United Corporations Limited
United Corporations Limited is a closed ended equity fund launched and managed by Jarislowsky, Fraser Limited. It is co-managed by ValueInvest Asset Management S.A. It invests in the public equity markets of Canada. The fund also makes its investments in units of in Emerging Markets Investors Fund. It makes its investments in stocks of companies operating across diversified sectors. The fund benc… Read more
United Corporations Limited (UNC) - Net Assets
Latest net assets as of December 2025: CA$2.54 Billion CAD
Based on the latest financial reports, United Corporations Limited (UNC) has net assets worth CA$2.54 Billion CAD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$2.67 Billion) and total liabilities (CA$122.62 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$2.54 Billion |
| % of Total Assets | 95.4% |
| Annual Growth Rate | 4.79% |
| 5-Year Change | 7.38% |
| 10-Year Change | 50.42% |
| Growth Volatility | 22712.75 |
United Corporations Limited - Net Assets Trend (2001–2025)
This chart illustrates how United Corporations Limited's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for United Corporations Limited (2001–2025)
The table below shows the annual net assets of United Corporations Limited from 2001 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-03-31 | CA$2.22 Billion | +0.74% |
| 2024-03-31 | CA$2.21 Billion | +15.52% |
| 2023-03-31 | CA$1.91 Billion | -5.30% |
| 2022-03-31 | CA$2.02 Billion | -2.57% |
| 2021-03-31 | CA$2.07 Billion | +23.33% |
| 2020-03-31 | CA$1.68 Billion | -6.67% |
| 2019-03-31 | CA$1.80 Billion | +6.18% |
| 2018-03-31 | CA$1.70 Billion | +4.57% |
| 2017-03-31 | CA$1.62 Billion | +9.61% |
| 2016-03-31 | CA$1.48 Billion | +2.36% |
| 2015-03-31 | CA$1.44 Billion | +18.34% |
| 2014-03-31 | CA$1.22 Billion | +21.09% |
| 2013-03-31 | CA$1.01 Billion | +13.35% |
| 2012-03-31 | CA$889.65 Million | +0.69% |
| 2011-03-31 | CA$883.58 Million | +6.60% |
| 2010-03-31 | CA$828.84 Million | +22.58% |
| 2009-03-31 | CA$676.15 Million | -28.75% |
| 2008-03-31 | CA$948.93 Million | -10.21% |
| 2007-03-31 | CA$1.06 Billion | +12.43% |
| 2006-03-31 | CA$940.07 Million | +113662.31% |
| 2005-03-31 | CA$826.34K | +9.38% |
| 2004-03-31 | CA$755.49K | -99.88% |
| 2003-03-31 | CA$609.27 Million | -19.63% |
| 2002-03-31 | CA$758.05 Million | +4.71% |
| 2001-03-31 | CA$723.95 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to United Corporations Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1679.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (March 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CA$1.73 Billion | 77.54% |
| Common Stock | CA$493.50 Million | 22.18% |
| Other Components | CA$6.12 Million | 0.28% |
| Total Equity | CA$2.22 Billion | 100.00% |
United Corporations Limited Competitors by Market Cap
The table below lists competitors of United Corporations Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
DWS Municipal Income Trust
NYSE:KTF
|
$90.57K |
|
Gnomestar Craft Inc
PINK:VDQSF
|
$90.63K |
|
PARAGON GROUP
BE:46P1
|
$90.65K |
|
UESTRA
BE:HVB
|
$90.66K |
|
Aquarius AI Inc
PINK:GOOLF
|
$90.29K |
|
Hays plc
LSE:HAS
|
$90.26K |
|
CITIZEN HOLDINGS
MU:CTZ
|
$90.02K |
|
GRAND CITY PRO (GYC.SG)
STU:GYC
|
$90.00K |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in United Corporations Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 2,208,506,000 to 2,224,887,000, a change of 16,381,000 (0.7%).
- Net income of 221,100,000 contributed positively to equity growth.
- Dividend payments of 204,025,000 reduced retained earnings.
- Share repurchases of 697,000 reduced equity.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$221.10 Million | +9.94% |
| Dividends Paid | CA$204.03 Million | -9.17% |
| Share Repurchases | CA$697.00K | -0.03% |
| Other Changes | CA$3.00K | +0.0% |
| Total Change | CA$- | 0.74% |
Book Value vs Market Value Analysis
This analysis compares United Corporations Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.70x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has increased from 0.23x to 0.70x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2001-03-31 | CA$59.37 | CA$13.75 | x |
| 2002-03-31 | CA$62.17 | CA$13.75 | x |
| 2003-03-31 | CA$49.96 | CA$13.75 | x |
| 2004-03-31 | CA$0.06 | CA$13.75 | x |
| 2005-03-31 | CA$0.07 | CA$13.75 | x |
| 2006-03-31 | CA$77.09 | CA$13.75 | x |
| 2007-03-31 | CA$86.37 | CA$13.75 | x |
| 2008-03-31 | CA$77.82 | CA$13.75 | x |
| 2009-03-31 | CA$55.54 | CA$13.75 | x |
| 2010-03-31 | CA$67.79 | CA$13.75 | x |
| 2011-03-31 | CA$7.25 | CA$13.75 | x |
| 2012-03-31 | CA$7.30 | CA$13.75 | x |
| 2013-03-31 | CA$8.27 | CA$13.75 | x |
| 2014-03-31 | CA$10.01 | CA$13.75 | x |
| 2015-03-31 | CA$11.85 | CA$13.75 | x |
| 2016-03-31 | CA$12.13 | CA$13.75 | x |
| 2017-03-31 | CA$13.30 | CA$13.75 | x |
| 2018-03-31 | CA$13.90 | CA$13.75 | x |
| 2019-03-31 | CA$14.76 | CA$13.75 | x |
| 2020-03-31 | CA$13.78 | CA$13.75 | x |
| 2021-03-31 | CA$17.12 | CA$13.75 | x |
| 2022-03-31 | CA$16.70 | CA$13.75 | x |
| 2023-03-31 | CA$16.16 | CA$13.75 | x |
| 2024-03-31 | CA$19.21 | CA$13.75 | x |
| 2025-03-31 | CA$19.77 | CA$13.75 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently United Corporations Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 9.94%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 85.91%
- • Asset Turnover: 0.11x
- • Equity Multiplier: 1.04x
- Recent ROE (9.94%) is below the historical average (458.21%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2001 | 1.52% | 430.22% | 0.00x | 1.00x | CA$-61.38 Million |
| 2002 | 1.58% | 1336.01% | 0.00x | 1.02x | CA$-63.82 Million |
| 2003 | 1.99% | 70.70% | 0.03x | 1.00x | CA$-48.78 Million |
| 2004 | 1511.47% | 66.09% | 22.04x | 1.04x | CA$11.34 Million |
| 2005 | 9815.77% | 409.95% | 22.92x | 1.04x | CA$81.03 Million |
| 2006 | 13.18% | 192.81% | 0.06x | 1.06x | CA$29.91 Million |
| 2007 | 12.01% | 93.14% | 0.12x | 1.06x | CA$21.21 Million |
| 2008 | -9.78% | -363.66% | 0.03x | 1.03x | CA$-187.74 Million |
| 2009 | -38.85% | -1027.15% | 0.04x | 1.01x | CA$-330.33 Million |
| 2010 | 19.65% | 761.53% | 0.03x | 1.03x | CA$79.98 Million |
| 2011 | 7.35% | 288.29% | 0.02x | 1.03x | CA$-23.45 Million |
| 2012 | 1.83% | 64.04% | 0.03x | 1.03x | CA$-72.68 Million |
| 2013 | 13.48% | 96.27% | 0.13x | 1.04x | CA$35.10 Million |
| 2014 | 18.88% | 85.31% | 0.21x | 1.04x | CA$108.37 Million |
| 2015 | 16.81% | 85.12% | 0.19x | 1.05x | CA$98.46 Million |
| 2016 | 3.82% | 78.27% | 0.05x | 1.04x | CA$-91.41 Million |
| 2017 | 10.63% | 84.29% | 0.12x | 1.05x | CA$10.16 Million |
| 2018 | 6.07% | 82.66% | 0.07x | 1.05x | CA$-66.71 Million |
| 2019 | 7.18% | 83.15% | 0.08x | 1.05x | CA$-50.78 Million |
| 2020 | -5.16% | 0.00% | -0.06x | 1.02x | CA$-254.75 Million |
| 2021 | 20.40% | 86.57% | 0.23x | 1.04x | CA$215.42 Million |
| 2022 | -1.14% | 0.00% | -0.01x | 1.02x | CA$-224.97 Million |
| 2023 | 0.73% | 68.07% | 0.01x | 1.02x | CA$-177.31 Million |
| 2024 | 16.04% | 85.12% | 0.18x | 1.04x | CA$133.40 Million |
| 2025 | 9.94% | 85.91% | 0.11x | 1.04x | CA$-1.39 Million |
Industry Comparison
This section compares United Corporations Limited's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $75,854,453
- Average return on equity (ROE) among peers: -1.81%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| United Corporations Limited (UNC) | CA$2.54 Billion | 1.52% | 0.05x | $90.42K |
| Alaris Equity Partners Income Trust (AD-UN) | $-2.39 Million | 0.00% | 0.00x | $616.11 Million |
| AI Artificial Intelligence Ventures Inc. (AIVC) | $9.59 Million | -13.54% | 0.10x | $6.34 Million |
| Brookfield Global Infrastructure Securities Income Fund (BGI-UN) | $355.45 Million | 6.33% | 0.59x | $45.73K |
| Bankers Petroleum Ltd (BNK) | $16.53 Million | 30.03% | 0.84x | $116.80K |
| Canso Select Opportunities Corporation (CSOC-B) | $13.11 Million | -3.83% | 0.00x | $8.94 Million |
| CoTec Holdings Corp. (CTH) | $-468.00K | 0.00% | 0.00x | $50.61 Million |
| Clairvest Group Inc. (CVG) | $257.03 Million | 11.63% | 0.14x | $159.95 Million |
| Dividend Growth Split Corp (DGS) | $42.86 Million | 30.18% | 1.52x | $52.38K |
| E Split Corp Class A (ENS) | $50.95 Million | 37.59% | 0.65x | $117.28K |
| Fountain Asset Corp (FA) | $15.88 Million | -116.53% | 0.16x | $1.80 Million |