United Bancorp, Inc. (UBCP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-3.5%

$13.92

vs $14.43 price

Levered DCF

$8.60

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.25

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.18×	10.24×	8.18×	9.75×	10.28×	9.55×	12.02×	13.94×
P/B	1.12×	1.13×	1.11×	1.35×	1.27×	1.05×	1.32×	1.12×
P/S	1.66×	1.64×	1.72×	2.54×	3×	2.08×	2.56×	2.27×
EV / EBITDA	17.01×	21.66×	14.86×	8.64×	3.98×	5.73×	15.62×	7.16×
Gross margin	67.4%	65.8%	74.2%	92.7%	95.6%	76.6%	77.3%	86.1%
Operating margin	17.4%	16.6%	23.2%	30.0%	35.1%	24.8%	24.0%	20.4%
Net margin	16.3%	16.8%	21.9%	27.3%	31.1%	23.0%	22.0%	17.2%
Current ratio	0.25×	0.22×	0.33×	0.37×	0.37×	0.35×	0.37×	0.28×
Debt / equity	1.86×	2.08×	2.02×	0.7×	0.55×	0.53×	1.17×	0.24×
Interest coverage	0.55×	0.5×	0.86×	2.91×	4.11×	1.81×	1.21×	1.6×
Dividend yield	7.0%	7.1%	6.8%	5.6%	4.5%	4.7%	4.1%	5.7%
Payout ratio	70.7%	69.1%	53.5%	52.7%	43.4%	42.3%	47.4%	75.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.0%	11.7%	14.1%	14.5%	13.2%	11.6%	11.4%	8.5%
Return on invested capital	3.6%	3.6%	4.5%	8.5%	8.4%	7.4%	5.2%	6.8%
Return on assets	0.9%	0.9%	1.1%	1.1%	1.3%	1.1%	1.0%	0.7%
Free cash flow yield	-2.3%	-1.7%	11.9%	9.9%	8.1%	9.5%	9.2%	8.8%
Earnings yield	9.8%	10.3%	12.7%	10.7%	10.4%	11.1%	8.6%	7.6%
Enterprise value	$163.6M	$184.6M	$158.1M	$92.5M	$47.6M	$56.7M	$134.3M	$43.7M
Net debt / EBITDA	8.81×	13.21×	8.23×	1.1×	-3.64×	-1.55×	6.43×	-2.12×
Cash conversion cycle (days)	31	36	37	-893	-1,761	-288	-265	-458