Discounted Cash Flow (DCF) Analysis Levered
Exxon Mobil Corporation (XOM)
$98.195
-0.92 (-0.92%)
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 | 281,060 | 259,497 | 179,784 | 278,981 | 402,217 | 463,513.84 | 534,152.16 | 615,555.58 | 709,364.66 | 817,470.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 36,014 | 29,716 | 14,668 | 48,129 | 76,797 | 63,750.61 | 73,466.04 | 84,662.08 | 97,564.36 | 112,432.92 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -19,574 | -24,361 | -17,282 | -12,076 | -18,407 | -32,325.24 | -37,251.53 | -42,928.56 | -49,470.77 | -57,009.98 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 16,440 | 5,355 | -2,614 | 36,053 | 58,390 | 31,425.37 | 36,214.52 | 41,733.52 | 48,093.60 | 55,422.94 |
Weighted Average Cost Of Capital
| Share price | $ 98.195 |
|---|---|
| Beta | 1.004 |
| Diluted Shares Outstanding | 4,205 |
| Cost of Debt | |
| Tax Rate | 28.31 |
| After-tax Cost of Debt | 2.95% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.849 |
| Total Debt | 41,193 |
| Total Equity | 412,909.97 |
| Total Capital | 454,102.97 |
| Debt Weighting | 9.07 |
| Equity Weighting | 90.93 |
| 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 | 281,060 | 259,497 | 179,784 | 278,981 | 402,217 | 463,513.84 | 534,152.16 | 615,555.58 | 709,364.66 | 817,470.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 36,014 | 29,716 | 14,668 | 48,129 | 76,797 | 63,750.61 | 73,466.04 | 84,662.08 | 97,564.36 | 112,432.92 |
| Capital Expenditure | -19,574 | -24,361 | -17,282 | -12,076 | -18,407 | -32,325.24 | -37,251.53 | -42,928.56 | -49,470.77 | -57,009.98 |
| Free Cash Flow | 16,440 | 5,355 | -2,614 | 36,053 | 58,390 | 31,425.37 | 36,214.52 | 41,733.52 | 48,093.60 | 55,422.94 |
| WACC | ||||||||||
| PV LFCF | 24,732.88 | 26,315.31 | 27,998.98 | 29,790.37 | 31,696.38 | |||||
| SUM PV LFCF | 164,861.14 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.31 |
| Free cash flow (t + 1) | 56,531.40 |
| Terminal Value | 895,901.70 |
| Present Value of Terminal Value | 601,059.66 |
Intrinsic Value
| Enterprise Value | 765,920.79 |
|---|---|
| Net Debt | 11,553 |
| Equity Value | 754,367.79 |
| Shares Outstanding | 4,205 |
| Equity Value Per Share | 179.40 |