Discounted Cash Flow (DCF) Analysis Levered

Aptiv PLC (APTV)

$104.35

+2.60 (+2.56%)
All numbers are in Millions, Currency in USD
Stock DCF: 37.48 | 104.35 | overvalue

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 12,88414,43514,35713,06615,61816,478.4517,386.3018,344.1719,354.8120,421.13
Revenue (%)
Operating Cash Flow 1,4681,6281,6241,4131,2221,734.271,829.811,930.622,036.992,149.21
Operating Cash Flow (%)
Capital Expenditure -698-846-781-586-613-828.14-873.77-921.91-972.70-1,026.29
Capital Expenditure (%)
Free Cash Flow 770782843827609906.12956.051,008.721,064.291,122.93

Weighted Average Cost Of Capital

Share price $ 104.35
Beta 2.012
Diluted Shares Outstanding 270.70
Cost of Debt
Tax Rate 35.16
After-tax Cost of Debt 2.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.238
Total Debt 4,371
Total Equity 28,247.54
Total Capital 32,618.54
Debt Weighting 13.40
Equity Weighting 86.60
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 12,88414,43514,35713,06615,61816,478.4517,386.3018,344.1719,354.8120,421.13
Operating Cash Flow 1,4681,6281,6241,4131,2221,734.271,829.811,930.622,036.992,149.21
Capital Expenditure -698-846-781-586-613-828.14-873.77-921.91-972.70-1,026.29
Free Cash Flow 770782843827609906.12956.051,008.721,064.291,122.93
WACC
PV LFCF 817.06777.35739.56703.61669.41
SUM PV LFCF 3,707

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.90
Free cash flow (t + 1) 1,145.39
Terminal Value 12,869.50
Present Value of Terminal Value 7,671.92

Intrinsic Value

Enterprise Value 11,378.92
Net Debt 1,232
Equity Value 10,146.92
Shares Outstanding 270.70
Equity Value Per Share 37.48