Loading...

Discounted Cash Flow (DCF) Analysis Unlevered


Cigna Corporation

Cigna Corporation (CI)

Healthcare

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 32,380.0034,915.3537,876.1839,838.1641,806.1748,649.8452,814.2657,335.1662,243.0567,571.0673,355.14
Revenue (%)
EBITDA 2,771.733,900.053,927.763,892.194,427.274,762.825,302.555,756.456,249.206,784.137,364.86
EBITDA (%)
EBIT 2,175.943,313.473,344.473,282.663,862.894,067.134,478.654,862.025,278.215,730.036,220.52
EBIT (%)
Depreciation 595.79586.58583.29609.52564.38695.69823.90894.43970.991,054.111,144.34
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 --2,348.323,876.255,108.715,901.235,318.405,773.656,267.886,804.417,386.86
Total Cash (%)
Account Receivables 9,289.829,835.6610,506.859,553.198,917.2615,981.4714,328.5115,555.0316,886.5418,332.0319,901.25
Account Receivables (%)
Inventories ----229.932,821.691,674.211,817.521,973.102,142.002,325.36
Inventories (%)
Accounts Payable 7,505.688,442.538,847.878,947.65489.1315,066.8511,032.9011,977.3213,002.5714,115.5915,323.89
Accounts Payable (%)
Capital Expenditure -527.79-471.36-511.33-462.12-472.41-530.28-676.02-733.89-796.71-864.91-938.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 152.32
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 26.18
After-tax Cost of Debt -1.26
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.02
Total Debt 39,523.00
Total Equity -
Total Capital 39,523.00
Debt Weighting 100.00
Equity Weighting 0.00
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 32,380.0034,915.3537,876.1839,838.1641,806.1748,649.8452,814.2657,335.1662,243.0567,571.0673,355.14
EBITDA 2,771.733,900.053,927.763,892.194,427.274,762.825,302.555,756.456,249.206,784.137,364.86
EBIT 2,175.943,313.473,344.473,282.663,862.894,067.134,478.654,862.025,278.215,730.036,220.52
Tax Rate 32.11%36.53%37.38%37.83%38.05%26.18%34.68%34.68%34.68%34.68%34.68%
EBIAT 1,477.312,102.932,094.292,040.872,393.043,002.522,925.483,175.913,447.763,742.894,063.28
Depreciation 595.79586.58583.29609.52564.38695.69823.90894.43970.991,054.111,144.34
Accounts Receivable --545.83-671.20953.66635.94-7,064.221,652.96-1,226.52-1,331.51-1,445.49-1,569.22
Inventories ------2,591.761,147.48-143.31-155.58-168.90-183.36
Accounts Payable -936.85405.3499.78-8,458.5214,577.72-4,033.95944.421,025.261,113.021,208.29
Capital Expenditure --56.4439.97-49.2110.2957.87145.7457.8762.8268.2074.04
UFCF 2,073.113,024.092,451.703,654.63-4,854.878,677.842,661.613,702.784,019.744,363.834,737.38
WACC
PV UFCF 2,566.893,443.933,605.683,775.033,952.33
SUM PV UFCF 27,059.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.69
Free cash flow (t + 1) 4,926.87
Terminal Value -1,589,313.63
Present Value of Terminal Value -1,325,944.16

Intrinsic Value

Enterprise Value -1,298,884.82
Net Debt 33,621.77
Equity Value -1,332,506.59
Shares Outstanding -
Equity Value Per Share -Infinity