Discounted Cash Flow (DCF) Analysis Levered

Dana Incorporated (DAN)

$14.76

-0.08 (-0.54%)

All numbers are in Millions, Currency in USD

Stock DCF: -1.26 | 14.76 | 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	8,143	8,620	7,106	8,945	10,156	10,859.60	11,611.95	12,416.42	13,276.63	14,196.42
Revenue (%)
Operating Cash Flow	568	637	386	158	649	607.13	649.20	694.17	742.26	793.69
Operating Cash Flow (%)
Capital Expenditure	-325	-426	-326	-369	-440	-477.35	-510.43	-545.79	-583.60	-624.03
Capital Expenditure (%)
Free Cash Flow	243	211	60	-211	209	129.78	138.77	148.38	158.66	169.66

Weighted Average Cost Of Capital

Share price	$ 14.76
Beta	2.378
Diluted Shares Outstanding	143.60
Cost of Debt
Tax Rate	-680.65
After-tax Cost of Debt	4.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity	14.998
Total Debt	2,721
Total Equity	2,119.54
Total Capital	4,840.54
Debt Weighting	56.21
Equity Weighting	43.79
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	8,143	8,620	7,106	8,945	10,156	10,859.60	11,611.95	12,416.42	13,276.63	14,196.42
Operating Cash Flow	568	637	386	158	649	607.13	649.20	694.17	742.26	793.69
Capital Expenditure	-325	-426	-326	-369	-440	-477.35	-510.43	-545.79	-583.60	-624.03
Free Cash Flow	243	211	60	-211	209	129.78	138.77	148.38	158.66	169.66
WACC
PV LFCF						118.84	116.35	113.92	111.54	109.21
SUM PV LFCF										569.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.21
Free cash flow (t + 1)	173.05
Terminal Value	2,400.14
Present Value of Terminal Value	1,544.99

Intrinsic Value

Enterprise Value	2,114.85
Net Debt	2,296
Equity Value	-181.15
Shares Outstanding	143.60
Equity Value Per Share	-1.26