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LyondellBasell Industries NV – All Other Miscellaneous Chemical Product and Preparation Manufacturing
LyondellBasell (NYSE: LYB) is one of the largest plastics, chemicals and refining companies in the world. Driven by its employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges?like?enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road, and ensuring the safe and effective functionality in electronics and appliances. LyondellBasell sells products into more than 100 countries and is the world's largest producer of polypropylene compounds and the largest licensor of polyolefin technologies.?In 2021, LyondellBasell was named to FORTUNE Magazine's list of the 'World's Most Admired Companies' for the fourth consecutive year.?
Analysis Results
Intrinsic Value $342.68
Latest Price $88.48
Relative Value 74% undervalued
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 0.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.0%. 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 3.53
2024 3.67 3.46
2025 3.7 3.39
2026 3.73 3.32
2027 3.77 3.25
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 94.8 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 16.9 billion. Adding in the terminal value gives a total present value of 112 billion.

There are presently 326.0 million outstanding shares, so the intrinsic value per share is 342.68.

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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