Discounted Cash Flow (DCF) Analysis Levered
3M Company (MMM)
$101.49
+0.35 (+0.35%)
All numbers are in Millions, Currency in USD
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 | 32,765 | 32,136 | 32,184 | 35,355 | 34,229 | 34,648.09 | 35,072.32 | 35,501.74 | 35,936.41 | 36,376.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 6,439 | 7,070 | 8,113 | 7,454 | 5,591 | 7,226.06 | 7,314.53 | 7,404.09 | 7,494.75 | 7,586.51 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,577 | -1,699 | -1,501 | -1,603 | -1,749 | -1,691.35 | -1,712.05 | -1,733.02 | -1,754.24 | -1,775.71 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 4,862 | 5,371 | 6,612 | 5,851 | 3,842 | 5,534.71 | 5,602.48 | 5,671.08 | 5,740.51 | 5,810.80 |
Weighted Average Cost Of Capital
| Share price | $ 101.49 |
|---|---|
| Beta | 0.963 |
| Diluted Shares Outstanding | 567.60 |
| Cost of Debt | |
| Tax Rate | 9.62 |
| After-tax Cost of Debt | 4.52% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.074 |
| Total Debt | 16,200 |
| Total Equity | 57,605.72 |
| Total Capital | 73,805.72 |
| Debt Weighting | 21.95 |
| Equity Weighting | 78.05 |
| 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 | 32,765 | 32,136 | 32,184 | 35,355 | 34,229 | 34,648.09 | 35,072.32 | 35,501.74 | 35,936.41 | 36,376.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 6,439 | 7,070 | 8,113 | 7,454 | 5,591 | 7,226.06 | 7,314.53 | 7,404.09 | 7,494.75 | 7,586.51 |
| Capital Expenditure | -1,577 | -1,699 | -1,501 | -1,603 | -1,749 | -1,691.35 | -1,712.05 | -1,733.02 | -1,754.24 | -1,775.71 |
| Free Cash Flow | 4,862 | 5,371 | 6,612 | 5,851 | 3,842 | 5,534.71 | 5,602.48 | 5,671.08 | 5,740.51 | 5,810.80 |
| WACC | ||||||||||
| PV LFCF | 5,158.65 | 4,867.01 | 4,591.85 | 4,332.25 | 4,087.33 | |||||
| SUM PV LFCF | 23,037.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.29 |
| Free cash flow (t + 1) | 5,927.01 |
| Terminal Value | 112,041.83 |
| Present Value of Terminal Value | 78,810.48 |
Intrinsic Value
| Enterprise Value | 101,847.56 |
|---|---|
| Net Debt | 12,545 |
| Equity Value | 89,302.56 |
| Shares Outstanding | 567.60 |
| Equity Value Per Share | 157.33 |