Discounted Cash Flow (DCF) Analysis Levered

Brighthouse Financial, Inc. (BHF)

$43.98

+0.70 (+1.62%)
All numbers are in Millions, Currency in USD
Stock DCF: 520.87 | 43.98 | undervalue

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 8,9256,5548,2665,7518,4738,821.689,184.719,562.679,956.1910,365.91
Revenue (%)
Operating Cash Flow 3,0621,828888746-1,1511,276.141,328.651,383.331,440.261,499.52
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----1,276.141,328.651,383.331,440.261,499.52

Weighted Average Cost Of Capital

Share price $ 43.98
Beta 1.315
Diluted Shares Outstanding 84.47
Cost of Debt
Tax Rate 102.91
After-tax Cost of Debt -0.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.744
Total Debt 3,156
Total Equity 3,714.82
Total Capital 6,870.82
Debt Weighting 45.93
Equity Weighting 54.07
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 8,9256,5548,2665,7518,4738,821.689,184.719,562.679,956.1910,365.91
Operating Cash Flow 3,0621,828888746-1,1511,276.141,328.651,383.331,440.261,499.52
Capital Expenditure ----------
Free Cash Flow -----1,276.141,328.651,383.331,440.261,499.52
WACC
PV LFCF 1,213.061,200.551,188.171,175.921,163.79
SUM PV LFCF 5,941.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.20
Free cash flow (t + 1) 1,529.51
Terminal Value 47,797.33
Present Value of Terminal Value 37,095.82

Intrinsic Value

Enterprise Value 43,037.30
Net Debt -959
Equity Value 43,996.30
Shares Outstanding 84.47
Equity Value Per Share 520.87