Discounted Cash Flow (DCF) Analysis Unlevered

Citigroup Inc. (C-PJ)

$25.69

+0.06 (+0.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 101.72 | 25.69 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 72,69874,03675,06775,49471,88771,711.6071,536.6371,362.0871,187.9671,014.27
Revenue (%)
EBITDA 41,51750,24056,11830,84739,34842,355.8942,252.5542,149.4542,046.6141,944.02
EBITDA (%)
EBIT 37,85846,48652,21326,91035,38438,621.8938,527.6538,433.6538,339.8738,246.32
EBIT (%)
Depreciation 3,6593,7543,9053,9373,9643,7343,724.893,715.813,706.743,697.69
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 461,937466,854465,463638,778550,555501,701.82500,477.69499,256.55498,038.39496,823.20
Total Cash (%)
Account Receivables 40,12037,03141,24245,54454,34042,462.4342,358.8242,255.4742,152.3642,049.51
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 22,60124,29810,98811,16561,43025,642.4125,579.8525,517.4325,455.1725,393.06
Accounts Payable (%)
Capital Expenditure -3,361-3,774-5,336-3,446-4,119-3,890.14-3,880.65-3,871.18-3,861.73-3,852.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.69
Beta 1.596
Diluted Shares Outstanding 5,676.36
Cost of Debt
Tax Rate 20.08
After-tax Cost of Debt 2.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.186
Total Debt 282,347
Total Equity 145,825.69
Total Capital 428,172.69
Debt Weighting 65.94
Equity Weighting 34.06
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 72,69874,03675,06775,49471,88771,711.6071,536.6371,362.0871,187.9671,014.27
EBITDA 41,51750,24056,11830,84739,34842,355.8942,252.5542,149.4542,046.6141,944.02
EBIT 37,85846,48652,21326,91035,38438,621.8938,527.6538,433.6538,339.8738,246.32
Tax Rate 129.87%23.03%18.83%18.96%20.08%42.15%42.15%42.15%42.15%42.15%
EBIAT -11,30735,779.0542,382.5121,807.1328,277.3222,340.8822,286.3722,231.9922,177.7522,123.63
Depreciation 3,6593,7543,9053,9373,9643,7343,724.893,715.813,706.743,697.69
Accounts Receivable -3,089-4,211-4,302-8,79611,877.58103.61103.35103.10102.85
Inventories ----------
Accounts Payable -1,697-13,31017750,265-35,787.59-62.57-62.41-62.26-62.11
Capital Expenditure -3,361-3,774-5,336-3,446-4,119-3,890.14-3,880.65-3,871.18-3,861.73-3,852.31
UFCF -11,00940,545.0523,430.5118,173.1369,591.31-1,725.2722,171.6622,117.5622,063.5922,009.76
WACC
PV UFCF -1,638.4319,995.9218,943.1417,945.8017,000.96
SUM PV UFCF 72,247.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.30
Free cash flow (t + 1) 22,449.95
Terminal Value 680,301.61
Present Value of Terminal Value 525,484.18

Intrinsic Value

Enterprise Value 597,731.56
Net Debt 20,314
Equity Value 577,417.56
Shares Outstanding 5,676.36
Equity Value Per Share 101.72