DCF Tool

XOM

Exxon Mobil Corp. – Petroleum Refineries
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world's growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world.
Analysis Results
Intrinsic Value $245.97
Latest Price $107.04
Relative Value 56% 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 6.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 6.5%, 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 27.1 26.2
2024 28.8 27.0
2025 30.7 27.9
2026 32.6 28.8
2027 34.8 29.7
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 1040 billion. This corresponds to a present value of 862 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 140 billion. Adding in the terminal value gives a total present value of 1000 billion.

There are presently 4.07 billion outstanding shares, so the intrinsic value per share is 245.97.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 97,631,000,000
Current Cash 29,640,000,000
Current Liabilities 69,045,000,000
Current Debt 634,000,000
Non-Cash Working Capital (NCWC) -420,000,000
Change in NCWC -405,000,000
EBIT 79,033,000,000
Tax Provision 20,176,000,000
Depreciation and Amortization 24,040,000,000
Capital Expenditure -18,407,000,000
Unlevered Free Cash Flow 63,752,854,873
Current Assets 59,154,000,000
Current Cash 6,802,000,000
Current Liabilities 56,643,000,000
Current Debt 4,276,000,000
Non-Cash Working Capital (NCWC) -15,000,000
Change in NCWC -4,639,000,000
EBIT 32,967,000,000
Tax Provision 7,636,000,000
Depreciation and Amortization 20,607,000,000
Capital Expenditure -12,076,000,000
Unlevered Free Cash Flow 28,799,321,060
Current Assets 44,893,000,000
Current Cash 4,364,000,000
Current Liabilities 56,363,000,000
Current Debt 20,458,000,000
Non-Cash Working Capital (NCWC) 4,624,000,000
Change in NCWC 1,072,000,000
EBIT -26,520,000,000
Tax Provision -5,632,000,000
Depreciation and Amortization 46,009,000,000
Capital Expenditure -17,282,000,000
Unlevered Free Cash Flow 3,279,000,000
Current Assets 50,052,000,000
Current Cash 3,089,000,000
Current Liabilities 63,989,000,000
Current Debt 20,578,000,000
Non-Cash Working Capital (NCWC) 3,552,000,000
Change in NCWC -1,499,000,000
EBIT 22,121,000,000
Tax Provision 5,282,000,000
Depreciation and Amortization 18,998,000,000
Capital Expenditure -24,361,000,000
Unlevered Free Cash Flow 9,433,156,262
Current Assets 47,973,000,000
Current Cash 3,042,000,000
Current Liabilities 57,138,000,000
Current Debt 17,258,000,000
Non-Cash Working Capital (NCWC) 5,051,000,000
Change in NCWC 935,000,000
EBIT 29,479,000,000
Tax Provision 9,532,000,000
Depreciation and Amortization 18,745,000,000
Capital Expenditure -19,574,000,000
Unlevered Free Cash Flow 20,506,919,426
Current Assets 47,134,000,000
Current Cash 3,177,000,000
Current Liabilities 57,771,000,000
Current Debt 17,930,000,000
Non-Cash Working Capital (NCWC) 4,116,000,000
Change in NCWC 165,000,000
EBIT 17,454,000,000
Tax Provision -1,174,000,000
Depreciation and Amortization 19,893,000,000
Capital Expenditure -15,402,000,000
Unlevered Free Cash Flow 22,110,000,000
Current Assets 41,416,000,000
Current Cash 3,657,000,000
Current Liabilities 47,638,000,000
Current Debt 13,830,000,000
Non-Cash Working Capital (NCWC) 3,951,000,000
Change in NCWC 247,000,000
EBIT 5,742,000,000
Tax Provision -406,000,000
Depreciation and Amortization 22,308,000,000
Capital Expenditure -16,163,000,000
Unlevered Free Cash Flow 12,134,000,000
Current Assets 42,623,000,000
Current Cash 3,705,000,000
Current Liabilities 53,976,000,000
Current Debt 18,762,000,000
Non-Cash Working Capital (NCWC) 3,704,000,000
Change in NCWC 2,575,000,000
EBIT 20,527,000,000
Tax Provision 5,415,000,000
Depreciation and Amortization 18,048,000,000
Capital Expenditure -26,490,000,000
Unlevered Free Cash Flow 9,599,738,459
Current Assets 52,910,000,000
Current Cash 4,616,000,000
Current Liabilities 64,633,000,000
Current Debt 17,468,000,000
Non-Cash Working Capital (NCWC) 1,129,000,000
Change in NCWC 2,381,000,000
EBIT 47,405,000,000
Tax Provision 18,015,000,000
Depreciation and Amortization 17,297,000,000
Capital Expenditure -32,952,000,000
Unlevered Free Cash Flow 17,590,208,309
Current Assets 59,308,000,000
Current Cash 4,644,000,000
Current Liabilities 71,724,000,000
Current Debt 15,808,000,000
Non-Cash Working Capital (NCWC) -1,252,000,000
Change in NCWC 4,356,000,000
EBIT 54,228,000,000
Tax Provision 24,263,000,000
Depreciation and Amortization 17,182,000,000
Capital Expenditure -33,669,000,000
Unlevered Free Cash Flow 19,298,331,392
Current Assets 64,460,000,000
Current Cash 9,582,000,000
Current Liabilities 64,139,000,000
Current Debt 3,653,000,000
Non-Cash Working Capital (NCWC) -5,608,000,000
Change in NCWC 3,887,000,000
EBIT 64,891,000,000
Tax Provision 31,045,000,000
Depreciation and Amortization 15,888,000,000
Capital Expenditure -34,271,000,000
Unlevered Free Cash Flow 24,805,727,142

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