Discounted Cash Flow (DCF) Analysis Levered

Aptiv PLC (APTV)

$97.93

+0.03 (+0.03%)

All numbers are in Millions, Currency in USD

Stock DCF: 17.44 | 97.93 | 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	14,435	14,357	13,066	15,618	17,489	18,449.97	19,463.75	20,533.23	21,661.47	22,851.71
Revenue (%)
Operating Cash Flow	1,628	1,624	1,413	1,222	1,263	1,787.80	1,886.04	1,989.67	2,099	2,214.33
Operating Cash Flow (%)
Capital Expenditure	-846	-781	-584	-611	-844	-904.35	-954.05	-1,006.47	-1,061.77	-1,120.11
Capital Expenditure (%)
Free Cash Flow	782	843	829	611	419	883.45	931.99	983.20	1,037.23	1,094.22

Weighted Average Cost Of Capital

Share price	$ 97.93
Beta	2.052
Diluted Shares Outstanding	271.18
Cost of Debt
Tax Rate	12.22
After-tax Cost of Debt	2.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity	14.124
Total Debt	6,852
Total Equity	26,556.66
Total Capital	33,408.66
Debt Weighting	20.51
Equity Weighting	79.49
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	14,435	14,357	13,066	15,618	17,489	18,449.97	19,463.75	20,533.23	21,661.47	22,851.71
Operating Cash Flow	1,628	1,624	1,413	1,222	1,263	1,787.80	1,886.04	1,989.67	2,099	2,214.33
Capital Expenditure	-846	-781	-584	-611	-844	-904.35	-954.05	-1,006.47	-1,061.77	-1,120.11
Free Cash Flow	782	843	829	611	419	883.45	931.99	983.20	1,037.23	1,094.22
WACC
PV LFCF						452.41	426.89	402.82	380.10	358.66
SUM PV LFCF										3,529.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	11.80
Free cash flow (t + 1)	1,116.10
Terminal Value	11,388.82
Present Value of Terminal Value	6,520.33

Intrinsic Value

Enterprise Value	10,050.13
Net Debt	5,321
Equity Value	4,729.13
Shares Outstanding	271.18
Equity Value Per Share	17.44