Discounted Cash Flow (DCF) Analysis Unlevered

MetLife, Inc. (MET)

$76.91

+0.26 (+0.34%)
All numbers are in Millions, Currency in USD
Stock DCF: 135.16 | 76.91 | 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 62,30867,94169,62067,84266,03767,076.6568,132.6769,205.3170,294.8471,401.52
Revenue (%)
EBITDA 4,4648,0528,3708,4489,7197,808.837,931.778,056.648,183.488,312.31
EBITDA (%)
EBIT 3,6697,4247,7407,8299,0257,128.877,241.107,355.107,470.907,588.52
EBIT (%)
Depreciation 795628630619694679.96690.66701.53712.58723.80
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 329,015318,023348,268378,508367,497350,247.69355,761.79361,362.71367,051.80372,830.46
Total Cash (%)
Account Receivables 18,42319,64420,44317,87017,33318,839.5119,136.1019,437.3719,743.3820,054.21
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 62,30867,94169,62067,84266,03767,076.6568,132.6769,205.3170,294.8471,401.52
EBITDA 4,4648,0528,3708,4489,7197,808.837,931.778,056.648,183.488,312.31
EBIT 3,6697,4247,7407,8299,0257,128.877,241.107,355.107,470.907,588.52
Tax Rate -13.40%18.77%13.19%21.94%19.35%11.97%11.97%11.97%11.97%11.97%
EBIAT 4,160.836,030.316,719.396,111.077,279.096,275.656,374.456,474.816,576.756,680.29
Depreciation 795628630619694679.96690.66701.53712.58723.80
Accounts Receivable --1,221-7992,573537-1,506.51-296.60-301.27-306.01-310.83
Inventories ----------
Accounts Payable ----------
Capital Expenditure ----------
UFCF -----5,449.116,768.526,875.086,983.317,093.26
WACC
PV UFCF 5,061.405,839.625,509.535,198.094,904.26
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