Discounted Cash Flow (DCF) Analysis Unlevered

América Móvil, S.A.B. de C.V. (AMOV)

$ 17.92
-0.25 (-1.38%)

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 975,412.491,021,633.531,038,207.681,007,347.871,016,886.521,027,908.121,039,049.171,050,310.981,061,694.851,073,202.10
Revenue (%)
EBITDA 208,999.34252,094.71295,031.45325,251.19277,517.29275,681.98278,669.97281,690.36284,743.48287,829.69
EBITDA (%)
EBIT 60,473.4291,919.77139,318.87166,335.98113,273.60115,676.28116,930.04118,197.40119,478.49120,773.46
EBIT (%)
Depreciation 148,525.92160,174.94155,712.58158,915.21164,243.69160,005.70161,739.93163,492.96165,264.99167,056.23
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 78,075.5483,391.1570,675.8967,463.6890,554.3079,306.3980,165.9681,034.8481,913.1482,800.97
Total Cash (%)
Account Receivables 206,515.03194,644.38217,490.52205,979.44209,369.26210,124.84212,402.30214,704.43217,031.52219,383.83
Account Receivables (%)
Inventories 36,871.2938,809.5740,305.3641,102.0130,377.4438,091.3538,504.2038,921.5339,343.3939,769.81
Inventories (%)
Accounts Payable 132,796.10106,483.85118,406.38113,370.7274,285.88111,017.65112,220.93113,437.24114,666.74115,909.56
Accounts Payable (%)
Capital Expenditure -155,023.90-136,723.68-151,821.68-151,847.19-129,554.99-147,430.33-149,028.27-150,643.52-152,276.28-153,926.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.92
Beta 0.300
Diluted Shares Outstanding 3,343.10
Cost of Debt
Tax Rate 30.48
After-tax Cost of Debt 3.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.846
Total Debt 737,710.20
Total Equity 59,908.35
Total Capital 797,618.55
Debt Weighting 92.49
Equity Weighting 7.51
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 975,412.491,021,633.531,038,207.681,007,347.871,016,886.521,027,908.121,039,049.171,050,310.981,061,694.851,073,202.10
EBITDA 208,999.34252,094.71295,031.45325,251.19277,517.29275,681.98278,669.97281,690.36284,743.48287,829.69
EBIT 60,473.4291,919.77139,318.87166,335.98113,273.60115,676.28116,930.04118,197.40119,478.49120,773.46
Tax Rate 63.16%48.64%47.95%44.18%30.48%46.88%46.88%46.88%46.88%46.88%
EBIAT 22,279.1347,211.5872,513.9292,841.8978,749.3561,444.7062,110.6862,783.8763,464.3564,152.22
Depreciation 148,525.92160,174.94155,712.58158,915.21164,243.69160,005.70161,739.93163,492.96165,264.99167,056.23
Accounts Receivable -11,870.66-22,846.1411,511.08-3,389.82-755.59-2,277.45-2,302.14-2,327.09-2,352.31
Inventories --1,938.28-1,495.79-796.6510,724.57-7,713.90-412.86-417.33-421.85-426.43
Accounts Payable --26,312.2511,922.53-5,035.66-39,084.8436,731.771,203.271,216.311,229.501,242.82
Capital Expenditure -155,023.89-136,723.68-151,821.68-151,847.19-129,554.99-147,430.33-149,028.27-150,643.52-152,276.28-153,926.74
UFCF 15,781.1654,282.9763,985.41105,588.6881,687.95102,282.3573,335.3074,130.1574,933.6275,745.79
WACC
PV UFCF 98,747.2068,353.5866,706.3565,098.8263,530.02
SUM PV UFCF 362,435.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.58
Free cash flow (t + 1) 78,775.62
Terminal Value -18,756,101.05
Present Value of Terminal Value -15,731,242.67

Intrinsic Value

Enterprise Value -15,368,806.70
Net Debt 701,792.29
Equity Value -16,070,598.99
Shares Outstanding 3,343.10
Equity Value Per Share -4,807.09