Discounted Cash Flow (DCF) Analysis Unlevered
MetLife, Inc. (MET)
$76.91
+0.26 (+0.34%)
All numbers are in Millions, Currency in USD
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 | 62,308 | 67,941 | 69,620 | 67,842 | 66,037 | 67,076.65 | 68,132.67 | 69,205.31 | 70,294.84 | 71,401.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 4,464 | 8,052 | 8,370 | 8,448 | 9,719 | 7,808.83 | 7,931.77 | 8,056.64 | 8,183.48 | 8,312.31 |
| EBITDA (%) | ||||||||||
| EBIT | 3,669 | 7,424 | 7,740 | 7,829 | 9,025 | 7,128.87 | 7,241.10 | 7,355.10 | 7,470.90 | 7,588.52 |
| EBIT (%) | ||||||||||
| Depreciation | 795 | 628 | 630 | 619 | 694 | 679.96 | 690.66 | 701.53 | 712.58 | 723.80 |
| 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 | 329,015 | 318,023 | 348,268 | 378,508 | 367,497 | 350,247.69 | 355,761.79 | 361,362.71 | 367,051.80 | 372,830.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 18,423 | 19,644 | 20,443 | 17,870 | 17,333 | 18,839.51 | 19,136.10 | 19,437.37 | 19,743.38 | 20,054.21 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 76.91 |
|---|---|
| Beta | 1.068 |
| Diluted Shares Outstanding | 869.40 |
| Cost of Debt | |
| Tax Rate | 19.35 |
| After-tax Cost of Debt | 4.26% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.548 |
| Total Debt | 17,430 |
| Total Equity | 66,865.55 |
| Total Capital | 84,295.55 |
| Debt Weighting | 20.68 |
| Equity Weighting | 79.32 |
| 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 | 62,308 | 67,941 | 69,620 | 67,842 | 66,037 | 67,076.65 | 68,132.67 | 69,205.31 | 70,294.84 | 71,401.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4,464 | 8,052 | 8,370 | 8,448 | 9,719 | 7,808.83 | 7,931.77 | 8,056.64 | 8,183.48 | 8,312.31 |
| EBIT | 3,669 | 7,424 | 7,740 | 7,829 | 9,025 | 7,128.87 | 7,241.10 | 7,355.10 | 7,470.90 | 7,588.52 |
| Tax Rate | -13.40% | 18.77% | 13.19% | 21.94% | 19.35% | 11.97% | 11.97% | 11.97% | 11.97% | 11.97% |
| EBIAT | 4,160.83 | 6,030.31 | 6,719.39 | 6,111.07 | 7,279.09 | 6,275.65 | 6,374.45 | 6,474.81 | 6,576.75 | 6,680.29 |
| Depreciation | 795 | 628 | 630 | 619 | 694 | 679.96 | 690.66 | 701.53 | 712.58 | 723.80 |
| Accounts Receivable | - | -1,221 | -799 | 2,573 | 537 | -1,506.51 | -296.60 | -301.27 | -306.01 | -310.83 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 5,449.11 | 6,768.52 | 6,875.08 | 6,983.31 | 7,093.26 |
| WACC | ||||||||||
| PV UFCF | 5,061.40 | 5,839.62 | 5,509.53 | 5,198.09 | 4,904.26 | |||||
| SUM PV UFCF | 26,512.91 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.66 |
| Free cash flow (t + 1) | 7,235.12 |
| Terminal Value | 127,828.99 |
| Present Value of Terminal Value | 88,380.71 |
Intrinsic Value
| Enterprise Value | 114,893.61 |
|---|---|
| Net Debt | -2,617 |
| Equity Value | 117,510.61 |
| Shares Outstanding | 869.40 |
| Equity Value Per Share | 135.16 |