Discounted Cash Flow (DCF) Analysis Unlevered

América Móvil, S.A.B. de C.V. (AMOV)

$ 16.39
0.38 (+2.30%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 786,101.02848,261.82894,216.62975,412.481,021,633.531,038,207.671,007,347.861,016,886.991,055,732.941,096,062.841,137,933.371,181,403.391,226,534
Revenue (%)
EBITDA 255,792.59271,547.80267,189.66258,136.23260,318.24295,269.75313,755.75334,324315,189.82327,230.34339,730.81352,708.82366,182.60
EBITDA (%)
EBIT 154,257.75156,554.25141,454.26109,610.31100,143.30139,557.17154,840.54170,080.32158,988.43165,061.92171,367.43177,913.81184,710.27
EBIT (%)
Depreciation 101,534.84114,993.55125,735.40148,525.92160,174.94155,712.58158,915.21164,243.68156,201.39162,168.42168,363.39174,795.01181,472.33
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 48,163.5566,473.71101,507.5078,075.5483,391.1570,675.8967,463.6890,55484,315.4187,536.3390,880.3094,35297,956.33
Total Cash (%)
Account Receivables 129,219.05146,904.52156,086.76206,515.03194,644.38217,490.52205,979.44217,688203,544.51211,320.08219,392.69227,773.68236,474.82
Account Receivables (%)
Inventories 36,718.9535,930.2835,577.4736,871.2938,809.5740,305.3641,102.0130,37741,455.8943,039.5444,683.6846,390.6448,162.80
Inventories (%)
Accounts Payable 98,763.29118,724106,399.88132,796.10106,483.85118,406.38113,370.72225,995141,704.73147,117.97152,738158,572.72164,630.34
Accounts Payable (%)
Capital Expenditure -121,750.75-145,584.95-151,572.74-155,023.90-136,723.68-151,821.68-151,847.19-129,554.99-160,095-166,210.76-172,560.15-179,152.10-185,995.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.39
Beta 0.306
Diluted Shares Outstanding 3,343.63
Cost of Debt
Tax Rate 30.77
After-tax Cost of Debt 3.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.899
Total Debt 628,383
Total Equity 54,802.06
Total Capital 683,185.06
Debt Weighting 91.98
Equity Weighting 8.02
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 786,101.02848,261.82894,216.62975,412.481,021,633.531,038,207.671,007,347.861,016,886.991,055,732.941,096,062.841,137,933.371,181,403.391,226,534
EBITDA 255,792.59271,547.80267,189.66258,136.23260,318.24295,269.75313,755.75334,324315,189.82327,230.34339,730.81352,708.82366,182.60
EBIT 154,257.75156,554.25141,454.26109,610.31100,143.30139,557.17154,840.54170,080.32158,988.43165,061.92171,367.43177,913.81184,710.27
Tax Rate 29.18%47.08%37.56%63.16%48.64%47.95%44.18%30.77%43.57%43.57%43.57%43.57%43.57%
EBIAT 109,251.0782,843.7488,325.7740,381.7551,435.3272,637.9586,425.61117,741.9289,724.4993,152.0496,710.53100,404.95104,240.50
Depreciation 101,534.84114,993.55125,735.40148,525.92160,174.94155,712.58158,915.21164,243.68156,201.39162,168.42168,363.39174,795.01181,472.33
Accounts Receivable --17,685.47-9,182.25-50,428.2711,870.66-22,846.1411,511.08-11,708.5614,143.49-7,775.57-8,072.61-8,380.99-8,701.15
Inventories -788.67352.81-1,293.82-1,938.28-1,495.79-796.6510,725.01-11,078.89-1,583.65-1,644.15-1,706.95-1,772.16
Accounts Payable -19,960.71-12,324.1226,396.22-26,312.2511,922.53-5,035.66112,624.28-84,290.275,413.245,620.035,834.726,057.61
Capital Expenditure -121,750.75-145,584.95-151,572.74-155,023.89-136,723.68-151,821.68-151,847.19-129,554.99-160,095-166,210.76-172,560.15-179,152.10-185,995.86
UFCF 89,035.1555,316.2541,334.878,557.9158,506.7164,109.4499,172.40264,071.344,605.2185,163.7188,417.0491,794.6495,301.28
WACC
PV UFCF 4,292.3876,634.9576,812.5876,990.6277,169.07
SUM PV UFCF 323,065.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.58
Free cash flow (t + 1) 99,113.33
Terminal Value -23,598,411.30
Present Value of Terminal Value -19,792,617.54

Intrinsic Value

Enterprise Value -19,469,551.95
Net Debt 537,829
Equity Value -20,007,380.95
Shares Outstanding 3,343.63
Equity Value Per Share -5,983.73