Last Price$57.72.0%
Market Cap$143.6B
UL Intrinsic Value
Intrinsic Value of UL Overview
Key Highlights:
As of Mar 03, 2025 UL Relative Value is $89.8, which is undervalued by 55.6%, compared to current share price of $57.7.
As of Mar 03, 2025 UL DCF Value is N/A, which is undervalued by N/A, compared to current share price of $57.7.
UL Historical Intrinsic Value
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UL Valuation Metrics
LTM
NTM
1Y Forward
2Y Forward
EV/Revenue
1.3x (as of Mar 03, 2025)
EV/Gross Profit
1.9x (as of Mar 03, 2025)
EV/EBIT
8.3x (as of Mar 03, 2025)
EV/EBITDA
6.7x (as of Mar 03, 2025)
EV/FCF
10.3x (as of Mar 03, 2025)
EV/OCF
8.6x (as of Mar 03, 2025)
P/Revenue
1.1x (as of Mar 03, 2025)
P/Gross Profit
1.6x (as of Mar 03, 2025)
P/EBIT
7.0x (as of Mar 03, 2025)
P/EBITDA
5.7x (as of Mar 03, 2025)
P/FCF
8.7x (as of Mar 03, 2025)
P/OCF
7.2x (as of Mar 03, 2025)
P/E
11.2x (as of Mar 03, 2025)
P/BV
6.1x (as of Mar 03, 2025)
PEG 1Y
0.6x (as of Mar 03, 2025)
UL DCF Model
Free Cash Flow to Firm Model
NOPAT Model
Free Cash Flow to Equity Model
Net Income Model
Millions
Billions
| Dec'19 Actual | Dec'20 Actual | Dec'21 Actual | Dec'22 Actual | Dec'23 Actual | Dec'24 Estimate | Dec'25 Estimate | Dec'26 Estimate | Dec'27 Estimate | Dec'28 Estimate | Dec'29 Estimate | Dec'30 Estimate | Dec'31 Estimate | Dec'32 Estimate | Dec'33 Estimate | Dec'34 Terminal | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
% growth | 51,980.0 2.0% | 50,724.0 (2.4%) | 52,444.0 3.4% | 60,073.0 14.5% | 59,604.0 (0.8%) | 63,245.3 6.1% | 65,348.8 3.3% | 67,292.4 3.0% | 69,438.3 3.2% | 73,569.3 5.9% | 77,461.7 5.3% | 81,050.3 4.6% | 84,271.7 4.0% | 87,066.5 3.3% | 89,380.8 2.7% | 91,168.5 2.0% |
% margin | 9,917.0 19.1% | 9,358.0 18.4% | 9,637.0 18.4% | 9,636.0 16.0% | 10,068.0 16.9% | 10,803.3 17.1% | 11,162.6 17.1% | 11,494.6 17.1% | 11,861.1 17.1% | 12,566.8 17.1% | 13,231.7 17.1% | 13,844.6 17.1% | 14,394.9 17.1% | 14,872.3 17.1% | 15,267.6 17.1% | 15,573.0 17.1% |
NOPAT % effective tax rate | 7,209.5 13.9% | 7,107.4 14.0% | 7,457.5 14.2% | 7,708.2 12.8% | 7,697.3 12.9% | 8,259.5 13.1% | 8,534.2 13.1% | 8,788.0 13.1% | 9,068.3 13.1% | 9,607.7 13.1% | 10,116.1 13.1% | 10,584.7 13.1% | 11,005.4 13.1% | 11,370.4 13.1% | 11,672.6 13.1% | 11,906.1 13.1% |
% of revenue | 1,964.0 3.8% | 2,018.0 4.0% | 1,746.0 3.3% | 1,069.0 1.8% | 1,578.0 2.6% | 1,635.2 2.6% | 1,689.5 2.6% | 1,739.8 2.6% | 1,795.3 2.6% | 1,902.1 2.6% | 2,002.7 2.6% | 2,095.5 2.6% | 2,178.8 2.6% | 2,251.0 2.6% | 2,310.9 2.6% | 2,357.1 2.6% |
% of revenue | (1,316.0) (2.5%) | (863.0) (1.7%) | (1,108.0) (2.1%) | (1,456.0) (2.4%) | (1,502.0) (2.5%) | (1,487.6) (2.4%) | (1,537.1) (2.4%) | (1,582.8) (2.4%) | (1,633.3) (2.4%) | (1,730.5) (2.4%) | (1,822.0) (2.4%) | (1,906.4) (2.4%) | (1,982.2) (2.4%) | (2,047.9) (2.4%) | (2,102.4) (2.4%) | (2,144.4) (2.4%) |
% of revenue | (132.0) (0.3%) | 538.0 1.1% | (765.0) (1.5%) | (3,250.0) (5.4%) | 814.0 1.4% | (1,160.2) (1.8%) | (1,198.7) (1.8%) | (1,234.4) (1.8%) | (1,273.8) (1.8%) | (1,349.5) (1.8%) | (1,420.9) (1.8%) | (1,486.8) (1.8%) | (1,545.9) (1.8%) | (1,597.1) (1.8%) | (1,639.6) (1.8%) | (1,672.4) (1.8%) |
Free Cash Flow to Firm (FCFF) % of revenue | 7,725.5 14.9% | 8,800.4 17.3% | 7,330.5 14.0% | 4,071.2 6.8% | 8,587.3 14.4% | 7,246.9 11.5% | 7,487.9 11.5% | 7,710.6 11.5% | 7,956.5 11.5% | 8,429.8 11.5% | 8,875.8 11.5% | 9,287.0 11.5% | 9,656.2 11.5% | 9,976.4 11.5% | 10,241.6 11.5% | 10,446.4 11.5% |
% of FCFF used in calculation | ||||||||||||||||
Discount period | ||||||||||||||||
Discount factor | ||||||||||||||||
Discounted FCFF (DFCFF) |
UL DCF Value
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UL Earnings Power Value and Enterprise Value
Annual
LTM
Enterprise Value Breakdown
EPV and MIVoG as % of EV
UL Reverse DCF
Implied FCF growth
Implied Revenue growth
Reverse DCF Assumptions and Outputs
as of Dec 31, 2024
16.3B
Long-Term growth rate
2.0%
FX rate
1.0
Last share price
56.7
Implied FCF growth 1-10Y
0.0%
Implied Free Cash Flow growth vs Historical average vs Industry growth
Competing with UL Intrinsic Value
Overview
Ratings
Intrinsic Value
Valuation
Growth
Profitability
Health
Capital allocation
Momentum
Earnings
Dividends
Company name | Market Cap | Enterprise Value | Intrinsic Value | DCF Value | Relative value | Ben Graham Revised fair value | Peter Lynch fair value | Earnings Power Value (EPV),
% of EV | Market-Implied Value of Growth (MIVoG),
% of EV | Reverse DCF (implied FCF growth) | Reverse DCF (implied Revenue growth) |
$143.6B | $170.0B | $90.7 57.2% undervalued | N/A | $90.7 57.2% undervalued | $113.3 96.4% undervalued | $99.2 71.9% undervalued | N/A | N/A | 0.0% | 0.0% | |
$411.8B | $436.3B | $135.9 22.6% overvalued | $130.6 26.0% overvalued | $141.2 19.6% overvalued | $66.0 62.4% overvalued | $49.2 72.0% overvalued | 53.2% | 46.8% | 3.6% | 3.9% | |
$75.3B | $82.7B | $83.3 10.2% overvalued | $79.2 15.0% overvalued | $87.5 5.7% overvalued | $31.7 65.8% overvalued | $36.3 60.8% overvalued | 65.4% | 34.6% | 1.7% | 2.1% | |
$47.9B | $53.7B | $160.0 11.6% undervalued | $142.6 1.0% overvalued | $177.3 23.7% undervalued | $40.3 71.9% overvalued | $40.2 72.0% overvalued | 80.6% | 19.4% | (1.4%) | (2.6%) | |
$45.5B | $53.2B | $21.1 11.3% overvalued | $16.6 30.0% overvalued | $25.6 7.6% undervalued | $59.4 149.6% undervalued | $31.2 31.2% undervalued | 44.2% | 55.8% | 10.9% | 9.3% | |
$27.1B | $28.4B | $79.8 28.8% overvalued | $78.7 30.0% overvalued | $80.9 27.8% overvalued | $130.0 16.0% undervalued | $73.8 34.1% overvalued | 32.0% | 68.0% | 5.1% | 6.4% | |
$25.7B | $32.5B | $93.6 33.4% undervalued | Negative 115.0% overvalued | $93.6 33.4% undervalued | Negative 213.3% overvalued | Negative 258.7% overvalued | 4.7% | 95.3% | 3.5% | 2.0% | |
$19.3B | $22.1B | $117.2 24.8% overvalued | $95.4 39.0% overvalued | $139.1 10.8% overvalued | $668.7 329.0% undervalued | $305.2 95.8% undervalued | 59.7% | 40.3% | 5.5% | 7.3% | |
$9,261.6M | $8,972.7M | $22.2 45.4% overvalued | N/A | $22.2 45.4% overvalued | Negative 818.4% overvalued | N/A | 22.4% | 77.6% | 11.0% | 13.3% | |
$4,901.6M | $4,982.1M | $15.4 182.3% undervalued | Negative 132.0% overvalued | $15.4 182.3% undervalued | Negative 104.8% overvalued | $1.9 65.2% overvalued | 35.4% | 64.6% | 2.2% | 2.0% | |
$3,814.9M | $4,043.5M | $64.1 0.4% undervalued | $63.1 1.0% overvalued | $65.0 1.9% undervalued | $110.0 72.3% undervalued | $71.0 11.3% undervalued | 17.1% | 82.9% | 49.2% | 45.2% |
Intrinsic Valuation Tools
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