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Major Indexes

Discounted Cash Flow (DCF) Analysis Levered


National Western Life Group Inc.

National Western Life Group Inc. (NWLI)

$198.19
2 (+1.02%)

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 682.37874.45551.61819.19927.731,050.661,189.871,347.53
Revenue (%)
Operating Cash Flow 309.11276.15326.61329.07408.85463.02524.38593.86
Operating Cash Flow (%)
Capital Expenditure 50.229.093.142.8721.6224.4827.7231.40
Capital Expenditure (%)
Free Cash Flow 359.33285.25329.75331.94430.47487.50552.10625.25

Weighted Average Cost Of Capital

Weighted Average Cost Of Capital

Share price $ 198.19
Diluted Shares Outstanding 3.44
Cost of Debt
Tax Rate 20.31
After-tax Cost of Debt -0.97
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.30
Total Debt -
Total Equity 680.98
Total Capital 680.98
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 682.37874.45551.61819.19927.731,050.661,189.871,347.53
Operating Cash Flow 309.11276.15326.61329.07408.85463.02524.38593.86
Capital Expenditure 50.229.093.142.8721.6224.4827.7231.40
Free Cash Flow 359.33285.25329.75331.94430.47487.50552.10625.25
WACC
PV LFCF 514.26532.84552.10572.05
SUM PV LFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.30
Free cash flow (t + 1) 227.31
Terminal Value 4,288.79
Present Value of Terminal Value 2,749.38

Intrinsic Value

Enterprise Value -
Net Debt -253.54
Equity Value -
Shares Outstanding 3.44
Equity Value Per Share -