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
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 | 22,835 | 23,400 | 23,968 | 22,317 | 23,668 | 23,908.64 | 24,151.73 | 24,397.29 | 24,645.35 | 24,895.92 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 12 | 2,513 | 1,202 | 2,219 | 2,487 | 1,733.75 | 1,751.38 | 1,769.19 | 1,787.17 | 1,805.34 |
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 | -1,331 | 1,483 | 616 | 1,776 | 1,935 | 918.69 | 928.03 | 937.47 | 947 | 956.63 |
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 | 22,835 | 23,400 | 23,968 | 22,317 | 23,668 | 23,908.64 | 24,151.73 | 24,397.29 | 24,645.35 | 24,895.92 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 12 | 2,513 | 1,202 | 2,219 | 2,487 | 1,733.75 | 1,751.38 | 1,769.19 | 1,787.17 | 1,805.34 |
Capital Expenditure | -1,343 | -1,030 | -586 | -443 | -552 | -815.06 | -823.34 | -831.72 | -840.17 | -848.71 |
Free Cash Flow | -1,331 | 1,483 | 616 | 1,776 | 1,935 | 918.69 | 928.03 | 937.47 | 947 | 956.63 |
WACC | ||||||||||
PV LFCF | 856.67 | 806.96 | 760.13 | 716.02 | 674.47 | |||||
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 |