UNB — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($23.68)
DCF	$-61.44	-359.4%
Graham Number	$31.07	+31.2%
Reverse DCF	—	—
DDM	$29.66	+25.3%
EV/EBITDA	—	—

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 9.1% / EPS: -9.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.70%

Computed WACC: 1.70%

Cost of equity (Re)6.43%(Rf 4.30% + β 0.39 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)26.38%

Debt weight (D/V)73.62%

Results

Intrinsic Value / share—

Current Price$23.68

Upside / Downside—

Net Debt (used)$281.53M

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	1.1%	5.1%	9.1%	13.1%	17.1%
7.0%	$-61.44	$-61.44	$-61.44	$-61.44	$-61.44
8.0%	$-61.44	$-61.44	$-61.44	$-61.44	$-61.44
9.0%	$-61.44	$-61.44	$-61.44	$-61.44	$-61.44
10.0%	$-61.44	$-61.44	$-61.44	$-61.44	$-61.44
11.0%	$-61.44	$-61.44	$-61.44	$-61.44	$-61.44

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $2.43

Book Value / share($)Yahoo: $17.66

Results

Graham Number$31.07

Current Price$23.68

Margin of Safety+31.2%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.70%

Terminal growth rate(%)

Computed WACC: 1.70%

Cost of equity (Re)6.43%(Rf 4.30% + β 0.39 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)26.38%

Debt weight (D/V)73.62%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$23.68

Implied Near-term FCF Growth—

Historical Revenue Growth9.1%

Historical Earnings Growth-9.4%

Base FCF (TTM)—

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $1.44

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$29.66

Current Price$23.68

Upside / Downside+25.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $281.53M

Results

Implied Equity Value / share$-61.44

Current Price$23.68

Upside / Downside-359.4%

Implied EV$0

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