Discounted Cash Flow (DCF) Analysis Levered

General Motors Company (GM)

$33.16

+0.81 (+2.50%)
All numbers are in Millions, Currency in USD
Stock DCF: -375.23 | 33.16 | 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 147,049137,237122,485127,004156,735160,526.82164,410.38168,387.90172,461.64176,633.93
Revenue (%)
Operating Cash Flow 15,25615,02116,67015,18816,04318,339.9718,783.6719,238.0919,703.5120,180.19
Operating Cash Flow (%)
Capital Expenditure -25,497-23,996-20,533-22,111-21,187-26,491.84-27,132.74-27,789.15-28,461.45-29,150
Capital Expenditure (%)
Free Cash Flow -10,241-8,975-3,863-6,923-5,144-8,151.86-8,349.08-8,551.06-8,757.93-8,969.81

Weighted Average Cost Of Capital

Share price $ 33.16
Beta 1.406
Diluted Shares Outstanding 1,454
Cost of Debt
Tax Rate 14.34
After-tax Cost of Debt 0.74%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.231
Total Debt 114,699
Total Equity 48,214.64
Total Capital 162,913.64
Debt Weighting 70.40
Equity Weighting 29.60
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 147,049137,237122,485127,004156,735160,526.82164,410.38168,387.90172,461.64176,633.93
Operating Cash Flow 15,25615,02116,67015,18816,04318,339.9718,783.6719,238.0919,703.5120,180.19
Capital Expenditure -25,497-23,996-20,533-22,111-21,187-26,491.84-27,132.74-27,789.15-28,461.45-29,150
Free Cash Flow -10,241-8,975-3,863-6,923-5,144-8,151.86-8,349.08-8,551.06-8,757.93-8,969.81
WACC
PV LFCF -7,850.41-7,743-7,637.06-7,532.57-7,429.51
SUM PV LFCF -38,192.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.84
Free cash flow (t + 1) -9,149.21
Terminal Value -497,239.57
Present Value of Terminal Value -411,853.05

Intrinsic Value

Enterprise Value -450,045.58
Net Debt 95,546
Equity Value -545,591.58
Shares Outstanding 1,454
Equity Value Per Share -375.23