Discounted Cash Flow (DCF) Analysis Levered

Voya Financial, Inc. (VOYA)

$69.035

-0.35 (-0.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 25.33 | 69.035 | overvalue

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 8,6188,5147,4767,6494,2303,640.093,132.462,695.612,319.691,996.19
Revenue (%)
Operating Cash Flow 1,5781,8681,3101,20972548.06471.63405.86349.26300.55
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----548.06471.63405.86349.26300.55

Weighted Average Cost Of Capital

Share price $ 69.035
Beta 1.151
Diluted Shares Outstanding 131.90
Cost of Debt
Tax Rate 23.44
After-tax Cost of Debt 4.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.047
Total Debt 3,476
Total Equity 9,105.72
Total Capital 12,581.72
Debt Weighting 27.63
Equity Weighting 72.37
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 8,6188,5147,4767,6494,2303,640.093,132.462,695.612,319.691,996.19
Operating Cash Flow 1,5781,8681,3101,20972548.06471.63405.86349.26300.55
Capital Expenditure ----------
Free Cash Flow -----548.06471.63405.86349.26300.55
WACC
PV LFCF 347.11276.80220.74176.03140.38
SUM PV LFCF 1,698.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.91
Free cash flow (t + 1) 306.56
Terminal Value 5,187.21
Present Value of Terminal Value 3,545.07

Intrinsic Value

Enterprise Value 5,243.96
Net Debt 1,903
Equity Value 3,340.96
Shares Outstanding 131.90
Equity Value Per Share 25.33