UNM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($72.11)
DCF	$-347.52	-581.9%
Graham Number	$80.48	+11.6%
Reverse DCF	—	—
DDM	$37.90	-47.4%
EV/EBITDA	$72.11	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$3.19B

Near-term growth (yrs 1–5)(%)Rev: 0.2% / EPS: -45.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.05%

Computed WACC: 5.05%

Cost of equity (Re)5.27%(Rf 4.30% + β 0.18 × ERP 5.50%)

Cost of debt (Rd)5.56%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)74.57%

Debt weight (D/V)25.43%

Results

Intrinsic Value / share$-883.60

Current Price$72.11

Upside / Downside-1325.3%

Net Debt (used)$940.80M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-350.46	$-420.16	$-501.26	$-595.12	$-703.23
8.0%	$-289.12	$-345.23	$-410.40	$-485.73	$-572.39
9.0%	$-246.61	$-293.33	$-347.52	$-410.07	$-481.94
10.0%	$-215.41	$-255.27	$-301.43	$-354.64	$-415.71
11.0%	$-191.52	$-226.15	$-266.20	$-312.30	$-365.15

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.29

Book Value / share($)Yahoo: $67.11

Results

Graham Number$80.48

Current Price$72.11

Margin of Safety+11.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.05%

Terminal growth rate(%)

Computed WACC: 5.05%

Cost of equity (Re)5.27%(Rf 4.30% + β 0.18 × ERP 5.50%)

Cost of debt (Rd)5.56%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)74.57%

Debt weight (D/V)25.43%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$72.11

Implied Near-term FCF Growth—

Historical Revenue Growth0.2%

Historical Earnings Growth-45.9%

Base FCF (TTM)-$3.19B

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: $1.84

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.90

Current Price$72.11

Upside / Downside-47.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.27B

Target EV/EBITDA multipleCurrent: 10.1×

Net Debt($B)Default: $940.80M

Results

Implied Equity Value / share$72.11

Current Price$72.11

Upside / Downside+0.0%

Implied EV$12.75B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$1.06B	-$59.20M	$940.80M	$1.94B	$2.94B
6.1x	$53.42	$47.31	$41.20	$35.10	$28.99
8.1x	$68.87	$62.76	$56.66	$50.55	$44.44
10.1x	$84.32	$78.22	$72.11	$66.00	$59.90
12.1x	$99.78	$93.67	$87.56	$81.46	$75.35
14.1x	$115.23	$109.12	$103.02	$96.91	$90.80

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