Discounted Cash Flow (DCF) Analysis Levered

Johnson Controls International plc (JCI)

$51.89

+0.47 (+0.91%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.62 | 51.89 | overvalue

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 22,83523,40023,96822,31723,66823,908.6424,151.7324,397.2924,645.3524,895.92
Revenue (%)
Operating Cash Flow 122,5131,2022,2192,4871,733.751,751.381,769.191,787.171,805.34
Operating Cash Flow (%)
Capital Expenditure -1,343-1,030-586-443-552-815.06-823.34-831.72-840.17-848.71
Capital Expenditure (%)
Free Cash Flow -1,3311,4836161,7761,935918.69928.03937.47947956.63

Weighted Average Cost Of Capital

Share price $ 51.89
Beta 1.169
Diluted Shares Outstanding 721.10
Cost of Debt
Tax Rate 37.38
After-tax Cost of Debt 1.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.373
Total Debt 7,740
Total Equity 37,417.88
Total Capital 45,157.88
Debt Weighting 17.14
Equity Weighting 82.86
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 22,83523,40023,96822,31723,66823,908.6424,151.7324,397.2924,645.3524,895.92
Operating Cash Flow 122,5131,2022,2192,4871,733.751,751.381,769.191,787.171,805.34
Capital Expenditure -1,343-1,030-586-443-552-815.06-823.34-831.72-840.17-848.71
Free Cash Flow -1,3311,4836161,7761,935918.69928.03937.47947956.63
WACC
PV LFCF 856.67806.96760.13716.02674.47
SUM PV LFCF 3,814.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.24
Free cash flow (t + 1) 975.76
Terminal Value 18,621.43
Present Value of Terminal Value 13,128.92

Intrinsic Value

Enterprise Value 16,943.16
Net Debt 6,404
Equity Value 10,539.16
Shares Outstanding 721.10
Equity Value Per Share 14.62