Discounted Cash Flow (DCF) Analysis Levered
CNO Financial Group, Inc. (CNO)
$21.12
+0.16 (+0.76%)
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 | 4,313.50 | 4,015.80 | 3,821.10 | 4,122.20 | 3,576.80 | 3,423.88 | 3,277.51 | 3,137.39 | 3,003.26 | 2,874.86 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 317.80 | 696.70 | 735.50 | 598.30 | 495.40 | 495.29 | 474.12 | 453.85 | 434.45 | 415.87 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | - | - | - | - | - | 495.29 | 474.12 | 453.85 | 434.45 | 415.87 |
Weighted Average Cost Of Capital
Share price | $ 21.12 |
---|---|
Beta | 1.169 |
Diluted Shares Outstanding | 129.02 |
Cost of Debt | |
Tax Rate | 23.29 |
After-tax Cost of Debt | 2.71% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.898 |
Total Debt | 3,882.90 |
Total Equity | 2,724.86 |
Total Capital | 6,607.76 |
Debt Weighting | 58.76 |
Equity Weighting | 41.24 |
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 | 4,313.50 | 4,015.80 | 3,821.10 | 4,122.20 | 3,576.80 | 3,423.88 | 3,277.51 | 3,137.39 | 3,003.26 | 2,874.86 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 317.80 | 696.70 | 735.50 | 598.30 | 495.40 | 495.29 | 474.12 | 453.85 | 434.45 | 415.87 |
Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
Free Cash Flow | - | - | - | - | - | 495.29 | 474.12 | 453.85 | 434.45 | 415.87 |
WACC | ||||||||||
PV LFCF | 470.54 | 427.92 | 389.16 | 353.90 | 321.84 | |||||
SUM PV LFCF | 1,963.36 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.26 |
Free cash flow (t + 1) | 424.19 |
Terminal Value | 13,012.01 |
Present Value of Terminal Value | 10,069.95 |
Intrinsic Value
Enterprise Value | 12,033.32 |
---|---|
Net Debt | 3,307.20 |
Equity Value | 8,726.12 |
Shares Outstanding | 129.02 |
Equity Value Per Share | 67.63 |