Discounted Cash Flow (DCF) Analysis Levered

MetLife, Inc. (MET)

$56.98

+2.11 (+3.85%)

All numbers are in Millions, Currency in USD

Stock DCF: 226.26 | 56.98 | 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	67,941	69,620	67,842	66,037	69,898	70,440.33	70,986.86	71,537.63	72,092.68	72,652.04
Revenue (%)
Operating Cash Flow	11,738	13,786	11,639	12,596	4,428	11,220.25	11,307.31	11,395.04	11,483.45	11,572.55
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	11,220.25	11,307.31	11,395.04	11,483.45	11,572.55

Weighted Average Cost Of Capital

Share price	$ 56.98
Beta	1.079
Diluted Shares Outstanding	869.40
Cost of Debt
Tax Rate	11.19
After-tax Cost of Debt	4.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.575
Total Debt	17,980
Total Equity	49,538.41
Total Capital	67,518.41
Debt Weighting	26.63
Equity Weighting	73.37
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	67,941	69,620	67,842	66,037	69,898	70,440.33	70,986.86	71,537.63	72,092.68	72,652.04
Operating Cash Flow	11,738	13,786	11,639	12,596	4,428	11,220.25	11,307.31	11,395.04	11,483.45	11,572.55
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	11,220.25	11,307.31	11,395.04	11,483.45	11,572.55
WACC
PV LFCF						10,434.53	9,779.12	9,164.88	8,589.22	8,049.72
SUM PV LFCF										46,017.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.53
Free cash flow (t + 1)	11,804
Terminal Value	213,453.91
Present Value of Terminal Value	148,475.87

Intrinsic Value

Enterprise Value	194,493.36
Net Debt	-2,215
Equity Value	196,708.36
Shares Outstanding	869.40
Equity Value Per Share	226.26