Discounted Cash Flow (DCF) Analysis Unlevered
Athene Holding Ltd. (ATH)
$83.33
-0.58 (-0.69%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 8,727 | 6,543 | 16,258 | 14,833 | 26,320 | 38,962.21 | 57,676.80 | 85,380.53 | 126,391.10 | 187,100.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1,535 | 1,175 | 2,289 | 1,826 | 4,245 | 6,083.19 | 9,005.11 | 13,330.50 | 19,733.50 | 29,212.04 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | 4,245 | 6,083.19 | 9,005.11 | 13,330.50 | 19,733.50 | 29,212.04 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 66,982 | 63,806 | 80,014 | 97,299 | 120,333 | 260,891.90 | 386,205.32 | 571,710.14 | 846,317.94 | 1,252,827.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4,972 | 5,534 | 4,863 | 4,848 | 4,594 | 17,268.15 | 25,562.51 | 37,840.87 | 56,016.85 | 82,923.26 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 83.33 |
|---|---|
| Beta | 1.699 |
| Diluted Shares Outstanding | 184.90 |
| Cost of Debt | |
| Tax Rate | 7.81 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.519 |
| Total Debt | 2,964 |
| Total Equity | 15,407.72 |
| Total Capital | 18,371.72 |
| Debt Weighting | 16.13 |
| Equity Weighting | 83.87 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 8,727 | 6,543 | 16,258 | 14,833 | 26,320 | 38,962.21 | 57,676.80 | 85,380.53 | 126,391.10 | 187,100.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1,535 | 1,175 | 2,289 | 1,826 | 4,245 | 6,083.19 | 9,005.11 | 13,330.50 | 19,733.50 | 29,212.04 |
| EBIT | - | - | - | - | 4,245 | 6,083.19 | 9,005.11 | 13,330.50 | 19,733.50 | 29,212.04 |
| Tax Rate | 5.67% | 10.38% | 5.65% | 30.15% | 7.81% | 11.93% | 11.93% | 11.93% | 11.93% | 11.93% |
| EBIAT | - | - | - | - | 3,913.39 | 5,357.41 | 7,930.71 | 11,740.05 | 17,379.11 | 25,726.76 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -562 | 671 | 15 | 254 | -12,674.15 | -8,294.36 | -12,278.36 | -18,175.99 | -26,906.41 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | 4,167.39 | -7,316.74 | -363.65 | -538.31 | -796.88 | -1,179.64 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -1,203.24 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -6,669 |
| Equity Value | - |
| Shares Outstanding | 184.90 |
| Equity Value Per Share | - |