Discounted Cash Flow (DCF) Analysis Levered

CEMEX, S.A.B. de C.V. (CX)

$5.01

+0.15 (+3.09%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.11 | 5.01 | undervalue

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 14,086.9313,13012,97014,54815,576.8216,014.0116,463.4816,925.5617,400.6117,888.99
Revenue (%)
Operating Cash Flow 1,350.661,3531,5781,8551,4751,738.461,787.251,837.421,888.991,942
Operating Cash Flow (%)
Capital Expenditure -776.36-767-591-993-1,060-946.11-972.67-999.97-1,028.03-1,056.89
Capital Expenditure (%)
Free Cash Flow 574.31586987862415792.35814.59837.45860.96885.12

Weighted Average Cost Of Capital

Share price $ 5.01
Beta 1.159
Diluted Shares Outstanding 1,479.95
Cost of Debt
Tax Rate -11.48
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.074
Total Debt -
Total Equity 7,414.56
Total Capital 7,414.56
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 14,086.9313,13012,97014,54815,576.8216,014.0116,463.4816,925.5617,400.6117,888.99
Operating Cash Flow 1,350.661,3531,5781,8551,4751,738.461,787.251,837.421,888.991,942
Capital Expenditure -776.36-767-591-993-1,060-946.11-972.67-999.97-1,028.03-1,056.89
Free Cash Flow 574.31586987862415792.35814.59837.45860.96885.12
WACC
PV LFCF 726.46684.74645.42608.36573.42
SUM PV LFCF 3,238.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.07
Free cash flow (t + 1) 902.82
Terminal Value 12,769.76
Present Value of Terminal Value 8,272.87

Intrinsic Value

Enterprise Value 11,511.27
Net Debt -494.92
Equity Value 12,006.19
Shares Outstanding 1,479.95
Equity Value Per Share 8.11