Discounted Cash Flow (DCF) Analysis Levered

JPMorgan Chase & Co. (JPM)

$183.36

-0.63 (-0.34%)
All numbers are in Millions, Currency in USD
Stock DCF: 179.94 | 183.36 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 115,720119,883121,685128,641154,952167,065.39180,125.75194,207.11209,389.27225,758.31
Revenue (%)
Operating Cash Flow 6,046-79,91078,084107,11912,97431,535.1434,000.4036,658.3939,524.1642,613.97
Operating Cash Flow (%)
Capital Expenditure -----1,291-1,391.92-1,500.74-1,618.06-1,744.55-1,880.93
Capital Expenditure (%)
Free Cash Flow 6,046-79,91078,084107,11911,68330,143.2132,499.6635,040.3337,779.6140,733.04

Weighted Average Cost Of Capital

Share price $ 183.36
Beta 1.122
Diluted Shares Outstanding 3,053.11
Cost of Debt
Tax Rate 19.57
After-tax Cost of Debt 14.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.623
Total Debt 436,537
Total Equity 559,818.53
Total Capital 996,355.53
Debt Weighting 43.81
Equity Weighting 56.19
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 115,720119,883121,685128,641154,952167,065.39180,125.75194,207.11209,389.27225,758.31
Operating Cash Flow 6,046-79,91078,084107,11912,97431,535.1434,000.4036,658.3939,524.1642,613.97
Capital Expenditure -----1,291-1,391.92-1,500.74-1,618.06-1,744.55-1,880.93
Free Cash Flow 6,046-79,91078,084107,11911,68330,143.2132,499.6635,040.3337,779.6140,733.04
WACC
PV LFCF 26,920.7925,922.4224,961.0724,035.3723,144
SUM PV LFCF 124,983.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.97
Free cash flow (t + 1) 41,547.70
Terminal Value 416,727.15
Present Value of Terminal Value 236,779.12

Intrinsic Value

Enterprise Value 361,762.76
Net Debt -187,614
Equity Value 549,376.76
Shares Outstanding 3,053.11
Equity Value Per Share 179.94