Financials UnitedHealth Group Inc.

Equities

UNH

US91324P1021

Managed Healthcare

Real-time Estimate Cboe BZX Other stock markets 18:47:35 18/09/2024 BST			5-day change	1st Jan Change
581.51 ^USD	+0.61%		-1.43%	+10.42%

09-10	Health Care Up on Defensive Bias -- Health Care Roundup	DJ
09-10	UnitedHealth Group to Exclude AbbVie's Humira From Some US Drug Reimbursement Lists	MT

Projected Income Statement: UnitedHealth Group Inc.

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	242,155	257,141	287,597	324,162	371,622	399,372	430,641	462,390
Change	-	6.19%	11.84%	12.71%	14.64%	7.47%	7.83%	7.37%
EBITDA ¹	22,405	25,296	27,073	31,835	36,330	38,691	43,612	48,064
Change	-	12.9%	7.02%	17.59%	14.12%	6.5%	12.72%	10.21%
EBIT ¹	19,685	22,405	23,970	28,435	32,358	33,298	39,142	43,461
Change	-	13.82%	6.99%	18.63%	13.8%	2.91%	17.55%	11.03%
Interest Paid ¹	-1,704	-1,663	-1,660	-2,092	-3,246	-3,683	-3,778	-3,874
Earnings before Tax (EBT) ¹	17,981	20,742	22,310	26,343	29,112	26,995	35,253	39,678
Change	-	15.36%	7.56%	18.08%	10.51%	-7.27%	30.59%	12.55%
Net income ¹	13,839	15,403	17,285	20,120	22,381	15,051	27,024	30,093
Change	-	11.3%	12.22%	16.4%	11.24%	-32.75%	79.55%	11.36%
Announcement Date	15/01/20	20/01/21	19/01/22	13/01/23	12/01/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: Dezember	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	60,351	60,901	64,421	62,138	65,115	65,467	70,196	71,321	72,337	73,743	80,149	80,332	80,894	82,787	91,931	92,903	92,361	94,427	99,796	98,855	99,284	101,089	106,819	107,505	107,592	109,639	113,525	114,465
Change	-	0.91%	5.78%	-3.54%	4.79%	0.54%	7.22%	1.6%	1.42%	1.94%	8.69%	0.23%	0.7%	2.34%	11.05%	1.06%	-0.58%	2.24%	5.69%	-0.94%	0.43%	1.82%	5.67%	0.64%	0.08%	1.9%	3.54%	0.83%
EBITDA ¹	5,723	5,813	5,719	9,958	5,370	4,249	7,497	6,756	6,508	6,312	7,738	7,934	8,290	7,873	9,056	9,078	9,533	8,663	8,928	8,895	10,075	9,899	10,698	10,747	11,262	10,800	11,875	11,815
Change	-	1.57%	-1.62%	74.12%	-46.07%	-20.88%	76.44%	-9.88%	-3.67%	-3.01%	22.59%	2.53%	4.49%	-5.03%	15.03%	0.24%	5.01%	-9.13%	3.06%	-0.37%	13.26%	-1.74%	8.07%	0.46%	4.79%	-4.1%	9.96%	-0.51%
EBIT ¹	5,014	5,095	4,996	9,241	4,651	3,517	6,739	5,978	5,712	5,541	6,950	7,132	7,462	6,891	8,086	8,057	8,526	7,689	7,931	7,875	9,007	8,864	9,598	9,786	10,152	9,655	10,889	10,868
Change	-	1.62%	-1.94%	84.97%	-49.67%	-24.38%	91.61%	-11.29%	-4.45%	-2.99%	25.43%	2.62%	4.63%	-7.65%	17.34%	-0.36%	5.82%	-9.82%	3.15%	-0.71%	14.37%	-1.59%	8.28%	1.96%	3.74%	-4.9%	12.78%	-0.19%
Charge d'intérêts ¹	-449	-437	-437	-430	-395	-401	-397	-410	-422	-431	-433	-467	-516	-676	-754	-828	-834	-830	-844	-985	-931.4	-926.7	-928.8	-944.5	-939.6	-937.4	-981.7	-986
Earnings before Tax (EBT) ¹	4,565	4,658	4,559	8,811	4,256	3,116	6,342	5,568	5,290	5,110	6,517	6,665	6,946	6,215	7,332	7,229	7,692	6,859	1	5,665	8,048	7,894	8,609	8,735	9,152	8,686	9,772	9,695
Change	-	2.04%	-2.13%	93.27%	-51.7%	-26.79%	103.53%	-12.2%	-4.99%	-3.4%	27.53%	2.27%	4.22%	-10.52%	17.97%	-1.4%	6.4%	-10.83%	-99.99%	566,400%	42.07%	-1.92%	9.06%	1.46%	4.77%	-5.08%	12.49%	-0.78%
Net income ¹	3,538	3,541	3,382	6,637	3,172	2,212	4,862	4,266	4,086	4,071	5,027	5,070	5,262	4,761	5,611	5,474	5,841	5,455	-1,409	4,216	6,162	6,036	6,583	6,768	7,064	6,801	7,504	7,413
Change	-	0.08%	-4.49%	96.24%	-52.21%	-30.26%	119.8%	-12.26%	-4.22%	-0.37%	23.48%	0.86%	3.79%	-9.52%	17.85%	-2.44%	6.7%	-6.61%	-	-	46.15%	-2.04%	9.06%	2.8%	4.39%	-3.73%	10.33%	-1.21%
Announcement Date	15/10/19	15/01/20	15/04/20	15/07/20	14/10/20	20/01/21	15/04/21	15/07/21	14/10/21	19/01/22	14/04/22	15/07/22	14/10/22	13/01/23	14/04/23	14/07/23	13/10/23	12/01/24	16/04/24	16/07/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: UnitedHealth Group Inc.

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	29,693	26,546	22,096	18,927	32,909	41,325	23,604	-3,616
Change	-	-10.6%	-16.76%	-14.34%	73.87%	25.57%	-42.88%	-115.32%
Announcement Date	15/01/20	20/01/21	19/01/22	13/01/23	12/01/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: UnitedHealth Group Inc.

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	2,071	2,051	2,454	2,802	3,386	3,557	3,957	4,217
Change	-	-0.97%	19.65%	14.18%	20.84%	5.05%	11.25%	6.57%
Free Cash Flow (FCF) ¹	16,392	20,123	19,889	23,404	25,682	25,612	30,919	33,190
Change	-	22.76%	-1.16%	17.67%	9.73%	-0.27%	20.72%	7.34%
Announcement Date	15/01/20	20/01/21	19/01/22	13/01/23	12/01/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: UnitedHealth Group Inc.

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	9.25%	9.84%	9.41%	9.82%	9.78%	9.69%	10.13%	10.39%
EBIT Margin (%)	8.13%	8.71%	8.33%	8.77%	8.71%	8.34%	9.09%	9.4%
EBT Margin (%)	7.43%	8.07%	7.76%	8.13%	7.83%	6.76%	8.19%	8.58%
Net margin (%)	5.71%	5.99%	6.01%	6.21%	6.02%	3.77%	6.28%	6.51%
FCF margin (%)	6.77%	7.83%	6.92%	7.22%	6.91%	6.41%	7.18%	7.18%
FCF / Net Income (%)	118.45%	130.64%	115.07%	116.32%	114.75%	170.17%	114.41%	110.29%
Profitability
ROA	8.48%	8.3%	8.44%	8.79%	8.62%	6.98%	8.96%	9.32%
ROE	25.7%	24.9%	24.11%	25.71%	26.8%	26.07%	26.62%	26.3%
Financial Health
Leverage (Debt/EBITDA)	1.33x	1.05x	0.82x	0.59x	0.91x	1.07x	0.54x	-
Debt / Free cash flow	1.81x	1.32x	1.11x	0.81x	1.28x	1.61x	0.76x	-
Capital Intensity
CAPEX / Current Assets (%)	0.86%	0.8%	0.85%	0.86%	0.91%	0.89%	0.92%	0.91%
CAPEX / EBITDA (%)	9.24%	8.11%	9.06%	8.8%	9.32%	9.19%	9.07%	8.77%
CAPEX / FCF (%)	12.63%	10.19%	12.34%	11.97%	13.18%	13.89%	12.8%	12.71%
Items per share
Cash flow per share ¹	19.11	23.07	23.37	27.59	30.99	37.54	37.67	41.69
Change	-	20.74%	1.29%	18.03%	12.34%	21.13%	0.36%	10.66%
Dividend per Share ¹	4.14	4.83	5.6	6.4	7.29	7.944	8.928	9.937
Change	-	16.67%	15.94%	14.29%	13.91%	8.97%	12.38%	11.31%
Book Value Per Share ¹	60.77	68.8	80	85.74	96.06	106.1	122	140.1
Change	-	13.21%	16.28%	7.17%	12.04%	10.46%	15%	14.78%
EPS ¹	14.33	16.03	18.08	21.18	23.86	16.23	29.77	33.69
Change	-	11.86%	12.79%	17.15%	12.65%	-31.96%	83.41%	13.14%
Nbr of stocks (in thousands)	947,415	948,821	941,851	934,349	924,925	923,418	923,418	923,418
Announcement Date	15/01/20	20/01/21	19/01/22	13/01/23	12/01/24	-	-	-