Discounted Cash Flow (DCF) Analysis Unlevered

National Western Life Group, Inc. (NWLI)

$170.71

-5.40 (-3.07%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 170.71 | 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 874.45551.60819.19694.74824.09855.03887.13920.44955990.86
Revenue (%)
EBITDA 154.56153.33176.43123.97240.26194.96202.28209.88217.76225.93
EBITDA (%)
EBIT 144.55141.51165.16112.07227.26181.36188.17195.23202.56210.17
EBIT (%)
Depreciation 1011.8211.2711.901313.6014.1114.6415.1915.76
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 3,277.233,078.043,610.4711,351.989,783.577,173.237,442.557,721.988,011.918,312.71
Total Cash (%)
Account Receivables -17.9326.6322.5926.7927.8028.8429.9331.0532.22
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -9.12-3.14-2.84-12.11-9.98-8.40-8.71-9.04-9.38-9.73
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 170.71
Beta 0.913
Diluted Shares Outstanding 3.64
Cost of Debt
Tax Rate 20.49
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.006
Total Debt 1,077.44
Total Equity 620.70
Total Capital 1,698.14
Debt Weighting 63.45
Equity Weighting 36.55
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 874.45551.60819.19694.74824.09855.03887.13920.44955990.86
EBITDA 154.56153.33176.43123.97240.26194.96202.28209.88217.76225.93
EBIT 144.55141.51165.16112.07227.26181.36188.17195.23202.56210.17
Tax Rate 23.61%17.49%20.31%17.63%20.49%19.91%19.91%19.91%19.91%19.91%
EBIAT 110.42116.76131.6292.31180.68145.26150.71156.37162.24168.33
Depreciation 1011.8211.2711.901313.6014.1114.6415.1915.76
Accounts Receivable ---8.704.05-4.21-1.01-1.04-1.08-1.12-1.17
Inventories ----------
Accounts Payable ----------
Capital Expenditure -9.12-3.14-2.84-12.11-9.98-8.40-8.71-9.04-9.38-9.73
UFCF 111.31125.44131.3496.16179.50149.45155.06160.89166.93173.19
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 176.66
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 362.81
Equity Value -
Shares Outstanding 3.64
Equity Value Per Share -