AFL · NYQ · Financial Services
Aflac Incorporated
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Implied value per share
USD 285.42
Market price
USD 124.59
Implied upside
+129.1%
10-year forecast · Excess returns over book equity · Base case · Price 2026-11-02 · Accounts to 2025-12-31
NoteA financial, valued on excess returns over book equity.
Excess Returns
- Return on equity
- 23.1%
- Payout
- 21%
- Cost of equity
- 7.84%
- Return on equity by the final year
- 20.0%
| Line | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 | FY32 | FY33 | FY34 | FY35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening book equity | USD 29.5bn | USD 34.4bn | USD 39.7bn | USD 45.0bn | USD 50.4bn | USD 55.7bn | USD 60.6bn | USD 65.0bn | USD 68.7bn | USD 71.5bn |
| Return on equity | 22.8% | 22.5% | 22.2% | 21.9% | 21.6% | 21.3% | 20.9% | 20.6% | 20.3% | 20.0% |
| Excess return | USD 4.4bn | USD 5.0bn | USD 5.7bn | USD 6.3bn | USD 6.9bn | USD 7.5bn | USD 7.9bn | USD 8.3bn | USD 8.6bn | USD 8.7bn |
| Present value | USD 4.1bn | USD 4.3bn | USD 4.5bn | USD 4.7bn | USD 4.7bn | USD 4.7bn | USD 4.7bn | USD 4.5bn | USD 4.3bn | USD 4.1bn |
| Book equity | USD 29.5bn |
| Present value of excess returns | USD 44.8bn |
| Terminal, growing at 2.50% | USD 78.4bn |
| Equity value | USD 152.7bn |
| Per share | USD 285.42 |
Discount Rate
| Risk-free rate | 4.89% | US 10-year Treasury (^TNX), 2026-11-02 |
| Equity risk premium | 4.23% | Damodaran, January 2026 |
| Beta | 0.697 | Reported 0.548, pulled toward 1.0 (Blume) |
| Cost of equity | 7.84% | Risk-free + beta x equity risk premium |
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Yahoo Finance and RBA data. General information, not advice. Methodology.