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LyondellBasell Industries NV – All Other Miscellaneous Chemical Product and Preparation Manufacturing
lyondellbasell (nyse: lyb) is one of the world’s largest plastics, chemicals and refining companies and a member of the s&p 500 index. with operations on five continents, we are a major global manufacturer of ethylene, polyethylene, propylene, polypropylene, propylene oxide, oxygenated fuels and acetyls. we also are a significant producer of gasoline, diesel and gasoline blending components. our products provide the amazing chemistry for countless goods that improve the quality of life for people around the world, including packaging, electronics, automotive parts, home furnishings, medical supplies, construction materials and biofuels. our portfolio lyondellbasell’s balanced, integrated product portfolio is comprised of five amazing business segments – olefins and polyolefins – americas; olefins and polyolefins – europe, asia and international; intermediates and derivatives; refining; and technology. we manufacture products at 55 sites in 18 countries and participate in 16 manufa
Analysis Results
Intrinsic Value $332.84
Latest Price $95.50
Relative Value 71% undervalued
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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 0.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 0.9%, 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)
2023 3.63 3.51
2024 3.67 3.41
2025 3.7 3.33
2026 3.73 3.24
2027 3.77 3.15
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 113 billion. This corresponds to a present value of 91.3 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 16.6 billion. Adding in the terminal value gives a total present value of 108 billion.

There are presently 324.0 million outstanding shares, so the intrinsic value per share is 332.84.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 11,845,000,000
Current Cash 2,151,000,000
Current Liabilities 6,760,000,000
Current Debt 781,000,000
Non-Cash Working Capital (NCWC) 3,715,000,000
Change in NCWC -159,000,000
EBIT 5,175,000,000
Tax Provision 882,000,000
Depreciation and Amortization 1,267,000,000
Capital Expenditure -1,890,000,000
Unlevered Free Cash Flow 3,437,315,326
Current Assets 12,217,000,000
Current Cash 1,481,000,000
Current Liabilities 7,230,000,000
Current Debt 368,000,000
Non-Cash Working Capital (NCWC) 3,874,000,000
Change in NCWC -464,000,000
EBIT 7,858,000,000
Tax Provision 1,163,000,000
Depreciation and Amortization 1,393,000,000
Capital Expenditure -1,959,000,000
Unlevered Free Cash Flow 5,481,278,219
Current Assets 11,634,000,000
Current Cash 2,465,000,000
Current Liabilities 5,502,000,000
Current Debt 671,000,000
Non-Cash Working Capital (NCWC) 4,338,000,000
Change in NCWC 632,000,000
EBIT 2,397,000,000
Tax Provision -43,000,000
Depreciation and Amortization 1,385,000,000
Capital Expenditure -1,947,000,000
Unlevered Free Cash Flow 2,467,000,000
Current Assets 9,510,000,000
Current Cash 1,054,000,000
Current Liabilities 5,198,000,000
Current Debt 448,000,000
Non-Cash Working Capital (NCWC) 3,706,000,000
Change in NCWC -1,013,000,000
EBIT 4,341,000,000
Tax Provision 648,000,000
Depreciation and Amortization 1,312,000,000
Capital Expenditure -2,694,000,000
Unlevered Free Cash Flow 1,251,782,823
Current Assets 10,566,000,000
Current Cash 1,224,000,000
Current Liabilities 5,513,000,000
Current Debt 890,000,000
Non-Cash Working Capital (NCWC) 4,719,000,000
Change in NCWC 518,000,000
EBIT 5,520,000,000
Tax Provision 613,000,000
Depreciation and Amortization 1,241,000,000
Capital Expenditure -2,105,000,000
Unlevered Free Cash Flow 4,536,877,047
Current Assets 11,738,000,000
Current Cash 2,830,000,000
Current Liabilities 4,777,000,000
Current Debt 70,000,000
Non-Cash Working Capital (NCWC) 4,201,000,000
Change in NCWC 568,000,000
EBIT 5,781,000,000
Tax Provision 598,000,000
Depreciation and Amortization 1,174,000,000
Capital Expenditure -1,547,000,000
Unlevered Free Cash Flow 5,346,646,641
Current Assets 9,599,000,000
Current Cash 2,022,000,000
Current Liabilities 4,540,000,000
Current Debt 596,000,000
Non-Cash Working Capital (NCWC) 3,633,000,000
Change in NCWC -176,000,000
EBIT 5,427,000,000
Tax Provision 1,386,000,000
Depreciation and Amortization 1,064,000,000
Capital Expenditure -2,243,000,000
Unlevered Free Cash Flow 2,634,617,618
Current Assets 9,789,000,000
Current Cash 1,988,000,000
Current Liabilities 4,349,000,000
Current Debt 357,000,000
Non-Cash Working Capital (NCWC) 3,809,000,000
Change in NCWC -125,000,000
EBIT 6,461,000,000
Tax Provision 1,730,000,000
Depreciation and Amortization 1,047,000,000
Capital Expenditure -1,440,000,000
Unlevered Free Cash Flow 4,142,785,794
Current Assets 11,645,000,000
Current Cash 2,624,000,000
Current Liabilities 5,437,000,000
Current Debt 350,000,000
Non-Cash Working Capital (NCWC) 3,934,000,000
Change in NCWC -764,000,000
EBIT 5,993,000,000
Tax Provision 1,540,000,000
Depreciation and Amortization 1,019,000,000
Capital Expenditure -1,499,000,000
Unlevered Free Cash Flow 3,133,240,196
Current Assets 14,599,000,000
Current Cash 4,450,000,000
Current Liabilities 5,510,000,000
Current Debt 59,000,000
Non-Cash Working Capital (NCWC) 4,698,000,000
Change in NCWC 144,000,000
EBIT 5,305,000,000
Tax Provision 1,136,000,000
Depreciation and Amortization 1,021,000,000
Capital Expenditure -1,561,000,000
Unlevered Free Cash Flow 3,702,738,991
Current Assets 12,286,000,000
Current Cash 2,732,000,000
Current Liabilities 5,096,000,000
Current Debt 96,000,000
Non-Cash Working Capital (NCWC) 4,554,000,000
Change in NCWC -850,000,000
EBIT 4,819,000,000
Tax Provision 1,327,000,000
Depreciation and Amortization 983,000,000
Capital Expenditure -1,060,000,000
Unlevered Free Cash Flow 2,363,968,219

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