Discounted Cash Flow (DCF) Analysis Unlevered

Texas Instruments Incorporated (TII.DE)

170.3 €

+3.30 (+1.98%)
All numbers are in Millions, Currency in USD
Stock DCF: 157.10 | 170.3 | 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 15,78414,38314,46118,34420,02821,414.8322,897.7024,483.2426,178.5727,991.30
Revenue (%)
EBITDA 7,7656,9487,19910,05711,22511,056.7211,822.3412,640.9713,516.2914,452.22
EBITDA (%)
EBIT 6,8115,8986,2079,10310,2469,759.2810,435.0611,157.6311,930.2412,756.34
EBIT (%)
Depreciation 9541,0509929549791,297.441,387.281,483.341,586.051,695.88
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 4,2335,3876,5689,7399,0678,910.869,527.8910,187.6510,893.0911,647.38
Total Cash (%)
Account Receivables 1,2071,0741,4141,7011,8951,868.521,997.902,136.252,284.172,442.34
Account Receivables (%)
Inventories 2,2172,0011,9551,9102,7572,811.993,006.703,214.903,437.513,675.54
Inventories (%)
Accounts Payable 478388415653851702.60751.26803.28858.90918.37
Accounts Payable (%)
Capital Expenditure -1,131-847-649-2,462-2,797-1,924.30-2,057.54-2,200.02-2,352.36-2,515.24
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 170.3
Beta 1.013
Diluted Shares Outstanding 926
Cost of Debt
Tax Rate 12.79
After-tax Cost of Debt 2.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.311
Total Debt 8,735
Total Equity 157,697.80
Total Capital 166,432.80
Debt Weighting 5.25
Equity Weighting 94.75
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 15,78414,38314,46118,34420,02821,414.8322,897.7024,483.2426,178.5727,991.30
EBITDA 7,7656,9487,19910,05711,22511,056.7211,822.3412,640.9713,516.2914,452.22
EBIT 6,8115,8986,2079,10310,2469,759.2810,435.0611,157.6311,930.2412,756.34
Tax Rate 16.54%12.41%7.01%12.89%12.79%12.33%12.33%12.33%12.33%12.33%
EBIAT 5,684.325,165.905,771.677,929.288,935.638,555.949,148.399,781.8710,459.2111,183.46
Depreciation 9541,0509929549791,297.441,387.281,483.341,586.051,695.88
Accounts Receivable -133-340-287-19426.48-129.38-138.34-147.92-158.17
Inventories -2164645-847-54.99-194.72-208.20-222.61-238.03
Accounts Payable --9027238198-148.4048.6552.0255.6259.47
Capital Expenditure -1,131-847-649-2,462-2,797-1,924.30-2,057.54-2,200.02-2,352.36-2,515.24
UFCF 5,507.325,627.905,847.676,417.286,274.637,752.188,202.688,770.679,377.9910,027.37
WACC
PV UFCF 7,178.617,033.786,964.386,895.666,827.62
SUM PV UFCF 34,900.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.99
Free cash flow (t + 1) 10,227.92
Terminal Value 170,749.87
Present Value of Terminal Value 116,263.31

Intrinsic Value

Enterprise Value 151,163.35
Net Debt 5,685
Equity Value 145,478.35
Shares Outstanding 926
Equity Value Per Share 157.10