DCF Tool

UL

Unilever plc – All Other Miscellaneous Food Manufacturing
Analysis Results
Intrinsic Value $182.31
Latest Price $43.99
Relative Value 76% 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 8.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 2.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 8.3%, 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)
2022 11.3 11.0
2023 12.2 11.6
2024 13.2 12.3
2025 14.3 13.0
2026 15.5 13.8
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 466 billion. This corresponds to a present value of 404 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 61.8 billion. Adding in the terminal value gives a total present value of 466 billion.

There are presently 2.56 billion outstanding shares, so the intrinsic value per share is 182.31.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 19,681,917,767
Current Cash 4,712,078,008
Current Liabilities 28,025,892,675
Current Debt 7,986,553,724
Non-Cash Working Capital (NCWC) -5,069,499,191
Change in NCWC 2,518,222,316
EBIT 11,115,120,159
Tax Provision 2,188,639,209
Depreciation and Amortization 1,994,093,501
Capital Expenditure -1,515,646,790
Unlevered Free Cash Flow 11,598,026,036
Current Assets 19,856,627,211
Current Cash 7,404,603,512
Current Liabilities 25,307,152,784
Current Debt 5,267,407,577
Non-Cash Working Capital (NCWC) -7,587,721,508
Change in NCWC -2,140,020,446
EBIT 11,726,925,596
Tax Provision 2,363,328,224
Depreciation and Amortization 2,480,081,309
Capital Expenditure -1,254,788,412
Unlevered Free Cash Flow 7,991,928,172
Current Assets 18,413,027,861
Current Cash 5,337,872,897
Current Liabilities 23,509,951,216
Current Debt 4,987,095,190
Non-Cash Working Capital (NCWC) -5,447,701,061
Change in NCWC 378,054,332
EBIT 9,956,259,252
Tax Provision 2,536,134,026
Depreciation and Amortization 2,221,218,577
Capital Expenditure -1,710,181,407
Unlevered Free Cash Flow 8,127,168,260
Current Assets 17,694,431,872
Current Cash 4,304,452,582
Current Liabilities 22,598,947,547
Current Debt 3,383,212,863
Non-Cash Working Capital (NCWC) -5,825,755,393
Change in NCWC -3,382,478,699
EBIT 14,538,671,495
Tax Provision 2,943,166,595
Depreciation and Amortization 1,996,781,375
Capital Expenditure -1,751,041,252
Unlevered Free Cash Flow 8,378,668,840
Current Assets 20,280,629,570
Current Cash 4,247,671,164
Current Liabilities 27,677,333,306
Current Debt 9,201,098,206
Non-Cash Working Capital (NCWC) -2,443,276,694
Change in NCWC 2,782,747,955
EBIT 10,761,881,510
Tax Provision 1,990,685,361
Depreciation and Amortization 1,836,637,124
Capital Expenditure -1,990,685,361
Unlevered Free Cash Flow 11,190,157,276
Current Assets 14,664,132,221
Current Cash 3,750,528,199
Current Liabilities 21,711,027,222
Current Debt 5,571,398,550
Non-Cash Working Capital (NCWC) -5,226,024,649
Change in NCWC 744,097,450
EBIT 8,373,468,759
Tax Provision 2,029,995,831
Depreciation and Amortization 1,546,261,133
Capital Expenditure -2,150,401,411
Unlevered Free Cash Flow 6,358,678,716
Current Assets 13,845,880,980
Current Cash 2,749,312,170
Current Liabilities 21,849,337,170
Current Debt 4,782,646,260
Non-Cash Working Capital (NCWC) -5,970,122,100
Change in NCWC -384,941,050
EBIT 8,318,879,460
Tax Provision 2,140,294,230
Depreciation and Amortization 1,495,259,100
Capital Expenditure -2,402,237,430
Unlevered Free Cash Flow 4,767,497,113
Current Assets 15,020,742,850
Current Cash 2,828,478,750
Current Liabilities 23,895,475,100
Current Debt 6,118,029,950
Non-Cash Working Capital (NCWC) -5,585,181,050
Change in NCWC 426,825,090
EBIT 9,827,290,900
Tax Provision 2,592,468,050
Depreciation and Amortization 1,742,099,600
Capital Expenditure -2,302,929,150
Unlevered Free Cash Flow 6,954,343,606
Current Assets 16,680,599,320
Current Cash 3,647,935,060
Current Liabilities 23,918,674,920
Current Debt 4,874,004,520
Non-Cash Working Capital (NCWC) -6,012,006,140
Change in NCWC -988,429,520
EBIT 10,499,337,800
Tax Provision 2,547,087,060
Depreciation and Amortization 1,583,845,060
Capital Expenditure -2,464,523,460
Unlevered Free Cash Flow 5,898,394,869

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