Discounted Cash Flow (DCF) Analysis Levered
The Goldman Sachs Group, Inc. (GS)
$335.75
+8.95 (+2.74%)
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 | 33,256 | 33,274 | 44,559 | 59,339 | 47,365 | 52,925.65 | 59,139.13 | 66,082.07 | 73,840.11 | 82,508.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 20,421 | 23,868 | -13,728 | 921 | 8,708 | 12,941.97 | 14,461.35 | 16,159.12 | 18,056.20 | 20,176 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -7,982 | -8,443 | -6,309 | -4,667 | -3,748 | -8,395.34 | -9,380.96 | -10,482.28 | -11,712.90 | -13,088 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 12,439 | 15,425 | -20,037 | -3,746 | 4,960 | 4,546.62 | 5,080.40 | 5,676.84 | 6,343.30 | 7,088 |
Weighted Average Cost Of Capital
| Share price | $ 335.75 |
|---|---|
| Beta | 1.404 |
| 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 | 10.409 |
| Total Debt | 308,000 |
| Total Equity | 118,284.73 |
| Total Capital | 426,284.72 |
| Debt Weighting | 72.25 |
| Equity Weighting | 27.75 |
| 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 | 33,256 | 33,274 | 44,559 | 59,339 | 47,365 | 52,925.65 | 59,139.13 | 66,082.07 | 73,840.11 | 82,508.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 20,421 | 23,868 | -13,728 | 921 | 8,708 | 12,941.97 | 14,461.35 | 16,159.12 | 18,056.20 | 20,176 |
| Capital Expenditure | -7,982 | -8,443 | -6,309 | -4,667 | -3,748 | -8,395.34 | -9,380.96 | -10,482.28 | -11,712.90 | -13,088 |
| Free Cash Flow | 12,439 | 15,425 | -20,037 | -3,746 | 4,960 | 4,546.62 | 5,080.40 | 5,676.84 | 6,343.30 | 7,088 |
| WACC | ||||||||||
| PV LFCF | 4,246.40 | 4,431.62 | 4,624.91 | 4,826.63 | 5,037.15 | |||||
| SUM PV LFCF | 23,166.71 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.07 |
| Free cash flow (t + 1) | 7,229.76 |
| Terminal Value | 142,598.86 |
| Present Value of Terminal Value | 101,339.10 |
Intrinsic Value
| Enterprise Value | 124,505.81 |
|---|---|
| Net Debt | 66,000 |
| Equity Value | 58,505.81 |
| Shares Outstanding | 352.30 |
| Equity Value Per Share | 166.07 |