DDM Analysis: UNH

Valuation Snapshot

Stable Growth	$3,238.64 - $3,815.67	$3,575.84
Multi-Stage	$675.49 - $739.59	$706.95
Blended Fair Value	$2,141.39
Current Price	$345.30
Upside	520.15%
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	5.95%	5.95%	5.95%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,238.64	$3,575.84	$3,815.67
Upside / Downside	837.92%	935.57%	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	5.95%	5.95%	5.95%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9,403.05	9,492.18	9,581.31
Year 2 PV (M)	10,946.86	11,155.36	11,365.84
Year 3 PV (M)	12,477.49	12,835.67	13,200.65
Year 4 PV (M)	13,995.04	14,533.24	15,086.83
Year 5 PV (M)	15,499.58	16,248.21	17,025.50
PV of Terminal Value (M)	556,929.83	583,829.75	611,759.19
Equity Value (M)	619,251.85	648,094.43	678,019.32
Shares Outstanding (M)	916.75	916.75	916.75
Fair Value	$675.49	$706.95	$739.59
Upside / Downside	95.62%	104.73%	114.19%

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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

High-Yield Dividend Screener