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 98,979109,029115,627119,475121,685128,189.97135,042.67142,261.71149,866.65157,878.14
Revenue (%)
Operating Cash Flow -2,50114,1876,046-79,91078,0843,332.663,510.813,698.493,896.204,104.48
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----3,332.663,510.813,698.493,896.204,104.48

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 98,979109,029115,627119,475121,685128,189.97135,042.67142,261.71149,866.65157,878.14
Operating Cash Flow -2,50114,1876,046-79,91078,0843,332.663,510.813,698.493,896.204,104.48
Capital Expenditure ----------
Free Cash Flow -----3,332.663,510.813,698.493,896.204,104.48
WACC
PV LFCF 3,160.713,157.893,155.063,152.243,149.43
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