MeritValue

UNION BANKSHARES INC

UNBdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

UNION BANKSHARES INC earns about 16% on equity, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $25.4 and $37.15 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$39.3M1$43.9M2$57.1M3$68M4$75.8M4
Net income$13.2M5$12.6M6$11.3M7$8.76M8$11.1M8
Operating cash flow$29.2M9$29M10$9.19M11$12.2M12$17.2M12
Capital expenditure$3.51M13$665,00014$1.95M15$1.07M16$1.25M16
Free cash flow (derived)$25.7M9$28.4M10$7.25M11$11.1M12$16M12
Total debt—————
Cash & equivalents$65.9M17$37.9M18$77.7M19$15.8M19$12.3M19
Diluted shares4.5M4.5M4.5M4.6M4.6M

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
$176.1
your share of equity
Profit it earned you last year
$24.13
Free cash flow it threw off
$34.78
Debt you’d be carrying
—

10 shares is a claim on $176.1 of net worth that earned you $24.13 and generated $34.78 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
16% avg · 5y
FY21 16%FY22 23%FY23 17%FY24 13%FY25 14%

It earned about 16% on equity against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
+2% 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

The 3 estimate methods that apply put fair value between $25.4 and $37.15 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$34.56
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$11.1M
DCF · Growth Exit 5Y
$37.15
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$11.1M
Earnings Power Value
$25.4
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$11.3M
  • growthAssumed0.0%
Graham Number
$30.9
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $37.15
The three cases
Bear0.0%$37.15
Base0.0%$37.15
Bull5.0%$45.5

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000706863-23-000016 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000706863-24-000028 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000706863-25-000044 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0000706863-26-000029 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0000706863-23-000016 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000706863-24-000028 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000706863-25-000044 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0000706863-26-000029 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000706863-23-000016 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000706863-24-000028 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000706863-25-000044 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0000706863-26-000029 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000706863-23-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000706863-24-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000706863-25-000044 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0000706863-26-000029 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000706863-24-000028 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2022-12-31 · accession 0000706863-25-000044 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0000706863-26-000029 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)