Discounted Cash Flow (DCF) Analysis Unlevered
The Procter & Gamble Company (PG)
$151.58
-0.56 (-0.37%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 67,684 | 70,950 | 76,118 | 80,187 | 82,006 | 86,049.61 | 90,292.60 | 94,744.80 | 99,416.54 | 104,318.64 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 17,747 | 19,312 | 20,852 | 21,241 | 21,823 | 23,050.05 | 24,186.61 | 25,379.22 | 26,630.64 | 27,943.76 |
EBITDA (%) | ||||||||||
EBIT | 14,923 | 16,299 | 18,117 | 18,434 | 19,109 | 19,810.77 | 20,787.61 | 21,812.62 | 22,888.17 | 24,016.75 |
EBIT (%) | ||||||||||
Depreciation | 2,824 | 3,013 | 2,735 | 2,807 | 2,714 | 3,239.28 | 3,399.01 | 3,566.61 | 3,742.47 | 3,927.01 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Total Cash | 10,287 | 16,181 | 10,288 | 7,214 | 8,246 | 12,145.46 | 12,744.34 | 13,372.75 | 14,032.14 | 14,724.05 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 4,951 | 4,178 | 4,725 | 5,143 | 5,471 | 5,592.57 | 5,868.34 | 6,157.70 | 6,461.32 | 6,779.92 |
Account Receivables (%) | ||||||||||
Inventories | 5,017 | 5,498 | 5,983 | 6,924 | 7,073 | 6,932.41 | 7,274.24 | 7,632.92 | 8,009.29 | 8,404.22 |
Inventories (%) | ||||||||||
Accounts Payable | 11,260 | 12,071 | 13,720 | 14,882 | 14,598 | 15,150.65 | 15,897.71 | 16,681.61 | 17,504.16 | 18,367.26 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -3,347 | -3,073 | -2,787 | -3,156 | -3,062 | -3,546.51 | -3,721.38 | -3,904.88 | -4,097.42 | -4,299.46 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 151.58 |
---|---|
Beta | 0.410 |
Diluted Shares Outstanding | 2,483.90 |
Cost of Debt | |
Tax Rate | 20.16 |
After-tax Cost of Debt | 1.74% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.375 |
Total Debt | 34,607 |
Total Equity | 376,509.56 |
Total Capital | 411,116.56 |
Debt Weighting | 8.42 |
Equity Weighting | 91.58 |
Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 67,684 | 70,950 | 76,118 | 80,187 | 82,006 | 86,049.61 | 90,292.60 | 94,744.80 | 99,416.54 | 104,318.64 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 17,747 | 19,312 | 20,852 | 21,241 | 21,823 | 23,050.05 | 24,186.61 | 25,379.22 | 26,630.64 | 27,943.76 |
EBIT | 14,923 | 16,299 | 18,117 | 18,434 | 19,109 | 19,810.77 | 20,787.61 | 21,812.62 | 22,888.17 | 24,016.75 |
Tax Rate | 35.79% | 17.73% | 18.79% | 18.08% | 20.16% | 22.11% | 22.11% | 22.11% | 22.11% | 22.11% |
EBIAT | 9,582.29 | 13,409.57 | 14,713.70 | 15,101.64 | 15,256.59 | 15,431.06 | 16,191.94 | 16,990.34 | 17,828.11 | 18,707.19 |
Depreciation | 2,824 | 3,013 | 2,735 | 2,807 | 2,714 | 3,239.28 | 3,399.01 | 3,566.61 | 3,742.47 | 3,927.01 |
Accounts Receivable | - | 773 | -547 | -418 | -328 | -121.57 | -275.76 | -289.36 | -303.63 | -318.60 |
Inventories | - | -481 | -485 | -941 | -149 | 140.59 | -341.83 | -358.68 | -376.37 | -394.93 |
Accounts Payable | - | 811 | 1,649 | 1,162 | -284 | 552.65 | 747.06 | 783.89 | 822.55 | 863.11 |
Capital Expenditure | -3,347 | -3,073 | -2,787 | -3,156 | -3,062 | -3,546.51 | -3,721.38 | -3,904.88 | -4,097.42 | -4,299.46 |
UFCF | 9,059.29 | 14,452.57 | 15,278.70 | 14,555.64 | 14,147.59 | 15,695.50 | 15,999.03 | 16,787.92 | 17,615.71 | 18,484.32 |
WACC | ||||||||||
PV UFCF | 14,808.47 | 14,241.77 | 14,099.45 | 13,958.56 | 13,819.08 | |||||
SUM PV UFCF | 70,927.33 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.99 |
Free cash flow (t + 1) | 18,854.01 |
Terminal Value | 472,531.48 |
Present Value of Terminal Value | 353,269.61 |
Intrinsic Value
Enterprise Value | 424,196.95 |
---|---|
Net Debt | 26,361 |
Equity Value | 397,835.95 |
Shares Outstanding | 2,483.90 |
Equity Value Per Share | 160.17 |