Sanlam Limited provides various financial solutions to individual, business, and institutional clients in South Africa, rest of Africa, and internationally. The company operates through Sanlam Life and Savings, Sanlam Emerging Markets, Sanlam Investment Group, and Santam segments. It offers life, disability, severe illness, income protection, funeral, credit life, health, short-term, medical, and group risk benefits, business debt, commercial insurance products; reinsurance products; financial planning and retirement, personal motor and property, solutions; investment products; wealth, and professionals and graduates insurance services; and personal and home loans, and credit cards. The company also provides payment and debit cards order collection, corporate credit, debt and equity structuring, business advice, risk management, and employee health and retirement plans for small and medium businesses, and self-employed professionals. The company was founded in 1918 and is headquartered in Bellville, South Africa.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	103,741	190,893	204,172	24,343.9	26,383	28,696.8	28,696.8	28,696.8
Revenue % Chg.	-46.6%	84%	7%
EBIT	17,168	94,281	100,529	26,752.6	28,218.4	30,693.2	30,693.2	30,693.2
EBIT Margin	16.5%	49.4%	49.2%
Tax Rate	22.5%	34.2%	26.8%
NOPAT	13,312.3	62,010.7	73,588.9	19,796.9	20,881.6	22,712.9	22,712.9	22,712.9
NOPAT Margin	12.8%	32.5%	36%	81.3%	79.1%	79.1%	79.1%	79.1%
D&A	1,079	1,194	1,358	161.9	175.5	190.9	190.9	190.9
D&A / Revenue	1%	0.6%	0.7%
Capex	-574	-752	-832	-99.2	-107.5	-116.9	-116.9	-116.9
Capex / Revenue	-0.6%	-0.4%	-0.4%
Chg. NWC	36,904	-16,020	2,934	2,322.3	2,516.8	2,737.5	2,737.5	2,737.5
Chg. NWC / Revenue	35.6%	-8.4%	1.4%
Unlevered FCF (UFCF)	50,721.3	46,432.7	77,048.9	22,181.9	23,466.4	25,524.4	25,524.4	25,524.4
UFCF % Chg.	120%	-8.5%	65.9%	-71.2%	5.8%	8.8%	—	—
PV of UFCF	—	—	—	19,690.6	18,491.3	17,854.1	15,848.8	14,068.8
Sum of PV of UFCF	—	—	—	19,690.6	38,181.9	56,035.9	71,884.8	85,953.6

Cost of Debt
Tax Rate
After Tax Cost of Debt	6.1%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	13.3%
Total Debt	21,458
Market Cap	202,779.8
Total Capital	224,237.8
Debt Weighting	9.6%
Equity Weighting	90.4%
WACC	12.7%

Exit Multiple EV/FCF
Terminal Value	194,170.8
PV of Terminal Value	95,005.2
Cumulative PV of UFCF	85,953.6
Net Debt	-18,030
Equity Value	198,988.8
Shares Outstanding	2,087.5
Implied Share Price	95.3
Current Share Price	96.6
Implied Upside / (Downside)	-1.3%