Discounted Cash Flow (DCF) Analysis Levered

American National Group, Inc. (ANAT)

$188.99

-0.07 (-0.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 483.92 | 188.99 | 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 3,4113,326.384,070.143,792.404,391.794,708.665,048.395,412.625,803.146,221.84
Revenue (%)
Operating Cash Flow 495.92495.51506.41332.46350.79552.15591.99634.70680.49729.59
Operating Cash Flow (%)
Capital Expenditure -24.39-17.67-21.40-39.86-37.15-34.55-37.05-39.72-42.59-45.66
Capital Expenditure (%)
Free Cash Flow 471.53477.84485.01292.60313.64517.60554.94594.98637.91683.93

Weighted Average Cost Of Capital

Share price $ 188.99
Beta 0.701
Diluted Shares Outstanding 26.89
Cost of Debt
Tax Rate 19.30
After-tax Cost of Debt 3.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.614
Total Debt 149.25
Total Equity 5,081.40
Total Capital 5,230.65
Debt Weighting 2.85
Equity Weighting 97.15
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 3,4113,326.384,070.143,792.404,391.794,708.665,048.395,412.625,803.146,221.84
Operating Cash Flow 495.92495.51506.41332.46350.79552.15591.99634.70680.49729.59
Capital Expenditure -24.39-17.67-21.40-39.86-37.15-34.55-37.05-39.72-42.59-45.66
Free Cash Flow 471.53477.84485.01292.60313.64517.60554.94594.98637.91683.93
WACC
PV LFCF 481.48480.21478.93477.66476.40
SUM PV LFCF 2,394.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.50
Free cash flow (t + 1) 697.61
Terminal Value 12,683.81
Present Value of Terminal Value 8,835.02

Intrinsic Value

Enterprise Value 11,229.71
Net Debt -1,781.63
Equity Value 13,011.34
Shares Outstanding 26.89
Equity Value Per Share 483.92