Discounted Cash Flow (DCF) Analysis Levered
Altria Group, Inc. (MO)
$46.9004
-0.01 (-0.02%)
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 | 19,627 | 19,796 | 20,841 | 21,111 | 25,096 | 26,746.80 | 28,506.20 | 30,381.33 | 32,379.80 | 34,509.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 8,391 | 7,837 | 8,385 | 8,405 | 8,256 | 10,446.52 | 11,133.69 | 11,866.06 | 12,646.60 | 13,478.49 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -238 | -246 | -231 | -169 | -205 | -277.15 | -295.39 | -314.82 | -335.52 | -357.59 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 8,153 | 7,591 | 8,154 | 8,236 | 8,051 | 10,169.36 | 10,838.30 | 11,551.24 | 12,311.08 | 13,120.89 |
Weighted Average Cost Of Capital
| Share price | $ 46.9,004 |
|---|---|
| Beta | 0.678 |
| Diluted Shares Outstanding | 1,790 |
| Cost of Debt | |
| Tax Rate | 21.99 |
| After-tax Cost of Debt | 3.10% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.831 |
| Total Debt | 26,680 |
| Total Equity | 83,951.72 |
| Total Capital | 110,631.72 |
| Debt Weighting | 24.12 |
| Equity Weighting | 75.88 |
| 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 | 19,627 | 19,796 | 20,841 | 21,111 | 25,096 | 26,746.80 | 28,506.20 | 30,381.33 | 32,379.80 | 34,509.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 8,391 | 7,837 | 8,385 | 8,405 | 8,256 | 10,446.52 | 11,133.69 | 11,866.06 | 12,646.60 | 13,478.49 |
| Capital Expenditure | -238 | -246 | -231 | -169 | -205 | -277.15 | -295.39 | -314.82 | -335.52 | -357.59 |
| Free Cash Flow | 8,153 | 7,591 | 8,154 | 8,236 | 8,051 | 10,169.36 | 10,838.30 | 11,551.24 | 12,311.08 | 13,120.89 |
| WACC | ||||||||||
| PV LFCF | 9,600.08 | 9,658.80 | 9,717.88 | 9,777.33 | 9,837.13 | |||||
| SUM PV LFCF | 48,591.23 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.93 |
| Free cash flow (t + 1) | 13,383.31 |
| Terminal Value | 340,542.30 |
| Present Value of Terminal Value | 255,314.93 |
Intrinsic Value
| Enterprise Value | 303,906.15 |
|---|---|
| Net Debt | 22,650 |
| Equity Value | 281,256.15 |
| Shares Outstanding | 1,790 |
| Equity Value Per Share | 157.13 |