Discounted Cash Flow (DCF) Analysis Levered
The Procter & Gamble Company (PG)
$151.58
-0.56 (-0.37%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 67,684 | 70,950 | 76,118 | 80,187 | 82,006 | 86,049.61 | 90,292.60 | 94,744.80 | 99,416.54 | 104,318.64 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 15,242 | 17,403 | 18,371 | 16,723 | 16,848 | 19,375.38 | 20,330.76 | 21,333.24 | 22,385.15 | 23,488.93 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,347 | -3,073 | -2,787 | -3,156 | -3,062 | -3,546.51 | -3,721.38 | -3,904.88 | -4,097.42 | -4,299.46 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 11,895 | 14,330 | 15,584 | 13,567 | 13,786 | 15,828.87 | 16,609.37 | 17,428.36 | 18,287.73 | 19,189.47 |
Weighted Average Cost Of Capital
| Share price | $ 151.58 |
|---|---|
| Beta | 0.410 |
| Diluted Shares Outstanding | 2,483.90 |
| Cost of Debt | |
| Tax Rate | 20.16 |
| After-tax Cost of Debt | 1.74% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.375 |
| Total Debt | 34,607 |
| Total Equity | 376,509.56 |
| Total Capital | 411,116.56 |
| Debt Weighting | 8.42 |
| Equity Weighting | 91.58 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 67,684 | 70,950 | 76,118 | 80,187 | 82,006 | 86,049.61 | 90,292.60 | 94,744.80 | 99,416.54 | 104,318.64 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 15,242 | 17,403 | 18,371 | 16,723 | 16,848 | 19,375.38 | 20,330.76 | 21,333.24 | 22,385.15 | 23,488.93 |
| Capital Expenditure | -3,347 | -3,073 | -2,787 | -3,156 | -3,062 | -3,546.51 | -3,721.38 | -3,904.88 | -4,097.42 | -4,299.46 |
| Free Cash Flow | 11,895 | 14,330 | 15,584 | 13,567 | 13,786 | 15,828.87 | 16,609.37 | 17,428.36 | 18,287.73 | 19,189.47 |
| WACC | ||||||||||
| PV LFCF | 14,934.31 | 14,785.07 | 14,637.33 | 14,491.06 | 14,346.26 | |||||
| SUM PV LFCF | 73,194.03 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.99 |
| Free cash flow (t + 1) | 19,573.26 |
| Terminal Value | 490,557.94 |
| Present Value of Terminal Value | 366,746.39 |
Intrinsic Value
| Enterprise Value | 439,940.42 |
|---|---|
| Net Debt | 26,361 |
| Equity Value | 413,579.42 |
| Shares Outstanding | 2,483.90 |
| Equity Value Per Share | 166.50 |