Discounted Cash Flow (DCF) Analysis Levered

Exxon Mobil Corporation (XOM)

$86.9

+1.69 (+1.98%)
All numbers are in Millions, Currency in USD
Stock DCF: 75.68 | 86.9 | overvalue

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 237,162279,332255,583178,574276,692300,275.56325,869.24353,644.37383,786.89416,498.58
Revenue (%)
Operating Cash Flow 30,06636,01429,71614,66848,12937,717.8940,932.7344,421.5948,207.8252,316.77
Operating Cash Flow (%)
Capital Expenditure -15,402-19,574-24,361-17,282-12,076-22,265.72-24,163.51-26,223.06-28,458.16-30,883.76
Capital Expenditure (%)
Free Cash Flow 14,66416,4405,355-2,61436,05315,452.1716,769.2218,198.5319,749.6621,433

Weighted Average Cost Of Capital

Share price $ 86.9
Beta 1.041
Diluted Shares Outstanding 4,274.29
Cost of Debt
Tax Rate 26.23
After-tax Cost of Debt 1.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.038
Total Debt 47,704
Total Equity 371,435.43
Total Capital 419,139.43
Debt Weighting 11.38
Equity Weighting 88.62
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 237,162279,332255,583178,574276,692300,275.56325,869.24353,644.37383,786.89416,498.58
Operating Cash Flow 30,06636,01429,71614,66848,12937,717.8940,932.7344,421.5948,207.8252,316.77
Capital Expenditure -15,402-19,574-24,361-17,282-12,076-22,265.72-24,163.51-26,223.06-28,458.16-30,883.76
Free Cash Flow 14,66416,4405,355-2,61436,05315,452.1716,769.2218,198.5319,749.6621,433
WACC
PV LFCF 14,402.2514,567.8114,735.2914,904.6815,076.02
SUM PV LFCF 73,686.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.29
Free cash flow (t + 1) 21,861.66
Terminal Value 413,263.98
Present Value of Terminal Value 290,690.82

Intrinsic Value

Enterprise Value 364,376.88
Net Debt 40,902
Equity Value 323,474.88
Shares Outstanding 4,274.29
Equity Value Per Share 75.68