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Discounted Cash Flow (DCF) Analysis Levered


Bank of America Corporation

Bank of America Corporation (BAC)

Financial 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 88,942.0085,891.2982,962.4083,700.7687,350.1191,245.9391,766.0392,289.1092,815.1593,344.1993,876.25
Revenue (%)
Operating Cash Flow 92,819.8730,792.0328,398.0317,275.849,861.8339,518.6138,183.8538,401.4938,620.3838,840.5239,061.91
Operating Cash Flow (%)
Capital Expenditure -----------
Capital Expenditure (%)
Free Cash Flow 92,819.8730,792.0328,398.0317,275.849,861.8339,518.61-----

Weighted Average Cost Of Capital

Share price $ 26.27
Diluted Shares Outstanding 10,236.90
Cost of Debt
Tax Rate 18.61
After-tax Cost of Debt -0.88
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.30
Total Debt 191,365.00
Total Equity 268,923.36
Total Capital 460,288.36
Debt Weighting 41.58
Equity Weighting 58.42
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 88,942.0085,891.2982,962.4083,700.7687,350.1191,245.9391,766.0392,289.1092,815.1593,344.1993,876.25
Operating Cash Flow 92,819.8730,792.0328,398.0317,275.849,861.8339,518.6138,183.8538,401.4938,620.3838,840.5239,061.91
Capital Expenditure -----------
Free Cash Flow 92,819.8730,792.0328,398.0317,275.849,861.8339,518.61-----
WACC
PV LFCF -----
SUM PV LFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.05
Free cash flow (t + 1) 20,231.45
Terminal Value 334,404.20
Present Value of Terminal Value 207,167.43

Intrinsic Value

Enterprise Value 321,667.23
Net Debt -520,371.50
Equity Value 842,038.73
Shares Outstanding 10,236.90
Equity Value Per Share -