Discounted Cash Flow (DCF) Analysis Levered

Ford Motor Company (F)

$12.5

-0.35 (-2.72%)
All numbers are in Millions, Currency in USD
Stock DCF: 26.84 | 12.5 | undervalue

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 156,776160,338155,900127,144136,341132,350.47128,476.74124,716.38121,066.09117,522.64
Revenue (%)
Operating Cash Flow 18,09615,02217,63924,26915,78716,647.7616,160.5015,687.5015,228.3514,782.63
Operating Cash Flow (%)
Capital Expenditure -7,049-7,785-7,632-5,742-6,227-6,175.58-5,994.83-5,819.37-5,649.04-5,483.70
Capital Expenditure (%)
Free Cash Flow 11,0477,23710,00718,5279,56010,472.1810,165.679,868.149,579.319,298.93

Weighted Average Cost Of Capital

Share price $ 12.5
Beta 1.147
Diluted Shares Outstanding 3,973
Cost of Debt
Tax Rate -0.88
After-tax Cost of Debt 5.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.200
Total Debt 139,485
Total Equity 49,662.50
Total Capital 189,147.50
Debt Weighting 73.74
Equity Weighting 26.26
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 156,776160,338155,900127,144136,341132,350.47128,476.74124,716.38121,066.09117,522.64
Operating Cash Flow 18,09615,02217,63924,26915,78716,647.7616,160.5015,687.5015,228.3514,782.63
Capital Expenditure -7,049-7,785-7,632-5,742-6,227-6,175.58-5,994.83-5,819.37-5,649.04-5,483.70
Free Cash Flow 11,0477,23710,00718,5279,56010,472.1810,165.679,868.149,579.319,298.93
WACC
PV LFCF 9,890.619,067.938,313.687,622.176,988.17
SUM PV LFCF 41,882.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.88
Free cash flow (t + 1) 9,484.91
Terminal Value 244,456.48
Present Value of Terminal Value 183,709.62

Intrinsic Value

Enterprise Value 225,592.17
Net Debt 118,945
Equity Value 106,647.17
Shares Outstanding 3,973
Equity Value Per Share 26.84