Intrinsic value of Unum Group - UNM

Previous Close

$52.29

  Intrinsic Value

$108.80

stock screener

  Rating & Target

str. buy

+108%

Previous close

$52.29

 
Intrinsic value

$108.80

 
Up/down potential

+108%

 
Rating

str. buy

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

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 11.8

 

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
  2.00
  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
  11,299
  11,558
  11,855
  12,189
  12,558
  12,964
  13,405
  13,883
  14,398
  14,951
  15,542
  16,173
  16,844
  17,558
  18,316
  19,118
  19,968
  20,866
  21,816
  22,818
  23,876
  24,991
  26,167
  27,406
  28,710
  30,084
  31,530
  33,051
  34,652
  36,336
Variable operating expenses, $m
 
  6,858
  7,014
  7,194
  7,395
  7,619
  7,863
  8,130
  8,419
  8,730
  9,063
  9,387
  9,768
  10,174
  10,605
  11,062
  11,547
  12,060
  12,603
  13,176
  13,782
  14,420
  15,094
  15,804
  16,552
  17,340
  18,170
  19,043
  19,962
  20,929
  21,946
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
  9,841
  10,071
  10,328
  10,607
  10,911
  11,238
  11,589
  11,965
  12,364
  12,788
  13,205
  13,682
  14,185
  14,717
  15,277
  15,867
  16,488
  17,142
  17,828
  18,550
  19,308
  20,104
  20,939
  21,815
  22,735
  23,700
  24,711
  25,772
  26,884
  28,050
Operating income, $m
  1,514
  1,458
  1,487
  1,528
  1,582
  1,648
  1,726
  1,816
  1,919
  2,034
  2,162
  2,337
  2,491
  2,659
  2,842
  3,039
  3,251
  3,480
  3,725
  3,987
  4,268
  4,568
  4,887
  5,228
  5,590
  5,975
  6,384
  6,818
  7,279
  7,768
  8,286
EBITDA, $m
  1,616
  1,564
  1,594
  1,637
  1,693
  1,761
  1,842
  1,936
  2,042
  2,160
  2,292
  2,436
  2,595
  2,767
  2,954
  3,156
  3,374
  3,608
  3,859
  4,127
  4,414
  4,721
  5,047
  5,395
  5,765
  6,159
  6,577
  7,020
  7,491
  7,990
  8,519
Interest expense (income), $m
  154
  159
  212
  277
  353
  437
  531
  633
  745
  866
  996
  1,136
  1,286
  1,446
  1,616
  1,796
  1,988
  2,191
  2,406
  2,634
  2,874
  3,128
  3,396
  3,678
  3,976
  4,289
  4,620
  4,967
  5,333
  5,718
  6,124
Earnings before tax, $m
  1,348
  1,299
  1,275
  1,250
  1,229
  1,211
  1,195
  1,183
  1,174
  1,168
  1,166
  1,201
  1,205
  1,214
  1,226
  1,243
  1,263
  1,289
  1,319
  1,354
  1,394
  1,440
  1,492
  1,550
  1,614
  1,686
  1,765
  1,851
  1,946
  2,050
  2,162
Tax expense, $m
  417
  351
  344
  338
  332
  327
  323
  319
  317
  315
  315
  324
  325
  328
  331
  335
  341
  348
  356
  365
  376
  389
  403
  418
  436
  455
  476
  500
  525
  553
  584
Net income, $m
  931
  948
  931
  913
  897
  884
  873
  864
  857
  853
  851
  876
  880
  886
  895
  907
  922
  941
  963
  988
  1,018
  1,051
  1,089
  1,131
  1,178
  1,231
  1,288
  1,351
  1,421
  1,496
  1,578

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
  63,120
  64,572
  66,232
  68,095
  70,159
  72,424
  74,891
  77,561
  80,437
  83,524
  86,827
  90,351
  94,103
  98,090
  102,321
  106,805
  111,552
  116,571
  121,875
  127,475
  133,384
  139,615
  146,183
  153,104
  160,393
  168,067
  176,144
  184,644
  193,587
  202,993
Adjusted assets (=assets-cash), $m
  61,942
  63,120
  64,572
  66,232
  68,095
  70,159
  72,424
  74,891
  77,561
  80,437
  83,524
  86,827
  90,351
  94,103
  98,090
  102,321
  106,805
  111,552
  116,571
  121,875
  127,475
  133,384
  139,615
  146,183
  153,104
  160,393
  168,067
  176,144
  184,644
  193,587
  202,993
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
  644
  659
  676
  695
  716
  739
  764
  791
  821
  852
  886
  922
  960
  1,001
  1,044
  1,090
  1,138
  1,189
  1,243
  1,301
  1,361
  1,424
  1,492
  1,562
  1,636
  1,715
  1,797
  1,884
  1,975
  2,071
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
  3,993
  5,234
  6,653
  8,246
  10,011
  11,948
  14,057
  16,339
  18,799
  21,438
  24,262
  27,275
  30,483
  33,892
  37,510
  41,344
  45,402
  49,694
  54,228
  59,016
  64,068
  69,396
  75,012
  80,929
  87,161
  93,722
  100,629
  107,896
  115,542
  123,584
Total liabilities, $m
  52,974
  53,968
  55,209
  56,628
  58,221
  59,986
  61,923
  64,032
  66,314
  68,774
  71,413
  74,237
  77,250
  80,458
  83,867
  87,485
  91,319
  95,377
  99,669
  104,203
  108,991
  114,043
  119,371
  124,987
  130,904
  137,136
  143,697
  150,604
  157,871
  165,517
  173,559
Total equity, $m
  8,968
  9,152
  9,363
  9,604
  9,874
  10,173
  10,502
  10,859
  11,246
  11,663
  12,111
  12,590
  13,101
  13,645
  14,223
  14,837
  15,487
  16,175
  16,903
  17,672
  18,484
  19,341
  20,244
  21,197
  22,200
  23,257
  24,370
  25,541
  26,773
  28,070
  29,434
Total liabilities and equity, $m
  61,942
  63,120
  64,572
  66,232
  68,095
  70,159
  72,425
  74,891
  77,560
  80,437
  83,524
  86,827
  90,351
  94,103
  98,090
  102,322
  106,806
  111,552
  116,572
  121,875
  127,475
  133,384
  139,615
  146,184
  153,104
  160,393
  168,067
  176,145
  184,644
  193,587
  202,993
Debt-to-equity ratio
  0.334
  0.440
  0.560
  0.690
  0.840
  0.980
  1.140
  1.290
  1.450
  1.610
  1.770
  1.930
  2.080
  2.230
  2.380
  2.530
  2.670
  2.810
  2.940
  3.070
  3.190
  3.310
  3.430
  3.540
  3.650
  3.750
  3.850
  3.940
  4.030
  4.120
  4.200
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
  948
  931
  913
  897
  884
  873
  864
  857
  853
  851
  876
  880
  886
  895
  907
  922
  941
  963
  988
  1,018
  1,051
  1,089
  1,131
  1,178
  1,231
  1,288
  1,351
  1,421
  1,496
  1,578
Depreciation, amort., depletion, $m
  102
  106
  108
  109
  112
  114
  117
  119
  122
  126
  129
  100
  104
  108
  112
  117
  122
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
Funds from operations, $m
  1,354
  1,054
  1,038
  1,022
  1,009
  998
  989
  983
  980
  979
  980
  976
  983
  994
  1,008
  1,024
  1,045
  1,069
  1,096
  1,128
  1,164
  1,204
  1,249
  1,299
  1,354
  1,414
  1,481
  1,553
  1,632
  1,718
  1,811
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
  1,054
  1,038
  1,022
  1,009
  998
  989
  983
  980
  979
  980
  976
  983
  994
  1,008
  1,024
  1,045
  1,069
  1,096
  1,128
  1,164
  1,204
  1,249
  1,299
  1,354
  1,414
  1,481
  1,553
  1,632
  1,718
  1,811
Maintenance CAPEX, $m
  0
  -71
  -72
  -74
  -76
  -78
  -80
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -122
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
New CAPEX, $m
  -85
  -17
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
  -96
Cash from investing activities, $m
  -710
  -88
  -87
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -123
  -130
  -136
  -142
  -149
  -155
  -163
  -170
  -179
  -188
  -197
  -206
  -217
  -227
  -239
  -250
  -262
  -275
  -289
  -303
  -318
Free cash flow, $m
  406
  967
  951
  931
  914
  898
  886
  875
  866
  860
  857
  847
  848
  852
  859
  869
  882
  898
  917
  940
  967
  998
  1,033
  1,072
  1,116
  1,165
  1,219
  1,278
  1,344
  1,415
  1,493
Issuance/(repayment) of debt, $m
  195
  994
  1,241
  1,419
  1,593
  1,765
  1,937
  2,109
  2,283
  2,459
  2,639
  2,824
  3,013
  3,208
  3,409
  3,618
  3,834
  4,058
  4,292
  4,535
  4,788
  5,052
  5,328
  5,616
  5,917
  6,232
  6,561
  6,906
  7,267
  7,646
  8,042
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
  994
  1,241
  1,419
  1,593
  1,765
  1,937
  2,109
  2,283
  2,459
  2,639
  2,824
  3,013
  3,208
  3,409
  3,618
  3,834
  4,058
  4,292
  4,535
  4,788
  5,052
  5,328
  5,616
  5,917
  6,232
  6,561
  6,906
  7,267
  7,646
  8,042
Total cash flow (excl. dividends), $m
  170
  1,961
  2,192
  2,350
  2,507
  2,664
  2,822
  2,984
  3,149
  3,320
  3,496
  3,670
  3,861
  4,060
  4,268
  4,487
  4,715
  4,956
  5,209
  5,475
  5,755
  6,050
  6,360
  6,688
  7,033
  7,397
  7,780
  8,185
  8,611
  9,061
  9,535
Retained Cash Flow (-), $m
  -304
  -184
  -211
  -241
  -270
  -299
  -328
  -358
  -387
  -417
  -448
  -479
  -511
  -544
  -578
  -614
  -650
  -688
  -728
  -769
  -812
  -857
  -904
  -952
  -1,003
  -1,057
  -1,113
  -1,171
  -1,232
  -1,297
  -1,364
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
 
  1,777
  1,982
  2,110
  2,237
  2,364
  2,494
  2,626
  2,762
  2,903
  3,048
  3,191
  3,350
  3,516
  3,690
  3,873
  4,065
  4,268
  4,481
  4,706
  4,943
  5,193
  5,457
  5,735
  6,029
  6,340
  6,667
  7,013
  7,379
  7,764
  8,171
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
 
  1,681
  1,764
  1,757
  1,732
  1,691
  1,636
  1,569
  1,490
  1,402
  1,306
  1,202
  1,097
  990
  884
  779
  678
  581
  491
  409
  335
  270
  213
  165
  126
  93
  68
  48
  33
  22
  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 is a provider of financial protection benefits in the United States and the United Kingdom. The Company's products include disability, life, accident, critical illness, dental and vision, and other related services. Its segments include Unum US, Unum UK, Colonial Life, Closed Block and Corporate. Its Unum US segment includes group long-term and short-term disability insurance, group life and accidental death and dismemberment products, and supplemental and voluntary lines of business. Its Unum UK segment includes insurance for group long-term disability, group life, and supplemental lines of business, which include dental, individual disability and critical illness products. Its Colonial Life segment includes insurance for accident, sickness, and disability products, life products, and cancer and critical illness products issued primarily by Colonial Life & Accident Insurance Company and marketed to employees. Its Closed Block segment consists of other insurance products.

FINANCIAL RATIOS  of  Unum Group (UNM)

Valuation Ratios
P/E Ratio 12.9
Price to Sales 1.1
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 11.7
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% 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 225.665 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 $11.8 billion.

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COMPANY NEWS

▶ Yahoo Finance Live: Market Movers - Oct 16th, 2017   [07:20AM  Yahoo Finance Video]
▶ Unum Group Announces Annual Investor Meeting   [Sep-26-17 04:15PM  Business Wire]
▶ Unum Clears Technical Benchmark, Hitting 80-Plus RS Rating   [Sep-22-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Unum   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ 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]
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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