DCF Tool

PHM

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Analysis Results
Intrinsic Value $929.83
Latest Price $110.89
Relative Value 88% 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 17.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 17.3%, 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)
2024 3.83 3.68
2025 4.49 4.16
2026 5.27 4.69
2027 6.18 5.29
2028 7.25 5.97
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 217 billion. This corresponds to a present value of 172 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 23.8 billion. Adding in the terminal value gives a total present value of 196 billion.

There are presently 211.0 million outstanding shares, so the intrinsic value per share is 929.83.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 14,599,179,000
Current Cash 1,806,583,000
Current Liabilities 3,347,866,000
Current Debt 0
Non-Cash Working Capital (NCWC) 9,444,730,000
Change in NCWC 488,269,000
EBIT 3,400,866,000
Tax Provision 846,895,000
Depreciation and Amortization 80,824,000
Capital Expenditure -92,201,000
Unlevered Free Cash Flow 3,042,746,848
Current Assets 13,540,926,000
Current Cash 1,053,104,000
Current Liabilities 3,531,361,000
Current Debt 0
Non-Cash Working Capital (NCWC) 8,956,461,000
Change in NCWC 2,078,247,000
EBIT 3,492,838,000
Tax Provision 822,241,000
Depreciation and Amortization 70,918,000
Capital Expenditure -112,661,000
Unlevered Free Cash Flow 4,694,364,188
Current Assets 12,233,193,000
Current Cash 1,779,088,000
Current Liabilities 3,575,891,000
Current Debt 0
Non-Cash Working Capital (NCWC) 6,878,214,000
Change in NCWC 881,215,000
EBIT 2,574,421,000
Tax Provision 563,525,000
Depreciation and Amortization 69,953,000
Capital Expenditure -72,781,000
Unlevered Free Cash Flow 2,874,784,020
Current Assets 11,267,498,000
Current Cash 2,582,205,000
Current Liabilities 2,688,294,000
Current Debt 0
Non-Cash Working Capital (NCWC) 5,996,999,000
Change in NCWC -217,092,000
EBIT 1,748,905,000
Tax Provision 321,855,000
Depreciation and Amortization 66,081,000
Capital Expenditure -58,354,000
Unlevered Free Cash Flow 1,213,922,037
Current Assets 9,781,146,000
Current Cash 1,217,913,000
Current Liabilities 2,349,142,000
Current Debt 0
Non-Cash Working Capital (NCWC) 6,214,091,000
Change in NCWC 347,593,000
EBIT 1,339,599,000
Tax Provision 322,876,000
Depreciation and Amortization 53,999,000
Capital Expenditure -58,119,000
Unlevered Free Cash Flow 1,360,190,456
Current Assets 9,303,714,000
Current Cash 1,110,088,000
Current Liabilities 2,327,128,000
Current Debt 0
Non-Cash Working Capital (NCWC) 5,866,498,000
Change in NCWC 244,064,000
EBIT 1,350,279,000
Tax Provision 325,517,000
Depreciation and Amortization 49,429,000
Capital Expenditure -59,039,000
Unlevered Free Cash Flow 1,258,554,356
Current Assets 8,420,773,000
Current Cash 272,683,000
Current Liabilities 2,525,656,000
Current Debt 0
Non-Cash Working Capital (NCWC) 5,622,434,000
Change in NCWC 158,633,000
EBIT 950,994,000
Tax Provision 491,607,000
Depreciation and Amortization 50,998,000
Capital Expenditure -32,051,000
Unlevered Free Cash Flow 630,596,407
Current Assets 8,552,222,000
Current Cash 698,882,000
Current Liabilities 2,389,539,000
Current Debt 0
Non-Cash Working Capital (NCWC) 5,463,801,000
Change in NCWC 1,282,930,000
EBIT 977,201,000
Tax Provision 331,147,000
Depreciation and Amortization 54,007,000
Capital Expenditure -39,295,000
Unlevered Free Cash Flow 1,928,323,559
Current Assets 7,022,762,000
Current Cash 754,161,000
Current Liabilities 2,087,730,000
Current Debt 0
Non-Cash Working Capital (NCWC) 4,180,871,000
Change in NCWC 1,111,301,000
EBIT 827,841,000
Tax Provision 321,933,000
Depreciation and Amortization 46,222,000
Capital Expenditure -45,440,000
Unlevered Free Cash Flow 1,613,328,626
Current Assets 6,286,072,000
Current Cash 1,292,862,000
Current Liabilities 1,923,640,000
Current Debt 0
Non-Cash Working Capital (NCWC) 3,069,570,000
Change in NCWC 580,269,000
EBIT 711,687,000
Tax Provision 215,420,000
Depreciation and Amortization 39,864,000
Capital Expenditure -48,790,000
Unlevered Free Cash Flow 1,060,761,300
Current Assets 6,096,653,000
Current Cash 1,580,329,000
Current Liabilities 2,027,023,000
Current Debt 0
Non-Cash Working Capital (NCWC) 2,489,301,000
Change in NCWC -239,725,000
EBIT 591,792,000
Tax Provision -2,092,294,000
Depreciation and Amortization 31,587,000
Capital Expenditure -28,899,000
Unlevered Free Cash Flow 354,755,000
Current Assets 6,168,966,000
Current Cash 1,404,760,000
Current Liabilities 2,035,180,000
Current Debt 0
Non-Cash Working Capital (NCWC) 2,729,026,000
Change in NCWC -620,500,000
EBIT 232,658,000
Tax Provision -22,591,000
Depreciation and Amortization 30,027,000
Capital Expenditure -13,942,000
Unlevered Free Cash Flow -371,757,000

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