Discounted Cash Flow (DCF) Analysis Levered
Canadian Imperial Bank of Commerce (CM)
$41.9
+0.60 (+1.45%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 18,467 | 18,666 | 19,960 | 21,764 | 23,290 | 24,690.87 | 26,176.01 | 27,750.47 | 29,419.64 | 31,189.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 18,635 | 60,295 | -3,332 | 22,715 | 12,154 | 27,841.03 | 29,515.64 | 31,290.98 | 33,173.11 | 35,168.44 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -272 | -309 | -839 | -1,109 | -1,014 | -828.68 | -878.52 | -931.37 | -987.39 | -1,046.78 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 18,363 | 59,986 | -4,171 | 21,606 | 11,140 | 27,012.35 | 28,637.12 | 30,359.61 | 32,185.72 | 34,121.66 |
Weighted Average Cost Of Capital
| Share price | $ 41.9 |
|---|---|
| Beta | 1.043 |
| Diluted Shares Outstanding | 916.22 |
| Cost of Debt | |
| Tax Rate | 28.27 |
| After-tax Cost of Debt | 11.87% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.079 |
| Total Debt | 194,500 |
| Total Equity | 38,389.74 |
| Total Capital | 232,889.74 |
| Debt Weighting | 83.52 |
| Equity Weighting | 16.48 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 18,467 | 18,666 | 19,960 | 21,764 | 23,290 | 24,690.87 | 26,176.01 | 27,750.47 | 29,419.64 | 31,189.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 18,635 | 60,295 | -3,332 | 22,715 | 12,154 | 27,841.03 | 29,515.64 | 31,290.98 | 33,173.11 | 35,168.44 |
| Capital Expenditure | -272 | -309 | -839 | -1,109 | -1,014 | -828.68 | -878.52 | -931.37 | -987.39 | -1,046.78 |
| Free Cash Flow | 18,363 | 59,986 | -4,171 | 21,606 | 11,140 | 27,012.35 | 28,637.12 | 30,359.61 | 32,185.72 | 34,121.66 |
| WACC | ||||||||||
| PV LFCF | 24,245.89 | 23,071.77 | 21,954.51 | 20,891.35 | 19,879.68 | |||||
| SUM PV LFCF | 110,043.20 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.41 |
| Free cash flow (t + 1) | 34,804.09 |
| Terminal Value | 369,862.85 |
| Present Value of Terminal Value | 215,486.38 |
Intrinsic Value
| Enterprise Value | 325,529.58 |
|---|---|
| Net Debt | 131,330 |
| Equity Value | 194,199.58 |
| Shares Outstanding | 916.22 |
| Equity Value Per Share | 211.96 |