DDM Analysis: UNM

Valuation Snapshot

Stable Growth	$85.63 - $168.32	$118.23
Multi-Stage	$88.71 - $97.10	$92.83
Blended Fair Value	$105.53
Current Price	$77.78
Upside	35.68%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.28%	6.40%	1.68	1.57	1.44	1.36	1.31	1.30	1.22	1.11	1.04	0.99
YoY Growth	-	-	7.00%	9.01%	6.18%	3.23%	1.18%	6.31%	10.00%	7.34%	4.82%	9.28%
Dividend Yield	-	-	2.06%	2.92%	3.64%	4.31%	4.72%	8.66%	3.52%	2.33%	2.21%	3.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	913.10
(-) Cash Dividends Paid (M)	306.10
(=) Cash Retained (M)	607.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	182.62	114.14	68.48
Cash Retained (M)	607.00	607.00	607.00
(-) Cash Required (M)	-182.62	-114.14	-68.48
(=) Excess Retained (M)	424.38	492.86	538.52
(/) Shares Outstanding (M)	176.39	176.39	176.39
(=) Excess Retained per Share	2.41	2.79	3.05
LTM Dividend per Share	1.74	1.74	1.74
(+) Excess Retained per Share	2.41	2.79	3.05
(=) Adjusted Dividend	4.14	4.53	4.79
WACC / Discount Rate	8.28%	8.28%	8.28%
Growth Rate	3.28%	4.28%	5.28%
Fair Value	$85.63	$118.23	$168.32
Upside / Downside	10.09%	52.01%	116.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	913.10	952.22	993.01	1,035.55	1,079.91	1,126.17	1,159.96
Payout Ratio	33.52%	44.82%	56.11%	67.41%	78.70%	90.00%	92.50%
Projected Dividends (M)	306.10	426.77	557.22	698.06	849.94	1,013.56	1,072.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.28%	8.28%	8.28%
Growth Rate	3.28%	4.28%	5.28%
Year 1 PV (M)	390.36	394.14	397.92
Year 2 PV (M)	466.19	475.26	484.42
Year 3 PV (M)	534.20	549.86	565.84
Year 4 PV (M)	594.94	618.31	642.37
Year 5 PV (M)	648.93	680.96	714.25
PV of Terminal Value (M)	13,013.02	13,655.30	14,322.69
Equity Value (M)	15,647.64	16,373.84	17,127.49
Shares Outstanding (M)	176.39	176.39	176.39
Fair Value	$88.71	$92.83	$97.10
Upside / Downside	14.06%	19.35%	24.84%

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Unum Group (UNM)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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