Discounted Cash Flow (DCF) Analysis Levered

Deere & Company (DE)

$364.97

+0.31 (+0.09%)
All numbers are in Millions, Currency in USD
Stock DCF: 264.99 | 364.97 | 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 38,37934,72243,03352,57760,24867,956.0676,650.2886,456.8397,518.02109,994.36
Revenue (%)
Operating Cash Flow 3,4127,4837,7264,6998,5899,729.7510,974.5712,378.6413,962.3515,748.68
Operating Cash Flow (%)
Capital Expenditure -3,449-2,656-2,580-3,788-4,468-5,063.01-5,710.77-6,441.40-7,265.50-8,195.04
Capital Expenditure (%)
Free Cash Flow -374,8275,1469114,1214,666.745,263.805,937.246,696.857,553.64

Weighted Average Cost Of Capital

Share price $ 364.97
Beta 1.061
Diluted Shares Outstanding 286.90
Cost of Debt
Tax Rate 21.91
After-tax Cost of Debt 3.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.331
Total Debt 63,411
Total Equity 104,709.89
Total Capital 168,120.89
Debt Weighting 37.72
Equity Weighting 62.28
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 38,37934,72243,03352,57760,24867,956.0676,650.2886,456.8397,518.02109,994.36
Operating Cash Flow 3,4127,4837,7264,6998,5899,729.7510,974.5712,378.6413,962.3515,748.68
Capital Expenditure -3,449-2,656-2,580-3,788-4,468-5,063.01-5,710.77-6,441.40-7,265.50-8,195.04
Free Cash Flow -374,8275,1469114,1214,666.745,263.805,937.246,696.857,553.64
WACC
PV LFCF 4,358.184,590.744,835.715,093.745,365.55
SUM PV LFCF 24,243.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.08
Free cash flow (t + 1) 7,704.71
Terminal Value 151,667.48
Present Value of Terminal Value 107,733.47

Intrinsic Value

Enterprise Value 131,977.39
Net Debt 55,953
Equity Value 76,024.39
Shares Outstanding 286.90
Equity Value Per Share 264.99