Discounted Cash Flow (DCF) Analysis Unlevered
CNA Financial Corporation (CNA)
$39.35
-0.36 (-0.91%)
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 | 10,134 | 10,767 | 10,808 | 11,908 | 11,879 | 12,370.83 | 12,883.02 | 13,416.41 | 13,971.89 | 14,550.37 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 1,181 | 99 | -397 | 84 | 1,193 | 486.14 | 506.26 | 527.22 | 549.05 | 571.78 |
EBITDA (%) | ||||||||||
EBIT | 1,102 | 31 | -457 | 30 | 1,142 | 415.64 | 432.85 | 450.77 | 469.44 | 488.87 |
EBIT (%) | ||||||||||
Depreciation | 79 | 68 | 60 | 54 | 51 | 70.49 | 73.41 | 76.45 | 79.61 | 82.91 |
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 | 1,596 | 2,103 | 2,326 | 2,526 | 2,307 | 2,410.71 | 2,510.52 | 2,614.47 | 2,722.71 | 2,835.44 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 6,749 | 6,628 | 7,064 | 8,408 | 8,574 | 8,320.64 | 8,665.14 | 9,023.90 | 9,397.52 | 9,786.60 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | - | - | - | - | - | - | - | - | - | - |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -99 | -26 | -23 | -26 | -52 | -51.64 | -53.78 | -56.01 | -58.33 | -60.74 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 39.35 |
---|---|
Beta | 0.686 |
Diluted Shares Outstanding | 272.50 |
Cost of Debt | |
Tax Rate | 17.30 |
After-tax Cost of Debt | 3.33% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.809 |
Total Debt | 2,781 |
Total Equity | 10,722.88 |
Total Capital | 13,503.88 |
Debt Weighting | 20.59 |
Equity Weighting | 79.41 |
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 | 10,134 | 10,767 | 10,808 | 11,908 | 11,879 | 12,370.83 | 12,883.02 | 13,416.41 | 13,971.89 | 14,550.37 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 1,181 | 99 | -397 | 84 | 1,193 | 486.14 | 506.26 | 527.22 | 549.05 | 571.78 |
EBIT | 1,102 | 31 | -457 | 30 | 1,142 | 415.64 | 432.85 | 450.77 | 469.44 | 488.87 |
Tax Rate | 15.66% | 18.23% | 15.96% | 19.00% | 17.30% | 17.23% | 17.23% | 17.23% | 17.23% | 17.23% |
EBIAT | 929.38 | 25.35 | -384.08 | 24.30 | 944.45 | 344.02 | 358.27 | 373.10 | 388.55 | 404.64 |
Depreciation | 79 | 68 | 60 | 54 | 51 | 70.49 | 73.41 | 76.45 | 79.61 | 82.91 |
Accounts Receivable | - | 121 | -436 | -1,344 | -166 | 253.36 | -344.50 | -358.76 | -373.62 | -389.09 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure | -99 | -26 | -23 | -26 | -52 | -51.64 | -53.78 | -56.01 | -58.33 | -60.74 |
UFCF | 909.38 | 188.35 | -783.08 | -1,291.70 | 777.45 | 616.23 | 33.40 | 34.78 | 36.22 | 37.72 |
WACC | ||||||||||
PV UFCF | 576.51 | 29.23 | 28.48 | 27.75 | 27.03 | |||||
SUM PV UFCF | 689 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.89 |
Free cash flow (t + 1) | 38.47 |
Terminal Value | 786.78 |
Present Value of Terminal Value | 563.86 |
Intrinsic Value
Enterprise Value | 1,252.85 |
---|---|
Net Debt | 2,306 |
Equity Value | -1,053.15 |
Shares Outstanding | 272.50 |
Equity Value Per Share | -3.86 |