Tokio Marine Holdings, Inc. engages in non-life and life insurance, and financial and general businesses worldwide. It operates through four segments: Domestic Non-Life Insurance, Domestic Life Insurance, International Insurance, and Financial and Other. The company offers fire and allied lines, hull and cargo, health, personal accident, automobile, and other insurance products, as well as asset management services. It also provides investment advisory, investment trust, staffing, facility management, and nursing care services. The company was formerly known as Millea Holdings, Inc. and changed its name to Tokio Marine Holdings, Inc. in 2008. Tokio Marine Holdings, Inc. was incorporated in 2002 and is headquartered in Tokyo, Japan.

BUILD UP FREE CASH	2023-03-31 (A)	2024-03-31 (A)	2025-03-31 (A)	2026-03-31 (E)	2027-03-31 (E)	2028-03-31 (E)	2029-03-31 (E)	2030-03-31 (E)
Revenue	6,622,532	7,353,991	7,981,520	8,101,466.7	8,569,600	8,740,950	8,740,950	8,740,950
Revenue % Chg.	13.3%	11%	8.5%
EBIT	800,675	1,058,246	1,871,562	1,899,687.9	2,009,459.1	2,049,638.4	2,049,638.4	2,049,638.4
EBIT Margin	12.1%	14.4%	23.4%
Tax Rate	34%	18.3%	27.3%
NOPAT	528,830.6	864,395.4	1,359,847	1,381,548	1,460,876.7	1,488,037.5	1,488,037.5	1,488,037.5
NOPAT Margin	8%	11.8%	17%	17.1%	17%	17%	17%	17%
D&A	191,399	210,513	235,051	238,583.4	252,369.6	257,415.8	257,415.8	257,415.8
D&A / Revenue	2.9%	2.9%	2.9%
Capex	-24,877	-20,723	-26,148	-26,541	-28,074.6	-28,635.9	-28,635.9	-28,635.9
Capex / Revenue	-0.4%	-0.3%	-0.3%
Chg. NWC	565,373	526,050	571,527	617,088.7	652,746.4	665,798.2	665,798.2	665,798.2
Chg. NWC / Revenue	8.5%	7.2%	7.2%
Unlevered FCF (UFCF)	1,260,725.6	1,580,235.4	2,140,277	2,210,679.2	2,337,918.2	2,382,615.4	2,382,615.4	2,382,615.4
UFCF % Chg.	-7.5%	25.3%	35.4%	3.3%	5.8%	1.9%	—	—
PV of UFCF	—	—	—	2,021,766.2	1,955,418.7	1,822,508.8	1,666,766.8	1,524,333.8
Sum of PV of UFCF	—	—	—	2,021,766.2	3,977,184.9	5,799,693.7	7,466,460.5	8,990,794.3

Cost of Debt
Tax Rate
After Tax Cost of Debt	2.7%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	9.7%
Total Debt	545,818
Market Cap	10,523,397.3
Total Capital	11,069,215.3
Debt Weighting	4.9%
Equity Weighting	95.1%
WACC	9.3%

Exit Multiple EV/FCF
Terminal Value	9,749,927.3
PV of Terminal Value	5,704,698.8
Cumulative PV of UFCF	8,990,794.3
Net Debt	-782,811
Equity Value	15,478,304.1
Shares Outstanding	1,903.3
Implied Share Price	8,132.3
Current Share Price	5,529
Implied Upside / (Downside)	47.1%