Discounted Cash Flow (DCF) Analysis Levered
Ford Motor Company (F)
$13.59
+0.66 (+5.10%)
All numbers are in Millions, Currency in USD
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 | 160,338 | 155,900 | 127,144 | 136,341 | 158,057 | 158,826.81 | 159,600.37 | 160,377.69 | 161,158.80 | 161,943.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 15,022 | 17,639 | 24,269 | 15,787 | 6,853 | 17,688.83 | 17,774.98 | 17,861.55 | 17,948.55 | 18,035.96 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -7,785 | -7,632 | -5,742 | -6,227 | -7,442.18 | -7,478.43 | -7,514.85 | -7,551.45 | -7,588.23 | -7,625.19 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 7,237 | 10,007 | 18,527 | 9,560 | -589.18 | 10,210.40 | 10,260.13 | 10,310.10 | 10,360.31 | 10,410.77 |
Weighted Average Cost Of Capital
| Share price | $ 13.59 |
|---|---|
| Beta | 1.556 |
| Diluted Shares Outstanding | 4,014 |
| Cost of Debt | |
| Tax Rate | 34.32 |
| After-tax Cost of Debt | 3.59% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.126 |
| Total Debt | 119,039 |
| Total Equity | 54,550.26 |
| Total Capital | 173,589.26 |
| Debt Weighting | 68.58 |
| Equity Weighting | 31.42 |
| 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 | 160,338 | 155,900 | 127,144 | 136,341 | 158,057 | 158,826.81 | 159,600.37 | 160,377.69 | 161,158.80 | 161,943.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 15,022 | 17,639 | 24,269 | 15,787 | 6,853 | 17,688.83 | 17,774.98 | 17,861.55 | 17,948.55 | 18,035.96 |
| Capital Expenditure | -7,785 | -7,632 | -5,742 | -6,227 | -7,442.18 | -7,478.43 | -7,514.85 | -7,551.45 | -7,588.23 | -7,625.19 |
| Free Cash Flow | 7,237 | 10,007 | 18,527 | 9,560 | -589.18 | 10,210.40 | 10,260.13 | 10,310.10 | 10,360.31 | 10,410.77 |
| WACC | ||||||||||
| PV LFCF | 9,636.09 | 9,138.37 | 8,666.36 | 8,218.74 | 7,794.23 | |||||
| SUM PV LFCF | 43,453.79 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.96 |
| Free cash flow (t + 1) | 10,618.99 |
| Terminal Value | 268,156.25 |
| Present Value of Terminal Value | 200,760.46 |
Intrinsic Value
| Enterprise Value | 244,214.25 |
|---|---|
| Net Debt | 93,905 |
| Equity Value | 150,309.25 |
| Shares Outstanding | 4,014 |
| Equity Value Per Share | 37.45 |