Discounted Cash Flow (DCF) Analysis Levered
The Bank of New York Mellon Corpora... (BK)
$44.68
+0.91 (+2.08%)
All numbers are in Millions, Currency in USD
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 | 14,904 | 15,366 | 16,462 | 15,506 | 15,633 | 15,837.96 | 16,045.60 | 16,255.96 | 16,469.09 | 16,685.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4,641 | 5,996 | 96 | 5,038 | 2,838 | 3,845.08 | 3,895.49 | 3,946.57 | 3,998.31 | 4,050.73 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,197 | -1,108 | -1,210 | -1,222 | -1,215 | -1,211.45 | -1,227.34 | -1,243.43 | -1,259.73 | -1,276.24 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 3,444 | 4,888 | -1,114 | 3,816 | 1,623 | 2,633.63 | 2,668.16 | 2,703.14 | 2,738.58 | 2,774.48 |
Weighted Average Cost Of Capital
| Share price | $ 44.68 |
|---|---|
| Beta | 1.142 |
| Diluted Shares Outstanding | 892.51 |
| Cost of Debt | |
| Tax Rate | 19.13 |
| After-tax Cost of Debt | 0.69% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.247 |
| Total Debt | 26,680 |
| Total Equity | 39,877.53 |
| Total Capital | 66,557.53 |
| Debt Weighting | 40.09 |
| Equity Weighting | 59.91 |
| 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 | 14,904 | 15,366 | 16,462 | 15,506 | 15,633 | 15,837.96 | 16,045.60 | 16,255.96 | 16,469.09 | 16,685.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,641 | 5,996 | 96 | 5,038 | 2,838 | 3,845.08 | 3,895.49 | 3,946.57 | 3,998.31 | 4,050.73 |
| Capital Expenditure | -1,197 | -1,108 | -1,210 | -1,222 | -1,215 | -1,211.45 | -1,227.34 | -1,243.43 | -1,259.73 | -1,276.24 |
| Free Cash Flow | 3,444 | 4,888 | -1,114 | 3,816 | 1,623 | 2,633.63 | 2,668.16 | 2,703.14 | 2,738.58 | 2,774.48 |
| WACC | ||||||||||
| PV LFCF | 2,502.97 | 2,409.99 | 2,320.46 | 2,234.25 | 2,151.25 | |||||
| SUM PV LFCF | 11,618.92 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.22 |
| Free cash flow (t + 1) | 2,829.97 |
| Terminal Value | 87,887.34 |
| Present Value of Terminal Value | 68,145.13 |
Intrinsic Value
| Enterprise Value | 79,764.05 |
|---|---|
| Net Debt | -94,656 |
| Equity Value | 174,420.05 |
| Shares Outstanding | 892.51 |
| Equity Value Per Share | 195.43 |