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	12,884	14,435	14,357	13,066	15,618	16,478.45	17,386.30	18,344.17	19,354.81	20,421.13
Revenue (%)
Operating Cash Flow	1,468	1,628	1,624	1,413	1,222	1,734.27	1,829.81	1,930.62	2,036.99	2,149.21
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	770	782	843	827	609	906.12	956.05	1,008.72	1,064.29	1,122.93

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	12,884	14,435	14,357	13,066	15,618	16,478.45	17,386.30	18,344.17	19,354.81	20,421.13
Operating Cash Flow	1,468	1,628	1,624	1,413	1,222	1,734.27	1,829.81	1,930.62	2,036.99	2,149.21
Capital Expenditure	-698	-846	-781	-586	-613	-828.14	-873.77	-921.91	-972.70	-1,026.29
Free Cash Flow	770	782	843	827	609	906.12	956.05	1,008.72	1,064.29	1,122.93
WACC
PV LFCF						817.06	777.35	739.56	703.61	669.41
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