Discounted Cash Flow (DCF) Analysis Levered

MetLife, Inc. (MET)

$69.035

+0.47 (+0.68%)
All numbers are in Millions, Currency in USD
Stock DCF: 215.17 | 69.035 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 69,62067,84271,08069,89866,40765,670.1664,941.4964,220.9163,508.3262,803.64
Revenue (%)
Operating Cash Flow 13,78611,63912,59613,20413,72112,376.3412,239.0112,103.2111,968.9111,836.11
Operating Cash Flow (%)
Capital Expenditure -5,653-4,2694,360-1,928.82-1,832.48-1,812.15-1,792.04-1,772.16-1,752.50-1,733.05
Capital Expenditure (%)
Free Cash Flow 8,1337,37016,95611,275.1811,888.5210,564.1910,446.9710,331.0510,216.4210,103.06

Weighted Average Cost Of Capital

Share price $ 69.035
Beta 1.040
Diluted Shares Outstanding 762.30
Cost of Debt
Tax Rate 27.01
After-tax Cost of Debt 4.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.203
Total Debt 18,828
Total Equity 52,625.38
Total Capital 71,453.38
Debt Weighting 26.35
Equity Weighting 73.65
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 69,62067,84271,08069,89866,40765,670.1664,941.4964,220.9163,508.3262,803.64
Operating Cash Flow 13,78611,63912,59613,20413,72112,376.3412,239.0112,103.2111,968.9111,836.11
Capital Expenditure -5,653-4,2694,360-1,928.82-1,832.48-1,812.15-1,792.04-1,772.16-1,752.50-1,733.05
Free Cash Flow 8,1337,37016,95611,275.1811,888.5210,564.1910,446.9710,331.0510,216.4210,103.06
WACC
PV LFCF 9,795.268,981.528,235.397,551.246,923.92
SUM PV LFCF 41,487.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.85
Free cash flow (t + 1) 10,305.12
Terminal Value 176,155.88
Present Value of Terminal Value 120,724.77

Intrinsic Value

Enterprise Value 162,212.09
Net Debt -1,811
Equity Value 164,023.09
Shares Outstanding 762.30
Equity Value Per Share 215.17