Discounted Cash Flow (DCF) Analysis Unlevered


White Mountains Insurance Group Ltd.

White Mountains Insurance Group Ltd... (WTM)

918.32 €
3.32 (+0.36%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,317.402,510.211,808.601,360.61373.76369.05893.29928.84965.811,004.251,044.22
Revenue (%)
EBITDA 321.89371.51222.4624.0845.00-139.50445.3988.7092.2395.9199.72
EBITDA (%)
EBIT 321.89301.73155.00-40.417.81-178.21405.1132.7034.0035.3536.76
EBIT (%)
Depreciation -69.7867.4664.4937.1938.7140.2956.0158.2460.5662.97
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 1,483.601,221.22384.87436.76166.88177.22207.33374.04388.93404.41420.51
Total Cash (%)
Account Receivables 518.87547.73223.36229.944.496.386.70102.36106.43110.67115.07
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 71.84105.6830.57180.15227.881.99124.70129.67134.83140.19145.77
Accounts Payable (%)
Capital Expenditure 12.9811.04-32.013.95-0.45-0.44-1.07-1.11-1.16-1.21-1.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 918.32
Diluted Shares Outstanding 3.14
Cost of Debt
Tax Rate -2.32
After-tax Cost of Debt 5.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.61
Total Debt 290.10
Total Equity 2,884.53
Total Capital 3,168.03
Debt Weighting 8.95
Equity Weighting 91.05
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,317.402,510.211,808.601,360.61373.76369.05893.29928.84965.811,004.251,044.22
EBITDA 321.89371.51222.4624.0845.00-139.50445.3988.7092.2395.9199.72
EBIT 321.89301.73155.00-40.417.81-178.21405.1132.7034.0035.3536.76
Tax Rate -19.94%-3.65%-92.12%1,121.04%-7,941.03%20.76%-2.32%-988.18%-988.18%-988.18%-988.18%
EBIAT 386.07312.73297.79412.60628.13-141.21414.51355.78369.94384.67399.98
Depreciation -69.7867.4664.4937.1938.7140.2956.0158.2460.5662.97
Accounts Receivable --28.86324.36-6.58225.46-1.90-0.32-95.66-4.07-4.24-4.40
Inventories -----------
Accounts Payable -33.84-75.11149.5847.74-225.89122.714.965.165.375.58
Capital Expenditure -1.9343.06-35.964.39-0.010.630.040.040.050.05
UFCF 386.07389.42657.56584.14942.91-330.29577.82321.14429.31446.40464.17
WACC
PV UFCF 304.22385.28379.51373.83
SUM PV UFCF 3,608.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.56
Free cash flow (t + 1) 482.73
Terminal Value 30,944.35
Present Value of Terminal Value 23,609.37

Intrinsic Value

Enterprise Value 27,218.31
Net Debt 129.10
Equity Value 27,089.21
Shares Outstanding 3.14
Equity Value Per Share 8,624.12