Globe Life Inc.
NYSE-GL
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 | 5,226.7 | 5,447.5 | 5,778.1 | 6,028.9 | 6,349.8 | 6,662.6 | 6,662.6 | 6,662.6 |
Revenue % Chg. | 2.2% | 4.2% | 6.1% | |||||
EBIT | 1,195 | 1,297.5 | 1,475.3 | 1,637.3 | 1,594.9 | 1,664.8 | 1,664.8 | 1,664.8 |
EBIT Margin | 22.9% | 23.8% | 25.5% | |||||
Tax Rate | 18.8% | 18.7% | 19.3% | |||||
NOPAT | 969.8 | 1,054.7 | 1,190.8 | 1,320.2 | 1,284.7 | 1,341.2 | 1,341.2 | 1,341.2 |
NOPAT Margin | 18.6% | 19.4% | 20.6% | 21.9% | 20.2% | 20.1% | 20.1% | 20.1% |
D&A | 21 | 21 | 27 | 28.2 | 29.7 | 31.1 | 31.1 | 31.1 |
D&A / Revenue | 0.4% | 0.4% | 0.5% | |||||
Capex | -27.9 | -49.6 | -71 | -74.1 | -78.1 | -81.9 | -81.9 | -81.9 |
Capex / Revenue | -0.5% | -0.9% | -1.2% | |||||
Chg. NWC | 886.9 | 941.3 | 828.6 | 976.4 | 1,028.4 | 1,079.1 | 1,079.1 | 1,079.1 |
Chg. NWC / Revenue | 17% | 17.3% | 14.3% | |||||
Unlevered FCF (UFCF) | 1,849.7 | 1,967.4 | 1,975.3 | 2,250.7 | 2,264.7 | 2,369.5 | 2,369.5 | 2,369.5 |
UFCF % Chg. | -3.3% | 6.4% | 0.4% | 13.9% | 0.6% | 4.6% | — | — |
PV of UFCF | — | — | — | 2,093.3 | 1,959 | 1,906.3 | 1,772.9 | 1,648.9 |
Sum of PV of UFCF | — | — | — | 2,093.3 | 4,052.2 | 5,958.5 | 7,731.4 | 9,380.3 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 3.8% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.6% |
| Total Debt | 3,111.7 |
| Market Cap | 10,414 |
| Total Capital | 13,525.7 |
| Debt Weighting | 23% |
| Equity Weighting | 77% |
| WACC | 7.5% |
| Exit Multiple EV/FCF | |
| Terminal Value | 13,252.7 |
| PV of Terminal Value | 8,577.5 |
| Cumulative PV of UFCF | 9,380.3 |
| Net Debt | 2,838.6 |
| Equity Value | 15,119.2 |
| Shares Outstanding | 79.6 |
| Implied Share Price | 189.9 |
| Current Share Price | 131.4 |
| Implied Upside / (Downside) | 44.6% |