Discounted Cash Flow (DCF) Analysis Unlevered
General Motors Company (GM)
$28.76
+0.26 (+0.91%)
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 | 147,049 | 137,237 | 122,485 | 127,004 | 156,735 | 160,526.82 | 164,410.38 | 168,387.90 | 172,461.64 | 176,633.93 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 22,873 | 22,336 | 21,743 | 25,717 | 23,874 | 27,309.72 | 27,970.41 | 28,647.09 | 29,340.13 | 30,049.95 |
EBITDA (%) | ||||||||||
EBIT | 9,204 | 8,218 | 8,928 | 13,666 | 12,584 | 12,304.54 | 12,602.22 | 12,907.10 | 13,219.36 | 13,539.17 |
EBIT (%) | ||||||||||
Depreciation | 13,669 | 14,118 | 12,815 | 12,051 | 11,290 | 15,005.17 | 15,368.19 | 15,739.98 | 16,120.78 | 16,510.78 |
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 | 26,810 | 23,243 | 29,038 | 28,676 | 31,303 | 32,563.36 | 33,351.16 | 34,158.01 | 34,984.38 | 35,830.74 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 33,399 | 33,398 | 34,244 | 34,043 | 46,956 | 42,305.26 | 43,328.73 | 44,376.97 | 45,450.56 | 46,550.13 |
Account Receivables (%) | ||||||||||
Inventories | 9,816 | 10,398 | 10,235 | 12,988 | 15,366 | 13,689.21 | 14,020.39 | 14,359.58 | 14,706.97 | 15,062.77 |
Inventories (%) | ||||||||||
Accounts Payable | 22,297 | 21,018 | 19,928 | 20,391 | 27,486 | 25,793.40 | 26,417.41 | 27,056.51 | 27,711.08 | 28,381.48 |
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 | 147,049 | 137,237 | 122,485 | 127,004 | 156,735 | 160,526.82 | 164,410.38 | 168,387.90 | 172,461.64 | 176,633.93 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 22,873 | 22,336 | 21,743 | 25,717 | 23,874 | 27,309.72 | 27,970.41 | 28,647.09 | 29,340.13 | 30,049.95 |
EBIT | 9,204 | 8,218 | 8,928 | 13,666 | 12,584 | 12,304.54 | 12,602.22 | 12,907.10 | 13,219.36 | 13,539.17 |
Tax Rate | 6.26% | 9.47% | 20.61% | 21.21% | 14.34% | 14.38% | 14.38% | 14.38% | 14.38% | 14.38% |
EBIAT | 8,628.01 | 7,439.96 | 7,088.36 | 10,767.51 | 10,779.47 | 10,535.64 | 10,790.52 | 11,051.57 | 11,318.94 | 11,592.77 |
Depreciation | 13,669 | 14,118 | 12,815 | 12,051 | 11,290 | 15,005.17 | 15,368.19 | 15,739.98 | 16,120.78 | 16,510.78 |
Accounts Receivable | - | 1 | -846 | 201 | -12,913 | 4,650.74 | -1,023.47 | -1,048.23 | -1,073.59 | -1,099.57 |
Inventories | - | -582 | 163 | -2,753 | -2,378 | 1,676.79 | -331.18 | -339.19 | -347.40 | -355.80 |
Accounts Payable | - | -1,279 | -1,090 | 463 | 7,095 | -1,692.60 | 624.01 | 639.11 | 654.57 | 670.40 |
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 | -7,313.53 | 3,683.90 | -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 |