Discounted Cash Flow (DCF) Analysis Levered
General Dynamics Corporation (GD)
$221.77
-0.62 (-0.28%)
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 | 36,193 | 39,350 | 37,925 | 38,469 | 39,407 | 40,291.10 | 41,195.04 | 42,119.26 | 43,064.21 | 44,030.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,148 | 2,981 | 3,858 | 4,271 | 4,579 | 3,962.09 | 4,050.98 | 4,141.87 | 4,234.79 | 4,329.80 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -690 | -987 | -967 | -887 | -1,114 | -974.81 | -996.68 | -1,019.04 | -1,041.91 | -1,065.28 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,458 | 1,994 | 2,891 | 3,384 | 3,465 | 2,987.28 | 3,054.30 | 3,122.82 | 3,192.88 | 3,264.52 |
Weighted Average Cost Of Capital
| Share price | $ 221.77 |
|---|---|
| Beta | 0.829 |
| Diluted Shares Outstanding | 282 |
| Cost of Debt | |
| Tax Rate | 16.01 |
| After-tax Cost of Debt | 3.13% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.485 |
| Total Debt | 10,496 |
| Total Equity | 62,539.14 |
| Total Capital | 73,035.14 |
| Debt Weighting | 14.37 |
| Equity Weighting | 85.63 |
| 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 | 36,193 | 39,350 | 37,925 | 38,469 | 39,407 | 40,291.10 | 41,195.04 | 42,119.26 | 43,064.21 | 44,030.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,148 | 2,981 | 3,858 | 4,271 | 4,579 | 3,962.09 | 4,050.98 | 4,141.87 | 4,234.79 | 4,329.80 |
| Capital Expenditure | -690 | -987 | -967 | -887 | -1,114 | -974.81 | -996.68 | -1,019.04 | -1,041.91 | -1,065.28 |
| Free Cash Flow | 2,458 | 1,994 | 2,891 | 3,384 | 3,465 | 2,987.28 | 3,054.30 | 3,122.82 | 3,192.88 | 3,264.52 |
| WACC | ||||||||||
| PV LFCF | 2,218.66 | 2,105.86 | 1,998.80 | 1,897.18 | 1,800.73 | |||||
| SUM PV LFCF | 12,525.93 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.72 |
| Free cash flow (t + 1) | 3,329.81 |
| Terminal Value | 58,213.42 |
| Present Value of Terminal Value | 40,136.67 |
Intrinsic Value
| Enterprise Value | 52,662.60 |
|---|---|
| Net Debt | 9,254 |
| Equity Value | 43,408.60 |
| Shares Outstanding | 282 |
| Equity Value Per Share | 153.93 |