DCF Tool

TM

Toyota Motor Corporation – Automobile Manufacturing
Analysis Results
Intrinsic Value $25.09
Latest Price $130.29
Relative Value 419% overvalued
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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 -12.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -12.9%, 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 2.37 2.28
2024 2.06 1.91
2025 1.8 1.61
2026 1.56 1.35
2027 1.36 1.13
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 40.9 billion. This corresponds to a present value of 32.7 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 8.28 billion. Adding in the terminal value gives a total present value of 40.9 billion.

There are presently 1.63 billion outstanding shares, so the intrinsic value per share is 25.09.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 194,084,216,908
Current Cash 35,176,593,846
Current Liabilities 303,948,760,233
Current Debt 0
Non-Cash Working Capital (NCWC) -145,041,137,172
Change in NCWC -6,085,340,479
EBIT 29,093,802,784
Tax Provision 9,129,897,289
Depreciation and Amortization 14,905,734,357
Capital Expenditure -31,337,189,930
Unlevered Free Cash Flow -1,558,827,374
Current Assets 205,445,521,996
Current Cash 29,532,649,467
Current Liabilities 314,868,669,221
Current Debt 0
Non-Cash Working Capital (NCWC) -138,955,796,692
Change in NCWC -14,697,557,899
EBIT 22,989,832,690
Tax Provision 5,862,748,876
Depreciation and Amortization 20,586,927,909
Capital Expenditure -33,986,663,068
Unlevered Free Cash Flow -10,203,311,514
Current Assets 172,195,566,757
Current Cash 39,271,700,349
Current Liabilities 257,785,991,763
Current Debt 603,886,562
Non-Cash Working Capital (NCWC) -124,258,238,792
Change in NCWC 1,912,333,099
EBIT 25,068,612,426
Tax Provision 6,312,641,571
Depreciation and Amortization 14,828,449,825
Capital Expenditure -33,207,165,921
Unlevered Free Cash Flow 2,539,206,436
Current Assets 170,275,614,350
Current Cash 45,322,417,996
Current Liabilities 254,354,553,916
Current Debt 3,230,785,670
Non-Cash Working Capital (NCWC) -126,170,571,892
Change in NCWC 2,725,273,873
EBIT 25,502,789,131
Tax Provision 5,952,166,924
Depreciation and Amortization 16,165,788,600
Capital Expenditure -33,721,769,630
Unlevered Free Cash Flow 4,310,254,171
Current Assets 170,808,336,971
Current Cash 45,525,542,254
Current Liabilities 257,548,896,895
Current Debt 3,370,256,412
Non-Cash Working Capital (NCWC) -128,895,845,766
Change in NCWC -9,418,445,611
EBIT 27,004,892,983
Tax Provision 4,746,233,830
Depreciation and Amortization 16,316,471,428
Capital Expenditure -33,862,215,970
Unlevered Free Cash Flow -4,366,796,655
Current Assets 160,849,394,536
Current Cash 43,109,727,893
Current Liabilities 241,814,593,435
Current Debt 4,597,526,638
Non-Cash Working Capital (NCWC) -119,477,400,154
Change in NCWC -17,920,632,536
EBIT 21,253,624,695
Tax Provision 5,672,306,508
Depreciation and Amortization 14,529,817,411
Capital Expenditure -31,941,669,813
Unlevered Free Cash Flow -19,308,518,294
Current Assets 161,769,220,258
Current Cash 40,515,371,734
Current Liabilities 226,252,271,938
Current Debt 3,441,655,795
Non-Cash Working Capital (NCWC) -101,556,767,618
Change in NCWC -2,712,271,101
EBIT 28,277,616,255
Tax Provision 7,802,327,234
Depreciation and Amortization 128,312,869
Capital Expenditure -11,393,816,454
Unlevered Free Cash Flow 6,802,331,018
Current Assets 149,983,434,258
Current Cash 34,132,651,076
Current Liabilities 217,063,829,954
Current Debt 2,368,550,255
Non-Cash Working Capital (NCWC) -98,844,496,516
Change in NCWC -764,954,353
EBIT 25,580,147,093
Tax Provision 7,471,152,039
Depreciation and Amortization 11,782,628,787
Capital Expenditure -9,585,465,263
Unlevered Free Cash Flow 19,873,210,515
Current Assets 153,023,656,189
Current Cash 32,733,626,271
Current Liabilities 221,636,782,687
Current Debt 3,267,210,606
Non-Cash Working Capital (NCWC) -98,079,542,163
Change in NCWC -13,271,338,670
EBIT 25,415,058,546
Tax Provision 7,475,186,736
Depreciation and Amortization 12,177,992,094
Capital Expenditure -9,443,881,950
Unlevered Free Cash Flow 7,806,187,902
Current Assets 145,605,657,603
Current Cash 25,546,481,461
Current Liabilities 209,029,167,936
Current Debt 4,161,788,301
Non-Cash Working Capital (NCWC) -84,808,203,492
Change in NCWC -6,270,710,402
EBIT 16,397,609,418
Tax Provision 5,827,293,712
Depreciation and Amortization 11,672,934,834
Capital Expenditure -9,026,471,474
Unlevered Free Cash Flow 7,241,006,343
Current Assets 148,605,860,529
Current Cash 26,540,990,343
Current Liabilities 209,097,769,846
Current Debt 8,495,406,570
Non-Cash Working Capital (NCWC) -78,537,493,090
Change in NCWC 3,376,673,134
EBIT 6,673,689,008
Tax Provision 3,163,262,592
Depreciation and Amortization 12,879,097,630
Capital Expenditure -8,726,579,757
Unlevered Free Cash Flow 11,427,120,526

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