DCF Tool

WB

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Analysis Results
Intrinsic Value $72.93
Latest Price $7.77
Relative Value 89% undervalued
Thoughts on this result? Let us know.
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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 15.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 15.3%, 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)
2023 0.63 0.572
2024 0.726 0.598
2025 0.837 0.625
2026 0.965 0.654
2027 1.11 0.684
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 13.8 billion. This corresponds to a present value of 7.7 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.13 billion. Adding in the terminal value gives a total present value of 10.8 billion.

There are presently 148.0 million outstanding shares, so the intrinsic value per share is 72.93.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 4,552,258,000
Current Cash 3,171,196,000
Current Liabilities 1,219,938,000
Current Debt 0
Non-Cash Working Capital (NCWC) 161,124,000
Change in NCWC -244,413,000
EBIT 466,575,000
Tax Provision 30,277,000
Depreciation and Amortization 66,155,000
Capital Expenditure -43,136,000
Unlevered Free Cash Flow 134,891,887
Current Assets 4,802,780,000
Current Cash 3,134,765,000
Current Liabilities 2,159,019,000
Current Debt 896,541,000
Non-Cash Working Capital (NCWC) 405,537,000
Change in NCWC 26,240,000
EBIT 711,629,000
Tax Provision 138,841,000
Depreciation and Amortization 61,232,000
Capital Expenditure -35,094,000
Unlevered Free Cash Flow 584,598,878
Current Assets 4,834,559,000
Current Cash 3,496,892,000
Current Liabilities 958,370,000
Current Debt 0
Non-Cash Working Capital (NCWC) 379,297,000
Change in NCWC -51,806,000
EBIT 517,232,000
Tax Provision 61,316,000
Depreciation and Amortization 36,081,000
Capital Expenditure -34,828,000
Unlevered Free Cash Flow 382,312,145
Current Assets 3,636,178,000
Current Cash 2,404,220,000
Current Liabilities 800,855,000
Current Debt 0
Non-Cash Working Capital (NCWC) 431,103,000
Change in NCWC 417,714,000
EBIT 584,386,000
Tax Provision 109,564,000
Depreciation and Amortization 29,565,000
Capital Expenditure -21,746,000
Unlevered Free Cash Flow 903,630,841
Current Assets 2,469,098,000
Current Cash 1,825,865,000
Current Liabilities 629,844,000
Current Debt 0
Non-Cash Working Capital (NCWC) 13,389,000
Change in NCWC 242,576,000
EBIT 619,875,000
Tax Provision 96,222,000
Depreciation and Amortization 19,847,000
Capital Expenditure -28,350,000
Unlevered Free Cash Flow 764,770,567
Current Assets 2,048,372,000
Current Cash 1,792,683,000
Current Liabilities 484,876,000
Current Debt 0
Non-Cash Working Capital (NCWC) -229,187,000
Change in NCWC -152,367,000
EBIT 408,584,000
Tax Provision 66,746,000
Depreciation and Amortization 15,328,000
Capital Expenditure -20,454,000
Unlevered Free Cash Flow 185,709,488
Current Assets 597,237,000
Current Cash 395,954,000
Current Liabilities 278,103,000
Current Debt 0
Non-Cash Working Capital (NCWC) -76,820,000
Change in NCWC -30,570,000
EBIT 140,850,000
Tax Provision 4,316,000
Depreciation and Amortization 13,982,000
Capital Expenditure -13,253,000
Unlevered Free Cash Flow 105,481,553
Current Assets 498,404,000
Current Cash 335,879,000
Current Liabilities 208,775,000
Current Debt 0
Non-Cash Working Capital (NCWC) -46,250,000
Change in NCWC -69,992,000
EBIT 37,497,000
Tax Provision 2,591,000
Depreciation and Amortization 20,950,000
Capital Expenditure -10,858,000
Unlevered Free Cash Flow -25,044,509

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