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Discounted Cash Flow (DCF) Analysis Unlevered


American International Group Inc.

American International Group Inc. (AIG)

Financial Services

Operating Data

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 68,874.0064,404.0858,324.3352,363.5949,515.0147,385.8643,983.5640,825.5437,894.2635,173.4632,648.00
Revenue (%)
EBITDA 16,302.4816,622.699,162.754,686.546,486.476,818.837,450.816,915.856,419.295,958.385,530.57
EBITDA (%)
EBIT 11,591.4912,172.374,531.80596.942,614.391,454.753,883.753,604.893,346.063,105.822,882.82
EBIT (%)
Depreciation 4,710.984,450.324,630.954,089.603,872.075,364.083,567.073,310.953,073.222,852.572,647.75
Depreciation (%)

Balance Sheet Data

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
Total Cash --11,758.1914,169.5912,750.1112,547.7810,934.3110,149.239,420.518,744.128,116.29
Total Cash (%)
Account Receivables 12,941.4212,030.6811,449.0710,467.4810,249.6111,012.478,871.488,234.517,643.277,094.496,585.10
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable -----------
Accounts Payable (%)
Capital Expenditure -----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 51.7
Diluted Shares Outstanding 898.41
Cost of Debt
Tax Rate 104.05
After-tax Cost of Debt -5.15
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.53
Total Debt 33,152.00
Total Equity 46,447.57
Total Capital 79,599.57
Debt Weighting 41.65
Equity Weighting 58.35
Wacc

Build Up Free Cash

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 68,874.0064,404.0858,324.3352,363.5949,515.0147,385.8643,983.5640,825.5437,894.2635,173.4632,648.00
EBITDA 16,302.4816,622.699,162.754,686.546,486.476,818.837,450.816,915.856,419.295,958.385,530.57
EBIT 11,591.4912,172.374,531.80596.942,614.391,454.753,883.753,604.893,346.063,105.822,882.82
Tax Rate 3.81%27.99%32.53%-27.86%521.91%104.05%110.41%110.41%110.41%110.41%110.41%
EBIAT 11,149.688,764.903,057.40763.26-11,030.49-58.98-404.21-375.19-348.25-323.24-300.04
Depreciation 4,710.984,450.324,630.954,089.603,872.075,364.083,567.073,310.953,073.222,852.572,647.75
Accounts Receivable -910.74581.62981.59217.87-762.872,140.99636.97591.24548.79509.38
Inventories -----------
Accounts Payable -----------
Capital Expenditure -----------
UFCF 15,860.6614,125.968,269.975,834.44-6,940.544,542.245,303.853,572.743,316.213,078.112,857.10
WACC
PV UFCF 4,919.633,073.852,646.462,278.491,961.69
SUM PV UFCF 45,387.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.81
Free cash flow (t + 1) 2,971.39
Terminal Value 77,989.13
Present Value of Terminal Value 53,547.46

Intrinsic Value

Enterprise Value 98,935.12
Net Debt 20,604.22
Equity Value 78,330.90
Shares Outstanding 898.41
Equity Value Per Share 87.19