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United Overseas Bank Ltd (U11) fair value: what the stock is really worth

We calculate from audited financials what United Overseas Bank Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Financial Services · SG · ISIN SG1M31001969

UO United Overseas Bank Ltd logo Some data Sep 18, 2026

United Overseas Bank Ltd

U11 · SG

Low PriorityFair Value upside is limited and quality is weak.

·Fair value 38.05 SGD · Fairly valued (−9%)
!Quality 49/100
!Expensive Growth (revenue 5y +9.8 %/yr)
✓Highly profitable · 39.8% net margin (TTM)
✓Moderate debt · generates free cash flow
·3.81% dividend yield
!Mixed vs. peers (6/14)
✓Wide moat 68/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 21 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

44.95 SGD 20.02 SGD Fair Value 38.05 SGD Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.

How to read this chart

60‑month range 20.02 SGD – 44.95 SGD · fair‑value band 27.81 SGD – 47.56 SGD · the 41.78 SGD price screens above the 38.05 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.

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Company profile

United Overseas Bank Limited, together with its subsidiaries, provides banking products and services worldwide. It operates through three segments: Group Retail, Group Wholesale Banking, and Global Markets.

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United Overseas Bank Limited, together with its subsidiaries, provides banking products and services worldwide. It operates through three segments: Group Retail, Group Wholesale Banking, and Global Markets. The company offers deposit products; loan products, including overdraft, cash credit, short term, and long-term loans; and buyers credit, structured trade finance, ECBs, SGD bonds, loan syndication, and M and A services. It provides forex, documentary collection, credit, export and import finance services. In addition, the company offers inward and outward remittances, FX" spot and forward, current account, and time deposit services; letter of credit advising and negotiation/discounting services; and import and export services comprising of inward and outward bill collection services, bank guarantee, as well as standby letter of credit. Further, it provides interest rate, credit, commodities, equities, and structured investment products; private, commercial and corporate, and investment banking services; and is involved in property, insurance, and investment management activities. Additionally, the company offers corporate finance, treasury, futures broking, asset management, venture capital management, insurance, stockbroking, cash management, and wealth management services; and engages in capital market, credit card, and private residential home loan businesses. The company was incorporated in 1935 and is headquartered in Singapore.

Stock analysis

United Overseas Bank Ltd (U11) currently trades at 41.78 SGD, while our model-based Fair Value estimate is 38.05 SGD, implying the stock looks roughly 9.8% fairly valued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 36.85 SGD per share, and 2 of the 6 models we run sit above the 41.78 SGD price.

Bear case: the Asset-Based group reads lowest at 20.79 SGD, and 4 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: 27.81 SGD (bear) to 47.56 SGD (bull), the price of 41.78 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 49/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

United Overseas Bank Ltd reported revenue of 13.8B SGD in FY2025 versus 9.8B SGD in FY2021, a compound +9.1%/yr. Reported net income was 4.7B SGD in FY2025, compounding +3.5%/yr from FY2021.

Key figures

Market cap 69.0B SGD (≈ $54.1B) · P/E ratio 15.2 · P/S ratio 5.15 · EPS (TTM) 2.75 SGD · Dividend yield 3.8% · Net margin 33.9% · Return on equity 9.2% · Return on assets (EBIT) 1.2%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).

What moves the price

The share trades near its 52-week high and 28% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at −9%, U11 screens cheaper than that median.

Fair Value models

Bear 27.81 SGD Fair Value 38.05 SGD Bull 47.56 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.8422 SGD per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income 26.90 SGD 29.41 SGD 37.38 SGD 76
Gordon GGM 21.02 SGD 43.70 SGD 69.33 SGD 66
DDM Multi-Stage 21.02 SGD 36.06 SGD 45.87 SGD 66
All 6 models by family
Dividend Discount
Gordon GGM 21.02 SGD 43.70 SGD 69.33 SGD 66
DDM Multi-Stage 21.02 SGD 36.06 SGD 45.87 SGD 66
Multiples
P/E Multiple 27.64 SGD 36.85 SGD 46.06 SGD 63
P/B Multiple 32.58 SGD 43.44 SGD 54.30 SGD 55
Asset-Based
NCAV (Graham) 15.51 SGD 20.79 SGD 31.03 SGD 54
Economic Profit
Residual Income 26.90 SGD 29.41 SGD 37.38 SGD 76

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Quality Score breakdown

Overall quality 49/100

Of which business quality 44 · Market factors (momentum, volatility) 72

Profitability 34
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 15
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 99
Calm price path (market factor)
Momentum 57
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 90
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 59/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−3.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.8%
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.8%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+6.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.1%
Dividend (yield on the price)3.8%
Profit margin 2014 to 2019 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.54% → 51%

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1073 stocks

Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside −9% · Above median
Profitability
Return on equity (TTM) 9% · Below median
Return on assets 1% · Below median
Net margin (TTM) 40% · Top 25%
Operating margin (TTM) 53% · Top 25%
Growth and dividend
Revenue growth −4% · Bottom 25%
Dividend yield (TTM) 3.8% · Above median
Balance sheet
Debt / equity 0.58× · Above median

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (TTM) 15.2× · Pricier than median
P/B 1.12× · Cheaper than median
P/S (TTM) 4.96× · Priciest 25%
P/FCF 1,251.8× · Priciest 25%
PEG 1.11× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)21 · sector 11
FUTURE (revenue growth)0 · sector 44
PAST (return on equity)37 · sector 41
HEALTH (low debt)71 · sector 85
DIVIDEND (yield)76 · sector 53

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
DBS Group DBS19 20.20 THB 6.69 THB −67%
China Merchants Bank Co 3968 HK$51.35 HK$78.59 +53%
Intesa Sanpaolo S.p.A ISP €6.74 €4.04 −40%
HDFC Bank Limited HDB $23.16 $15.60 −33%
BNP Paribas SA BNP €102.32 €105.99 +4%
UniCredit S.p.A UCG €82.92 €77.62 −6%
Mizuho Financial Group MFG $11.15 $9.67 −13%
ICICI Bank Limited ICICIBANK ₹1,359 ₹636.31 −53%
The PNC Financial Services Group PNC $231.49 $159.52 −31%
Oversea-Chinese Banking Corporation O39 31.28 SGD 19.80 SGD −37%

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United Overseas Bank Ltd · Fair Value
38.05 SGD −10%Fair Value
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Cite: Fair Value Calculator (2026). "United Overseas Bank Ltd Fair Value". https://www.fairvalue-calculator.com/stock/U11

Frequently asked questions

Is United Overseas Bank Ltd (U11) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of 38.05 SGD versus a price of 41.78 SGD, about −9% upside (fairly valued).
What is the fair value of U11?
Our model-based fair value for United Overseas Bank Ltd is 38.05 SGD (as of Sep 18, 2026), built from audited fundamentals. The current price: 41.78 SGD.
What is the quality score of U11?
United Overseas Bank Ltd has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for United Overseas Bank Ltd (U11)?
Our model-based price target is the fair value of 38.05 SGD (as of Sep 18, 2026) from 6 valuation models. Cautious scenario 27.81 SGD, optimistic scenario 47.56 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the United Overseas Bank Ltd stock forecast for 2026?
Our models put fair value at 38.05 SGD, about −9% upside versus a price of 41.78 SGD (fairly valued). Cautious scenario 27.81 SGD, optimistic scenario 47.56 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of United Overseas Bank Ltd (U11)?
United Overseas Bank Ltd reported trailing-twelve-month revenue of about 11.6B SGD (latest available figure, as of Sep 18, 2026).
Does United Overseas Bank Ltd pay a dividend?
United Overseas Bank Ltd currently shows a dividend yield of about 3.81% relative to its recent price (as of Sep 18, 2026).
What is the intrinsic value of United Overseas Bank Ltd (U11)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For United Overseas Bank Ltd it is 38.05 SGD per share (as of Sep 18, 2026), against a price of 41.78 SGD. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is United Overseas Bank Ltd stock overvalued or undervalued in 2026?
As of Sep 18, 2026, U11 trades above its calculated fair value: price 41.78 SGD, fair value 38.05 SGD, a gap of about −9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of U11?
No. The price is what the market pays today (41.78 SGD); the fair value is what the company's own numbers justify (38.05 SGD). For United Overseas Bank Ltd the two are 3.73 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is United Overseas Bank Ltd worth?
The market values United Overseas Bank Ltd at about 69.0B SGD (market capitalisation, as of Sep 18, 2026). Per share that is 41.78 SGD; our models calculate a fair value of 38.05 SGD per share.
What do the bullish and bearish scenarios say about U11?
Our models span a range for United Overseas Bank Ltd: cautious scenario 27.81 SGD, base 38.05 SGD, optimistic 47.56 SGD per share (as of Sep 18, 2026, price 41.78 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of U11?
United Overseas Bank Ltd trades at a price-to-earnings ratio of 15.2 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 38.05 SGD is built from several models across several years. Other multiples: PEG 1.1, P/B 1.1, P/S 5.0.
What is the PEG ratio of U11?
The PEG ratio of United Overseas Bank Ltd is 1.11 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of United Overseas Bank Ltd (U11)?
Balance-sheet figures for United Overseas Bank Ltd (as of Sep 18, 2026): return on equity 9.2%, debt of 0.58 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is U11 from its 52-week high?
United Overseas Bank Ltd trades at 41.78 SGD, about 7% below its 52-week high of 38.95 SGD and 28% above the low of 32.61 SGD (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of 38.05 SGD is for.
Which stocks are comparable to United Overseas Bank Ltd?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is United Overseas Bank Ltd stock attractive at the current price?
The data as of Sep 18, 2026: price 41.78 SGD, calculated fair value 38.05 SGD (−9%), Quality Score 49/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of U11 calculated?
We run United Overseas Bank Ltd through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 38.05 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. United Overseas Bank Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of United Overseas Bank Ltd (U11)?
The closing price on Sep 18, 2026 was 41.78 SGD. Our model-based fair value is 38.05 SGD, about −9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with United Overseas Bank Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of United Overseas Bank Ltd

How large is the market capitalisation of United Overseas Bank Ltd (U11)?
The market capitalisation of United Overseas Bank Ltd is 69.0B SGD (≈ $54.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of United Overseas Bank Ltd (U11)?
The price-to-sales ratio of United Overseas Bank Ltd is 5.15 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of United Overseas Bank Ltd (U11)?
Earnings per share at United Overseas Bank Ltd are 2.75 SGD (price ÷ EPS = P/E 15.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of United Overseas Bank Ltd (U11)?
The dividend yield of United Overseas Bank Ltd is 3.8% (payout 57.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of United Overseas Bank Ltd (U11)?
The net margin of United Overseas Bank Ltd is 33.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of United Overseas Bank Ltd (U11)?
The return on equity (ROE) of United Overseas Bank Ltd is 9.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of United Overseas Bank Ltd (U11)?
On an EBIT basis the return on assets of United Overseas Bank Ltd is 1.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of United Overseas Bank Ltd (U11)?
The operating margin of United Overseas Bank Ltd is 52.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at United Overseas Bank Ltd (U11)?
Revenue at United Overseas Bank Ltd is growing −4.4% versus a year earlier (3y avg +6.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at United Overseas Bank Ltd (U11)?
Earnings per share at United Overseas Bank Ltd are growing −6.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does United Overseas Bank Ltd (U11) generate?
The free cash flow of United Overseas Bank Ltd is 46.0M SGD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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