Discounted Cash Flow (DCF) Analysis Levered

Exxon Mobil Corporation (XOM)

$98.195

-0.92 (-0.92%)
All numbers are in Millions, Currency in USD
Stock DCF: 179.40 | 98.195 | undervalue

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 281,060259,497179,784278,981402,217463,513.84534,152.16615,555.58709,364.66817,470.01
Revenue (%)
Operating Cash Flow 36,01429,71614,66848,12976,79763,750.6173,466.0484,662.0897,564.36112,432.92
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 16,4405,355-2,61436,05358,39031,425.3736,214.5241,733.5248,093.6055,422.94

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 281,060259,497179,784278,981402,217463,513.84534,152.16615,555.58709,364.66817,470.01
Operating Cash Flow 36,01429,71614,66848,12976,79763,750.6173,466.0484,662.0897,564.36112,432.92
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 16,4405,355-2,61436,05358,39031,425.3736,214.5241,733.5248,093.6055,422.94
WACC
PV LFCF 24,732.8826,315.3127,998.9829,790.3731,696.38
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