Discounted Cash Flow (DCF) Analysis Levered

Ford Motor Company (F)

$ 13.57
0.34 2.57%

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 151,800156,776160,338155,900127,144122,165.35117,381.65112,785.27108,368.87104,125.41
Revenue (%)
Operating Cash Flow 19,79218,09615,02217,63924,26915,723.1315,107.4514,515.8813,947.4813,401.33
Operating Cash Flow (%)
Capital Expenditure -6,992-7,049-7,785-7,632-5,742-5,709.82-5,486.24-5,271.41-5,065-4,866.66
Capital Expenditure (%)
Free Cash Flow 12,80011,0477,23710,00718,52710,013.319,621.219,244.478,882.488,534.66

Weighted Average Cost Of Capital

Share price $ 13.57
Beta 1.129
Diluted Shares Outstanding 3,973
Cost of Debt
Tax Rate -14.61
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.450
Total Debt 162,007
Total Equity 53,913.61
Total Capital 215,920.61
Debt Weighting 75.03
Equity Weighting 24.97
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 151,800156,776160,338155,900127,144122,165.35117,381.65112,785.27108,368.87104,125.41
Operating Cash Flow 19,79218,09615,02217,63924,26915,723.1315,107.4514,515.8813,947.4813,401.33
Capital Expenditure -6,992-7,049-7,785-7,632-5,742-5,709.82-5,486.24-5,271.41-5,065-4,866.66
Free Cash Flow 12,80011,0477,23710,00718,52710,013.319,621.219,244.478,882.488,534.66
WACC
PV LFCF 6,820.096,146.735,539.864,992.904,499.94
SUM PV LFCF 38,560.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.61
Free cash flow (t + 1) 8,876.05
Terminal Value 340,078.56
Present Value of Terminal Value 246,938.92

Intrinsic Value

Enterprise Value 285,499.21
Net Debt 136,764
Equity Value 148,735.21
Shares Outstanding 3,973
Equity Value Per Share 37.44