MeritValue

UNITED BANCORP INC /OH/

UBCPdata completeness 88%16 fiscal years on file
The thesis, from the filings

UNITED BANCORP INC /OH/ earns about 85% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $16.33 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$24.7M1$27.7M2$36.8M3$39.5M4$41.5M4
Net income$9.45M5$8.66M6$8.95M7$7.4M8$7.75M8
Operating cash flow$8.19M9$8.48M10$9.46M11$8.45M12$10.5M12
Capital expenditure$777,00013$511,00014$1.08M15$9.7M16$11.8M16
Free cash flow (derived)$7.42M9$7.97M10$8.38M11−$1.25M12−$1.32M12
Total debt—————
Cash & equivalents$83M17$30.1M18$40.8M19$19.6M20$46.5M20
Diluted shares5.5M5.5M5.5M5.5M5.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$128.39
your share of equity
Profit it earned you last year
$14.12
Free cash flow it threw off
−$2.41
Debt you’d be carrying
—

10 shares is a claim on $128.39 of net worth that earned you $14.12 and generated −$2.41 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
85% avg · 5y
FY21 —FY22 39%FY23 85%FY24 73%FY25 142%

It earned an average 85% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$16.33
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$8.66M
  • growthAssumed0.0%
Graham Number
$19.68
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001410578-23-000281 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000239 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000351 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-030899 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0001410578-23-000281 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001410578-24-000239 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001410578-25-000351 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-030899 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001410578-23-000281 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001410578-24-000239 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001410578-25-000351 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-030899 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001410578-23-000281 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001410578-24-000239 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001410578-25-000351 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-030899 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001410578-23-000281 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001410578-24-000239 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001410578-25-000351 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-030899 (CashAndCashEquivalentsAtCarryingValue)