Discounted Cash Flow (DCF) Analysis Levered

Ford Motor Company (F)

$13.59

+0.66 (+5.10%)
All numbers are in Millions, Currency in USD
Stock DCF: 37.45 | 13.59 | 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 -7,785-7,632-5,742-6,227-7,442.18-7,478.43-7,514.85-7,551.45-7,588.23-7,625.19
Capital Expenditure (%)
Free Cash Flow 7,23710,00718,5279,560-589.1810,210.4010,260.1310,310.1010,360.3110,410.77

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 160,338155,900127,144136,341158,057158,826.81159,600.37160,377.69161,158.80161,943.72
Operating Cash Flow 15,02217,63924,26915,7876,85317,688.8317,774.9817,861.5517,948.5518,035.96
Capital Expenditure -7,785-7,632-5,742-6,227-7,442.18-7,478.43-7,514.85-7,551.45-7,588.23-7,625.19
Free Cash Flow 7,23710,00718,5279,560-589.1810,210.4010,260.1310,310.1010,360.3110,410.77
WACC
PV LFCF 9,636.099,138.378,666.368,218.747,794.23
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