Discounted Cash Flow (DCF) Analysis Unlevered

General Motors Company (GM)

$28.76

+0.26 (+0.91%)
All numbers are in Millions, Currency in USD
Stock DCF: -93.30 | 28.76 | overvalue

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 147,049137,237122,485127,004156,735160,526.82164,410.38168,387.90172,461.64176,633.93
Revenue (%)
EBITDA 22,87322,33621,74325,71723,87427,309.7227,970.4128,647.0929,340.1330,049.95
EBITDA (%)
EBIT 9,2048,2188,92813,66612,58412,304.5412,602.2212,907.1013,219.3613,539.17
EBIT (%)
Depreciation 13,66914,11812,81512,05111,29015,005.1715,368.1915,739.9816,120.7816,510.78
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 26,81023,24329,03828,67631,30332,563.3633,351.1634,158.0134,984.3835,830.74
Total Cash (%)
Account Receivables 33,39933,39834,24434,04346,95642,305.2643,328.7344,376.9745,450.5646,550.13
Account Receivables (%)
Inventories 9,81610,39810,23512,98815,36613,689.2114,020.3914,359.5814,706.9715,062.77
Inventories (%)
Accounts Payable 22,29721,01819,92820,39127,48625,793.4026,417.4127,056.5127,711.0828,381.48
Accounts Payable (%)
Capital Expenditure -25,497-23,996-20,533-22,111-21,187-26,491.84-27,132.74-27,789.15-28,461.45-29,150
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.76
Beta 1.490
Diluted Shares Outstanding 1,454
Cost of Debt
Tax Rate 14.34
After-tax Cost of Debt 3.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.343
Total Debt 114,699
Total Equity 41,817.04
Total Capital 156,516.04
Debt Weighting 73.28
Equity Weighting 26.72
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 147,049137,237122,485127,004156,735160,526.82164,410.38168,387.90172,461.64176,633.93
EBITDA 22,87322,33621,74325,71723,87427,309.7227,970.4128,647.0929,340.1330,049.95
EBIT 9,2048,2188,92813,66612,58412,304.5412,602.2212,907.1013,219.3613,539.17
Tax Rate 6.26%9.47%20.61%21.21%14.34%14.38%14.38%14.38%14.38%14.38%
EBIAT 8,628.017,439.967,088.3610,767.5110,779.4710,535.6410,790.5211,051.5711,318.9411,592.77
Depreciation 13,66914,11812,81512,05111,29015,005.1715,368.1915,739.9816,120.7816,510.78
Accounts Receivable -1-846201-12,9134,650.74-1,023.47-1,048.23-1,073.59-1,099.57
Inventories --582163-2,753-2,3781,676.79-331.18-339.19-347.40-355.80
Accounts Payable --1,279-1,0904637,095-1,692.60624.01639.11654.57670.40
Capital Expenditure -25,497-23,996-20,533-22,111-21,187-26,491.84-27,132.74-27,789.15-28,461.45-29,150
UFCF -3,199.99-4,298.04-2,402.64-1,381.49-7,313.533,683.90-1,704.68-1,745.92-1,788.15-1,831.41
WACC
PV UFCF 3,483.93-1,524.63-1,476.74-1,430.37-1,385.45
SUM PV UFCF -2,333.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.74
Free cash flow (t + 1) -1,868.04
Terminal Value -49,947.67
Present Value of Terminal Value -37,784.93

Intrinsic Value

Enterprise Value -40,118.19
Net Debt 95,546
Equity Value -135,664.19
Shares Outstanding 1,454
Equity Value Per Share -93.30