DCF Tool


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Analysis Results
Intrinsic Value $453.15
Latest Price $668.41
Relative Value 48% overvalued
Thoughts on this result? Let us know.
Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 16.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 16.3%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2024 2.08 1.92
2025 2.42 2.05
2026 2.82 2.19
2027 3.28 2.34
2028 3.81 2.51
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 57.7 billion. This corresponds to a present value of 34.9 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 11.0 billion. Adding in the terminal value gives a total present value of 45.9 billion.

There are presently 101.0 million outstanding shares, so the intrinsic value per share is 453.15.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,938,459,000
Current Cash 124,149,000
Current Liabilities 1,230,062,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,584,248,000
Change in NCWC 164,052,000
EBIT 1,802,664,000
Tax Provision 345,138,000
Depreciation and Amortization 409,162,000
Capital Expenditure -331,109,000
Unlevered Free Cash Flow 1,677,306,824
Current Assets 2,631,983,000
Current Cash 90,471,000
Current Liabilities 1,432,890,000
Current Debt 311,574,000
Non-Cash Working Capital (NCWC) 1,420,196,000
Change in NCWC 105,542,000
EBIT 1,587,370,000
Tax Provision 263,011,000
Depreciation and Amortization 399,701,000
Capital Expenditure -240,672,000
Unlevered Free Cash Flow 1,573,381,695
Current Assets 2,843,309,000
Current Cash 493,640,000
Current Liabilities 1,934,085,000
Current Debt 899,070,000
Non-Cash Working Capital (NCWC) 1,314,654,000
Change in NCWC 35,552,000
EBIT 1,385,492,000
Tax Provision 176,781,000
Depreciation and Amortization 387,951,000
Capital Expenditure -143,470,000
Unlevered Free Cash Flow 1,475,325,930
Current Assets 2,309,699,000
Current Cash 145,402,000
Current Liabilities 885,195,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,279,102,000
Change in NCWC -45,064,000
EBIT 1,162,696,000
Tax Provision 181,931,000
Depreciation and Amortization 379,053,000
Capital Expenditure -230,289,000
Unlevered Free Cash Flow 1,066,516,717
Current Assets 2,236,280,000
Current Cash 96,645,000
Current Liabilities 1,127,733,000
Current Debt 312,264,000
Non-Cash Working Capital (NCWC) 1,324,166,000
Change in NCWC 260,815,000
EBIT 1,147,944,000
Tax Provision 219,764,000
Depreciation and Amortization 360,093,000
Capital Expenditure -276,719,000
Unlevered Free Cash Flow 1,263,289,572
Current Assets 1,977,932,000
Current Cash 138,724,000
Current Liabilities 775,857,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,063,351,000
Change in NCWC 68,310,000
EBIT 991,731,000
Tax Provision 57,069,000
Depreciation and Amortization 279,416,000
Capital Expenditure -271,699,000
Unlevered Free Cash Flow 1,000,460,700
Current Assets 1,954,478,000
Current Cash 191,485,000
Current Liabilities 1,130,852,000
Current Debt 362,900,000
Non-Cash Working Capital (NCWC) 995,041,000
Change in NCWC 129,723,000
EBIT 852,915,000
Tax Provision 230,118,000
Depreciation and Amortization 196,595,000
Capital Expenditure -273,317,000
Unlevered Free Cash Flow 620,390,902
Current Assets 1,590,035,000
Current Cash 159,162,000
Current Liabilities 815,555,000
Current Debt 250,000,000
Non-Cash Working Capital (NCWC) 865,318,000
Change in NCWC 140,723,000
EBIT 781,748,000
Tax Provision 261,181,000
Depreciation and Amortization 165,279,000
Capital Expenditure -275,385,000
Unlevered Free Cash Flow 528,043,221
Current Assets 1,735,807,000
Current Cash 390,154,000
Current Liabilities 621,058,000
Current Debt 0
Non-Cash Working Capital (NCWC) 724,595,000
Change in NCWC 28,330,000
EBIT 690,868,000
Tax Provision 244,660,000
Depreciation and Amortization 155,082,000
Capital Expenditure -217,720,000
Unlevered Free Cash Flow 397,607,673
Current Assets 1,805,681,000
Current Cash 479,788,000
Current Liabilities 630,131,000
Current Debt 503,000
Non-Cash Working Capital (NCWC) 696,265,000
Change in NCWC -51,039,000
EBIT 611,634,000
Tax Provision 233,416,000
Depreciation and Amortization 190,862,000
Capital Expenditure -145,580,000
Unlevered Free Cash Flow 371,011,025
Current Assets 1,624,826,000
Current Cash 329,453,000
Current Liabilities 556,256,000
Current Debt 8,187,000
Non-Cash Working Capital (NCWC) 747,304,000
Change in NCWC -9,184,000
EBIT 565,211,000
Tax Provision 184,466,000
Depreciation and Amortization 189,377,000
Capital Expenditure -196,486,000
Unlevered Free Cash Flow 340,355,199
Current Assets 1,541,568,000
Current Cash 339,825,000
Current Liabilities 670,891,000
Current Debt 225,636,000
Non-Cash Working Capital (NCWC) 756,488,000
Change in NCWC 13,841,000
EBIT 539,627,000
Tax Provision 173,307,000
Depreciation and Amortization 155,831,000
Capital Expenditure -160,802,000
Unlevered Free Cash Flow 349,914,713

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