Discounted Cash Flow (DCF) Analysis Levered
ING Groep N.V. (ING)
$13.29
-0.27 (-1.99%)
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 | 17,616 | 18,158 | 18,062 | 17,819 | 18,285 | 18,459.52 | 18,635.71 | 18,813.59 | 18,993.16 | 19,174.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -5,253 | 6,915 | 13,055 | 103,179 | -14,943 | 21,333.98 | 21,537.60 | 21,743.17 | 21,950.70 | 22,160.22 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -264 | -286 | -355 | -287 | -184 | -282.66 | -285.35 | -288.08 | -290.83 | -293.60 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -5,517 | 6,629 | 12,700 | 102,892 | -15,127 | 21,051.32 | 21,252.25 | 21,455.10 | 21,659.88 | 21,866.61 |
Weighted Average Cost Of Capital
| Share price | $ 13.29 |
|---|---|
| Beta | 1.758 |
| Diluted Shares Outstanding | 3,890.70 |
| Cost of Debt | |
| Tax Rate | 29.58 |
| After-tax Cost of Debt | 4.55% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.918 |
| Total Debt | 116,014 |
| Total Equity | 51,707.40 |
| Total Capital | 167,721.40 |
| Debt Weighting | 69.17 |
| Equity Weighting | 30.83 |
| 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 | 17,616 | 18,158 | 18,062 | 17,819 | 18,285 | 18,459.52 | 18,635.71 | 18,813.59 | 18,993.16 | 19,174.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -5,253 | 6,915 | 13,055 | 103,179 | -14,943 | 21,333.98 | 21,537.60 | 21,743.17 | 21,950.70 | 22,160.22 |
| Capital Expenditure | -264 | -286 | -355 | -287 | -184 | -282.66 | -285.35 | -288.08 | -290.83 | -293.60 |
| Free Cash Flow | -5,517 | 6,629 | 12,700 | 102,892 | -15,127 | 21,051.32 | 21,252.25 | 21,455.10 | 21,659.88 | 21,866.61 |
| WACC | ||||||||||
| PV LFCF | 14,169.81 | 13,391.74 | 12,656.39 | 11,961.42 | 11,304.62 | |||||
| SUM PV LFCF | 88,293.14 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.82 |
| Free cash flow (t + 1) | 22,303.95 |
| Terminal Value | 462,737.48 |
| Present Value of Terminal Value | 332,714.56 |
Intrinsic Value
| Enterprise Value | 421,007.70 |
|---|---|
| Net Debt | 8,007 |
| Equity Value | 413,000.70 |
| Shares Outstanding | 3,890.70 |
| Equity Value Per Share | 106.15 |