Discounted Cash Flow (DCF) Analysis Levered
Aflac Incorporated (AFL)
$58.935
+1.14 (+1.96%)
All numbers are in Millions, Currency in USD
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 | 21,600 | 21,689 | 22,223 | 22,116 | 21,923 | 22,006.31 | 22,089.93 | 22,173.87 | 22,258.13 | 22,342.70 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 6,128 | 6,014 | 5,455 | 5,958 | 5,051 | 5,749.14 | 5,770.99 | 5,792.92 | 5,814.93 | 5,837.02 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | - | - | - | - | - | 5,749.14 | 5,770.99 | 5,792.92 | 5,814.93 | 5,837.02 |
Weighted Average Cost Of Capital
Share price | $ 58.935 |
---|---|
Beta | 0.955 |
Diluted Shares Outstanding | 716.19 |
Cost of Debt | |
Tax Rate | 18.73 |
After-tax Cost of Debt | 2.43% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.278 |
Total Debt | 7,956 |
Total Equity | 42,208.78 |
Total Capital | 50,164.78 |
Debt Weighting | 15.86 |
Equity Weighting | 84.14 |
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 | 21,600 | 21,689 | 22,223 | 22,116 | 21,923 | 22,006.31 | 22,089.93 | 22,173.87 | 22,258.13 | 22,342.70 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 6,128 | 6,014 | 5,455 | 5,958 | 5,051 | 5,749.14 | 5,770.99 | 5,792.92 | 5,814.93 | 5,837.02 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Free Cash Flow | - | - | - | - | - | 5,749.14 | 5,770.99 | 5,792.92 | 5,814.93 | 5,837.02 |
WACC | ||||||||||
PV LFCF | 4,467.26 | 4,210.16 | 3,967.85 | 3,739.48 | 3,524.26 | |||||
SUM PV LFCF | 24,055.86 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.51 |
Free cash flow (t + 1) | 5,953.77 |
Terminal Value | 132,012.54 |
Present Value of Terminal Value | 96,308.20 |
Intrinsic Value
Enterprise Value | 120,364.06 |
---|---|
Net Debt | 2,905 |
Equity Value | 117,459.06 |
Shares Outstanding | 716.19 |
Equity Value Per Share | 164.00 |