Discounted Cash Flow (DCF) Analysis Unlevered

National Western Life Group Inc. (NWLI)

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	860.27	708.77	589.77	682.36	874.45	551.60	521.32	492.70	465.65	440.09	415.93
Revenue (%)
EBITDA	141.69	157.49	146.68	152.85	144.55	141.49	111.35	105.24	99.46	94.00	88.84
EBITDA (%)
EBIT	141.69	157.49	146.68	152.85	144.55	141.49	-	-	-	-	-
EBIT (%)
Depreciation	-	-	-	-	-	-	-	-	-	-	-
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	-	-	118.54	51.25	217.65	149.93	103.85	98.15	92.76	87.67	82.85
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	-	-	-	-	-	-	-	-	-	-	-
Accounts Payable (%)
Capital Expenditure	-	-	-	-48.65	-6.12	-3.14	-14.60	-13.80	-13.04	-12.32	-11.65
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 284.6
Diluted Shares Outstanding	3.64
Cost of Debt
Tax Rate	17.49
After-tax Cost of Debt	-0.82
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.30
Total Debt	-
Total Equity	1,034.85
Total Capital	1,034.85
Debt Weighting	0.00
Equity Weighting	100.00
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	860.27	708.77	589.77	682.36	874.45	551.60	521.32	492.70	465.65	440.09	415.93
EBITDA	141.69	157.49	146.68	152.85	144.55	141.49	111.35	105.24	99.46	94.00	88.84
EBIT	141.69	157.49	146.68	152.85	144.55	141.49	-	-	-	-	-
Tax Rate	32.08%	32.97%	32.91%	34.00%	23.61%	17.49%	28.84%	28.84%	28.84%	28.84%	28.84%
EBIAT	96.24	105.57	98.40	100.88	110.41	116.74	-	-	-	-	-
Depreciation	-	-	-	-	-	-	-	-	-	-	-
Accounts Receivable	-	-	-	-	-	-	-	-	-	-	-
Inventories	-	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-	-	-	-	-	-	-	-	-	-
Capital Expenditure	-	-	-	-	-42.53	-2.98	11.45	-0.80	-0.76	-0.72	-0.68
UFCF	96.24	105.57	98.40	100.88	67.88	113.76	-	-	-	-	-
WACC
PV UFCF							-	-	-	-	-
SUM PV UFCF											-

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.30
Free cash flow (t + 1)	-
Terminal Value	-
Present Value of Terminal Value	-

Intrinsic Value

Enterprise Value	-
Net Debt	-149.93
Equity Value	-
Shares Outstanding	3.64
Equity Value Per Share	-

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