Loading...

Discounted Cash Flow (DCF) Analysis Levered


National Western Life Group Inc.

National Western Life Group Inc. (NWLI)

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 860.27708.77589.77682.36874.45551.60521.32492.70465.65440.09415.93
Revenue (%)
Operating Cash Flow 253.61313.28346.20309.11276.15326.60233.29220.48208.38196.94186.13
Operating Cash Flow (%)
Capital Expenditure ----48.65-6.12-3.14-14.60-13.80-13.04-12.32-11.65
Capital Expenditure (%)
Free Cash Flow 253.61313.28346.20260.46270.03323.46218.69206.69195.34184.62174.48

Weighted Average Cost Of Capital

Share price $ 284.6
Diluted Shares Outstanding 3.64
Cost of Debt
Tax Rate 17.49
After-tax Cost of Debt -0.82
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.30
Total Debt -
Total Equity 1,034.85
Total Capital 1,034.85
Debt Weighting 0.00
Equity Weighting 100.00
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 860.27708.77589.77682.36874.45551.60521.32492.70465.65440.09415.93
Operating Cash Flow 253.61313.28346.20309.11276.15326.60233.29220.48208.38196.94186.13
Capital Expenditure ----48.65-6.12-3.14-14.60-13.80-13.04-12.32-11.65
Free Cash Flow 253.61313.28346.20260.46270.03323.46218.69206.69195.34184.62174.48
WACC
PV LFCF 218.69189.10163.51141.39122.26
SUM PV LFCF 1,752.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.30
Free cash flow (t + 1) -
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -149.93
Equity Value -
Shares Outstanding 3.64
Equity Value Per Share 1,126.88