Discounted Cash Flow (DCF) Analysis Levered
Exxon Mobil Corporation (XOM)
$87.55
+1.91 (+2.23%)
All numbers are in Millions, Currency in USD
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 | 237,162 | 279,332 | 255,583 | 178,574 | 276,692 | 300,275.56 | 325,869.24 | 353,644.37 | 383,786.89 | 416,498.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 30,066 | 36,014 | 29,716 | 14,668 | 48,129 | 37,717.89 | 40,932.73 | 44,421.59 | 48,207.82 | 52,316.77 |
| 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 | 14,664 | 16,440 | 5,355 | -2,614 | 36,053 | 15,452.17 | 16,769.22 | 18,198.53 | 19,749.66 | 21,433 |
Weighted Average Cost Of Capital
| Share price | $ 87.55 |
|---|---|
| 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 | 7.802 |
| Total Debt | 47,704 |
| Total Equity | 374,213.71 |
| Total Capital | 421,917.71 |
| Debt Weighting | 11.31 |
| Equity Weighting | 88.69 |
| 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 | 237,162 | 279,332 | 255,583 | 178,574 | 276,692 | 300,275.56 | 325,869.24 | 353,644.37 | 383,786.89 | 416,498.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 30,066 | 36,014 | 29,716 | 14,668 | 48,129 | 37,717.89 | 40,932.73 | 44,421.59 | 48,207.82 | 52,316.77 |
| 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 | 14,664 | 16,440 | 5,355 | -2,614 | 36,053 | 15,452.17 | 16,769.22 | 18,198.53 | 19,749.66 | 21,433 |
| WACC | ||||||||||
| PV LFCF | 14,429.14 | 14,622.28 | 14,818 | 15,016.34 | 15,217.33 | |||||
| SUM PV LFCF | 74,103.09 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.09 |
| Free cash flow (t + 1) | 21,861.66 |
| Terminal Value | 429,502.25 |
| Present Value of Terminal Value | 304,944.53 |
Intrinsic Value
| Enterprise Value | 379,047.62 |
|---|---|
| Net Debt | 40,902 |
| Equity Value | 338,145.62 |
| Shares Outstanding | 4,274.29 |
| Equity Value Per Share | 79.11 |