Discounted Cash Flow (DCF) Analysis Levered
CNA Financial Corporation (CNA)
$37
+0.15 (+0.41%)
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 | 10,134 | 10,767 | 10,687 | 11,908 | 11,879 | 12,374.50 | 12,890.67 | 13,428.36 | 13,988.49 | 14,571.98 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 1,227 | 1,140 | 1,775 | 1,997 | 2,502 | 1,909.07 | 1,988.70 | 2,071.65 | 2,158.07 | 2,248.08 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -99 | -26 | -23 | -56.90 | -56.77 | -59.13 | -61.60 | -64.17 | -66.85 | -69.63 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 1,128 | 1,114 | 1,752 | 1,940.10 | 2,445.23 | 1,849.94 | 1,927.10 | 2,007.48 | 2,091.22 | 2,178.45 |
Weighted Average Cost Of Capital
Share price | $ 37 |
---|---|
Beta | 0.673 |
Diluted Shares Outstanding | 272.50 |
Cost of Debt | |
Tax Rate | 17.30 |
After-tax Cost of Debt | 3.33% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.879 |
Total Debt | 2,781 |
Total Equity | 10,082.50 |
Total Capital | 12,863.50 |
Debt Weighting | 21.62 |
Equity Weighting | 78.38 |
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 | 10,134 | 10,767 | 10,687 | 11,908 | 11,879 | 12,374.50 | 12,890.67 | 13,428.36 | 13,988.49 | 14,571.98 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 1,227 | 1,140 | 1,775 | 1,997 | 2,502 | 1,909.07 | 1,988.70 | 2,071.65 | 2,158.07 | 2,248.08 |
Capital Expenditure | -99 | -26 | -23 | -56.90 | -56.77 | -59.13 | -61.60 | -64.17 | -66.85 | -69.63 |
Free Cash Flow | 1,128 | 1,114 | 1,752 | 1,940.10 | 2,445.23 | 1,849.94 | 1,927.10 | 2,007.48 | 2,091.22 | 2,178.45 |
WACC | ||||||||||
PV LFCF | 1,743.41 | 1,711.56 | 1,680.29 | 1,649.58 | 1,619.44 | |||||
SUM PV LFCF | 8,404.29 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.11 |
Free cash flow (t + 1) | 2,222.02 |
Terminal Value | 54,063.71 |
Present Value of Terminal Value | 40,190.58 |
Intrinsic Value
Enterprise Value | 48,594.87 |
---|---|
Net Debt | 2,781 |
Equity Value | 45,813.87 |
Shares Outstanding | 272.50 |
Equity Value Per Share | 168.12 |