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
Stock DCF: 158.91 | 162.7 | overvalue

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 15,78414,38314,46118,34420,02821,414.8322,897.7024,483.2426,178.5727,991.30
Revenue (%)
Operating Cash Flow 7,1896,6496,1398,7568,7209,657.9910,326.7611,041.8311,806.4212,623.95
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 6,0585,8025,4906,2945,9237,733.698,269.218,841.819,454.0610,108.70

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 15,78414,38314,46118,34420,02821,414.8322,897.7024,483.2426,178.5727,991.30
Operating Cash Flow 7,1896,6496,1398,7568,7209,657.9910,326.7611,041.8311,806.4212,623.95
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 6,0585,8025,4906,2945,9237,733.698,269.218,841.819,454.0610,108.70
WACC
PV LFCF 7,162.827,093.467,024.776,956.746,889.38
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