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Discounted Cash Flow (DCF) Analysis Unlevered


National Western Life Group Inc.

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 860.27708.77589.77682.36874.45551.60521.32492.70465.65440.09415.93
Revenue (%)
EBITDA 141.69157.49146.68152.85144.55141.49111.35105.2499.4694.0088.84
EBITDA (%)
EBIT 141.69157.49146.68152.85144.55141.49-----
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 --118.5451.25217.65149.93103.8598.1592.7687.6782.85
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 860.27708.77589.77682.36874.45551.60521.32492.70465.65440.09415.93
EBITDA 141.69157.49146.68152.85144.55141.49111.35105.2499.4694.0088.84
EBIT 141.69157.49146.68152.85144.55141.49-----
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 96.24105.5798.40100.88110.41116.74-----
Depreciation -----------
Accounts Receivable -----------
Inventories -----------
Accounts Payable -----------
Capital Expenditure -----42.53-2.9811.45-0.80-0.76-0.72-0.68
UFCF 96.24105.5798.40100.8867.88113.76-----
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 -