Discounted Cash Flow (DCF) Analysis Levered

Aegon N.V. (AEG)

$4.61

-0.04 (-0.86%)

All numbers are in Millions, Currency in USD

Stock DCF: 29.46 | 4.61 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	49,791	14,551	61,136	44,332	46,138	72,201.53	112,988.45	176,816.06	276,700.12	433,009.07
Revenue (%)
Operating Cash Flow	553	517	7,302	-2,854	-1,796	906.43	1,418.47	2,219.77	3,473.73	5,436.06
Operating Cash Flow (%)
Capital Expenditure	-106	-123	-148	-120	-112	-261.91	-409.86	-641.39	-1,003.71	-1,570.71
Capital Expenditure (%)
Free Cash Flow	447	394	7,154	-2,974	-1,908	644.52	1,008.62	1,578.39	2,470.02	3,865.35

Weighted Average Cost Of Capital

Share price	$ 4.61
Beta	1.282
Diluted Shares Outstanding	2,602
Cost of Debt
Tax Rate	17.50
After-tax Cost of Debt	2.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.744
Total Debt	12,233
Total Equity	11,995.22
Total Capital	24,228.22
Debt Weighting	50.49
Equity Weighting	49.51
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	49,791	14,551	61,136	44,332	46,138	72,201.53	112,988.45	176,816.06	276,700.12	433,009.07
Operating Cash Flow	553	517	7,302	-2,854	-1,796	906.43	1,418.47	2,219.77	3,473.73	5,436.06
Capital Expenditure	-106	-123	-148	-120	-112	-261.91	-409.86	-641.39	-1,003.71	-1,570.71
Free Cash Flow	447	394	7,154	-2,974	-1,908	644.52	1,008.62	1,578.39	2,470.02	3,865.35
WACC
PV LFCF						608.21	898.17	1,326.37	1,958.71	2,892.51
SUM PV LFCF										7,683.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.97
Free cash flow (t + 1)	3,942.66
Terminal Value	99,311.28
Present Value of Terminal Value	74,316.27

Intrinsic Value

Enterprise Value	82,000.24
Net Debt	5,344
Equity Value	76,656.24
Shares Outstanding	2,602
Equity Value Per Share	29.46