Discounted Cash Flow (DCF) Analysis Unlevered

Reinsurance Group of America, Incor... (RZA)

$25.39

+0.04 (+0.16%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.83 | 25.39 | overvalue

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 12,515.7712,875.6614,30014.6016.6613.6711.219.207.556.19
Revenue (%)
EBITDA 1,447.121,095.681,409-45.620.76-7.60-6.23-5.11-4.20-3.44
EBITDA (%)
EBIT 1,288.84993.181,3050.380.820.950.780.640.520.43
EBIT (%)
Depreciation 158.28102.50104-46-0.05-8.55-7.01-5.75-4.72-3.87
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 52,994.6856,094.9268,0043,4083,0351,172.67962.08789.31647.56531.27
Total Cash (%)
Account Receivables 392.72427.894930.480.550.450.370.300.250.20
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 488.74487.185570.560.640.530.430.360.290.24
Accounts Payable (%)
Capital Expenditure -44.21-28.89-34-28-0.02-5.27-4.32-3.55-2.91-2.39
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.39
Beta 0.255
Diluted Shares Outstanding 62.41
Cost of Debt
Tax Rate 10.71
After-tax Cost of Debt 0.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.995
Total Debt 3,667
Total Equity 1,584.62
Total Capital 5,251.62
Debt Weighting 69.83
Equity Weighting 30.17
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 12,515.7712,875.6614,30014.6016.6613.6711.219.207.556.19
EBITDA 1,447.121,095.681,409-45.620.76-7.60-6.23-5.11-4.20-3.44
EBIT 1,288.84993.181,3050.380.820.950.780.640.520.43
Tax Rate -59.45%15.37%23.14%24.95%10.71%2.95%2.95%2.95%2.95%2.95%
EBIAT 2,055.01840.551,002.960.290.730.920.750.620.510.42
Depreciation 158.28102.50104-46-0.05-8.55-7.01-5.75-4.72-3.87
Accounts Receivable --35.17-65.11492.52-0.070.100.080.070.050.04
Inventories ----------
Accounts Payable --1.5669.82-556.440.08-0.12-0.09-0.08-0.06-0.05
Capital Expenditure -44.21-28.89-34-28-0.02-5.27-4.32-3.55-2.91-2.39
UFCF 2,169.09877.431,077.68-137.630.67-12.91-10.59-8.69-7.13-5.85
WACC
PV UFCF -12.76-10.34-8.38-6.80-5.51
SUM PV UFCF -43.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.21
Free cash flow (t + 1) -5.97
Terminal Value 755.31
Present Value of Terminal Value 711.22

Intrinsic Value

Enterprise Value 667.44
Net Debt 719
Equity Value -51.56
Shares Outstanding 62.41
Equity Value Per Share -0.83