Discounted Cash Flow (DCF) Analysis Levered

Exxon Mobil Corporation (XOM)

$107.39

-0.80 (-0.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 178.44 | 107.39 | 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 279,332255,583178,574276,692398,675458,873.63528,162.06607,912.83699,705.69805,358.98
Revenue (%)
Operating Cash Flow 36,01429,71614,66848,12976,79763,683.5073,299.5084,367.4997,106.70111,769.50
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 16,4405,355-2,61436,05358,39031,380.4336,118.7741,572.5947,849.9155,075.09

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 279,332255,583178,574276,692398,675458,873.63528,162.06607,912.83699,705.69805,358.98
Operating Cash Flow 36,01429,71614,66848,12976,79763,683.5073,299.5084,367.4997,106.70111,769.50
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 16,4405,355-2,61436,05358,39031,380.4336,118.7741,572.5947,849.9155,075.09
WACC
PV LFCF 28,999.5630,845.9532,809.9034,898.8937,120.88
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