Discounted Cash Flow (DCF) Analysis Levered
Aflac Incorporated (AFL)
$77.03
+0.59 (+0.77%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 21,758 | 22,307 | 22,147 | 22,106 | 19,140 | 18,575.54 | 18,027.74 | 17,496.08 | 16,980.11 | 16,479.35 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 6,014 | 5,455 | 5,958 | 5,051 | 3,879 | 4,536.60 | 4,402.81 | 4,272.97 | 4,146.95 | 4,024.66 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | - | - | - | - | - | 4,536.60 | 4,402.81 | 4,272.97 | 4,146.95 | 4,024.66 |
Weighted Average Cost Of Capital
Share price | $ 77.03 |
---|---|
Beta | 0.934 |
Diluted Shares Outstanding | 637.65 |
Cost of Debt | |
Tax Rate | 9.26 |
After-tax Cost of Debt | 2.76% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.034 |
Total Debt | 7,442 |
Total Equity | 49,118.56 |
Total Capital | 56,560.56 |
Debt Weighting | 13.16 |
Equity Weighting | 86.84 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 21,758 | 22,307 | 22,147 | 22,106 | 19,140 | 18,575.54 | 18,027.74 | 17,496.08 | 16,980.11 | 16,479.35 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 6,014 | 5,455 | 5,958 | 5,051 | 3,879 | 4,536.60 | 4,402.81 | 4,272.97 | 4,146.95 | 4,024.66 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Free Cash Flow | - | - | - | - | - | 4,536.60 | 4,402.81 | 4,272.97 | 4,146.95 | 4,024.66 |
WACC | ||||||||||
PV LFCF | 4,192.40 | 3,760.06 | 3,372.31 | 3,024.54 | 2,712.64 | |||||
SUM PV LFCF | 17,061.96 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.21 |
Free cash flow (t + 1) | 4,105.15 |
Terminal Value | 66,105.47 |
Present Value of Terminal Value | 44,555.41 |
Intrinsic Value
Enterprise Value | 61,617.37 |
---|---|
Net Debt | 3,499 |
Equity Value | 58,118.37 |
Shares Outstanding | 637.65 |
Equity Value Per Share | 91.14 |