Discounted Cash Flow (DCF) Analysis Unlevered

Genworth Financial, Inc. (GNW)

$3.5

-0.05 (-1.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 163.17 | 3.5 | undervalue

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 8,2958,4308,0968,6637,8327,735.607,640.387,546.337,453.447,361.70
Revenue (%)
EBITDA 8945697776501,327797.87788.05778.35768.76759.30
EBITDA (%)
EBIT -----797.87788.05778.35768.76759.30
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 66,22062,49363,91968,92274,49663,059.1462,282.9561,516.3060,759.1060,011.21
Total Cash (%)
Account Receivables 17,56917,27817,10316,81916,81316,041.0215,843.5715,648.5515,455.9315,265.68
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.5
Beta 0.962
Diluted Shares Outstanding 514.20
Cost of Debt
Tax Rate 23.45
After-tax Cost of Debt 6.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.347
Total Debt 1,899
Total Equity 1,799.70
Total Capital 3,698.70
Debt Weighting 51.34
Equity Weighting 48.66
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 8,2958,4308,0968,6637,8327,735.607,640.387,546.337,453.447,361.70
EBITDA 8945697776501,327797.87788.05778.35768.76759.30
EBIT -----797.87788.05778.35768.76759.30
Tax Rate -12.07%73.44%51.96%82.74%23.45%43.90%43.90%43.90%43.90%43.90%
EBIAT -----447.58442.07436.63431.25425.94
Depreciation ----------
Accounts Receivable -2911752846771.98197.45195.02192.62190.25
Inventories ----------
Accounts Payable ----------
Capital Expenditure ----------
UFCF -----1,219.56639.52631.64623.87616.19
WACC
PV UFCF 1,135.85554.74510.30469.42431.82
SUM PV UFCF 3,102.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.37
Free cash flow (t + 1) 628.51
Terminal Value 11,704.17
Present Value of Terminal Value 8,202.12

Intrinsic Value

Enterprise Value 11,304.24
Net Debt -72,597
Equity Value 83,901.24
Shares Outstanding 514.20
Equity Value Per Share 163.17