Discounted Cash Flow (DCF) Analysis Levered

Dana Incorporated (DAN)

$15.19

+0.80 (+5.56%)

All numbers are in Millions, Currency in USD

Stock DCF: -1.98 | 15.19 | overvalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	7,209	8,143	8,620	7,106	8,945	9,551.68	10,199.52	10,891.29	11,629.98	12,418.77
Revenue (%)
Operating Cash Flow	554	568	637	386	158	558.74	596.64	637.10	680.31	726.46
Operating Cash Flow (%)
Capital Expenditure	-393	-325	-426	-326	-369	-441.24	-471.17	-503.12	-537.25	-573.69
Capital Expenditure (%)
Free Cash Flow	161	243	211	60	-211	117.50	125.47	133.98	143.07	152.77

Weighted Average Cost Of Capital

Share price	$ 15.19
Beta	2.313
Diluted Shares Outstanding	144.50
Cost of Debt
Tax Rate	19.26
After-tax Cost of Debt	3.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity	14.041
Total Debt	2,669
Total Equity	2,194.95
Total Capital	4,863.95
Debt Weighting	54.87
Equity Weighting	45.13
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	7,209	8,143	8,620	7,106	8,945	9,551.68	10,199.52	10,891.29	11,629.98	12,418.77
Operating Cash Flow	554	568	637	386	158	558.74	596.64	637.10	680.31	726.46
Capital Expenditure	-393	-325	-426	-326	-369	-441.24	-471.17	-503.12	-537.25	-573.69
Free Cash Flow	161	243	211	60	-211	117.50	125.47	133.98	143.07	152.77
WACC
PV LFCF						108.29	106.56	104.86	103.20	101.55
SUM PV LFCF										524.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.51
Free cash flow (t + 1)	155.83
Terminal Value	2,393.63
Present Value of Terminal Value	1,591.14

Intrinsic Value

Enterprise Value	2,115.60
Net Debt	2,401
Equity Value	-285.40
Shares Outstanding	144.50
Equity Value Per Share	-1.98