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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


National Western Life Group Inc.

National Western Life Group Inc. (NWLI)

$198.17
1.98 (+1.01%)

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 682.37874.45551.61819.19927.731,050.661,189.871,347.53
Revenue (%)
EBITDA 161.11154.87153.73191.36214.68243.12275.34311.82
EBITDA (%)
EBIT 152.85144.55141.49165.15196.59222.63252.13285.54
EBIT (%)
Depreciation 8.2610.3212.2526.2118.0920.4923.2026.28
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 51.25217.65132.00253.54202.43229.25259.63294.03
Total Cash (%)
Account Receivables 99.2296.8096.3793.31126.36143.10162.06183.53
Account Receivables (%)
Inventories --------
Inventories (%)
Accounts Payable --------
Accounts Payable (%)
Capital Expenditure 50.229.093.142.8721.6224.4827.7231.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 198.17
Diluted Shares Outstanding 3.44
Cost of Debt
Tax Rate 20.31
After-tax Cost of Debt -0.97
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.30
Total Debt -
Total Equity 680.91
Total Capital 680.91
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 682.37874.45551.61819.19927.731,050.661,189.871,347.53
EBITDA 161.11154.87153.73191.36214.68243.12275.34311.82
EBIT 152.85144.55141.49165.15196.59222.63252.13285.54
Tax Rate 34.00%23.61%17.49%20.31%23.85%23.85%23.85%23.85%
EBIAT 100.88110.42116.74131.61149.70169.53191.99217.43
Depreciation 8.2610.3212.2526.2118.0920.4923.2026.28
Accounts Receivable -2.410.443.06-33.05-16.74-18.96-21.47
Inventories --------
Accounts Payable --------
Capital Expenditure -41.135.950.28-18.75-2.86-3.24-3.67
UFCF 109.14164.28135.37161.16115.99170.41192.99218.56
WACC
PV UFCF 138.56186.26192.99199.97
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.30
Free cash flow (t + 1) 221.92
Terminal Value 4,187.26
Present Value of Terminal Value 2,684.29

Intrinsic Value

Enterprise Value -
Net Debt -253.54
Equity Value -
Shares Outstanding 3.44
Equity Value Per Share -