Discounted Cash Flow (DCF) Analysis Levered

Federal Agricultural Mortgage Corpo... (AGM)

$136.37

+1.01 (+0.75%)

All numbers are in Millions, Currency in USD

Stock DCF: -117,267.28 | 136.37 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	186.18	194.08	206.89	238.84	716.85	1,122.63	1,758.10	2,753.30	4,311.84	6,752.60
Revenue (%)
Operating Cash Flow	200.03	-19.70	-94.55	436.41	809.27	779.57	1,220.85	1,911.92	2,994.19	4,689.08
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	779.57	1,220.85	1,911.92	2,994.19	4,689.08

Weighted Average Cost Of Capital

Share price	$ 136.37
Beta	1.061
Diluted Shares Outstanding	10.85
Cost of Debt
Tax Rate	33.10
After-tax Cost of Debt	1.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.819
Total Debt	24,469.11
Total Equity	1,479.07
Total Capital	25,948.18
Debt Weighting	94.30
Equity Weighting	5.70
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	186.18	194.08	206.89	238.84	716.85	1,122.63	1,758.10	2,753.30	4,311.84	6,752.60
Operating Cash Flow	200.03	-19.70	-94.55	436.41	809.27	779.57	1,220.85	1,911.92	2,994.19	4,689.08
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	779.57	1,220.85	1,911.92	2,994.19	4,689.08
WACC
PV LFCF						766.91	1,181.54	1,820.32	2,804.46	4,320.67
SUM PV LFCF										10,893.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	1.65
Free cash flow (t + 1)	4,782.87
Terminal Value	-1,366,533.07
Present Value of Terminal Value	-1,259,166.70

Intrinsic Value

Enterprise Value	-1,248,272.80
Net Debt	23,608.11
Equity Value	-1,271,880.91
Shares Outstanding	10.85
Equity Value Per Share	-117,267.28