Discounted Cash Flow (DCF) Analysis Levered

Corning Incorporated (GLW)

$35.085

-0.66 (-1.83%)
All numbers are in Millions, Currency in USD
Stock DCF: 17.86 | 35.085 | overvalue

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 11,29011,50311,30314,08214,18915,093.3416,055.3217,078.6218,167.1319,325.02
Revenue (%)
Operating Cash Flow 2,9192,0312,1803,4122,6153,183.403,386.303,602.133,831.714,075.92
Operating Cash Flow (%)
Capital Expenditure -2,310-1,987-1,377-1,637-1,604-2,198.99-2,339.14-2,488.23-2,646.81-2,815.51
Capital Expenditure (%)
Free Cash Flow 609448031,7751,011984.421,047.161,113.901,184.891,260.41

Weighted Average Cost Of Capital

Share price $ 35.085
Beta 1.070
Diluted Shares Outstanding 844
Cost of Debt
Tax Rate 26.77
After-tax Cost of Debt 3.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.670
Total Debt 6,911
Total Equity 29,611.74
Total Capital 36,522.74
Debt Weighting 18.92
Equity Weighting 81.08
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 11,29011,50311,30314,08214,18915,093.3416,055.3217,078.6218,167.1319,325.02
Operating Cash Flow 2,9192,0312,1803,4122,6153,183.403,386.303,602.133,831.714,075.92
Capital Expenditure -2,310-1,987-1,377-1,637-1,604-2,198.99-2,339.14-2,488.23-2,646.81-2,815.51
Free Cash Flow 609448031,7751,011984.421,047.161,113.901,184.891,260.41
WACC
PV LFCF 633.61626.27619.02611.85604.76
SUM PV LFCF 4,468.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.62
Free cash flow (t + 1) 1,285.62
Terminal Value 22,875.85
Present Value of Terminal Value 15,845.73

Intrinsic Value

Enterprise Value 20,314.59
Net Debt 5,240
Equity Value 15,074.59
Shares Outstanding 844
Equity Value Per Share 17.86