Discounted Cash Flow (DCF) Analysis Unlevered
Chubb Limited (CB)
$225.08
+0.09 (+0.04%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 32,717 | 34,230 | 35,994 | 40,963 | 43,124 | 46,235.23 | 49,570.92 | 53,147.27 | 56,981.64 | 61,092.65 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 5,637 | 5,554 | 4,452 | 10,103 | 7,423 | 8,109.72 | 8,694.81 | 9,322.11 | 9,994.66 | 10,715.74 |
EBITDA (%) | ||||||||||
EBIT | 5,298 | 5,249 | 4,162 | 9,816 | 7,138 | 7,731.11 | 8,288.88 | 8,886.90 | 9,528.05 | 10,215.46 |
EBIT (%) | ||||||||||
Depreciation | 339 | 305 | 290 | 287 | 285 | 378.61 | 405.93 | 435.21 | 466.61 | 500.27 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 82,733 | 1,537 | 1,747 | 1,659 | 2,012 | 25,053.40 | 26,860.90 | 28,798.81 | 30,876.54 | 33,104.16 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 26,068 | 25,538 | 26,072 | 28,688 | 30,834 | 34,052.55 | 36,509.31 | 39,143.32 | 41,967.36 | 44,995.14 |
Account Receivables (%) | ||||||||||
Inventories | 202 | 211.34 | 222.23 | 252.91 | 266.25 | 285.46 | 306.06 | 328.14 | 351.81 | 377.20 |
Inventories (%) | ||||||||||
Accounts Payable | 18,327 | 17,957 | 20,760 | 22,247 | 23,382 | 25,400.09 | 27,232.60 | 29,197.33 | 31,303.80 | 33,562.25 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | 980 | 1,390 | 907 | 1,421 | 1,406.38 | 1,507.85 | 1,616.63 | 1,733.27 | 1,858.31 | 1,992.38 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 225.08 |
---|---|
Beta | 0.616 |
Diluted Shares Outstanding | 423.53 |
Cost of Debt | |
Tax Rate | 19.11 |
After-tax Cost of Debt | 3.41% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.127 |
Total Debt | 14,877 |
Total Equity | 95,327.56 |
Total Capital | 110,204.56 |
Debt Weighting | 13.50 |
Equity Weighting | 86.50 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 32,717 | 34,230 | 35,994 | 40,963 | 43,124 | 46,235.23 | 49,570.92 | 53,147.27 | 56,981.64 | 61,092.65 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 5,637 | 5,554 | 4,452 | 10,103 | 7,423 | 8,109.72 | 8,694.81 | 9,322.11 | 9,994.66 | 10,715.74 |
EBIT | 5,298 | 5,249 | 4,162 | 9,816 | 7,138 | 7,731.11 | 8,288.88 | 8,886.90 | 9,528.05 | 10,215.46 |
Tax Rate | 14.92% | 15.15% | 15.11% | 13.01% | 19.11% | 15.46% | 15.46% | 15.46% | 15.46% | 15.46% |
EBIAT | 4,507.34 | 4,454 | 3,533 | 8,539 | 5,774.09 | 6,535.89 | 7,007.43 | 7,512.99 | 8,055.02 | 8,636.16 |
Depreciation | 339 | 305 | 290 | 287 | 285 | 378.61 | 405.93 | 435.21 | 466.61 | 500.27 |
Accounts Receivable | - | 530 | -534 | -2,616 | -2,146 | -3,218.55 | -2,456.76 | -2,634.01 | -2,824.04 | -3,027.78 |
Inventories | - | -9.34 | -10.89 | -30.68 | -13.34 | -19.21 | -20.60 | -22.08 | -23.67 | -25.38 |
Accounts Payable | - | -370 | 2,803 | 1,487 | 1,135 | 2,018.09 | 1,832.52 | 1,964.73 | 2,106.47 | 2,258.45 |
Capital Expenditure | 980 | 1,390 | 907 | 1,421 | 1,406.38 | 1,507.85 | 1,616.63 | 1,733.27 | 1,858.31 | 1,992.38 |
UFCF | 5,826.34 | 6,299.66 | 6,988.11 | 9,087.32 | 6,441.12 | 7,202.67 | 8,385.15 | 8,990.11 | 9,638.71 | 10,334.10 |
WACC | ||||||||||
PV UFCF | 6,754.82 | 7,374.83 | 7,415.26 | 7,455.92 | 7,496.80 | |||||
SUM PV UFCF | 36,497.63 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.63 |
Free cash flow (t + 1) | 10,540.78 |
Terminal Value | 227,662.74 |
Present Value of Terminal Value | 165,156.21 |
Intrinsic Value
Enterprise Value | 201,653.84 |
---|---|
Net Debt | 12,865 |
Equity Value | 188,788.84 |
Shares Outstanding | 423.53 |
Equity Value Per Share | 445.75 |