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United Corporations Limited (UNC) Fair Value & Analysis

Financial Services · CA · Market cap C$1.7B

UC United Corporations Limited UNC · TO
PriceC$14.88
Fair ValueC$29.80
Upside+100.3%
Quality64/100
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Mixed Growth
Highly profitable · 83.8% net margin
negative free cash flow
1.00% dividend yield
Ranks above peers (11/12)
Wide moat 76/100
Evidence: Medium Range C$22.35 – C$37.25 Share as image

Fair value as of: Jul 16, 2026

From 6 valuation models · updated 26 days ago

Fair value updated Jul 16, 2026, revised from C$27.69 to C$29.80 (+7.6%) since Jun 26, 2026. Share price −2.1% over the past month.

A solid business, screening 100% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (C$22.35). The market is more pessimistic than our downside scenario.
  • Solid quality (64/100) at a price below fair value, the discount is the argument here, not the business quality.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

C$15.34 C$6.11 Fair Value C$29.80 May 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range C$6.11 – C$15.34 · fair‑value band C$22.35 – C$37.25 · the C$14.88 price screens below the C$29.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

United Corporations Limited (UNC) currently trades at C$14.88, while our model-based Fair Value estimate is C$29.80, implying the stock looks roughly 100.3% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, United Corporations Limited generated revenue of C$543M at a net margin of 84.1%. Revenue grew 127.0% year over year. It earns a return on equity of 14.5%. The balance sheet holds a net cash position of C$27.7M. Fundamentals as of Jul 16, 2026

Our scenario range runs from C$22.35 (bear case) to C$37.25 (bull case); at C$14.88, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 25% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at 100%, UNC screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Residual Income C$23.17 C$30.78 C$87.83 76
P/E Multiple C$39.59 C$52.79 C$65.99 63
P/B Multiple C$23.74 C$31.65 C$39.56 55
All 6 models by family
Earnings-Based
Graham-Dodd C$27.61 C$192.57 C$270.24 54
Lynch FV C$99.49 C$142.13 C$184.76 50
Multiples
P/E Multiple C$39.59 C$52.79 C$65.99 63
P/B Multiple C$23.74 C$31.65 C$39.56 55
Asset-Based
NCAV (Graham) C$11.30 C$15.15 C$22.61 50
Economic Profit
Residual Income C$23.17 C$30.78 C$87.83 76

Widest divergence: Earnings-Based (C$142.13) versus Asset-Based (C$15.15). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) C$489M
Revenue growth (YoY) +127%
Net margin 83.8%
Return on equity 14.5%
Free cash flow −C$11.5M FY2026
P/E ratio 4.9
More key figures
Operating margin 106%
EPS (TTM) C$3.10
Dividend yield 1.0%
EPS growth (YoY) +132%
Net cash C$27.7M FY2026

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 59 · Market factors (momentum, volatility) 70

Profitability 54
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 54
Price trend over the last 3–12 months (market factor)
52W Momentum 71
Distance to the 52-week high (market factor)
Net Issuance 90
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

United Corporations Limited reported revenue of C$149M in FY2026 versus −C$21.6M in FY2022. Reported net income was C$457M in FY2026.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
C$149M
Avg. growth/yr (24Y) 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.
+21.2%
Revenue
FY22 −C$21.6M
FY23 C$20.4M
FY24 C$416M
FY25 C$257M
FY26 C$149M
Net income
FY22 −C$23.1M
FY23 C$13.9M
FY24 C$354M
FY25 C$221M
FY26 C$457M
Character of growth · EPS growth decomposed (2015-2026) +10.0 % p.a.
Revenue per share +5.2 pp

of which total revenue +4.3 pp · buybacks/dilution +0.9 pp

EBIT margin +4.3 pp
Tax rate +0.2 pp
Residual (interest, one-offs) +0.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "United Corporations Limited Fair Value". https://www.fairvalue-calculator.com/stock/UNC

Peer Group

Asset Management · 971 stocks

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.

Quality Score 64 · Above median
Fair Value upside +100% · Top 25%
Return on equity (TTM) 14% · Above median
Return on assets 10% · Top 25%
Net margin (TTM) 84% · Top 25%
Operating margin (TTM) 106% · Top 25%
Revenue growth 127% · Top 25%
Dividend yield (TTM) 1.0% · Below median

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 4.9× · Cheaper than 75% of peers
P/B 0.48× · Cheaper than 75% of peers
P/S (TTM) 2.49× · Cheaper than median
EV/EBITDA 2.2× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 37
FUTURE 100 · sector 6
PAST 58 · sector 26
HEALTH 0 · sector 95
DIVIDEND 20 · sector 70

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Fondul Proprietatea SA FP $0.0420 $0.0800 +90%
BlackRock, Inc BLK $1,136 $465.75 -59%
Blackstone Inc BX $124.56 $16.35 -87%
Investor AB INVEB kr 423.70 kr 847.40 +100%
Brookfield Corporation BN C$62.45 C$10.12 -84%
KKR & Co KKR $100.94 $44.88 -56%
AB Industrivärden INDUA kr 532.50 kr 1,065 +100%
Jio Financial Services Limited JIOFIN ₹242.98 ₹40.19 -83%
Hedef Holding HEDEF 267.25 TRY 320.98 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹10,398 ₹9,202 -12%

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Frequently asked questions

Is United Corporations Limited (UNC) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of C$29.80 versus a price of C$14.88, about +100% (undervalued).
What is the fair value of UNC?
Our model-based fair value for United Corporations Limited is C$29.80 (as of Jul 16, 2026), built from audited fundamentals. The current price is C$14.88.
What is the quality score of UNC?
United Corporations Limited has a Quality Score of 64/100. 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 revenue of United Corporations Limited (UNC)?
United Corporations Limited reported trailing-twelve-month revenue of about C$543M (latest available figure, as of Jul 16, 2026).
What is the net profit margin of UNC?
The net profit margin of United Corporations Limited is about 84.1%, meaning it keeps roughly 84.1% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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