Discounted Cash Flow (DCF) Analysis Unlevered

National Western Life Group Inc

National Western Life Group Inc (NWLI)

$206
-4.8 (-2.28%)

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 589.80682.37874.45551.60819.19932.721,061.981,209.161,376.741,567.54
Revenue (%)
EBITDA ----------
EBITDA (%)
EBIT -2.99-8.06-10.00-11.82-11.27-11.85-13.49-15.36-17.49-19.91
EBIT (%)
Depreciation 2.998.0610.0011.8211.2711.8513.4915.3617.4919.91
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 2,985.593,111.613,277.233,078.043,610.474,357.194,961.055,648.606,431.437,322.76
Total Cash (%)
Account Receivables 12.5114.4818.5511.7017.3819.7922.5325.6529.2133.25
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure --50.21-9.12-3.14-2.84-21.73-24.74-28.17-32.07-36.51
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 206
Beta 1.132
Diluted Shares Outstanding 3.64
Cost of Debt
Tax Rate 20.31
After-tax Cost of Debt 3.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.471
Total Debt 10,463.19
Total Equity 749.02
Total Capital 11,212.21
Debt Weighting 93.32
Equity Weighting 6.68
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 589.80682.37874.45551.60819.19932.721,061.981,209.161,376.741,567.54
EBITDA ----------
EBIT -2.99-8.06-10.00-11.82-11.27-11.85-13.49-15.36-17.49-19.91
Tax Rate 32.91%34.00%23.61%17.49%20.31%25.66%25.66%25.66%25.66%25.66%
EBIAT -2.00-5.32-7.64-9.76-8.98-8.81-10.03-11.42-13.00-14.80
Depreciation 2.998.0610.0011.8211.2711.8513.4915.3617.4919.91
Accounts Receivable --1.96-4.076.85-5.68-2.41-2.74-3.12-3.56-4.05
Inventories ----------
Accounts Payable ----------
Capital Expenditure --50.21-9.12-3.14-2.84-21.73-24.74-28.17-32.07-36.51
UFCF 0.98-49.44-10.835.78-6.23-21.09-24.02-27.35-31.14-35.45
WACC
PV UFCF -22.04-24.02-26.17-28.52-31.08
SUM PV UFCF -120.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.48
Free cash flow (t + 1) -36.87
Terminal Value -7,681.08
Present Value of Terminal Value -6,169.59

Intrinsic Value

Enterprise Value -6,290.36
Net Debt -253.53
Equity Value -6,036.84
Shares Outstanding 3.64
Equity Value Per Share -1,660.30