Discounted Cash Flow (DCF) Analysis Levered
The Toronto-Dominion Bank (TD)
$61.33
-0.64 (-1.03%)
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 | 35,835 | 38,528 | 39,743 | 43,284 | 42,266 | 44,086.23 | 45,984.84 | 47,965.22 | 50,030.89 | 52,185.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 34,870 | 5,693 | 271 | 231,786 | 50,129 | 67,616.74 | 70,528.73 | 73,566.11 | 76,734.31 | 80,038.95 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -434 | -587 | -794 | -1,757 | -1,129 | -1,010.71 | -1,054.24 | -1,099.64 | -1,147 | -1,196.40 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 34,436 | 5,106 | -523 | 230,029 | 49,000 | 66,606.03 | 69,474.48 | 72,466.47 | 75,587.31 | 78,842.55 |
Weighted Average Cost Of Capital
| Share price | $ 61.33 |
|---|---|
| Beta | 0.882 |
| Diluted Shares Outstanding | 1,820.20 |
| Cost of Debt | |
| Tax Rate | 16.55 |
| After-tax Cost of Debt | 10.01% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.969 |
| Total Debt | 45,470 |
| Total Equity | 111,632.87 |
| Total Capital | 157,102.87 |
| Debt Weighting | 28.94 |
| Equity Weighting | 71.06 |
| 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 | 35,835 | 38,528 | 39,743 | 43,284 | 42,266 | 44,086.23 | 45,984.84 | 47,965.22 | 50,030.89 | 52,185.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 34,870 | 5,693 | 271 | 231,786 | 50,129 | 67,616.74 | 70,528.73 | 73,566.11 | 76,734.31 | 80,038.95 |
| Capital Expenditure | -434 | -587 | -794 | -1,757 | -1,129 | -1,010.71 | -1,054.24 | -1,099.64 | -1,147 | -1,196.40 |
| Free Cash Flow | 34,436 | 5,106 | -523 | 230,029 | 49,000 | 66,606.03 | 69,474.48 | 72,466.47 | 75,587.31 | 78,842.55 |
| WACC | ||||||||||
| PV LFCF | 61,354.12 | 58,950.25 | 56,640.57 | 54,421.38 | 52,289.14 | |||||
| SUM PV LFCF | 283,655.45 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.56 |
| Free cash flow (t + 1) | 80,419.40 |
| Terminal Value | 1,225,905.49 |
| Present Value of Terminal Value | 813,032.33 |
Intrinsic Value
| Enterprise Value | 1,096,687.79 |
|---|---|
| Net Debt | -120,423 |
| Equity Value | 1,217,110.79 |
| Shares Outstanding | 1,820.20 |
| Equity Value Per Share | 668.67 |