Intrinsic value of Unum Group - UNM

Previous Close

$47.84

  Intrinsic Value

$110.72

stock screener

  Rating & Target

str. buy

+131%

  Value-price divergence*

-1%

Previous close

$47.84

 
Intrinsic value

$110.72

 
Up/down potential

+131%

 
Rating

str. buy

 
Value-price divergence*

-1%

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 11.0

 

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
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  0
  11,321
  11,601
  11,918
  12,271
  12,659
  13,083
  13,542
  14,038
  14,571
  15,141
  15,750
  16,400
  17,090
  17,823
  18,600
  19,422
  20,293
  21,213
  22,184
  23,209
  24,291
  25,431
  26,632
  27,898
  29,231
  30,633
  32,110
  33,663
  35,297
  37,015
Variable operating expenses, $m
 
  6,871
  7,040
  7,232
  7,445
  7,679
  7,935
  8,213
  8,512
  8,834
  9,178
  9,513
  9,905
  10,322
  10,764
  11,234
  11,731
  12,256
  12,812
  13,399
  14,018
  14,671
  15,360
  16,085
  16,850
  17,655
  18,502
  19,393
  20,332
  21,318
  22,356
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
  9,854
  10,097
  10,366
  10,657
  10,971
  11,310
  11,672
  12,058
  12,468
  12,903
  13,331
  13,819
  14,333
  14,876
  15,449
  16,051
  16,684
  17,351
  18,051
  18,786
  19,559
  20,370
  21,220
  22,113
  23,050
  24,032
  25,061
  26,142
  27,273
  28,460
Operating income, $m
  1,514
  1,467
  1,504
  1,553
  1,614
  1,687
  1,773
  1,870
  1,980
  2,103
  2,238
  2,419
  2,581
  2,757
  2,946
  3,151
  3,372
  3,609
  3,862
  4,133
  4,423
  4,732
  5,062
  5,412
  5,785
  6,181
  6,602
  7,048
  7,522
  8,023
  8,555
EBITDA, $m
  1,616
  1,565
  1,603
  1,654
  1,717
  1,793
  1,881
  1,981
  2,094
  2,219
  2,358
  2,509
  2,674
  2,854
  3,048
  3,257
  3,483
  3,724
  3,983
  4,260
  4,555
  4,871
  5,207
  5,564
  5,944
  6,348
  6,776
  7,231
  7,713
  8,224
  8,766
Interest expense (income), $m
  154
  159
  217
  288
  369
  458
  556
  663
  780
  905
  1,040
  1,184
  1,339
  1,503
  1,678
  1,863
  2,060
  2,268
  2,489
  2,721
  2,967
  3,227
  3,501
  3,789
  4,094
  4,414
  4,751
  5,106
  5,480
  5,873
  6,287
Earnings before tax, $m
  1,348
  1,308
  1,286
  1,264
  1,245
  1,230
  1,217
  1,207
  1,201
  1,198
  1,198
  1,235
  1,242
  1,254
  1,269
  1,288
  1,312
  1,340
  1,374
  1,412
  1,456
  1,505
  1,561
  1,623
  1,691
  1,767
  1,850
  1,942
  2,041
  2,150
  2,268
Tax expense, $m
  417
  353
  347
  341
  336
  332
  329
  326
  324
  323
  323
  333
  335
  338
  343
  348
  354
  362
  371
  381
  393
  406
  421
  438
  457
  477
  500
  524
  551
  580
  612
Net income, $m
  931
  955
  939
  923
  909
  898
  888
  881
  877
  874
  874
  902
  907
  915
  926
  940
  958
  978
  1,003
  1,031
  1,063
  1,099
  1,139
  1,185
  1,235
  1,290
  1,351
  1,417
  1,490
  1,569
  1,656

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
  63,244
  64,813
  66,583
  68,553
  70,722
  73,088
  75,655
  78,425
  81,401
  84,588
  87,991
  91,618
  95,474
  99,568
  103,909
  108,505
  113,368
  118,507
  123,934
  129,662
  135,704
  142,073
  148,785
  155,855
  163,300
  171,136
  179,384
  188,061
  197,188
  206,787
Adjusted assets (=assets-cash), $m
  61,942
  63,244
  64,813
  66,583
  68,553
  70,722
  73,088
  75,655
  78,425
  81,401
  84,588
  87,991
  91,618
  95,474
  99,568
  103,909
  108,505
  113,368
  118,507
  123,934
  129,662
  135,704
  142,073
  148,785
  155,855
  163,300
  171,136
  179,384
  188,061
  197,188
  206,787
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
  645
  661
  679
  699
  722
  746
  772
  800
  831
  863
  898
  935
  974
  1,016
  1,060
  1,107
  1,157
  1,209
  1,264
  1,323
  1,385
  1,450
  1,518
  1,590
  1,666
  1,746
  1,830
  1,919
  2,012
  2,110
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
  4,099
  5,440
  6,954
  8,638
  10,492
  12,516
  14,710
  17,078
  19,623
  22,348
  25,258
  28,358
  31,655
  35,156
  38,867
  42,797
  46,954
  51,348
  55,989
  60,886
  66,052
  71,497
  77,236
  83,281
  89,646
  96,347
  103,398
  110,817
  118,621
  126,828
Total liabilities, $m
  52,974
  54,074
  55,415
  56,929
  58,613
  60,467
  62,491
  64,685
  67,053
  69,598
  72,323
  75,233
  78,333
  81,630
  85,131
  88,842
  92,772
  96,929
  101,323
  105,964
  110,861
  116,027
  121,472
  127,211
  133,256
  139,621
  146,322
  153,373
  160,792
  168,596
  176,803
Total equity, $m
  8,968
  9,170
  9,398
  9,655
  9,940
  10,255
  10,598
  10,970
  11,372
  11,803
  12,265
  12,759
  13,285
  13,844
  14,437
  15,067
  15,733
  16,438
  17,183
  17,970
  18,801
  19,677
  20,601
  21,574
  22,599
  23,678
  24,815
  26,011
  27,269
  28,592
  29,984
Total liabilities and equity, $m
  61,942
  63,244
  64,813
  66,584
  68,553
  70,722
  73,089
  75,655
  78,425
  81,401
  84,588
  87,992
  91,618
  95,474
  99,568
  103,909
  108,505
  113,367
  118,506
  123,934
  129,662
  135,704
  142,073
  148,785
  155,855
  163,299
  171,137
  179,384
  188,061
  197,188
  206,787
Debt-to-equity ratio
  0.334
  0.450
  0.580
  0.720
  0.870
  1.020
  1.180
  1.340
  1.500
  1.660
  1.820
  1.980
  2.130
  2.290
  2.440
  2.580
  2.720
  2.860
  2.990
  3.120
  3.240
  3.360
  3.470
  3.580
  3.690
  3.790
  3.880
  3.980
  4.060
  4.150
  4.230
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
  955
  939
  923
  909
  898
  888
  881
  877
  874
  874
  902
  907
  915
  926
  940
  958
  978
  1,003
  1,031
  1,063
  1,099
  1,139
  1,185
  1,235
  1,290
  1,351
  1,417
  1,490
  1,569
  1,656
Depreciation, amort., depletion, $m
  102
  98
  100
  101
  103
  106
  108
  111
  114
  117
  120
  90
  93
  97
  102
  106
  111
  116
  121
  126
  132
  138
  145
  152
  159
  167
  175
  183
  192
  201
  211
Funds from operations, $m
  1,354
  1,053
  1,039
  1,024
  1,013
  1,003
  996
  992
  990
  991
  994
  991
  1,000
  1,013
  1,028
  1,046
  1,068
  1,094
  1,124
  1,157
  1,195
  1,237
  1,284
  1,336
  1,394
  1,457
  1,525
  1,600
  1,682
  1,771
  1,867
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
  1,053
  1,039
  1,024
  1,013
  1,003
  996
  992
  990
  991
  994
  991
  1,000
  1,013
  1,028
  1,046
  1,068
  1,094
  1,124
  1,157
  1,195
  1,237
  1,284
  1,336
  1,394
  1,457
  1,525
  1,600
  1,682
  1,771
  1,867
Maintenance CAPEX, $m
  0
  -63
  -65
  -66
  -68
  -70
  -72
  -75
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -183
  -192
  -201
New CAPEX, $m
  -85
  -18
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -52
  -55
  -58
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
Cash from investing activities, $m
  -710
  -81
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -132
  -139
  -146
  -153
  -161
  -168
  -176
  -184
  -194
  -203
  -213
  -224
  -235
  -247
  -259
  -272
  -285
  -299
Free cash flow, $m
  406
  972
  958
  940
  925
  911
  900
  891
  885
  880
  879
  870
  874
  880
  889
  900
  915
  934
  956
  981
  1,010
  1,043
  1,081
  1,123
  1,170
  1,222
  1,279
  1,342
  1,411
  1,486
  1,567
Issuance/(repayment) of debt, $m
  195
  1,100
  1,341
  1,514
  1,684
  1,854
  2,024
  2,195
  2,368
  2,544
  2,725
  2,910
  3,101
  3,297
  3,501
  3,711
  3,930
  4,157
  4,394
  4,640
  4,897
  5,166
  5,446
  5,739
  6,045
  6,365
  6,700
  7,051
  7,419
  7,804
  8,207
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
  1,100
  1,341
  1,514
  1,684
  1,854
  2,024
  2,195
  2,368
  2,544
  2,725
  2,910
  3,101
  3,297
  3,501
  3,711
  3,930
  4,157
  4,394
  4,640
  4,897
  5,166
  5,446
  5,739
  6,045
  6,365
  6,700
  7,051
  7,419
  7,804
  8,207
Total cash flow (excl. dividends), $m
  170
  2,072
  2,299
  2,454
  2,609
  2,765
  2,924
  3,086
  3,253
  3,425
  3,603
  3,780
  3,974
  4,177
  4,389
  4,612
  4,845
  5,091
  5,349
  5,621
  5,907
  6,209
  6,527
  6,862
  7,215
  7,587
  7,979
  8,393
  8,829
  9,290
  9,775
Retained Cash Flow (-), $m
  -304
  -202
  -227
  -257
  -286
  -314
  -343
  -372
  -402
  -432
  -462
  -494
  -526
  -559
  -594
  -629
  -666
  -705
  -745
  -787
  -831
  -876
  -924
  -973
  -1,025
  -1,079
  -1,136
  -1,196
  -1,258
  -1,323
  -1,392
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
 
  1,870
  2,072
  2,197
  2,323
  2,451
  2,580
  2,714
  2,851
  2,993
  3,141
  3,287
  3,448
  3,618
  3,795
  3,982
  4,179
  4,386
  4,604
  4,834
  5,077
  5,333
  5,603
  5,888
  6,190
  6,507
  6,843
  7,197
  7,571
  7,966
  8,383
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
 
  1,769
  1,844
  1,830
  1,799
  1,753
  1,693
  1,621
  1,538
  1,446
  1,346
  1,238
  1,129
  1,019
  909
  801
  696
  597
  505
  420
  344
  277
  219
  170
  129
  96
  70
  49
  34
  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 11.8
Price to Sales 1
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 10.7
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 2.2% 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 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 10 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 229.442 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 $11.0 billion.

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COMPANY NEWS

▶ Unum beats 2Q profit forecasts   [Jul-27-17 05:35PM  Associated Press]
▶ Starmount Launches New Individual Dental Plans   [Jul-12-17 10:00AM  Business Wire]
▶ Summer trips lead to accident claims   [Jun-19-17 10:08AM  Business Wire]
▶ Unum Group Value Analysis (NYSE:UNM) : June 13, 2017   [Jun-13-17 01:49PM  Capital Cube]
▶ 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]
Financial statements 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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