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
Stock DCF: 67.63 | 21.12 | 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 4,313.504,015.803,821.104,122.203,576.803,423.883,277.513,137.393,003.262,874.86
Revenue (%)
Operating Cash Flow 317.80696.70735.50598.30495.40495.29474.12453.85434.45415.87
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----495.29474.12453.85434.45415.87

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 4,313.504,015.803,821.104,122.203,576.803,423.883,277.513,137.393,003.262,874.86
Operating Cash Flow 317.80696.70735.50598.30495.40495.29474.12453.85434.45415.87
Capital Expenditure ----------
Free Cash Flow -----495.29474.12453.85434.45415.87
WACC
PV LFCF 470.54427.92389.16353.90321.84
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