DDM Analysis: UNH

Valuation Snapshot

Stable Growth	$932.76 - $3,815.67	$2,429.06
Multi-Stage	$463.08 - $506.34	$484.32
Blended Fair Value	$1,456.69
Current Price	$345.30
Upside	321.86%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.89%	18.65%	8.22	7.37	6.54	5.76	5.00	4.29	3.62	3.02	2.47	1.95
YoY Growth	-	-	11.42%	12.85%	13.47%	15.18%	16.58%	18.43%	19.73%	22.64%	26.60%	31.13%
Dividend Yield	-	-	1.57%	1.51%	1.38%	1.13%	1.34%	1.72%	1.47%	1.41%	1.50%	1.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17,589.00
(-) Cash Dividends Paid (M)	7,846.00
(=) Cash Retained (M)	9,743.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,517.80	2,198.63	1,319.18
Cash Retained (M)	9,743.00	9,743.00	9,743.00
(-) Cash Required (M)	-3,517.80	-2,198.63	-1,319.18
(=) Excess Retained (M)	6,225.20	7,544.38	8,423.83
(/) Shares Outstanding (M)	916.75	916.75	916.75
(=) Excess Retained per Share	6.79	8.23	9.19
LTM Dividend per Share	8.56	8.56	8.56
(+) Excess Retained per Share	6.79	8.23	9.19
(=) Adjusted Dividend	15.35	16.79	17.75
WACC / Discount Rate	7.24%	7.24%	7.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$932.76	$2,429.06	$3,815.67
Upside / Downside	170.13%	603.46%	1,005.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17,589.00	18,732.29	19,949.88	21,246.63	22,627.66	24,098.45	24,821.41
Payout Ratio	44.61%	53.69%	62.76%	71.84%	80.92%	90.00%	92.50%
Projected Dividends (M)	7,846.00	10,056.60	12,521.44	15,264.21	18,310.64	21,688.61	22,959.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.24%	7.24%	7.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9,289.95	9,378.01	9,466.06
Year 2 PV (M)	10,685.09	10,888.61	11,094.05
Year 3 PV (M)	12,032.62	12,378.04	12,730.00
Year 4 PV (M)	13,333.73	13,846.50	14,373.93
Year 5 PV (M)	14,589.55	15,294.23	16,025.88
PV of Terminal Value (M)	364,600.19	382,210.52	400,494.83
Equity Value (M)	424,531.13	443,995.91	464,184.76
Shares Outstanding (M)	916.75	916.75	916.75
Fair Value	$463.08	$484.32	$506.34
Upside / Downside	34.11%	40.26%	46.64%

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SNL.AX	Supply Network Limited	3.53%	$1.13	67.28%
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CELL.MI	Cellularline S.p.A.	3.52%	$0.09	34.70%
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PARP.PA	Groupe Partouche S.A.	3.52%	$0.64	38.61%
PKI.TO	Parkland Corporation	3.52%	$1.40	73.81%
SMU.SN	SMU S.A.	3.52%	$5.49	46.99%
161390.KS	Hankook Tire & Technology Co., Ltd.	3.51%	$2,000.00	25.86%
300360.SZ	Hangzhou Sunrise Technology Co., Ltd.	3.51%	$0.61	52.03%
5106.KL	Axis Real Estate Investment Trust	3.51%	$0.07	56.99%
601128.SS	Jiangsu Changshu Rural Commercial Bank Co., Ltd.	3.51%	$0.25	19.56%
INTP.JK	PT Indocement Tunggal Prakarsa Tbk	3.51%	$259.81	43.04%
RATO-A.ST	Ratos AB (publ)	3.51%	$1.35	12.15%
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CMCL	Caledonia Mining Corporation Plc	3.50%	$0.92	35.87%
DLO	DLocal Limited	3.50%	$0.49	87.74%
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WJP.SI	VICOM Ltd	3.50%	$0.06	66.95%
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2030.HK	Cabbeen Fashion Limited	3.49%	$0.05	63.92%
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5246.KL	Westports Holdings Berhad	3.49%	$0.20	71.36%
5989.T	H-One Co.,Ltd.	3.49%	$49.44	14.49%
ACO-X.TO	ATCO Ltd.	3.49%	$1.98	50.80%
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UnitedHealth Group Incorporated (UNH)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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