DCF Tool

GM

General Motors Company – Automobile Manufacturing
General Motors is a global company committed to delivering safer, better and more sustainable ways for people to get around. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet,Buick,GMC,Cadillac, Baojun and Wuling brands.
Analysis Results
Intrinsic Value $506.32
Latest Price $35.40
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 6.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 2.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 6.7%, 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 19.0 18.6
2023 20.3 19.3
2024 21.7 20.1
2025 23.1 20.9
2026 24.7 21.8
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 740 billion. This corresponds to a present value of 638 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 101 billion. Adding in the terminal value gives a total present value of 738 billion.

There are presently 1.46 billion outstanding shares, so the intrinsic value per share is 506.32.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 335,374,000,000
Current Cash 57,352,000,000
Current Liabilities 267,424,000,000
Current Debt 926,000,000
Non-Cash Working Capital (NCWC) 11,524,000,000
Change in NCWC 16,194,000,000
EBIT 21,250,000,000
Tax Provision 5,542,000,000
Depreciation and Amortization 24,102,000,000
Capital Expenditure -44,222,000,000
Unlevered Free Cash Flow 12,693,318,181
Current Assets 159,790,000,000
Current Cash 29,038,000,000
Current Liabilities 136,698,000,000
Current Debt 1,276,000,000
Non-Cash Working Capital (NCWC) -4,670,000,000
Change in NCWC 12,149,000,000
EBIT 7,308,000,000
Tax Provision 1,774,000,000
Depreciation and Amortization 12,815,000,000
Capital Expenditure -5,300,000,000
Unlevered Free Cash Flow 25,370,469,178
Current Assets 143,402,000,000
Current Cash 23,778,000,000
Current Liabilities 138,340,000,000
Current Debt 1,897,000,000
Non-Cash Working Capital (NCWC) -16,819,000,000
Change in NCWC 50,949,000,000
EBIT 6,749,000,000
Tax Provision 769,000,000
Depreciation and Amortization 14,118,000,000
Capital Expenditure -7,592,000,000
Unlevered Free Cash Flow 63,526,046,664
Current Assets 100,376,000,000
Current Cash 26,810,000,000
Current Liabilities 142,269,000,000
Current Debt 935,000,000
Non-Cash Working Capital (NCWC) -67,768,000,000
Change in NCWC -3,253,000,000
EBIT 6,608,000,000
Tax Provision 474,000,000
Depreciation and Amortization 13,669,000,000
Capital Expenditure -8,761,000,000
Unlevered Free Cash Flow 7,896,618,902
Current Assets 89,952,000,000
Current Cash 23,825,000,000
Current Liabilities 133,157,000,000
Current Debt 2,515,000,000
Non-Cash Working Capital (NCWC) -64,515,000,000
Change in NCWC -6,612,000,000
EBIT 12,148,000,000
Tax Provision 11,533,000,000
Depreciation and Amortization 12,261,000,000
Capital Expenditure -8,453,000,000
Unlevered Free Cash Flow -2,466,071,988
Current Assets 96,927,000,000
Current Cash 24,801,000,000
Current Liabilities 131,196,000,000
Current Debt 1,167,000,000
Non-Cash Working Capital (NCWC) -57,903,000,000
Change in NCWC -24,759,000,000
EBIT 11,827,000,000
Tax Provision 2,416,000,000
Depreciation and Amortization 10,408,000,000
Capital Expenditure -9,542,000,000
Unlevered Free Cash Flow -14,511,569,325
Current Assets 96,507,000,000
Current Cash 23,401,000,000
Current Liabilities 107,067,000,000
Current Debt 817,000,000
Non-Cash Working Capital (NCWC) -33,144,000,000
Change in NCWC -16,500,000,000
EBIT 7,091,000,000
Tax Provision -1,897,000,000
Depreciation and Amortization 8,017,000,000
Capital Expenditure -7,874,000,000
Unlevered Free Cash Flow -9,266,000,000
Current Assets 99,676,000,000
Current Cash 28,176,000,000
Current Liabilities 88,644,000,000
Current Debt 500,000,000
Non-Cash Working Capital (NCWC) -16,644,000,000
Change in NCWC -6,206,000,000
EBIT 3,744,000,000
Tax Provision 228,000,000
Depreciation and Amortization 7,238,000,000
Capital Expenditure -7,091,000,000
Unlevered Free Cash Flow -2,516,043,805
Current Assets 95,855,000,000
Current Cash 28,993,000,000
Current Liabilities 77,864,000,000
Current Debt 564,000,000
Non-Cash Working Capital (NCWC) -10,438,000,000
Change in NCWC -626,000,000
EBIT 7,482,000,000
Tax Provision 2,127,000,000
Depreciation and Amortization 8,041,000,000
Capital Expenditure -2,254,000,000
Unlevered Free Cash Flow 10,509,155,269
Current Assets 76,950,000,000
Current Cash 27,410,000,000
Current Liabilities 61,100,000,000
Current Debt 1,748,000,000
Non-Cash Working Capital (NCWC) -9,812,000,000
Change in NCWC 7,713,000,000
EBIT -1,656,000,000
Tax Provision -34,831,000,000
Depreciation and Amortization 0
Capital Expenditure -9,118,000,000
Unlevered Free Cash Flow -3,061,000,000

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