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Major Indexes

Discounted Cash Flow (DCF) Analysis Levered


White Mountains Insurance Group Ltd.

White Mountains Insurance Group Ltd... (WTM)

$897.34
7.91 (+0.89%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,317.402,510.211,808.601,360.61373.76369.05893.29928.84965.811,004.251,044.22
Revenue (%)
Operating Cash Flow -101.04118.73175.62-155.2594.60-31.11-120.502.792.903.013.13
Operating Cash Flow (%)
Capital Expenditure 12.9811.04-32.013.95-0.45-0.44-1.07-1.11-1.16-1.21-1.25
Capital Expenditure (%)
Free Cash Flow -88.06129.78143.60-151.3094.15-31.55-121.581.671.741.811.88

Weighted Average Cost Of Capital

Weighted Average Cost Of Capital

Share price $ 897.34
Diluted Shares Outstanding 3.14
Cost of Debt
Tax Rate -2.32
After-tax Cost of Debt 0.17
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.61
Total Debt 283.50
Total Equity 2,818.63
Total Capital 3,102.13
Debt Weighting 9.14
Equity Weighting 90.86
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,317.402,510.211,808.601,360.61373.76369.05893.29928.84965.811,004.251,044.22
Operating Cash Flow -101.04118.73175.62-155.2594.60-31.11-120.502.792.903.013.13
Capital Expenditure 12.9811.04-32.013.95-0.45-0.44-1.07-1.11-1.16-1.21-1.25
Free Cash Flow -88.06129.78143.60-151.3094.15-31.55-121.581.671.741.811.88
WACC
PV LFCF 1.501.481.461.43
SUM PV LFCF 3.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.56
Free cash flow (t + 1) 482.73
Terminal Value 30,944.35
Present Value of Terminal Value 23,609.37

Intrinsic Value

Enterprise Value 27,218.31
Net Debt 76.17
Equity Value 27,142.15
Shares Outstanding 3.14
Equity Value Per Share 7.24