Discounted Cash Flow (DCF) Analysis Unlevered

CNA Financial Corporation (CNA)

$36.86

-0.14 (-0.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 69.43 | 36.86 | undervalue

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 10,13410,76710,68711,90811,87912,374.5012,890.6713,428.3613,988.4914,571.98
Revenue (%)
EBITDA 1,1811,4221,0031,5971,1931,428.021,487.591,549.641,614.281,681.61
EBITDA (%)
EBIT 1,1021,3549431,518.701,114.891,346.661,402.831,461.341,522.301,585.80
EBIT (%)
Depreciation 79686078.3078.1181.3684.7688.2991.9895.81
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 1,5962,1032,3265361,827.791,904.031,983.452,066.182,152.372,242.15
Total Cash (%)
Account Receivables 6,7496,6287,0647,710.637,691.858,012.708,346.928,695.099,057.789,435.60
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -99-26-23-56.90-56.77-59.13-61.60-64.17-66.85-69.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 36.86
Beta 0.673
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 6.816
Total Debt 2,781
Total Equity 10,044.35
Total Capital 12,825.35
Debt Weighting 21.68
Equity Weighting 78.32
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 10,13410,76710,68711,90811,87912,374.5012,890.6713,428.3613,988.4914,571.98
EBITDA 1,1811,4221,0031,5971,1931,428.021,487.591,549.641,614.281,681.61
EBIT 1,1021,3549431,518.701,114.891,346.661,402.831,461.341,522.301,585.80
Tax Rate 15.66%18.23%15.96%19.00%17.30%17.23%17.23%17.23%17.23%17.23%
EBIAT 929.381,107.11792.531,230.11922.031,114.611,161.111,209.541,259.991,312.55
Depreciation 79686078.3078.1181.3684.7688.2991.9895.81
Accounts Receivable -121-436-646.6318.78-320.84-334.23-348.17-362.69-377.82
Inventories ----------
Accounts Payable ----------
Capital Expenditure -99-26-23-56.90-56.77-59.13-61.60-64.17-66.85-69.63
UFCF 909.381,270.11393.53604.87962.15816850.04885.49922.43960.91
WACC
PV UFCF 769.38755.67742.22729716.02
SUM PV UFCF 3,712.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.06
Free cash flow (t + 1) 980.13
Terminal Value 24,141.01
Present Value of Terminal Value 17,988.60

Intrinsic Value

Enterprise Value 21,700.89
Net Debt 2,781
Equity Value 18,919.89
Shares Outstanding 272.50
Equity Value Per Share 69.43