Discounted Cash Flow (DCF) Analysis Levered

MetLife, Inc. (MET)

$72.16

+0.12 (+0.17%)

All numbers are in Millions, Currency in USD

Stock DCF: 248.17 | 72.16 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	62,308	67,941	69,620	67,842	66,037	67,076.65	68,132.67	69,205.31	70,294.84	71,401.52
Revenue (%)
Operating Cash Flow	12,283	11,738	13,786	11,639	12,596	12,479.22	12,675.69	12,875.25	13,077.95	13,283.84
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	12,479.22	12,675.69	12,875.25	13,077.95	13,283.84

Weighted Average Cost Of Capital

Share price	$ 72.16
Beta	1.100
Diluted Shares Outstanding	869.40
Cost of Debt
Tax Rate	19.35
After-tax Cost of Debt	4.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.743
Total Debt	17,430
Total Equity	62,735.90
Total Capital	80,165.90
Debt Weighting	21.74
Equity Weighting	78.26
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	62,308	67,941	69,620	67,842	66,037	67,076.65	68,132.67	69,205.31	70,294.84	71,401.52
Operating Cash Flow	12,283	11,738	13,786	11,639	12,596	12,479.22	12,675.69	12,875.25	13,077.95	13,283.84
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	12,479.22	12,675.69	12,875.25	13,077.95	13,283.84
WACC
PV LFCF						11,579.49	10,913.79	10,286.36	9,695	9,137.64
SUM PV LFCF										51,612.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.77
Free cash flow (t + 1)	13,549.51
Terminal Value	234,826.94
Present Value of Terminal Value	161,531.97

Intrinsic Value

Enterprise Value	213,144.27
Net Debt	-2,617
Equity Value	215,761.27
Shares Outstanding	869.40
Equity Value Per Share	248.17