Discounted Cash Flow (DCF) Analysis Levered
Archer-Daniels-Midland Company (ADM)
$82.2
-0.08 (-0.10%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 60,828 | 64,341 | 64,656 | 64,355 | 85,249 | 93,404.37 | 102,339.93 | 112,130.31 | 122,857.29 | 134,610.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,211 | -4,784 | -5,452 | -2,386 | 6,595 | -1,532.63 | -1,679.25 | -1,839.89 | -2,015.91 | -2,208.76 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,049 | -842 | -828 | -823 | -1,169 | -1,300.92 | -1,425.38 | -1,561.74 | -1,711.14 | -1,874.84 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,162 | -5,626 | -6,280 | -3,209 | 5,426 | -2,833.55 | -3,104.62 | -3,401.63 | -3,727.05 | -4,083.59 |
Weighted Average Cost Of Capital
| Share price | $ 82.2 |
|---|---|
| Beta | 0.843 |
| Diluted Shares Outstanding | 563 |
| Cost of Debt | |
| Tax Rate | 18.23 |
| After-tax Cost of Debt | 2.04% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.597 |
| Total Debt | 10,581 |
| Total Equity | 46,278.60 |
| Total Capital | 56,859.60 |
| Debt Weighting | 18.61 |
| Equity Weighting | 81.39 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 60,828 | 64,341 | 64,656 | 64,355 | 85,249 | 93,404.37 | 102,339.93 | 112,130.31 | 122,857.29 | 134,610.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,211 | -4,784 | -5,452 | -2,386 | 6,595 | -1,532.63 | -1,679.25 | -1,839.89 | -2,015.91 | -2,208.76 |
| Capital Expenditure | -1,049 | -842 | -828 | -823 | -1,169 | -1,300.92 | -1,425.38 | -1,561.74 | -1,711.14 | -1,874.84 |
| Free Cash Flow | 1,162 | -5,626 | -6,280 | -3,209 | 5,426 | -2,833.55 | -3,104.62 | -3,401.63 | -3,727.05 | -4,083.59 |
| WACC | ||||||||||
| PV LFCF | -1,935.38 | -1,989.98 | -2,046.13 | -2,103.86 | -2,163.22 | |||||
| SUM PV LFCF | -14,067.29 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.56 |
| Free cash flow (t + 1) | -4,165.27 |
| Terminal Value | -91,343.56 |
| Present Value of Terminal Value | -66,482.43 |
Intrinsic Value
| Enterprise Value | -80,549.71 |
|---|---|
| Net Debt | 9,638 |
| Equity Value | -90,187.71 |
| Shares Outstanding | 563 |
| Equity Value Per Share | -160.19 |