Discounted Cash Flow (DCF) Analysis Levered

CNH Industrial N.V. (CNHI)

$11.69

-0.37 (-3.07%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.94 | 11.69 | overvalue

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 28,07926,03233,42823,55124,69424,473.4424,254.8424,038.2023,823.5023,610.71
Revenue (%)
Operating Cash Flow 1,8265,5294,0825579072,251.152,231.042,211.112,191.372,171.79
Operating Cash Flow (%)
Capital Expenditure -1,962-1,850-2,033-999-1,195-1,432.03-1,419.24-1,406.57-1,394-1,381.55
Capital Expenditure (%)
Free Cash Flow -1363,6792,049-442-288819.12811.80804.55797.36790.24

Weighted Average Cost Of Capital

Share price $ 11.69
Beta 1.689
Diluted Shares Outstanding 1,350
Cost of Debt
Tax Rate 12.28
After-tax Cost of Debt 4.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.182
Total Debt 27,626
Total Equity 15,781.50
Total Capital 43,407.50
Debt Weighting 63.64
Equity Weighting 36.36
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 28,07926,03233,42823,55124,69424,473.4424,254.8424,038.2023,823.5023,610.71
Operating Cash Flow 1,8265,5294,0825579072,251.152,231.042,211.112,191.372,171.79
Capital Expenditure -1,962-1,850-2,033-999-1,195-1,432.03-1,419.24-1,406.57-1,394-1,381.55
Free Cash Flow -1363,6792,049-442-288819.12811.80804.55797.36790.24
WACC
PV LFCF 764.96708655.28606.49561.33
SUM PV LFCF 3,296.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.08
Free cash flow (t + 1) 806.05
Terminal Value 15,867.04
Present Value of Terminal Value 11,270.78

Intrinsic Value

Enterprise Value 14,566.83
Net Debt 22,581
Equity Value -8,014.17
Shares Outstanding 1,350
Equity Value Per Share -5.94