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Discounted Cash Flow (DCF) Analysis Levered


Markel Corporation

Markel Corporation (MKL)

Financial Services

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 4,323.085,133.665,369.815,611.996,061.516,841.027,508.028,240.059,043.459,925.1910,892.90
Revenue (%)
Operating Cash Flow 745.73716.66651.36534.82858.31892.751,002.321,100.051,207.301,325.011,454.20
Operating Cash Flow (%)
Capital Expenditure 47.5582.1480.0163.4274.56106.72101.36111.24122.09133.99147.05
Capital Expenditure (%)
Free Cash Flow 793.29798.80731.37598.24932.87999.471,103.681,211.291,329.391,459.001,601.26

Weighted Average Cost Of Capital

Share price $ 1,192.76
Diluted Shares Outstanding -
Cost of Debt
Tax Rate -2,155.90
After-tax Cost of Debt 107.84
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.25
Total Debt -
Total Equity -
Total Capital -
Debt Weighting -
Equity Weighting -
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 4,323.085,133.665,369.815,611.996,061.516,841.027,508.028,240.059,043.459,925.1910,892.90
Operating Cash Flow 745.73716.66651.36534.82858.31892.751,002.321,100.051,207.301,325.011,454.20
Capital Expenditure 47.5582.1480.0163.4274.56106.72101.36111.24122.09133.99147.05
Free Cash Flow 793.29798.80731.37598.24932.87999.471,103.681,211.291,329.391,459.001,601.26
WACC
PV LFCF 1,103.68----
SUM PV LFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 5,858.78
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -12,057.29
Equity Value -
Shares Outstanding -
Equity Value Per Share -