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Key Info

Dai-ichi Life Holdings Inc Web - www.dai-ichi-life.co.jp

Tel - 81-3-3216-1222

Next Reporting Date - 15.05.2019

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    Dai-ichi Life Holdings Inc

    Insurance

    JAPAN


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.00%

    Cost of Debt

    4.00%

    Long Term Growth

    2.00%

    Beta Assumption

    1.47

    Current Market Cap mln$

    17,089.71

    Net Debt mln$

    -26.24

    WACC Estimate

    10.83%

    Ordinary Current Price $

    14.27

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue65963.1758934.5858132.9961620.6657565.8356201.2354843.4853109.5251361.6549843.2948369.8246939.9245552.2844205.6642898.85
    EBITDA Costs65963.1758934.5858132.9961620.6657565.8356201.2354843.4853109.5251361.6549843.2948369.8246939.9245552.2844205.6642898.85
    EBITDA0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    EBITDA Margin0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00
    Operating Costs63173.7056066.0154665.8857871.8954175.1652745.2451322.4949505.5247673.9946094.8144567.9443091.6541664.2640284.1538949.75
    Operating Profit2789.472868.573467.113748.773390.673455.993520.993603.993687.663748.493801.893848.273888.023921.513949.10
    Operating Margin4.234.875.966.085.896.156.426.797.187.527.868.208.548.879.21
    Pretax Costs63508.4956719.5355261.9758220.1054802.1853426.8452058.4050310.7848549.1547024.7345548.1844117.9942732.7041390.9140091.26
    PTP2454.682215.052871.023400.562763.652774.392785.082798.732812.492818.562821.652821.932819.582814.752807.59
    Pretax Margin3.723.764.945.524.804.945.085.275.485.655.836.016.196.376.54
    Net Income Costs64660.6357446.3755993.4958335.9155315.6653876.5552444.6650616.0148772.7047181.6945642.5844153.6742713.3341319.9839972.08
    Net Income1302.551488.212139.503284.752250.17 324.682398.822493.502588.942661.602727.252786.252838.942885.682926.77
    Net Margin1.972.533.685.333.914.144.374.705.045.345.645.946.236.536.82
    Revenue Less Capex66217.8659118.4058501.0261941.5057862.6056503.6755151.5553424.7851684.1750171.2048702.5247276.8445892.8944549.4643245.35
    Capex-254.68-183.81-368.03-320.84-296.77-302.43-308.07-315.27-322.52-327.91-332.70-336.93-340.62-343.80-346.49
    Capex to Revenues-0.39-0.31-0.63-0.52-0.52-0.54-0.56-0.59-0.63-0.66-0.69-0.72-0.75-0.78-0.81
    Revenue less FCF49070.3442330.0645764.9151389.0844628.6543676.4542729.0341519.1040299.4639233.0938194.9437184.2636200.3235242.4134309.86
    FCF16892.8316604.5212368.0810231.5812937.1812524.7812114.4511590.4211062.1810610.2010174.899755.669351.968963.258588.99
    FCF to Revenue25.6128.1721.2816.6022.4722.2922.0921.8221.5421.2921.0420.7820.5320.2820.02

    JAPAN Comparables

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    EV/EBITDA
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    EV/EBITDA
    2020
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    2019
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    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    8766 JPTokio Marine Holdings IncJAPAN 35566.6612.5911.81--0.724.24#????!1.067.8810.67
    8725 JPMS&AD Insurance Group Holdings IncJAPAN 18239.6210.158.94--0.374.04#????!0.686.293.32
    8750 JPDai-ichi Life Holdings IncJAPAN 17089.718.407.71--0.273.36#????!0.485.73-22.15
    8630 JPSompo Holdings IncJAPAN 13890.989.187.79--0.423.12#????!0.828.27-7.60
    8795 JPT&D Holdings IncJAPAN 7008.659.238.61--0.373.38#????!0.636.52-31.04

    International Comparables

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    EV/EBITDA
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    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    2318 HKPing An Insurance Group Co of China LtdCHINA 221142.4411.249.84--1.322.71#????!2.2320.6123.78
    1299 HKAIA Group LtdHONG KONG 123085.6419.0716.92--2.741.72#????!2.7215.8534.42
    2628 HKChina Life Insurance Co LtdCHINA 113763.0215.5413.96--1.032.57#????!1.5010.3237.13
    ALV GRAllianz SEGERMANY 100502.5511.2410.57--0.764.48#????!1.3712.3816.05
    CB USChubb LtdSWITZERLAND 64936.2813.2712.43--1.892.14#????!1.229.3416.09
    CS FPAXA SAFRANCE 63664.038.628.21--0.546.23#????!0.9410.175.66
    PRU LNPrudential PLCBRITAIN 58274.2211.2210.32--0.723.03#????!2.4721.6319.24
    1339 HKPeople's Insurance Co Group of China Ltd/TheCHINA 51812.517.206.54--0.632.24#????!0.7310.55-2.77
    MMC USMarsh & McLennan Cos IncUNITED STATES 47665.1520.2918.3914.9513.672.921.8624.465.5928.6015.69
    2601 HKChina Pacific Insurance Group Co LtdCHINA 45469.8612.0010.61--0.753.95#????!1.5714.3111.04
    PGR USProgressive Corp/TheUNITED STATES 44150.4014.8213.83--1.193.72#????!3.2724.2715.40
    AON USAon PLCBRITAIN 43208.6019.6117.4215.7414.503.810.9628.0010.6243.4718.53
    MET USMetLife IncUNITED STATES 42555.688.277.40--0.663.88#????!0.8211.0615.14
    PRU USPrudential Financial IncUNITED STATES 41952.217.997.40--0.753.93#????!0.8712.1716.32
    AIG USAmerican International Group IncUNITED STATES 39303.3910.378.99--0.812.98#????!0.656.9912.22
    MUV2 GRMuenchener Rueckversicherungs-Gesellschaft AG in MuenchenGERMANY 37072.0312.4510.99--0.624.38#????!1.179.6118.84
    AFL USAflac IncUNITED STATES 36828.4311.5311.10--1.672.21#????!1.4213.7719.28
    TRV USTravelers Cos Inc/TheUNITED STATES 36455.0012.4611.74--1.182.33#????!1.4612.4216.15
    MFC CNManulife Financial CorpCANADA 35588.728.367.79--0.934.13#????!1.0912.7620.33
    ALL USAllstate Corp/TheUNITED STATES 32122.4310.759.83--0.762.02#????!1.5214.765.59
    G IMAssicurazioni Generali SpAITALY 29930.9010.5410.28--0.395.57#????!1.0911.0220.40
    2328 HKPICC Property & Casualty Co LtdCHINA 25603.888.307.39--0.423.89#????!1.0913.355.42
    SLF CNSun Life Financial IncCANADA 24507.9411.0310.25--1.143.77#????!1.4613.8014.93
    1336 HKNew China Life Insurance Co LtdCHINA 24117.2811.9710.61--0.972.39#????!1.5613.6717.81
    GWO CNGreat-West Lifeco IncCANADA 23239.0510.7410.01--0.614.78#????!1.4914.0111.79
    LGEN LNLegal & General Group PLCBRITAIN 21099.658.608.91--1.686.41#????!1.6922.0218.06
    CFHS LICathay Financial Holding Co LtdTAIWAN 19158.90------#????!--0.00
    HIG USHartford Financial Services Group Inc/TheUNITED STATES 18386.9610.259.43--0.932.43#????!1.3012.8014.45
    HNR1 GRHannover Rueck SEGERMANY 18137.0013.9013.17--0.803.93#????!1.7613.1114.67
    2882 TTCathay Financial Holding Co LtdTAIWAN 18076.2710.869.73--1.114.48#????!0.969.44-5.93