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General information
  • Bad financial results growth rate -1.3% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (13.4%)
  • Dividend yield for the last twelve months 1.5%
  • Free cash flow yield 5.6% (LTM)
  • Share price is 56.3% higher than minimum and 7.1% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (11.7x vs 14.1x)
  • Fundamental value created in LTM (estimate) -6.2%
Key Financials
Ticker: UNH
Share price, USD: 308
Common stocks: 947 414 929

Dividend Yield:  1.5%
FCF Yield LTM: 5.6%
EV / LTM EBITDA: 11.7x
Last revenue growth (y/y):  7.9%
Last growth of EBITDA (y/y):  -10.5%
Historical revenue growth:  8.7%
Historical growth of EBITDA:  18.0%
Target EV / EBITDA (hist 75% percentile): 14.1x
Fundamental value created in LTM: -6.2%
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 291 804
Net Debt ($m): 24 832
EV (Enterprise Value): 316 636
EBITDA LTM ($m): 27 100
EV / LTM EBITDA: 11.7x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

Free Cash Flow ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends

Share price

Payment USD per share

Multiple and potential

EV / LTM EBITDA and 75% percentile

Potential dynamics

Value Creation

Fundamental Value Creation is calculated as ratio of value created in the last period to current market cap of the company.

The fundamental value can be created in two ways:
• cash generation in form of dividend payments or debt reduction or share buybacks
growth of the company enterprise value through improving financial results

The growth of enterprise value in the last period is estimated as product of:
• annualized increase of EBITDA in the last reporting period year over year
• relevant EV/EBITDA multiple (average between actual EV/EBITDA for the company and average general level of 10.0x is applied)

Parameter
#
Formula
Value
    
    
            EBITDA (pre LTM Q)
(1)
5 998
            EBITDA (last Q)
(2)
5 370
            EBITDA LTM
(3)
27 100
    
    
        EBITDA LTM / last Q
(4)
(3) / (2)
5.047
    Gain of EBITDA (mln $)
(5)
( (2)-(1) ) * (4)
-3 169
    
    
            EV
(6)
316 636
        Mult
(7)
(6) / (3)
11.7x
        Mult common
(8)
const
10.0x
    Mult avg
(9)
avgerage
10.8x
    
    
    Equity+
(10)
(5) * (9)
-34 361
    FCF LTM
(11)
16 276
    
    
Value+
(12)
(10) + (11)
-18 085
Cap
(13)
291 804
    
    
Fundamental value creation
(14)
(12) / (13)
-6.2%

Potential

EBITDA LTM       27 100
 
EBITDA E       26 898
Mult aim       14.1x
 
EV E       378 324
NetDebt corr       23 539
 
Cap E       354 785
Cap       291 804
Growth potential            21.6%