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 |