Discounted Cash Flow (DCF) Analysis Levered

Johnson Controls International plc (JCI)

$63.51

-0.04 (-0.06%)

All numbers are in Millions, Currency in USD

Stock DCF: 15.45 | 63.51 | overvalue

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	31,400	23,968	22,317	23,668	25,299	24,185.07	23,120.18	22,102.18	21,129	20,198.68
Revenue (%)
Operating Cash Flow	2,513	1,202	2,219	2,487	1,986	1,998.62	1,910.62	1,826.49	1,746.07	1,669.19
Operating Cash Flow (%)
Capital Expenditure	-1,030	-586	-443	-552	-592	-598.94	-572.57	-547.36	-523.26	-500.22
Capital Expenditure (%)
Free Cash Flow	1,483	616	1,776	1,935	1,394	1,399.68	1,338.05	1,279.13	1,222.81	1,168.97

Weighted Average Cost Of Capital

Share price	$ 63.51
Beta	1.232
Diluted Shares Outstanding	699.60
Cost of Debt
Tax Rate	10.41
After-tax Cost of Debt	2.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.559
Total Debt	8,960
Total Equity	44,431.60
Total Capital	53,391.60
Debt Weighting	16.78
Equity Weighting	83.22
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	31,400	23,968	22,317	23,668	25,299	24,185.07	23,120.18	22,102.18	21,129	20,198.68
Operating Cash Flow	2,513	1,202	2,219	2,487	1,986	1,998.62	1,910.62	1,826.49	1,746.07	1,669.19
Capital Expenditure	-1,030	-586	-443	-552	-592	-598.94	-572.57	-547.36	-523.26	-500.22
Free Cash Flow	1,483	616	1,776	1,935	1,394	1,399.68	1,338.05	1,279.13	1,222.81	1,168.97
WACC
PV LFCF						1,292.05	1,140.18	1,006.16	887.90	783.54
SUM PV LFCF										5,109.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.33
Free cash flow (t + 1)	1,192.35
Terminal Value	18,836.47
Present Value of Terminal Value	12,625.71

Intrinsic Value

Enterprise Value	17,735.54
Net Debt	6,929
Equity Value	10,806.54
Shares Outstanding	699.60
Equity Value Per Share	15.45