Discounted Cash Flow (DCF) Analysis Unlevered

Prudential Financial, Inc. 5.62 (PRS)

$24.91

-0.09 (-0.36%)
All numbers are in Millions, Currency in USD
Stock DCF: -230.08 | 24.91 | overvalue

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 57,24349,83461,40860,05054,26554,052.9553,841.7453,631.3553,421.7853,213.03
Revenue (%)
EBITDA 2,331-1,9486,651-944-116995.46991.57987.69983.84979.99
EBITDA (%)
EBIT 1,871-2,4056,447-1,068-46765.16762.17759.19756.22753.27
EBIT (%)
Depreciation 460457204124-70230.30229.40228.51227.61226.72
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 412,890434,406391,933324,970340,745367,596.54366,160.12364,729.32363,304.11361,884.46
Total Cash (%)
Account Receivables ---4,21428,25015,966.3815,903.9915,841.8515,779.9415,718.28
Account Receivables (%)
Inventories ----307,342-396,674-335,886.24-334,573.73-333,266.35-331,964.08-330,666.91
Inventories (%)
Accounts Payable ---5,73315,72910,41410,373.3010,332.7710,292.3910,252.18
Accounts Payable (%)
Capital Expenditure -3,804-88736-1,125.62-1,017.18-1,013.20-1,009.25-1,005.30-1,001.37-997.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.91
Beta 0.000
Diluted Shares Outstanding 364.60
Cost of Debt
Tax Rate 19.01
After-tax Cost of Debt 6.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.159
Total Debt 20,874
Total Equity 9,082.19
Total Capital 29,956.19
Debt Weighting 69.68
Equity Weighting 30.32
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 57,24349,83461,40860,05054,26554,052.9553,841.7453,631.3553,421.7853,213.03
EBITDA 2,331-1,9486,651-944-116995.46991.57987.69983.84979.99
EBIT 1,871-2,4056,447-1,068-46765.16762.17759.19756.22753.27
Tax Rate 17.68%25.08%5.47%20.83%19.01%17.61%17.61%17.61%17.61%17.61%
EBIAT 1,540.22-1,801.896,094.45-845.50-37.26630.38627.92625.47623.02620.59
Depreciation 460457204124-70230.30229.40228.51227.61226.72
Accounts Receivable -----24,03612,283.6262.3962.1561.9061.66
Inventories ----89,332-60,787.76-1,312.51-1,307.38-1,302.27-1,297.18
Accounts Payable ----9,996-5,315-40.69-40.53-40.38-40.22
Capital Expenditure -3,804-88736-1,125.62-1,017.18-1,013.20-1,009.25-1,005.30-1,001.37-997.46
UFCF -1,803.78-1,432.897,034.45-1,847.1274,167.57-53,971.67-1,442.73-1,437.09-1,431.48-1,425.88
WACC
PV UFCF -50,897.46-1,283.06-1,205.25-1,132.16-1,063.50
SUM PV UFCF -55,581.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.04
Free cash flow (t + 1) -1,454.40
Terminal Value -36,000.06
Present Value of Terminal Value -26,850.64

Intrinsic Value

Enterprise Value -82,432.06
Net Debt 1,455
Equity Value -83,887.06
Shares Outstanding 364.60
Equity Value Per Share -230.08