Discounted Cash Flow (DCF) Analysis Levered
Toyota Motor Corporation (TM)
$146
+5.35 (+3.80%)
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 | 29,379,510 | 30,225,681.02 | 29,929,991.95 | 27,214,592.83 | 31,379,506.77 | 32,017,557.26 | 32,668,581.46 | 33,332,843.16 | 34,010,611.53 | 34,702,161.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4,210,008.87 | 3,766,597.12 | 3,590,643.07 | 2,727,162.10 | 3,722,614.90 | 3,885,157.04 | 3,964,155.30 | 4,044,759.85 | 4,127,003.37 | 4,210,919.18 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,598,707.05 | -3,738,887.12 | -3,595,131.07 | -3,767,945.01 | -3,830,244.10 | -4,013,864.74 | -4,095,480.05 | -4,178,754.88 | -4,263,722.97 | -4,350,418.74 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 611,301.81 | 27,710 | -4,488 | -1,040,782.91 | -107,629.20 | -128,707.70 | -131,324.76 | -133,995.03 | -136,719.60 | -139,499.56 |
Weighted Average Cost Of Capital
| Share price | $ 146 |
|---|---|
| Beta | 0.542 |
| Diluted Shares Outstanding | 1,388.77 |
| Cost of Debt | |
| Tax Rate | 28.58 |
| After-tax Cost of Debt | 0.79% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.251 |
| Total Debt | 26,496,358 |
| Total Equity | 202,759.82 |
| Total Capital | 26,699,117.82 |
| Debt Weighting | 99.24 |
| Equity Weighting | 0.76 |
| 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 | 29,379,510 | 30,225,681.02 | 29,929,991.95 | 27,214,592.83 | 31,379,506.77 | 32,017,557.26 | 32,668,581.46 | 33,332,843.16 | 34,010,611.53 | 34,702,161.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,210,008.87 | 3,766,597.12 | 3,590,643.07 | 2,727,162.10 | 3,722,614.90 | 3,885,157.04 | 3,964,155.30 | 4,044,759.85 | 4,127,003.37 | 4,210,919.18 |
| Capital Expenditure | -3,598,707.05 | -3,738,887.12 | -3,595,131.07 | -3,767,945.01 | -3,830,244.10 | -4,013,864.74 | -4,095,480.05 | -4,178,754.88 | -4,263,722.97 | -4,350,418.74 |
| Free Cash Flow | 611,301.81 | 27,710 | -4,488 | -1,040,782.91 | -107,629.20 | -128,707.70 | -131,324.76 | -133,995.03 | -136,719.60 | -139,499.56 |
| WACC | ||||||||||
| PV LFCF | -127,648.22 | -129,171.61 | -130,713.18 | -132,273.15 | -133,851.74 | |||||
| SUM PV LFCF | -653,657.90 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 0.83 |
| Free cash flow (t + 1) | -142,289.56 |
| Terminal Value | 12,161,500.52 |
| Present Value of Terminal Value | 11,669,125.93 |
Intrinsic Value
| Enterprise Value | 11,015,468.03 |
|---|---|
| Net Debt | 20,382,703 |
| Equity Value | -9,367,234.97 |
| Shares Outstanding | 1,388.77 |
| Equity Value Per Share | -6,745.01 |