Discounted Cash Flow

Reinsurance Group of America Inc.

RGA · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $11.5b $701.4m $372.8m 6.1% $10.91
2017 $12.5b (8.6%) $1.8b (159.8%) $1.0b (173.0%) 14.6% (139.1%) $28.28 (159.2%)
2018 $12.9b (2.9%) $715.8m (-60.7%) $561.9m (-44.8%) 5.6% (-61.8%) $11.25 (-60.2%)
2019 $14.3b (11.1%) $870.0m (21.5%) $1.1b (94.2%) 6.1% (9.4%) $13.88 (23.4%)
2020 $14.6b (2.1%) $415.0m (-52.3%) $2.5b (133.0%) 2.8% (-53.3%) $6.35 (-54.3%)
2021 $16.7b (14.1%) $617.0m (48.7%) $3.0b (19.1%) 3.7% (30.3%) $9.10 (43.3%)
2022 $16.3b (-2.4%) $623.0m (1.0%) $29.0m (-99.0%) 3.8% (3.5%) $9.31 (2.3%)
2023 $18.6b (14.2%) $902.0m (44.8%) $2.8b (9431.0%) 4.9% (26.8%) $13.60 (46.1%)
2024 $22.1b (19.1%) $717.0m (-20.5%) $717.0m (-74.1%) 3.2% (-33.2%) $10.90 (-19.9%)
2025 $23.7b (7.2%) $1.2b (64.9%) $916.0m (27.8%) 5.0% (53.8%) $17.94 (64.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model