Discounted Cash Flow (DCF) Analysis Levered

JPMorgan Chase & Co. (JPM)

$143.39

-0.26 (-0.18%)

All numbers are in Millions, Currency in USD

Stock DCF: 163.68 | 143.39 | undervalue

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	98,979	109,029	115,627	119,475	121,685	128,189.97	135,042.67	142,261.71	149,866.65	157,878.14
Revenue (%)
Operating Cash Flow	-2,501	14,187	6,046	-79,910	78,084	3,332.66	3,510.81	3,698.49	3,896.20	4,104.48
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	3,332.66	3,510.81	3,698.49	3,896.20	4,104.48

Weighted Average Cost Of Capital

Share price	$ 143.39
Beta	1.104
Diluted Shares Outstanding	3,026.60
Cost of Debt
Tax Rate	18.85
After-tax Cost of Debt	1.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.850
Total Debt	354,599
Total Equity	433,984.17
Total Capital	788,583.17
Debt Weighting	44.97
Equity Weighting	55.03
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	98,979	109,029	115,627	119,475	121,685	128,189.97	135,042.67	142,261.71	149,866.65	157,878.14
Operating Cash Flow	-2,501	14,187	6,046	-79,910	78,084	3,332.66	3,510.81	3,698.49	3,896.20	4,104.48
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	3,332.66	3,510.81	3,698.49	3,896.20	4,104.48
WACC
PV LFCF						3,160.71	3,157.89	3,155.06	3,152.24	3,149.43
SUM PV LFCF										15,775.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.44
Free cash flow (t + 1)	4,186.57
Terminal Value	121,702.68
Present Value of Terminal Value	93,384.15

Intrinsic Value

Enterprise Value	109,159.49
Net Debt	-386,235
Equity Value	495,394.49
Shares Outstanding	3,026.60
Equity Value Per Share	163.68