Discounted Cash Flow (DCF) Analysis Levered
The Bank of New York Mellon Corpora... (BK)
$42.07
-0.58 (-1.36%)
All numbers are in Millions, Currency in USD
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 | 15,124 | 16,088 | 15,472 | 15,633 | 16,034 | 16,280.55 | 16,530.89 | 16,785.09 | 17,043.19 | 17,305.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,996 | 96 | 5,038 | 2,838 | 15,068 | 6,021.64 | 6,114.23 | 6,208.25 | 6,303.71 | 6,400.65 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,108 | -1,210 | -1,222 | -1,215 | -1,346 | -1,267.02 | -1,286.50 | -1,306.28 | -1,326.37 | -1,346.77 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 4,888 | -1,114 | 3,816 | 1,623 | 13,722 | 4,754.62 | 4,827.73 | 4,901.97 | 4,977.34 | 5,053.88 |
Weighted Average Cost Of Capital
| Share price | $ 42.07 |
|---|---|
| Beta | 1.082 |
| Diluted Shares Outstanding | 814.79 |
| Cost of Debt | |
| Tax Rate | 22.69 |
| After-tax Cost of Debt | 9.05% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.791 |
| Total Debt | 30,855 |
| Total Equity | 34,278.43 |
| Total Capital | 65,133.43 |
| Debt Weighting | 47.37 |
| Equity Weighting | 52.63 |
| 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 | 15,124 | 16,088 | 15,472 | 15,633 | 16,034 | 16,280.55 | 16,530.89 | 16,785.09 | 17,043.19 | 17,305.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,996 | 96 | 5,038 | 2,838 | 15,068 | 6,021.64 | 6,114.23 | 6,208.25 | 6,303.71 | 6,400.65 |
| Capital Expenditure | -1,108 | -1,210 | -1,222 | -1,215 | -1,346 | -1,267.02 | -1,286.50 | -1,306.28 | -1,326.37 | -1,346.77 |
| Free Cash Flow | 4,888 | -1,114 | 3,816 | 1,623 | 13,722 | 4,754.62 | 4,827.73 | 4,901.97 | 4,977.34 | 5,053.88 |
| WACC | ||||||||||
| PV LFCF | 4,344.50 | 4,030.80 | 3,739.75 | 3,469.71 | 3,219.17 | |||||
| SUM PV LFCF | 18,803.93 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.44 |
| Free cash flow (t + 1) | 5,154.96 |
| Terminal Value | 69,287.05 |
| Present Value of Terminal Value | 44,133.83 |
Intrinsic Value
| Enterprise Value | 62,937.76 |
|---|---|
| Net Debt | -82,999 |
| Equity Value | 145,936.76 |
| Shares Outstanding | 814.79 |
| Equity Value Per Share | 179.11 |