Discounted Cash Flow (DCF) Analysis Levered
The Goldman Sachs Group, Inc. (GS)
$316.61
+9.81 (+3.20%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 29,533 | 33,416 | 36,546 | 44,559 | 59,339 | 70,852.26 | 84,599.38 | 101,013.79 | 120,613.01 | 144,014.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -17,742 | 20,421 | 23,868 | -13,728 | 921 | 5,255.72 | 6,275.46 | 7,493.05 | 8,946.89 | 10,682.82 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,185 | -7,982 | -8,443 | -6,309 | -4,667 | -11,307.66 | -13,501.63 | -16,121.28 | -19,249.22 | -22,984.05 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -20,927 | 12,439 | 15,425 | -20,037 | -3,746 | -6,051.94 | -7,226.17 | -8,628.23 | -10,302.32 | -12,301.23 |
Weighted Average Cost Of Capital
| Share price | $ 316.61 |
|---|---|
| Beta | 1.409 |
| Diluted Shares Outstanding | 352.30 |
| Cost of Debt | |
| Tax Rate | 20.00 |
| After-tax Cost of Debt | 1.50% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.509 |
| Total Debt | 301,000 |
| Total Equity | 111,541.70 |
| Total Capital | 412,541.70 |
| Debt Weighting | 72.96 |
| Equity Weighting | 27.04 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 29,533 | 33,416 | 36,546 | 44,559 | 59,339 | 70,852.26 | 84,599.38 | 101,013.79 | 120,613.01 | 144,014.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -17,742 | 20,421 | 23,868 | -13,728 | 921 | 5,255.72 | 6,275.46 | 7,493.05 | 8,946.89 | 10,682.82 |
| Capital Expenditure | -3,185 | -7,982 | -8,443 | -6,309 | -4,667 | -11,307.66 | -13,501.63 | -16,121.28 | -19,249.22 | -22,984.05 |
| Free Cash Flow | -20,927 | 12,439 | 15,425 | -20,037 | -3,746 | -6,051.94 | -7,226.17 | -8,628.23 | -10,302.32 | -12,301.23 |
| WACC | ||||||||||
| PV LFCF | -5,837.70 | -6,723.60 | -7,743.95 | -8,919.14 | -10,272.67 | |||||
| SUM PV LFCF | -39,497.05 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.67 |
| Free cash flow (t + 1) | -12,547.26 |
| Terminal Value | -751,332.91 |
| Present Value of Terminal Value | -627,432.37 |
Intrinsic Value
| Enterprise Value | -666,929.42 |
|---|---|
| Net Debt | 40,000 |
| Equity Value | -706,929.42 |
| Shares Outstanding | 352.30 |
| Equity Value Per Share | -2,006.61 |