Discounted Cash Flow (DCF) Analysis Unlevered

Canon Inc. (CAJ)

$21.63

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 21,322.72 | 21.63 | 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 3,951,9373,593,298.993,160,243.013,513,356.994,031,413.994,079,712.674,128,589.994,178,052.904,228,108.394,278,763.58
Revenue (%)
EBITDA 601,255.99434,105.01358,959.01524,599.01579,978554,610.70561,255.26567,979.43574,784.15581,670.40
EBITDA (%)
EBIT 349,702196,778131,134303,353.01353,485.99292,737.21296,244.37299,793.55303,385.25307,019.99
EBIT (%)
Depreciation 251,553.99237,327.01227,825.02221,246226,492.01261,873.49265,010.89268,185.87271,398.90274,650.41
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 521,600.99414,581407,755404,772373,006.02476,610.88482,320.96488,099.44493,947.16499,864.93
Total Cash (%)
Account Receivables 612,953.02559,835.98535,126508,515.98621,568635,742.97643,359.54651,067.36658,867.53666,761.14
Account Receivables (%)
Inventories 611,280.99584,756.01562,807.01650,568808,312.01718,989.79727,603.71736,320.82745,142.37754,069.61
Inventories (%)
Accounts Payable 352,488.99305,312.02303,809.01338,604355,929.99371,222.07375,669.53380,170.27384,724.93389,334.15
Accounts Payable (%)
Capital Expenditure -191,398.99-215,670.99-164,719.01-177,350.01-188,527.02-210,364.30-212,884.59-215,435.07-218,016.11-220,628.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.63
Beta 0.451
Diluted Shares Outstanding 1,030.98
Cost of Debt
Tax Rate 30.78
After-tax Cost of Debt 2.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.287
Total Debt 417,413
Total Equity 22,300.08
Total Capital 439,713.08
Debt Weighting 94.93
Equity Weighting 5.07
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 3,951,9373,593,298.993,160,243.013,513,356.994,031,413.994,079,712.674,128,589.994,178,052.904,228,108.394,278,763.58
EBITDA 601,255.99434,105.01358,959.01524,599.01579,978554,610.70561,255.26567,979.43574,784.15581,670.40
EBIT 349,702196,778131,134303,353.01353,485.99292,737.21296,244.37299,793.55303,385.25307,019.99
Tax Rate 30.35%36.09%36.05%29.07%30.78%32.47%32.47%32.47%32.47%32.47%
EBIAT 243,568.14125,768.4383,864.16215,176.94244,685.04197,697.45200,065.98202,462.89204,888.51207,343.19
Depreciation 251,553.99237,327.01227,825.02221,246226,492.01261,873.49265,010.89268,185.87271,398.90274,650.41
Accounts Receivable -53,117.0324,709.9826,610.02-113,052.02-14,174.97-7,616.57-7,707.82-7,800.16-7,893.62
Inventories -26,524.9821,949-87,760.98-157,744.0189,322.22-8,613.91-8,717.11-8,821.55-8,927.24
Accounts Payable --47,176.97-1,50334,794.9817,32615,292.084,447.464,500.744,554.664,609.23
Capital Expenditure -191,399-215,671-164,719-177,350-188,527-210,364.30-212,884.59-215,435.07-218,016.11-220,628.07
UFCF 303,723.14179,889.48192,126.15232,716.9529,180339,645.97240,409.25243,289.49246,204.24249,153.91
WACC
PV UFCF 329,593.37226,388.93222,320.43218,325.04214,401.46
SUM PV UFCF 1,211,029.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.05
Free cash flow (t + 1) 254,136.99
Terminal Value 24,203,522.88
Present Value of Terminal Value 20,827,569.99

Intrinsic Value

Enterprise Value 22,038,599.21
Net Debt 55,312
Equity Value 21,983,287.21
Shares Outstanding 1,030.98
Equity Value Per Share 21,322.72