Discounted Cash Flow (DCF) Analysis Levered

Ford Motor Company (F)

$12.56

+0.17 (+1.37%)
All numbers are in Millions, Currency in USD
Stock DCF: 218.89 | 12.56 | 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 160,338155,900127,144136,341158,057158,826.81159,600.37160,377.69161,158.80161,943.72
Revenue (%)
Operating Cash Flow 15,02217,63924,26915,7876,85317,688.8317,774.9817,861.5517,948.5518,035.96
Operating Cash Flow (%)
Capital Expenditure -7,785-7,632-5,742-6,227-6,866-7,362.63-7,398.49-7,434.53-7,470.74-7,507.12
Capital Expenditure (%)
Free Cash Flow 7,23710,00718,5279,560-1310,326.1910,376.4910,427.0310,477.8110,528.84

Weighted Average Cost Of Capital

Share price $ 12.56
Beta 1.627
Diluted Shares Outstanding 4,014
Cost of Debt
Tax Rate 28.65
After-tax Cost of Debt -0.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.211
Total Debt 140,474
Total Equity 50,415.84
Total Capital 190,889.84
Debt Weighting 73.59
Equity Weighting 26.41
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 160,338155,900127,144136,341158,057158,826.81159,600.37160,377.69161,158.80161,943.72
Operating Cash Flow 15,02217,63924,26915,7876,85317,688.8317,774.9817,861.5517,948.5518,035.96
Capital Expenditure -7,785-7,632-5,742-6,227-6,866-7,362.63-7,398.49-7,434.53-7,470.74-7,507.12
Free Cash Flow 7,23710,00718,5279,560-1310,326.1910,376.4910,427.0310,477.8110,528.84
WACC
PV LFCF 10,027.389,784.639,547.779,316.639,091.09
SUM PV LFCF 47,767.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.98
Free cash flow (t + 1) 10,739.42
Terminal Value 1,095,859.08
Present Value of Terminal Value 946,215.97

Intrinsic Value

Enterprise Value 993,983.48
Net Debt 115,340
Equity Value 878,643.48
Shares Outstanding 4,014
Equity Value Per Share 218.89