wire]
▶ Is Unum a Great Stock for Value Investors?   [May-08-17 09:58AM  Zacks]
▶ Unum beats 1Q profit forecasts   [Apr-26-17 04:48PM  Associated Press]
▶ Unum launches stop loss coverage for self-insured companies   [Apr-12-17 02:03PM  Business Wire]
▶ Unum exceeds $12.4 million in charitable giving for 2016   [Mar-23-17 11:41AM  Business Wire]
▶ Starmount, Unum Expand Dental Network   [Feb-15-17 10:00AM  Business Wire]
▶ Unum launches dental and vision coverage   [Jan-11-17 10:00AM  Business Wire]
▶ Unum Provides Business Update and 2017 Outlook   [Dec-15-16 11:30AM  Business Wire]
▶ Is Unum Group (UNM) A Good Stock To Buy?   [Dec-13-16 11:39AM  at Insider Monkey]
▶ Tale Of Two Types Of Quant Strategies   [Dec-12-16 05:44PM  at Forbes]
▶ Lincoln National: FBR Picked a Bad Day For a Downgrade   [Nov-09-16 12:32PM  at Barrons.com]
▶ Unum Group announces annual investor meeting   [Oct-05-16 09:00AM  Business Wire]
▶ Colonial Life offers new juvenile life insurance plan   [Sep-07-16 10:00AM  Business Wire]
▶ Colonial Life enhances life insurance coverage options   [Aug-29-16 11:21AM  Business Wire]
▶ Unum Group to present at the 2016 KBW Insurance Conference   [Aug-26-16 11:30AM  Business Wire]
Stock chart of UNM Financial statements of UNM Annual reports of UNM
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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