Discounted Cash Flow (DCF) Analysis Levered
Fomento Económico Mexicano, S.A.B. ... (FMX)
$126.46
+0.42 (+0.33%)
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 | 469,744 | 506,711 | 492,966 | 556,261 | 673,202 | 738,871.72 | 810,947.42 | 890,053.98 | 976,877.25 | 1,072,169.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 47,414 | 61,638 | 53,173 | 73,090 | 72,576 | 84,178.90 | 92,390.41 | 101,402.94 | 111,294.63 | 122,151.23 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -23,377 | -25,123 | -20,142 | -20,299 | -32,440 | -33,232.12 | -36,473.85 | -40,031.82 | -43,936.85 | -48,222.82 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 24,037 | 36,515 | 33,031 | 52,791 | 40,136 | 50,946.79 | 55,916.56 | 61,371.13 | 67,357.78 | 73,928.41 |
Weighted Average Cost Of Capital
| Share price | $ 126.46 |
|---|---|
| Beta | 0.414 |
| Diluted Shares Outstanding | 1,789.11 |
| Cost of Debt | |
| Tax Rate | 40.87 |
| After-tax Cost of Debt | 3.44% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.091 |
| Total Debt | 280,639 |
| Total Equity | 226,251.25 |
| Total Capital | 506,890.25 |
| Debt Weighting | 55.36 |
| Equity Weighting | 44.64 |
| 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 | 469,744 | 506,711 | 492,966 | 556,261 | 673,202 | 738,871.72 | 810,947.42 | 890,053.98 | 976,877.25 | 1,072,169.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 47,414 | 61,638 | 53,173 | 73,090 | 72,576 | 84,178.90 | 92,390.41 | 101,402.94 | 111,294.63 | 122,151.23 |
| Capital Expenditure | -23,377 | -25,123 | -20,142 | -20,299 | -32,440 | -33,232.12 | -36,473.85 | -40,031.82 | -43,936.85 | -48,222.82 |
| Free Cash Flow | 24,037 | 36,515 | 33,031 | 52,791 | 40,136 | 50,946.79 | 55,916.56 | 61,371.13 | 67,357.78 | 73,928.41 |
| WACC | ||||||||||
| PV LFCF | 48,696.99 | 51,087.07 | 53,594.47 | 56,224.92 | 58,984.49 | |||||
| SUM PV LFCF | 268,587.94 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.62 |
| Free cash flow (t + 1) | 75,406.98 |
| Terminal Value | 2,878,129.12 |
| Present Value of Terminal Value | 2,296,342.66 |
Intrinsic Value
| Enterprise Value | 2,564,930.60 |
|---|---|
| Net Debt | 197,200 |
| Equity Value | 2,367,730.60 |
| Shares Outstanding | 1,789.11 |
| Equity Value Per Share | 1,323.41 |