Discounted Cash Flow (DCF) Analysis Levered
Texas Instruments Incorporated (TII.DE)
162.7 €
+0.38 (+0.23%)
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 | 15,784 | 14,383 | 14,461 | 18,344 | 20,028 | 21,414.83 | 22,897.70 | 24,483.24 | 26,178.57 | 27,991.30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 7,189 | 6,649 | 6,139 | 8,756 | 8,720 | 9,657.99 | 10,326.76 | 11,041.83 | 11,806.42 | 12,623.95 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,131 | -847 | -649 | -2,462 | -2,797 | -1,924.30 | -2,057.54 | -2,200.02 | -2,352.36 | -2,515.24 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 6,058 | 5,802 | 5,490 | 6,294 | 5,923 | 7,733.69 | 8,269.21 | 8,841.81 | 9,454.06 | 10,108.70 |
Weighted Average Cost Of Capital
| Share price | $ 162.7 |
|---|---|
| Beta | 1.013 |
| Diluted Shares Outstanding | 926 |
| Cost of Debt | |
| Tax Rate | 12.79 |
| After-tax Cost of Debt | 2.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.308 |
| Total Debt | 8,735 |
| Total Equity | 150,660.20 |
| Total Capital | 159,395.20 |
| Debt Weighting | 5.48 |
| Equity Weighting | 94.52 |
| 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 | 15,784 | 14,383 | 14,461 | 18,344 | 20,028 | 21,414.83 | 22,897.70 | 24,483.24 | 26,178.57 | 27,991.30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 7,189 | 6,649 | 6,139 | 8,756 | 8,720 | 9,657.99 | 10,326.76 | 11,041.83 | 11,806.42 | 12,623.95 |
| Capital Expenditure | -1,131 | -847 | -649 | -2,462 | -2,797 | -1,924.30 | -2,057.54 | -2,200.02 | -2,352.36 | -2,515.24 |
| Free Cash Flow | 6,058 | 5,802 | 5,490 | 6,294 | 5,923 | 7,733.69 | 8,269.21 | 8,841.81 | 9,454.06 | 10,108.70 |
| WACC | ||||||||||
| PV LFCF | 7,162.82 | 7,093.46 | 7,024.77 | 6,956.74 | 6,889.38 | |||||
| SUM PV LFCF | 35,127.16 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.97 |
| Free cash flow (t + 1) | 10,310.88 |
| Terminal Value | 172,711.51 |
| Present Value of Terminal Value | 117,707.94 |
Intrinsic Value
| Enterprise Value | 152,835.11 |
|---|---|
| Net Debt | 5,685 |
| Equity Value | 147,150.11 |
| Shares Outstanding | 926 |
| Equity Value Per Share | 158.91 |