Discounted Cash Flow (DCF) Analysis Levered
PACCAR Inc (PCAR)
$83.86
-1.60 (-1.87%)
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 | 23,495.70 | 25,599.70 | 18,728.50 | 23,522.30 | 28,819.70 | 30,997.82 | 33,340.55 | 35,860.34 | 38,570.57 | 41,485.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,992.30 | 2,860.30 | 2,987.20 | 2,186.70 | 3,027 | 3,698.55 | 3,978.08 | 4,278.73 | 4,602.10 | 4,949.92 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,952.30 | -1,970.80 | -1,638.40 | -1,632.80 | -1,390.50 | -2,264.22 | -2,435.34 | -2,619.40 | -2,817.36 | -3,030.29 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,040 | 889.50 | 1,348.80 | 553.90 | 1,636.50 | 1,434.33 | 1,542.74 | 1,659.33 | 1,784.74 | 1,919.63 |
Weighted Average Cost Of Capital
| Share price | $ 83.86 |
|---|---|
| Beta | 0.984 |
| Diluted Shares Outstanding | 523.40 |
| Cost of Debt | |
| Tax Rate | 21.75 |
| After-tax Cost of Debt | 0.52% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.205 |
| Total Debt | 16,188.30 |
| Total Equity | 43,892.32 |
| Total Capital | 60,080.62 |
| Debt Weighting | 26.94 |
| Equity Weighting | 73.06 |
| 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 | 23,495.70 | 25,599.70 | 18,728.50 | 23,522.30 | 28,819.70 | 30,997.82 | 33,340.55 | 35,860.34 | 38,570.57 | 41,485.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,992.30 | 2,860.30 | 2,987.20 | 2,186.70 | 3,027 | 3,698.55 | 3,978.08 | 4,278.73 | 4,602.10 | 4,949.92 |
| Capital Expenditure | -1,952.30 | -1,970.80 | -1,638.40 | -1,632.80 | -1,390.50 | -2,264.22 | -2,435.34 | -2,619.40 | -2,817.36 | -3,030.29 |
| Free Cash Flow | 1,040 | 889.50 | 1,348.80 | 553.90 | 1,636.50 | 1,434.33 | 1,542.74 | 1,659.33 | 1,784.74 | 1,919.63 |
| WACC | ||||||||||
| PV LFCF | 1,342.13 | 1,350.77 | 1,359.46 | 1,368.21 | 1,377.01 | |||||
| SUM PV LFCF | 6,797.57 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.87 |
| Free cash flow (t + 1) | 1,958.02 |
| Terminal Value | 40,205.73 |
| Present Value of Terminal Value | 28,840.91 |
Intrinsic Value
| Enterprise Value | 35,638.48 |
|---|---|
| Net Debt | 10,029.40 |
| Equity Value | 25,609.08 |
| Shares Outstanding | 523.40 |
| Equity Value Per Share | 48.93 |