Discounted Cash Flow (DCF) Analysis Unlevered
Comerica Incorporated (CMA)
$43.05
-1.01 (-2.29%)
All numbers are in Millions, Currency in USD
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 | 3,328 | 3,343 | 2,912 | 2,967 | 3,534 | 3,609.60 | 3,686.82 | 3,765.69 | 3,846.25 | 3,928.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1,922 | 2,114 | 881 | 1,646 | 1,774 | 1,854.74 | 1,894.42 | 1,934.95 | 1,976.34 | 2,018.62 |
| EBITDA (%) | ||||||||||
| EBIT | 1,802 | 2,000 | 773 | 1,547 | 1,682 | 1,734.44 | 1,771.54 | 1,809.44 | 1,848.15 | 1,887.69 |
| EBIT (%) | ||||||||||
| Depreciation | 120 | 114 | 108 | 99 | 92 | 120.31 | 122.88 | 125.51 | 128.19 | 130.94 |
| 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 | 16,740 | 18,371 | 30,967 | 39,862 | 25,451 | 30,173.78 | 30,819.28 | 31,478.59 | 32,152 | 32,839.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3,975 | 4,790 | 5,308 | 5,602 | 7,523 | 6,112.43 | 6,243.20 | 6,376.75 | 6,513.17 | 6,652.50 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -90 | -86 | -79 | -70 | -91.43 | -93.39 | -95.39 | -97.43 | -99.51 | -101.64 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 43.05 |
|---|---|
| Beta | 1.227 |
| Diluted Shares Outstanding | 136.57 |
| Cost of Debt | |
| Tax Rate | 22.02 |
| After-tax Cost of Debt | 2.57% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.304 |
| Total Debt | 6,235 |
| Total Equity | 5,879.17 |
| Total Capital | 12,114.17 |
| Debt Weighting | 51.47 |
| Equity Weighting | 48.53 |
| 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 | 3,328 | 3,343 | 2,912 | 2,967 | 3,534 | 3,609.60 | 3,686.82 | 3,765.69 | 3,846.25 | 3,928.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1,922 | 2,114 | 881 | 1,646 | 1,774 | 1,854.74 | 1,894.42 | 1,934.95 | 1,976.34 | 2,018.62 |
| EBIT | 1,802 | 2,000 | 773 | 1,547 | 1,682 | 1,734.44 | 1,771.54 | 1,809.44 | 1,848.15 | 1,887.69 |
| Tax Rate | 19.54% | 21.80% | 19.80% | 21.61% | 22.02% | 20.95% | 20.95% | 20.95% | 20.95% | 20.95% |
| EBIAT | 1,449.82 | 1,563.97 | 619.97 | 1,212.68 | 1,311.64 | 1,371 | 1,400.33 | 1,430.28 | 1,460.88 | 1,492.13 |
| Depreciation | 120 | 114 | 108 | 99 | 92 | 120.31 | 122.88 | 125.51 | 128.19 | 130.94 |
| Accounts Receivable | - | -815 | -518 | -294 | -1,921 | 1,410.57 | -130.76 | -133.56 | -136.42 | -139.33 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -90 | -86 | -79 | -70 | -91.43 | -93.39 | -95.39 | -97.43 | -99.51 | -101.64 |
| UFCF | 1,479.82 | 776.97 | 130.97 | 947.68 | -608.79 | 2,808.48 | 1,297.06 | 1,324.80 | 1,353.14 | 1,382.09 |
| WACC | ||||||||||
| PV UFCF | 2,653.51 | 1,157.87 | 1,117.38 | 1,078.31 | 1,040.61 | |||||
| SUM PV UFCF | 7,047.69 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.84 |
| Free cash flow (t + 1) | 1,409.73 |
| Terminal Value | 36,711.82 |
| Present Value of Terminal Value | 27,641.19 |
Intrinsic Value
| Enterprise Value | 34,688.88 |
|---|---|
| Net Debt | -47 |
| Equity Value | 34,735.88 |
| Shares Outstanding | 136.57 |
| Equity Value Per Share | 254.35 |