Discounted Cash Flow (DCF) Analysis Unlevered

América Móvil, S.A.B. de C.V. (AMOV)

$20.75

-0.23 (-1.10%)
All numbers are in Millions, Currency in USD
Stock DCF: 188.07 | 20.75 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,022,8641,007,3481,016,887855,535844,501.40807,075.43771,308.07737,125.83704,458.44673,238.79
Revenue (%)
EBITDA 270,987306,680330,890314,511362,801.78273,112.94261,009.33249,442.12238,387.53227,822.86
EBITDA (%)
EBIT 263,280.82298,496.83323,279.17307,049.39354,808.34266,441.87254,633.90243,349.23232,564.66222,258.04
EBIT (%)
Depreciation 7,706.198,183.177,610.837,461.617,993.436,671.086,375.436,092.895,822.875,564.82
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 70,67667,46490,554156,383124,730.8289,683.1385,708.6281,910.2578,280.2174,811.05
Total Cash (%)
Account Receivables 195,982211,532217,688212,339201,711.41177,994.07170,105.86162,567.24155,362.71148,477.46
Account Receivables (%)
Inventories 39,86441,10230,37724,18523,995.1326,848.1525,658.3224,521.2123,434.5022,395.95
Inventories (%)
Accounts Payable 298,761272,556225,995255,733208,741.91214,841.26205,320.09196,220.87187,524.90179,214.31
Accounts Payable (%)
Capital Expenditure -7,322.73-7,025.59-5,305.21-6,860.65-7,501.82-5,851.75-5,592.42-5,344.58-5,107.72-4,881.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20.75
Beta 0.279
Diluted Shares Outstanding 3,343.10
Cost of Debt
Tax Rate 43.28
After-tax Cost of Debt 29.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.619
Total Debt 134,148.81
Total Equity 69,369.32
Total Capital 203,518.14
Debt Weighting 65.91
Equity Weighting 34.09
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,022,8641,007,3481,016,887855,535844,501.40807,075.43771,308.07737,125.83704,458.44673,238.79
EBITDA 270,987306,680330,890314,511362,801.78273,112.94261,009.33249,442.12238,387.53227,822.86
EBIT 263,280.82298,496.83323,279.17307,049.39354,808.34266,441.87254,633.90243,349.23232,564.66222,258.04
Tax Rate 51.17%44.19%30.77%27.42%43.28%39.37%39.37%39.37%39.37%39.37%
EBIAT 128,565.71166,585.55223,795.38222,859.68201,251.87161,554154,394.37147,552.04141,012.94134,763.63
Depreciation 7,706.198,183.177,610.837,461.617,993.436,671.086,375.436,092.895,822.875,564.82
Accounts Receivable --15,550-6,1565,34910,627.5823,717.347,888.217,538.627,204.536,885.25
Inventories --1,238.0110,725.016,192189.87-2,853.021,189.841,137.111,086.711,038.55
Accounts Payable --26,205-46,56129,738-46,991.086,099.35-9,521.17-9,099.22-8,695.97-8,310.59
Capital Expenditure -7,322.73-7,025.59-5,305.21-6,860.66-7,501.82-5,851.75-5,592.42-5,344.58-5,107.72-4,881.36
UFCF 128,949.16124,750.13184,109264,739.64165,569.85189,336.99154,734.26147,876.86141,323.37135,060.30
WACC
PV UFCF 155,961.28104,990.2882,650.2565,063.7751,219.38
SUM PV UFCF 459,884.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 21.40
Free cash flow (t + 1) 137,761.51
Terminal Value 710,110.88
Present Value of Terminal Value 269,297.76

Intrinsic Value

Enterprise Value 729,182.71
Net Debt 100,447.86
Equity Value 628,734.85
Shares Outstanding 3,343.10
Equity Value Per Share 188.07