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Discounted Cash Flow (DCF) Analysis Levered


White Mountains Insurance Group Ltd.

White Mountains Insurance Group Ltd. (WTM)

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 2,317.402,510.211,808.601,360.61373.76369.05281.81215.19164.32125.4795.81
Revenue (%)
Operating Cash Flow -101.04118.73175.62-155.2594.60-31.117.305.574.263.252.48
Operating Cash Flow (%)
Capital Expenditure -----------
Capital Expenditure (%)
Free Cash Flow -101.04118.73175.62-155.2594.60-31.11-----

Weighted Average Cost Of Capital

Share price $ 1,104.8
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 2.75
After-tax Cost of Debt -0.09
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.61
Total Debt 192.70
Total Equity -
Total Capital 192.70
Debt Weighting 100.00
Equity Weighting 0.00
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 2,317.402,510.211,808.601,360.61373.76369.05281.81215.19164.32125.4795.81
Operating Cash Flow -101.04118.73175.62-155.2594.60-31.117.305.574.263.252.48
Capital Expenditure -----------
Free Cash Flow -101.04118.73175.62-155.2594.60-31.11-----
WACC
PV LFCF -----
SUM PV LFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.86
Free cash flow (t + 1) 5.95
Terminal Value 692.29
Present Value of Terminal Value 546.06

Intrinsic Value

Enterprise Value 1,609.77
Net Debt 120.11
Equity Value 1,489.66
Shares Outstanding -
Equity Value Per Share -