Discounted Cash Flow (DCF) Analysis Levered
Philip Morris International Inc. (PM)
$101.695
-0.50 (-0.49%)
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 | 28,748 | 29,625 | 29,805 | 28,694 | 31,405 | 32,141.34 | 32,894.95 | 33,666.22 | 34,455.58 | 35,263.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 8,912 | 9,478 | 10,090 | 9,812 | 11,967 | 10,873.27 | 11,128.21 | 11,389.13 | 11,656.17 | 11,929.47 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,548 | -1,436 | -852 | -602 | -748 | -1,129.47 | -1,155.95 | -1,183.05 | -1,210.79 | -1,239.18 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 7,364 | 8,042 | 9,238 | 9,210 | 11,219 | 9,743.80 | 9,972.26 | 10,206.08 | 10,445.37 | 10,690.28 |
Weighted Average Cost Of Capital
| Share price | $ 101.695 |
|---|---|
| Beta | 0.709 |
| Diluted Shares Outstanding | 1,557 |
| Cost of Debt | |
| Tax Rate | 25.53 |
| After-tax Cost of Debt | 1.97% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.987 |
| Total Debt | 27,806 |
| Total Equity | 158,339.11 |
| Total Capital | 186,145.11 |
| Debt Weighting | 14.94 |
| Equity Weighting | 85.06 |
| 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 | 28,748 | 29,625 | 29,805 | 28,694 | 31,405 | 32,141.34 | 32,894.95 | 33,666.22 | 34,455.58 | 35,263.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 8,912 | 9,478 | 10,090 | 9,812 | 11,967 | 10,873.27 | 11,128.21 | 11,389.13 | 11,656.17 | 11,929.47 |
| Capital Expenditure | -1,548 | -1,436 | -852 | -602 | -748 | -1,129.47 | -1,155.95 | -1,183.05 | -1,210.79 | -1,239.18 |
| Free Cash Flow | 7,364 | 8,042 | 9,238 | 9,210 | 11,219 | 9,743.80 | 9,972.26 | 10,206.08 | 10,445.37 | 10,690.28 |
| WACC | ||||||||||
| PV LFCF | 9,171.50 | 8,835.22 | 8,511.28 | 8,199.21 | 7,898.58 | |||||
| SUM PV LFCF | 42,615.78 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.24 |
| Free cash flow (t + 1) | 10,904.09 |
| Terminal Value | 257,171.92 |
| Present Value of Terminal Value | 190,012.96 |
Intrinsic Value
| Enterprise Value | 232,628.75 |
|---|---|
| Net Debt | 23,310 |
| Equity Value | 209,318.75 |
| Shares Outstanding | 1,557 |
| Equity Value Per Share | 134.44 |