DCF Tool

CVX

Chevron Corp. – Petroleum Refineries
Chevron Corporation is one of the world's leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company's operations. Chevron is based in San Ramon, California.
Analysis Results
Intrinsic Value $682.22
Latest Price $143.67
Relative Value 79% undervalued
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Cash Flow (Billions)
Analysis Parameters
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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 19.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 19.3%, 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)
2022 30.7 29.0
2023 36.6 32.6
2024 43.7 36.8
2025 52.1 41.4
2026 62.1 46.6
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1630 billion. This corresponds to a present value of 1150 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 186 billion. Adding in the terminal value gives a total present value of 1340 billion.

There are presently 1.96 billion outstanding shares, so the intrinsic value per share is 682.22.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 33,738,000,000
Current Cash 5,675,000,000
Current Liabilities 26,791,000,000
Current Debt 256,000,000
Non-Cash Working Capital (NCWC) 1,528,000,000
Change in NCWC 1,712,000,000
EBIT 21,837,000,000
Tax Provision 5,950,000,000
Depreciation and Amortization 17,925,000,000
Capital Expenditure -8,056,000,000
Unlevered Free Cash Flow 27,413,556,633
Current Assets 26,078,000,000
Current Cash 5,627,000,000
Current Liabilities 22,183,000,000
Current Debt 1,548,000,000
Non-Cash Working Capital (NCWC) -184,000,000
Change in NCWC 484,000,000
EBIT -6,569,000,000
Tax Provision -1,892,000,000
Depreciation and Amortization 19,508,000,000
Capital Expenditure -8,922,000,000
Unlevered Free Cash Flow 4,501,000,000
Current Assets 28,329,000,000
Current Cash 5,749,000,000
Current Liabilities 26,530,000,000
Current Debt 3,282,000,000
Non-Cash Working Capital (NCWC) -668,000,000
Change in NCWC -2,899,000,000
EBIT 4,068,000,000
Tax Provision 2,691,000,000
Depreciation and Amortization 29,218,000,000
Capital Expenditure -14,116,000,000
Unlevered Free Cash Flow 14,293,581,647
Current Assets 34,021,000,000
Current Cash 10,345,000,000
Current Liabilities 27,171,000,000
Current Debt 5,726,000,000
Non-Cash Working Capital (NCWC) 2,231,000,000
Change in NCWC 1,038,000,000
EBIT 20,773,000,000
Tax Provision 5,715,000,000
Depreciation and Amortization 19,419,000,000
Capital Expenditure -13,792,000,000
Unlevered Free Cash Flow 21,668,002,673
Current Assets 28,560,000,000
Current Cash 4,822,000,000
Current Liabilities 27,737,000,000
Current Debt 5,192,000,000
Non-Cash Working Capital (NCWC) 1,193,000,000
Change in NCWC -480,000,000
EBIT 6,918,000,000
Tax Provision -48,000,000
Depreciation and Amortization 19,349,000,000
Capital Expenditure -13,404,000,000
Unlevered Free Cash Flow 12,383,000,000
Current Assets 29,619,000,000
Current Cash 7,001,000,000
Current Liabilities 31,785,000,000
Current Debt 10,840,000,000
Non-Cash Working Capital (NCWC) 1,673,000,000
Change in NCWC -806,000,000
EBIT -3,555,000,000
Tax Provision -1,729,000,000
Depreciation and Amortization 19,457,000,000
Capital Expenditure -18,109,000,000
Unlevered Free Cash Flow -3,013,000,000
Current Assets 35,347,000,000
Current Cash 11,332,000,000
Current Liabilities 26,464,000,000
Current Debt 4,928,000,000
Non-Cash Working Capital (NCWC) 2,479,000,000
Change in NCWC 1,598,000,000
EBIT 974,000,000
Tax Provision 132,000,000
Depreciation and Amortization 21,037,000,000
Capital Expenditure -29,504,000,000
Unlevered Free Cash Flow -5,921,552,664
Current Assets 42,232,000,000
Current Cash 13,215,000,000
Current Liabilities 31,926,000,000
Current Debt 3,790,000,000
Non-Cash Working Capital (NCWC) 881,000,000
Change in NCWC -209,000,000
EBIT 26,824,000,000
Tax Provision 11,892,000,000
Depreciation and Amortization 16,793,000,000
Capital Expenditure -35,407,000,000
Unlevered Free Cash Flow -2,222,415,422
Current Assets 50,250,000,000
Current Cash 16,516,000,000
Current Liabilities 33,018,000,000
Current Debt 374,000,000
Non-Cash Working Capital (NCWC) 1,090,000,000
Change in NCWC 1,368,000,000
EBIT 34,740,000,000
Tax Provision 14,308,000,000
Depreciation and Amortization 14,186,000,000
Capital Expenditure -37,985,000,000
Unlevered Free Cash Flow -1,534,752,123
Current Assets 55,720,000,000
Current Cash 21,913,000,000
Current Liabilities 34,212,000,000
Current Debt 127,000,000
Non-Cash Working Capital (NCWC) -278,000,000
Change in NCWC -181,000,000
EBIT 41,902,000,000
Tax Provision 19,996,000,000
Depreciation and Amortization 13,413,000,000
Capital Expenditure -30,938,000,000
Unlevered Free Cash Flow 6,111,902,788

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