MetLife, Inc., a financial services company, provides insurance, annuities, employee benefits, and asset management services worldwide. It operates through five segments: U.S.; Asia; Latin America; Europe, the Middle East and Africa; and MetLife Holdings. The company offers life, dental, group short-and long-term disability, individual disability, pet insurance, accidental death and dismemberment, vision, and accident and health coverages, as well as prepaid legal plans; administrative services-only arrangements to employers; and general and separate account, and synthetic guaranteed interest contracts, as well as private floating rate funding agreements. It also provides pension risk transfers, institutional income annuities, structured settlements, and capital markets investment products; and other products and services, such as life insurance products and funding agreements for funding postretirement benefits, as well as company, bank, or trust-owned life insurance used to finance nonqualified benefit programs for executives. In addition, it provides fixed, indexed-linked, and variable annuities; and pension products; regular savings products; whole and term life, endowments, universal and variable life, and group life products; longevity reinsurance solutions; credit insurance products; and protection against long-term health care services. MetLife, Inc. was founded in 1863 and is headquartered in New York, New York.

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	68,764	66,901	70,982	79,687.2	77,574.7	80,389.4	80,389.4	80,389.4
Revenue % Chg.	0.1%	-2.7%	6.1%
EBIT	3,621	2,207	5,545	7,749	8,118	8,471	8,471	8,471
EBIT Margin	5.3%	3.3%	7.8%
Tax Rate	16.7%	25.9%	21%
NOPAT	3,016.7	1,635.3	4,383.1	5,886.7	6,161.6	6,425.3	6,425.3	6,425.3
NOPAT Margin	4.4%	2.4%	6.2%	7.4%	7.9%	8%	8%	8%
D&A	673	718	714	460.7	448.5	464.8	464.8	464.8
D&A / Revenue	1%	1.1%	1%
Capex	—	—	—	-3,093.2	-3,011.2	-3,120.4	-3,120.4	-3,120.4
Capex / Revenue	—	—	—
Chg. NWC	2,099	1,448	1,366	1,896.9	1,846.6	1,913.6	1,913.6	1,913.6
Chg. NWC / Revenue	3.1%	2.2%	1.9%
Unlevered FCF (UFCF)	5,788.7	3,801.3	6,463.1	5,151.1	5,445.5	5,683.2	5,683.2	5,683.2
UFCF % Chg.	-46.4%	-34.3%	70%	-20.3%	5.7%	4.4%	—	—
PV of UFCF	—	—	—	4,928.4	4,984.9	4,977.6	4,762.4	4,556.5
Sum of PV of UFCF	—	—	—	4,928.4	9,913.3	14,890.9	19,653.3	24,209.8

Cost of Debt
Tax Rate
After Tax Cost of Debt	1.2%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	64,662
Market Cap	51,070.7
Total Capital	115,732.7
Debt Weighting	55.9%
Equity Weighting	44.1%
WACC	4.5%

Exit Multiple EV/FCF
Terminal Value	78,957.7
PV of Terminal Value	60,567.4
Cumulative PV of UFCF	24,209.8
Net Debt	27,640
Equity Value	57,137.2
Shares Outstanding	658.9
Implied Share Price	86.7
Current Share Price	78
Implied Upside / (Downside)	11.1%