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Discounted Cash Flow (DCF) Analysis Unlevered


Markel Corporation

Markel Corporation (MKL)

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 4,323.085,133.665,369.815,611.996,061.516,841.027,508.028,240.059,043.459,925.1910,892.90
Revenue (%)
EBITDA 665.75761.321,061.61997.81423.70267.48984.301,080.271,185.601,301.191,428.06
EBITDA (%)
EBIT 475.54557.52860.78803.64220.0339.68705.75774.56850.08932.971,023.93
EBIT (%)
Depreciation 190.22203.81200.83194.17203.67227.81278.55305.71335.51368.22404.13
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 12,121.0612,382.9012,024.6111,630.2812,139.3812,057.2916,634.0118,255.8320,035.7721,989.2624,133.21
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 295.70276.19225.00231.21324.29337.26385.16422.71463.93509.16558.81
Accounts Payable (%)
Capital Expenditure 47.5582.1480.0163.4274.56106.72101.36111.24122.09133.99147.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,192.76
Diluted Shares Outstanding -
Cost of Debt
Tax Rate -2,155.90
After-tax Cost of Debt 107.84
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.25
Total Debt -
Total Equity -
Total Capital -
Debt Weighting -
Equity Weighting -
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 4,323.085,133.665,369.815,611.996,061.516,841.027,508.028,240.059,043.459,925.1910,892.90
EBITDA 665.75761.321,061.61997.81423.70267.48984.301,080.271,185.601,301.191,428.06
EBIT 475.54557.52860.78803.64220.0339.68705.75774.56850.08932.971,023.93
Tax Rate 21.70%26.65%20.79%27.11%-383.18%-2,155.90%-407.14%-407.14%-407.14%-407.14%-407.14%
EBIAT 372.33408.94681.82585.781,063.15895.093,579.143,928.104,311.094,731.435,192.74
Depreciation 190.22203.81200.83194.17203.67227.81278.55305.71335.51368.22404.13
Accounts Receivable -----------
Inventories -----------
Accounts Payable --19.51-51.206.2293.0812.9747.9037.5541.2145.2349.64
Capital Expenditure --34.582.1316.59-11.14-32.165.36-9.88-10.85-11.90-13.06
UFCF 562.55558.66833.58802.771,348.751,103.713,910.954,261.484,676.975,132.985,633.44
WACC
PV UFCF 3,910.95----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 5,858.78
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -12,057.29
Equity Value -
Shares Outstanding -
Equity Value Per Share -