Discounted Cash Flow (DCF) Analysis Levered
Exxon Mobil Corporation (XOM)
$107.39
-0.80 (-0.74%)
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 | 279,332 | 255,583 | 178,574 | 276,692 | 398,675 | 458,873.63 | 528,162.06 | 607,912.83 | 699,705.69 | 805,358.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 36,014 | 29,716 | 14,668 | 48,129 | 76,797 | 63,683.50 | 73,299.50 | 84,367.49 | 97,106.70 | 111,769.50 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -19,574 | -24,361 | -17,282 | -12,076 | -18,407 | -32,303.07 | -37,180.73 | -42,794.90 | -49,256.79 | -56,694.41 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 16,440 | 5,355 | -2,614 | 36,053 | 58,390 | 31,380.43 | 36,118.77 | 41,572.59 | 47,849.91 | 55,075.09 |
Weighted Average Cost Of Capital
| Share price | $ 107.39 |
|---|---|
| Beta | 1.076 |
| Diluted Shares Outstanding | 4,275 |
| Cost of Debt | |
| Tax Rate | 28.31 |
| After-tax Cost of Debt | 1.39% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.824 |
| Total Debt | 41,193 |
| Total Equity | 459,092.25 |
| Total Capital | 500,285.25 |
| Debt Weighting | 8.23 |
| Equity Weighting | 91.77 |
| 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 | 279,332 | 255,583 | 178,574 | 276,692 | 398,675 | 458,873.63 | 528,162.06 | 607,912.83 | 699,705.69 | 805,358.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 36,014 | 29,716 | 14,668 | 48,129 | 76,797 | 63,683.50 | 73,299.50 | 84,367.49 | 97,106.70 | 111,769.50 |
| Capital Expenditure | -19,574 | -24,361 | -17,282 | -12,076 | -18,407 | -32,303.07 | -37,180.73 | -42,794.90 | -49,256.79 | -56,694.41 |
| Free Cash Flow | 16,440 | 5,355 | -2,614 | 36,053 | 58,390 | 31,380.43 | 36,118.77 | 41,572.59 | 47,849.91 | 55,075.09 |
| WACC | ||||||||||
| PV LFCF | 28,999.56 | 30,845.95 | 32,809.90 | 34,898.89 | 37,120.88 | |||||
| SUM PV LFCF | 164,675.17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.21 |
| Free cash flow (t + 1) | 56,176.60 |
| Terminal Value | 904,615.08 |
| Present Value of Terminal Value | 609,714.94 |
Intrinsic Value
| Enterprise Value | 774,390.11 |
|---|---|
| Net Debt | 11,553 |
| Equity Value | 762,837.11 |
| Shares Outstanding | 4,275 |
| Equity Value Per Share | 178.44 |