Discounted Cash Flow (DCF) Analysis Unlevered

CNA Financial Corporation (CNA)

$39.35

-0.36 (-0.91%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.86 | 39.35 | overvalue

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 10,13410,76710,80811,90811,87912,370.8312,883.0213,416.4113,971.8914,550.37
Revenue (%)
EBITDA 1,18199-397841,193486.14506.26527.22549.05571.78
EBITDA (%)
EBIT 1,10231-457301,142415.64432.85450.77469.44488.87
EBIT (%)
Depreciation 796860545170.4973.4176.4579.6182.91
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 1,5962,1032,3262,5262,3072,410.712,510.522,614.472,722.712,835.44
Total Cash (%)
Account Receivables 6,7496,6287,0648,4088,5748,320.648,665.149,023.909,397.529,786.60
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 10,13410,76710,80811,90811,87912,370.8312,883.0213,416.4113,971.8914,550.37
EBITDA 1,18199-397841,193486.14506.26527.22549.05571.78
EBIT 1,10231-457301,142415.64432.85450.77469.44488.87
Tax Rate 15.66%18.23%15.96%19.00%17.30%17.23%17.23%17.23%17.23%17.23%
EBIAT 929.3825.35-384.0824.30944.45344.02358.27373.10388.55404.64
Depreciation 796860545170.4973.4176.4579.6182.91
Accounts Receivable -121-436-1,344-166253.36-344.50-358.76-373.62-389.09
Inventories ----------
Accounts Payable ----------
Capital Expenditure -99-26-23-26-52-51.64-53.78-56.01-58.33-60.74
UFCF 909.38188.35-783.08-1,291.70777.45616.2333.4034.7836.2237.72
WACC
PV UFCF 576.5129.2328.4827.7527.03
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