Discounted Cash Flow (DCF) Analysis Levered

CNH Industrial N.V. (CNHI)

$16.115

+0.01 (+0.09%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.43 | 16.115 | 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 29,70628,07926,03233,42823,55122,732.4221,942.3021,179.6420,443.4819,732.91
Revenue (%)
Operating Cash Flow 2,5541,8265,5294,0826272,328.422,247.492,169.372,093.972,021.18
Operating Cash Flow (%)
Capital Expenditure -1,902-1,962-1,850-2,033-1,564.88-1,510.49-1,457.99-1,407.31-1,358.39-1,311.18
Capital Expenditure (%)
Free Cash Flow 652-1363,6792,049-937.88817.93789.50762.06735.57710

Weighted Average Cost Of Capital

Share price $ 16.115
Beta 1.704
Diluted Shares Outstanding 1,361
Cost of Debt
Tax Rate 24.35
After-tax Cost of Debt 3.78%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.681
Total Debt -
Total Equity 21,932.51
Total Capital 21,932.51
Debt Weighting 0.00
Equity Weighting 100.00
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 29,70628,07926,03233,42823,55122,732.4221,942.3021,179.6420,443.4819,732.91
Operating Cash Flow 2,5541,8265,5294,0826272,328.422,247.492,169.372,093.972,021.18
Capital Expenditure -1,902-1,962-1,850-2,033-1,564.88-1,510.49-1,457.99-1,407.31-1,358.39-1,311.18
Free Cash Flow 652-1363,6792,049-937.88817.93789.50762.06735.57710
WACC
PV LFCF 732.39633547.09472.85408.68
SUM PV LFCF 2,794.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.68
Free cash flow (t + 1) 724.20
Terminal Value 7,481.45
Present Value of Terminal Value 4,306.35

Intrinsic Value

Enterprise Value 7,100.35
Net Debt -4,376
Equity Value 11,476.35
Shares Outstanding 1,361
Equity Value Per Share 8.43