Discounted Cash Flow (DCF) Analysis Levered
The Goldman Sachs Group, Inc. (GS)
$328.84
+0.95 (+0.29%)
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 | 33,416 | 33,294 | 40,419 | 59,339 | 47,365 | 53,009.23 | 59,326.06 | 66,395.63 | 74,307.64 | 83,162.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 20,421 | 23,868 | -13,728 | 921 | 8,708 | 12,592.11 | 14,092.64 | 15,771.99 | 17,651.45 | 19,754.88 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -7,982 | -8,443 | -6,309 | -4,667 | -3,748 | -8,548.55 | -9,567.24 | -10,707.31 | -11,983.25 | -13,411.23 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 12,439 | 15,425 | -20,037 | -3,746 | 4,960 | 4,043.56 | 4,525.41 | 5,064.67 | 5,668.20 | 6,343.65 |
Weighted Average Cost Of Capital
| Share price | $ 328.84 |
|---|---|
| Beta | 1.397 |
| Diluted Shares Outstanding | 352.30 |
| Cost of Debt | |
| Tax Rate | 16.50 |
| After-tax Cost of Debt | 5.79% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.137 |
| Total Debt | 308,000 |
| Total Equity | 115,850.33 |
| Total Capital | 423,850.33 |
| Debt Weighting | 72.67 |
| Equity Weighting | 27.33 |
| 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 | 33,416 | 33,294 | 40,419 | 59,339 | 47,365 | 53,009.23 | 59,326.06 | 66,395.63 | 74,307.64 | 83,162.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 20,421 | 23,868 | -13,728 | 921 | 8,708 | 12,592.11 | 14,092.64 | 15,771.99 | 17,651.45 | 19,754.88 |
| Capital Expenditure | -7,982 | -8,443 | -6,309 | -4,667 | -3,748 | -8,548.55 | -9,567.24 | -10,707.31 | -11,983.25 | -13,411.23 |
| Free Cash Flow | 12,439 | 15,425 | -20,037 | -3,746 | 4,960 | 4,043.56 | 4,525.41 | 5,064.67 | 5,668.20 | 6,343.65 |
| WACC | ||||||||||
| PV LFCF | 3,515.35 | 3,668.31 | 3,827.92 | 3,994.47 | 4,168.27 | |||||
| SUM PV LFCF | 20,564.45 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.25 |
| Free cash flow (t + 1) | 6,470.53 |
| Terminal Value | 123,248.14 |
| Present Value of Terminal Value | 86,854.81 |
Intrinsic Value
| Enterprise Value | 107,419.26 |
|---|---|
| Net Debt | -158,942 |
| Equity Value | 266,361.26 |
| Shares Outstanding | 352.30 |
| Equity Value Per Share | 756.06 |