Discounted Cash Flow (DCF) Analysis Levered
Aflac Incorporated (AFL)
$68.97
+0.76 (+1.11%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 22,223 | 22,114 | 21,923 | 21,774.56 | 21,627.13 | 21,480.69 | 21,335.25 | 21,190.79 | 21,047.30 | 20,904.79 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 5,455 | 5,958 | 5,051 | 5,409.42 | 5,372.80 | 5,336.42 | 5,300.29 | 5,264.40 | 5,228.75 | 5,193.35 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | - | - | - | - | - | 5,336.42 | 5,300.29 | 5,264.40 | 5,228.75 | 5,193.35 |
Weighted Average Cost Of Capital
Share price | $ 68.97 |
---|---|
Beta | 0.931 |
Diluted Shares Outstanding | 676.73 |
Cost of Debt | |
Tax Rate | 18.73 |
After-tax Cost of Debt | 2.43% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.138 |
Total Debt | 7,956 |
Total Equity | 46,674 |
Total Capital | 54,630 |
Debt Weighting | 14.56 |
Equity Weighting | 85.44 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 22,223 | 22,114 | 21,923 | 21,774.56 | 21,627.13 | 21,480.69 | 21,335.25 | 21,190.79 | 21,047.30 | 20,904.79 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 5,455 | 5,958 | 5,051 | 5,409.42 | 5,372.80 | 5,336.42 | 5,300.29 | 5,264.40 | 5,228.75 | 5,193.35 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Free Cash Flow | - | - | - | - | - | 5,336.42 | 5,300.29 | 5,264.40 | 5,228.75 | 5,193.35 |
WACC | ||||||||||
PV LFCF | - | - | 4,634.14 | 4,289.22 | 3,969.98 | 3,674.49 | 3,401 | |||
SUM PV LFCF | 21,428.55 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.31 |
Free cash flow (t + 1) | 5,297.22 |
Terminal Value | 99,759.24 |
Present Value of Terminal Value | 70,105.51 |
Intrinsic Value
Enterprise Value | 91,534.06 |
---|---|
Net Debt | 2,905 |
Equity Value | 88,629.06 |
Shares Outstanding | 676.73 |
Equity Value Per Share | 130.97 |