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Discounted Cash Flow (DCF) Analysis Levered


America Movil S.A.B. de C.V. Class An Depositary Shares

America Movil S.A.B. de C.V. Class An Depositary Shares (AMOV)

Communication Services

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 60,265.3357,547.3751,850.1847,048.8551,937.2352,970.7851,773.6450,603.5549,459.9148,342.1247,249.59
Revenue (%)
Operating Cash Flow 14,397.3916,314.689,498.9511,371.7111,073.0212,670.6112,078.7911,805.8111,539.0011,278.2211,023.33
Operating Cash Flow (%)
Capital Expenditure -9,075.96-8,557.29-7,424.95-6,685.64-6,050.69-7,331.16-7,243.13-7,079.44-6,919.44-6,763.06-6,610.22
Capital Expenditure (%)
Free Cash Flow 5,321.437,757.392,074.014,686.075,022.335,339.454,835.664,726.374,619.564,515.154,413.11

Weighted Average Cost Of Capital

Share price $ 16.49
Diluted Shares Outstanding 32.19
Cost of Debt
Tax Rate 46.93
After-tax Cost of Debt -2.30
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.98
Total Debt 27,688.36
Total Equity 530.88
Total Capital 28,219.24
Debt Weighting 98.12
Equity Weighting 1.88
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 60,265.3357,547.3751,850.1847,048.8551,937.2352,970.7851,773.6450,603.5549,459.9148,342.1247,249.59
Operating Cash Flow 14,397.3916,314.689,498.9511,371.7111,073.0212,670.6112,078.7911,805.8111,539.0011,278.2211,023.33
Capital Expenditure -9,075.96-8,557.29-7,424.95-6,685.64-6,050.69-7,331.16-7,243.13-7,079.44-6,919.44-6,763.06-6,610.22
Free Cash Flow 5,321.437,757.392,074.014,686.075,022.335,339.454,835.664,726.374,619.564,515.154,413.11
WACC
PV LFCF 4,835.664,601.224,378.154,165.893,963.92
SUM PV LFCF 45,778.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.72
Free cash flow (t + 1) 10,007.11
Terminal Value -781,805.14
Present Value of Terminal Value -683,633.71

Intrinsic Value

Enterprise Value -583,698.83
Net Debt 24,081.05
Equity Value -607,779.87
Shares Outstanding 32.19
Equity Value Per Share -9,065.16