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United Corporations

TSX:UNC
Snowflake Description

Undervalued with excellent balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
UNC
TSX
CA$1,000M
Market Cap
  1. Home
  2. CA
  3. Diversified Financials
Company description

United Corporations Limited is a closed ended equity fund launched and managed by Jarislowsky, Fraser Limited. The last earnings update was 46 days ago. More info.


Add to Portfolio Compare Print
  • United Corporations is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
UNC Share Price and Events
7 Day Returns
9.6%
TSX:UNC
2.8%
CA Capital Markets
7.1%
CA Market
1 Year Returns
-15.2%
TSX:UNC
-18.5%
CA Capital Markets
-25.3%
CA Market
UNC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
United Corporations (UNC) 9.6% -13.2% -16% -15.2% -17% 0.3%
CA Capital Markets 2.8% -24.6% -26.7% -18.5% -19.3% -20.5%
CA Market 7.1% -24.1% -26.7% -25.3% -23.4% -17.5%
1 Year Return vs Industry and Market
  • UNC outperformed the Capital Markets industry which returned -18.5% over the past year.
  • UNC outperformed the Market in Canada which returned -25.3% over the past year.
Price Volatility
UNC
Industry
5yr Volatility vs Market

Value

 Is United Corporations undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of United Corporations to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for United Corporations.

TSX:UNC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= CA$139.04 * 7.6%
CA$10.60
Book Value of Equity per Share Median Book Value from the past 5 years. CA$139.04
Discount Rate (Cost of Equity) See below 7.6%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:UNC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.4%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.754 (1 + (1- 26.5%) (0%))
1.135
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.135 * 5.44%)
7.61%

Discounted Cash Flow Calculation for TSX:UNC using Excess Returns Model Model

The calculations below outline how an intrinsic value for United Corporations is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

TSX:UNC Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (7.6% – 7.61%) * CA$139.04)
CA$0.01
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$0.01 / (7.61% - 1.44%)
CA$0.20
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$139.04 + CA$0.20
CA$139.24
TSX:UNC Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$139.24
Current discount Discount to share price of CA$82.00
= -1 x (CA$82.00 - CA$139.24) / CA$139.24
41.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price United Corporations is available for.
Intrinsic value
41%
Share price is CA$82 vs Future cash flow value of CA$139.24
Current Discount Checks
For United Corporations to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • United Corporations's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • United Corporations's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for United Corporations's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are United Corporations's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:UNC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CAD CA$18.06
TSX:UNC Share Price ** TSX (2020-03-27) in CAD CA$82
Canada Capital Markets Industry PE Ratio Median Figure of 15 Publicly-Listed Capital Markets Companies 7.45x
Canada Market PE Ratio Median Figure of 497 Publicly-Listed Companies 10.58x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of United Corporations.

TSX:UNC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:UNC Share Price ÷ EPS (both in CAD)

= 82 ÷ 18.06

4.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • United Corporations is good value based on earnings compared to the CA Capital Markets industry average.
  • United Corporations is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does United Corporations's expected growth come at a high price?
Raw Data
TSX:UNC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.54x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
North America Capital Markets Industry PEG Ratio Median Figure of 39 Publicly-Listed Capital Markets Companies 1.84x
Canada Market PEG Ratio Median Figure of 234 Publicly-Listed Companies 0.69x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for United Corporations, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on United Corporations's assets?
Raw Data
TSX:UNC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CAD CA$154.87
TSX:UNC Share Price * TSX (2020-03-27) in CAD CA$82
Canada Capital Markets Industry PB Ratio Median Figure of 157 Publicly-Listed Capital Markets Companies 0.82x
Canada Market PB Ratio Median Figure of 2,351 Publicly-Listed Companies 1x
TSX:UNC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:UNC Share Price ÷ Book Value per Share (both in CAD)

= 82 ÷ 154.87

0.53x

* Primary Listing of United Corporations.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • United Corporations is good value based on assets compared to the CA Capital Markets industry average.
X
Value checks
We assess United Corporations's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. United Corporations has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is United Corporations expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as United Corporations has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.8%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is United Corporations expected to grow at an attractive rate?
  • Unable to compare United Corporations's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare United Corporations's earnings growth to the Canada market average as no estimate data is available.
  • Unable to compare United Corporations's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:UNC Future Growth Rates Data Sources
Data Point Source Value (per year)
North America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
North America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.7%
Canada Market Earnings Growth Rate Market Cap Weighted Average 7.8%
Canada Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:UNC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:UNC Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-12-31 272 12 221
2019-09-30 112 50 82
2019-06-30 118 50 87
2019-03-31 165 49 129
2018-12-31 46 58 26
2018-09-30 222 23 179
2018-06-30 166 18 131
2018-03-31 132 30 102
2017-12-31 212 28 172
2017-09-30 109 22 83
2017-06-30 201 29 163
2017-03-31 211 27 172

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if United Corporations is high growth as no earnings estimate data is available.
  • Unable to determine if United Corporations is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:UNC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from United Corporations Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:UNC Past Financials Data
Date (Data in CAD Millions) EPS *
2019-12-31 18.06
2019-09-30 6.70
2019-06-30 7.17
2019-03-31 10.57
2018-12-31 2.15
2018-09-30 14.70
2018-06-30 10.75
2018-03-31 8.40
2017-12-31 14.08
2017-09-30 6.78
2017-06-30 13.36
2017-03-31 14.09

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if United Corporations will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess United Corporations's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the North America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the North America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
United Corporations has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has United Corporations performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare United Corporations's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • United Corporations's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • United Corporations's 1-year earnings growth exceeds its 5-year average (742.7% vs -10.7%)
  • United Corporations's earnings growth has exceeded the CA Capital Markets industry average in the past year (742.7% vs -9.4%).
Earnings and Revenue History
United Corporations's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from United Corporations Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:UNC Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 272.42 220.57 13.74
2019-09-30 111.89 81.60 12.82
2019-06-30 117.96 87.37 12.12
2019-03-31 165.21 128.86 11.18
2018-12-31 45.81 26.18 10.33
2018-09-30 221.76 179.25 10.08
2018-06-30 165.65 131.10 9.54
2018-03-31 132.41 102.46 9.33
2017-12-31 212.05 171.68 8.88
2017-09-30 109.27 82.64 8.61
2017-06-30 201.46 162.97 8.54
2017-03-31 211.41 171.81 8.38
2016-12-31 54.73 36.06 8.37
2016-09-30 182.90 146.64 8.24
2016-06-30 132.45 102.36 8.12
2016-03-31 78.91 56.12 7.91
2015-12-31 324.74 269.63 7.71
2015-09-30 258.83 213.40 7.42
2015-06-30 260.84 215.84 7.13
2015-03-31 291.17 242.57 6.84
2014-12-31 168.85 136.89 6.49
2014-09-30 216.50 178.65 6.10
2014-06-30 248.57 206.93 5.67
2014-03-31 274.48 230.10 5.26
2013-12-31 223.61 273.20 5.03
2013-09-30 103.97 198.94 5.56
2013-06-30 57.08 187.35 5.36
2013-03-31 26.45 135.56 5.17

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • United Corporations has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • United Corporations used its assets more efficiently than the CA Capital Markets industry average last year based on Return on Assets.
  • United Corporations has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess United Corporations's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
United Corporations has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is United Corporations's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up United Corporations's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • United Corporations is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • United Corporations's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of United Corporations's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • United Corporations has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from United Corporations Company Filings, last reported 2 months ago.

TSX:UNC Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,888.56 0.00 37.71
2019-09-30 1,807.46 0.00 33.97
2019-06-30 1,791.49 0.00 33.25
2019-03-31 1,800.19 0.00 43.81
2018-12-31 1,695.43 0.00 53.07
2018-09-30 1,753.30 0.00 11.94
2018-06-30 1,731.56 0.00 11.46
2018-03-31 1,695.47 0.00 19.16
2017-12-31 1,693.40 0.00 19.55
2017-09-30 1,598.20 0.00 13.83
2017-06-30 1,624.61 0.00 17.89
2017-03-31 1,621.30 0.00 17.94
2016-12-31 1,552.44 0.00 19.16
2016-09-30 1,545.08 0.00 18.01
2016-06-30 1,489.94 0.00 13.57
2016-03-31 1,479.12 0.00 17.19
2015-12-31 1,542.35 0.00 19.87
2015-09-30 1,424.41 0.00 21.75
2015-06-30 1,413.55 0.00 15.21
2015-03-31 1,444.95 0.00 26.09
2014-12-31 1,294.67 0.00 17.01
2014-09-30 1,232.96 0.00 14.23
2014-06-30 1,219.65 0.00 23.85
2014-03-31 1,221.03 0.00 13.36
2013-12-31 1,176.13 0.00 4.09
2013-09-30 1,072.34 0.00 6.00
2013-06-30 1,030.59 0.00 4.72
2013-03-31 1,008.01 0.00 4.08
  • United Corporations has no debt.
  • United Corporations has not taken on any debt in the past 5 years.
  • United Corporations has no debt, it does not need to be covered by operating cash flow.
  • United Corporations has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess United Corporations's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. United Corporations has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is United Corporations's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.74%
Current annual income from United Corporations dividends.
If you bought CA$2,000 of United Corporations shares you are expected to receive CA$55 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • United Corporations's pays a lower dividend yield than the bottom 25% of dividend payers in Canada (2.75%).
  • United Corporations's dividend is below the markets top 25% of dividend payers in Canada (8.79%).
Upcoming dividend payment

Purchase United Corporations before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:UNC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Canada Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 6.1%
Canada Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 4.9%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.3%
Canada Bottom 25% Dividend Yield 25th Percentile 2.7%
Canada Top 25% Dividend Yield 75th Percentile 8.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:UNC Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2020-02-11 2.250 2.545
2019-11-05 2.250 2.307
2019-08-07 2.250 2.418
2019-06-19 2.250 2.357
2019-02-12 2.250 2.343
2018-11-01 1.980 2.125
2018-06-20 1.980 2.012
2018-02-13 1.980 1.959
2017-11-01 2.320 2.296
2017-08-02 2.320 2.389
2017-06-23 2.320 2.341
2017-02-07 2.320 2.333
2016-11-01 2.130 2.218
2016-08-03 2.130 2.254
2016-05-09 2.130 2.282
2016-02-10 2.130 2.321
2015-11-02 1.800 1.979
2015-08-10 1.800 2.100
2015-06-24 1.800 2.083
2015-02-03 1.800 2.134
2014-11-03 1.530 1.991
2014-08-06 1.530 2.005
2014-05-08 1.530 1.978
2014-02-04 1.530 2.054
2013-11-04 1.430 2.014
2013-08-06 1.430 2.245
2013-05-08 1.430 2.394
2013-02-05 1.430 2.566
2012-11-06 0.800 1.560
2012-08-07 0.800 1.656
2012-05-09 0.800 1.696
2012-02-07 0.800 1.604
2011-10-28 0.800 1.806
2011-08-02 0.800 1.771
2011-06-22 0.800 1.691
2011-02-08 0.800 1.679
2010-10-29 0.800 1.674
2010-08-03 0.800 1.699
2010-07-20 0.800 1.733
2010-02-09 0.800 1.678
2009-10-30 0.800 1.656
2009-08-06 0.800 1.680
2009-06-25 0.800 1.738

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of United Corporations's earnings are paid to the shareholders as a dividend.
  • Dividends paid are thoroughly covered by earnings (15.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess United Corporations's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can United Corporations afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. United Corporations has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of United Corporations's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Duncan Newton Jackman
COMPENSATION CA$51,983
AGE 52
CEO Bio

Mr. Duncan Newton Rowell Jackman has been the Chairman of The Empire Life Insurance Company since February 2003 and has been its Director since April 2, 1997. Mr. Jackman has been the Chairman of the Board and President of E-L Financial Corporation Limited (E-L) since February 2003 and has been its Chief Executive Officer since September 2004. He has been the Chief Executive Officer of Economic Investment Trust Ltd. since 2001 and has been its President since February 2006. He serves as the Chairman and President of United Corporations Limited since February 2001 and also serves as its Chief Executive Officer. He serves as the Managing Director of The Fulcrum Investment Company Limited. He held a variety of positions, including Portfolio Manager at Cassels Blaikie and Investment Analyst at RBC Dominion Securities. He has been the Chairman of Economic Investment Trust Ltd., since February 27, 2001. He has been the Chairman of Algoma Central Corp. since 2007 and has been its Independent Director since 1997. He has been Chairman of the Board at E-l Financial Corp. Ltd. since 2003. He served as the Chairman of The Dominion of Canada General Insurance Company. He has been a Director of Economic Investment Trust since February 1995. He has been an Independent Director of First National Financial Corporation since June 8, 2006. He has been an Independent Director of Dream Unlimited Corp. since May 9, 2017, United Corporations Limited since June 1998 and E-l Financial Corp. Ltd., since April 25, 1997. He was an Independent Trustee of Dream Global Real Estate Investment Trust (Dream Global REIT (formerly Dundee International REIT)) since August 3, 2011 until May 16, 2019. He was a Director of Labrador Iron Ore Royalty Corporation since 2010 until 2019. He served as an Independent Trustee of Dream Office Real Estate Investment Trust since June 30, 2003 until May 9, 2017. He served as a Director of First National Financial Income Fund. Mr. Jackman holds a Bachelor of Arts in Literature from McGill University.

CEO Compensation
  • Duncan Newton's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Duncan Newton's remuneration is lower than average for companies of similar size in Canada.
Management Team

Duncan Newton Jackman

TITLE
Chairman and President
COMPENSATION
CA$52K
AGE
52

Mark Taylor

TITLE
Vice President and Director
COMPENSATION
CA$18K
AGE
62

Richard Carty

TITLE
Corporate Secretary
AGE
51
Board of Directors Tenure

Average tenure of the United Corporations board of directors in years:

13.8
Average Tenure
  • The average tenure for the United Corporations board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Duncan Newton Jackman

TITLE
Chairman and President
COMPENSATION
CA$52K
AGE
52

Mark Taylor

TITLE
Vice President and Director
COMPENSATION
CA$18K
AGE
62
TENURE
19 yrs

Michael White

TITLE
Independent Director
COMPENSATION
CA$27K
TENURE
23.8 yrs

David Wingfield

TITLE
Independent Director
COMPENSATION
CA$20K
TENURE
13.8 yrs

Jack Darville

TITLE
Independent Director
COMPENSATION
CA$22K
TENURE
13 yrs

Kim Shannon

TITLE
Independent Director
COMPENSATION
CA$24K
TENURE
12.8 yrs

Henry N. Jackman

TITLE
Honorary Director
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by United Corporations individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
18. Oct 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 17. Oct 19 17. Oct 19 1,000 CA$94.70 CA$94,700
03. Jan 20 Buy Duncan Newton Jackman Individual 30. Dec 19 30. Dec 19 900 CA$97.60 CA$87,840
30. Dec 19 Buy Duncan Newton Jackman Individual 27. Dec 19 27. Dec 19 100 CA$97.60 CA$9,760
20. Dec 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 19. Dec 19 19. Dec 19 100 CA$96.23 CA$9,623
15. Nov 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 14. Nov 19 14. Nov 19 700 CA$95.00 CA$66,500
08. Nov 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 07. Nov 19 07. Nov 19 400 CA$95.00 CA$38,000
06. Nov 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 04. Nov 19 04. Nov 19 300 CA$94.50 CA$28,350
28. Oct 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 25. Oct 19 25. Oct 19 200 CA$94.00 CA$18,800
22. Oct 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 21. Oct 19 21. Oct 19 100 CA$94.00 CA$9,400
03. Oct 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 02. Oct 19 02. Oct 19 900 CA$93.00 CA$83,700
25. Sep 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 24. Sep 19 24. Sep 19 1,000 CA$93.35 CA$93,350
24. Sep 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 23. Sep 19 23. Sep 19 100 CA$93.35 CA$9,335
12. Sep 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 10. Sep 19 10. Sep 19 1,000 CA$91.90 CA$91,900
04. Sep 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 03. Sep 19 03. Sep 19 200 CA$91.00 CA$18,200
09. Aug 19 Buy Fahad Khan Individual 09. Aug 19 09. Aug 19 53 CA$93.20 CA$4,940
15. May 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 14. May 19 14. May 19 1,000 CA$96.32 CA$96,320
14. May 19 Buy The Empire Life Insurance Company, Asset Management Arm Company 13. May 19 13. May 19 100 CA$96.32 CA$9,632
24. Apr 19 Buy Kim Shannon Individual 24. Apr 19 24. Apr 19 300 CA$99.40 CA$29,820
X
Management checks
We assess United Corporations's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. United Corporations has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

United Corporations Limited is a closed ended equity fund launched and managed by Jarislowsky, Fraser Limited. It is co-managed by ValueInvest Asset Management S.A. It invests in the public equity markets of Canada. The fund also makes its investments in units of in Emerging Markets Investors Fund. It makes its investments in stocks of companies operating across diversified sectors. The fund benchmarks the performance of its portfolio against the S&P/TSX Composite Index, MSCI World Index, and S&P 500 Index. It was formerly known as Consolidated Investment Corporation of Canada. United Corporations Limited was formed on February 1, 1929 and is domiciled in Canada.

Details
Name: United Corporations Limited
UNC
Exchange: TSX
Founded: 1929
CA$999,923,826
12,194,193
Website: http://www.ucorp.ca/ucl_gi.htm
Address: United Corporations Limited
1010 Sherbrooke Street West,
20th Floor,
Montreal,
Quebec, H3A 2R7,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX UNC Common Shares The Toronto Stock Exchange CA CAD 09. Jan 1976
OTCPK UCPL.F Common Shares Pink Sheets LLC US USD 09. Jan 1976
Number of employees
Current staff
Staff numbers
0
United Corporations employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/29 00:08
End of day share price update: 2020/03/27 00:00
Last earnings filing: 2020/02/12
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.