Discounted Cash Flow (DCF) Analysis Levered
General Motors Company (GM)
$33.16
+0.81 (+2.50%)
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 | 147,049 | 137,237 | 122,485 | 127,004 | 156,735 | 160,526.82 | 164,410.38 | 168,387.90 | 172,461.64 | 176,633.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 15,256 | 15,021 | 16,670 | 15,188 | 16,043 | 18,339.97 | 18,783.67 | 19,238.09 | 19,703.51 | 20,180.19 |
| 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 | 147,049 | 137,237 | 122,485 | 127,004 | 156,735 | 160,526.82 | 164,410.38 | 168,387.90 | 172,461.64 | 176,633.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 15,256 | 15,021 | 16,670 | 15,188 | 16,043 | 18,339.97 | 18,783.67 | 19,238.09 | 19,703.51 | 20,180.19 |
| 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 |