Discounted Cash Flow (DCF) Analysis Levered

Whirlpool Corporation (WHR)

$134.81

-2.81 (-2.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 232.05 | 134.81 | undervalue

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 21,25321,03720,41919,45621,98522,222.9022,463.3722,706.4422,952.1523,200.51
Revenue (%)
Operating Cash Flow 1,2641,2291,2301,5002,1761,574.301,591.331,608.551,625.961,643.55
Operating Cash Flow (%)
Capital Expenditure -684-590-532-410-525-583.29-589.60-595.98-602.43-608.95
Capital Expenditure (%)
Free Cash Flow 5806396981,0901,651991.011,001.731,012.571,023.531,034.60

Weighted Average Cost Of Capital

Share price $ 134.81
Beta 1.564
Diluted Shares Outstanding 62.90
Cost of Debt
Tax Rate 23.54
After-tax Cost of Debt 2.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.185
Total Debt 6,031
Total Equity 8,479.55
Total Capital 14,510.55
Debt Weighting 41.56
Equity Weighting 58.44
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 21,25321,03720,41919,45621,98522,222.9022,463.3722,706.4422,952.1523,200.51
Operating Cash Flow 1,2641,2291,2301,5002,1761,574.301,591.331,608.551,625.961,643.55
Capital Expenditure -684-590-532-410-525-583.29-589.60-595.98-602.43-608.95
Free Cash Flow 5806396981,0901,651991.011,001.731,012.571,023.531,034.60
WACC
PV LFCF 922.21867.47815.99767.56722
SUM PV LFCF 4,095.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.46
Free cash flow (t + 1) 1,055.29
Terminal Value 19,327.73
Present Value of Terminal Value 13,487.97

Intrinsic Value

Enterprise Value 17,583.21
Net Debt 2,987
Equity Value 14,596.21
Shares Outstanding 62.90
Equity Value Per Share 232.05