Discounted Cash Flow (DCF) Analysis Levered
ArcelorMittal S.A. (MT)
$29.38
-1.05 (-3.45%)
All numbers are in Millions, Currency in USD
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 | 68,679 | 76,033 | 70,615 | 53,270 | 76,571 | 80,927.98 | 85,532.88 | 90,399.80 | 95,543.66 | 100,980.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4,563 | 4,196 | 6,017 | 4,082 | 9,905 | 6,681.74 | 7,061.94 | 7,463.77 | 7,888.47 | 8,337.33 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2,819 | -3,305 | -3,572 | -2,439 | -3,008 | -3,563.54 | -3,766.31 | -3,980.62 | -4,207.12 | -4,446.51 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,744 | 891 | 2,445 | 1,643 | 6,897 | 3,118.20 | 3,295.63 | 3,483.15 | 3,681.35 | 3,890.82 |
Weighted Average Cost Of Capital
| Share price | $ 29.38 |
|---|---|
| Beta | 1.984 |
| Diluted Shares Outstanding | 1,108 |
| Cost of Debt | |
| Tax Rate | 17.03 |
| After-tax Cost of Debt | 5.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.981 |
| Total Debt | 8,401 |
| Total Equity | 32,553.04 |
| Total Capital | 40,954.04 |
| Debt Weighting | 20.51 |
| Equity Weighting | 79.49 |
| 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 | 68,679 | 76,033 | 70,615 | 53,270 | 76,571 | 80,927.98 | 85,532.88 | 90,399.80 | 95,543.66 | 100,980.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,563 | 4,196 | 6,017 | 4,082 | 9,905 | 6,681.74 | 7,061.94 | 7,463.77 | 7,888.47 | 8,337.33 |
| Capital Expenditure | -2,819 | -3,305 | -3,572 | -2,439 | -3,008 | -3,563.54 | -3,766.31 | -3,980.62 | -4,207.12 | -4,446.51 |
| Free Cash Flow | 1,744 | 891 | 2,445 | 1,643 | 6,897 | 3,118.20 | 3,295.63 | 3,483.15 | 3,681.35 | 3,890.82 |
| WACC | ||||||||||
| PV LFCF | 1,634.16 | 1,550.82 | 1,471.73 | 1,396.67 | 1,325.44 | |||||
| SUM PV LFCF | 12,642.33 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.37 |
| Free cash flow (t + 1) | 3,968.64 |
| Terminal Value | 42,354.72 |
| Present Value of Terminal Value | 24,720.70 |
Intrinsic Value
| Enterprise Value | 37,363.03 |
|---|---|
| Net Debt | 4,186 |
| Equity Value | 33,177.03 |
| Shares Outstanding | 1,108 |
| Equity Value Per Share | 29.94 |