Discounted Cash Flow (DCF) Analysis Unlevered

Principal Financial Group, Inc. (PFG)

$71.47

+0.13 (+0.18%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 71.47 | 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 14,093.2014,237.2016,222.1014,741.7014,262.7014,354.9914,447.8814,541.3714,635.4614,730.16
Revenue (%)
EBITDA 2,433.801,982.301,870.201,912.702,312.102,064.452,077.812,091.252,104.782,118.40
EBITDA (%)
EBIT 2,238.101,777.201,643.401,660.802,036.801,838.611,850.511,862.481,874.531,886.66
EBIT (%)
Depreciation 195.70205.10226.80251.90275.30225.84227.30228.77230.25231.74
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 61,955.2063,08672,622.1081,560.1080,486.5070,281.0970,735.8671,193.5871,654.2572,117.91
Total Cash (%)
Account Receivables 1,469.801,413.101,740.301,723.801,842.401,598.961,609.311,619.721,630.201,640.75
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure 281.40-24.60-31.20-108.80-129.90-0.49-0.50-0.50-0.50-0.51
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 71.47
Beta 1.298
Diluted Shares Outstanding 273.30
Cost of Debt
Tax Rate 17.90
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.089
Total Debt 4,360
Total Equity 19,532.75
Total Capital 23,892.75
Debt Weighting 18.25
Equity Weighting 81.75
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 14,093.2014,237.2016,222.1014,741.7014,262.7014,354.9914,447.8814,541.3714,635.4614,730.16
EBITDA 2,433.801,982.301,870.201,912.702,312.102,064.452,077.812,091.252,104.782,118.40
EBIT 2,238.101,777.201,643.401,660.802,036.801,838.611,850.511,862.481,874.531,886.66
Tax Rate -2.58%13.33%17.66%17.58%17.90%12.78%12.78%12.78%12.78%12.78%
EBIAT 2,295.941,540.261,353.111,368.851,672.181,603.661,614.041,624.481,634.991,645.57
Depreciation 195.70205.10226.80251.90275.30225.84227.30228.77230.25231.74
Accounts Receivable -56.70-327.2016.50-118.60243.44-10.35-10.41-10.48-10.55
Inventories ----------
Accounts Payable ----------
Capital Expenditure 281.40-24.60-31.20-108.80-129.90-0.49-0.50-0.50-0.50-0.51
UFCF 2,773.041,777.461,221.511,528.451,698.982,072.451,830.501,842.341,854.261,866.26
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 1,903.59
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 2,028
Equity Value -
Shares Outstanding 273.30
Equity Value Per Share -