DCF Tool

D

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Analysis Results
Intrinsic Value $732.32
Latest Price $48.91
Relative Value 93% 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 39.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 39.0%, 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 6.06 5.87
2025 8.43 7.88
2026 11.7 10.6
2027 16.3 14.2
2028 22.6 19.1
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 679 billion. This corresponds to a present value of 556 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 57.7 billion. Adding in the terminal value gives a total present value of 613 billion.

There are presently 838.0 million outstanding shares, so the intrinsic value per share is 732.32.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 25,387,000,000
Current Cash 184,000,000
Current Liabilities 24,476,000,000
Current Debt 10,995,000,000
Non-Cash Working Capital (NCWC) 11,722,000,000
Change in NCWC 8,711,000,000
EBIT 3,694,000,000
Tax Provision 575,000,000
Depreciation and Amortization 3,128,000,000
Capital Expenditure -10,211,000,000
Unlevered Free Cash Flow 4,544,529,282
Current Assets 9,850,000,000
Current Cash 153,000,000
Current Liabilities 13,450,000,000
Current Debt 6,764,000,000
Non-Cash Working Capital (NCWC) 3,011,000,000
Change in NCWC 1,543,000,000
EBIT 4,384,000,000
Tax Provision 68,000,000
Depreciation and Amortization 3,113,000,000
Capital Expenditure -7,591,000,000
Unlevered Free Cash Flow 1,165,892,687
Current Assets 7,269,000,000
Current Cash 283,000,000
Current Liabilities 8,673,000,000
Current Debt 3,155,000,000
Non-Cash Working Capital (NCWC) 1,468,000,000
Change in NCWC 2,540,000,000
EBIT 3,598,000,000
Tax Provision 425,000,000
Depreciation and Amortization 2,768,000,000
Capital Expenditure -5,960,000,000
Unlevered Free Cash Flow 2,452,407,359
Current Assets 6,886,000,000
Current Cash 172,000,000
Current Liabilities 10,843,000,000
Current Debt 3,057,000,000
Non-Cash Working Capital (NCWC) -1,072,000,000
Change in NCWC -1,128,000,000
EBIT 4,099,000,000
Tax Provision 83,000,000
Depreciation and Amortization 2,836,000,000
Capital Expenditure -6,020,000,000
Unlevered Free Cash Flow -454,117,647
Current Assets 6,088,000,000
Current Cash 166,000,000
Current Liabilities 9,939,000,000
Current Debt 4,073,000,000
Non-Cash Working Capital (NCWC) 56,000,000
Change in NCWC -1,221,000,000
EBIT 4,055,000,000
Tax Provision 351,000,000
Depreciation and Amortization 2,977,000,000
Capital Expenditure -4,980,000,000
Unlevered Free Cash Flow 6,851,187
Current Assets 5,161,000,000
Current Cash 268,000,000
Current Liabilities 7,647,000,000
Current Debt 4,031,000,000
Non-Cash Working Capital (NCWC) 1,277,000,000
Change in NCWC 323,000,000
EBIT 3,821,000,000
Tax Provision 580,000,000
Depreciation and Amortization 2,280,000,000
Capital Expenditure -4,254,000,000
Unlevered Free Cash Flow 1,461,728,986
Current Assets 4,334,000,000
Current Cash 120,000,000
Current Liabilities 9,636,000,000
Current Debt 6,376,000,000
Non-Cash Working Capital (NCWC) 954,000,000
Change in NCWC 218,000,000
EBIT 4,144,000,000
Tax Provision -30,000,000
Depreciation and Amortization 2,202,000,000
Capital Expenditure -5,504,000,000
Unlevered Free Cash Flow 1,060,000,000
Current Assets 4,248,000,000
Current Cash 261,000,000
Current Liabilities 8,115,000,000
Current Debt 4,864,000,000
Non-Cash Working Capital (NCWC) 736,000,000
Change in NCWC -63,000,000
EBIT 3,738,000,000
Tax Provision 655,000,000
Depreciation and Amortization 1,849,000,000
Capital Expenditure -6,085,000,000
Unlevered Free Cash Flow -1,414,990,233
Current Assets 4,191,000,000
Current Cash 607,000,000
Current Liabilities 8,120,000,000
Current Debt 5,335,000,000
Non-Cash Working Capital (NCWC) 799,000,000
Change in NCWC -1,450,000,000
EBIT 3,592,000,000
Tax Provision 905,000,000
Depreciation and Amortization 1,669,000,000
Capital Expenditure -5,575,000,000
Unlevered Free Cash Flow -2,913,490,806
Current Assets 5,615,000,000
Current Cash 318,000,000
Current Liabilities 7,198,000,000
Current Debt 4,150,000,000
Non-Cash Working Capital (NCWC) 2,249,000,000
Change in NCWC 173,000,000
EBIT 2,767,000,000
Tax Provision 452,000,000
Depreciation and Amortization 1,560,000,000
Capital Expenditure -5,345,000,000
Unlevered Free Cash Flow -1,548,421,822
Current Assets 5,940,000,000
Current Cash 316,000,000
Current Liabilities 6,994,000,000
Current Debt 3,446,000,000
Non-Cash Working Capital (NCWC) 2,076,000,000
Change in NCWC 312,000,000
EBIT 3,330,000,000
Tax Provision 892,000,000
Depreciation and Amortization 1,390,000,000
Capital Expenditure -4,104,000,000
Unlevered Free Cash Flow -170,505,917
Current Assets 5,140,000,000
Current Cash 248,000,000
Current Liabilities 7,763,000,000
Current Debt 4,635,000,000
Non-Cash Working Capital (NCWC) 1,764,000,000
Change in NCWC 105,000,000
EBIT 1,181,000,000
Tax Provision 146,000,000
Depreciation and Amortization 1,443,000,000
Capital Expenditure -4,145,000,000
Unlevered Free Cash Flow -1,762,933,601

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