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	29,706	28,079	26,032	33,428	23,551	22,732.42	21,942.30	21,179.64	20,443.48	19,732.91
Revenue (%)
Operating Cash Flow	2,554	1,826	5,529	4,082	627	2,328.42	2,247.49	2,169.37	2,093.97	2,021.18
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	-136	3,679	2,049	-937.88	817.93	789.50	762.06	735.57	710

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	29,706	28,079	26,032	33,428	23,551	22,732.42	21,942.30	21,179.64	20,443.48	19,732.91
Operating Cash Flow	2,554	1,826	5,529	4,082	627	2,328.42	2,247.49	2,169.37	2,093.97	2,021.18
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	-136	3,679	2,049	-937.88	817.93	789.50	762.06	735.57	710
WACC
PV LFCF						732.39	633	547.09	472.85	408.68
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