Loading...

Discounted Cash Flow (DCF) Analysis Unlevered


Bank of New York Mellon Corporation (The)

Bank of New York Mellon Corporation (The) (BK)

Financial Services

Operating Data

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 14,900.0015,692.6815,195.2215,237.7715,544.0516,392.7516,717.3317,048.3317,385.8917,730.1318,081.19
Revenue (%)
EBITDA 5,085.374,770.575,628.316,226.156,060.626,542.356,167.026,289.136,413.656,540.646,670.15
EBITDA (%)
EBIT 3,696.693,479.074,171.094,723.714,587.055,203.064,644.074,736.034,829.804,925.435,022.95
EBIT (%)
Depreciation 1,388.681,291.511,457.221,502.441,473.581,339.291,522.951,553.101,583.851,615.211,647.20
Depreciation (%)

Balance Sheet Data

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
Total Cash --263,234.43147,076.47210,609.41167,742.12212,132.88216,333.11220,616.51224,984.71229,439.41
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 15,707.5821,180.4121,899.3520,986.9820,183.9519,730.3221,521.8921,948.0222,382.5922,825.7723,277.72
Accounts Payable (%)
Capital Expenditure -609.41-205.57-601.73-760.36-1,196.89-1,085.20-799.09-814.91-831.05-847.50-864.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 50.2
Diluted Shares Outstanding 1,002.92
Cost of Debt
Tax Rate 18.02
After-tax Cost of Debt -0.85
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.70
Total Debt 24,083.00
Total Equity 50,346.68
Total Capital 74,429.68
Debt Weighting 32.36
Equity Weighting 67.64
Wacc

Build Up Free Cash

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 14,900.0015,692.6815,195.2215,237.7715,544.0516,392.7516,717.3317,048.3317,385.8917,730.1318,081.19
EBITDA 5,085.374,770.575,628.316,226.156,060.626,542.356,167.026,289.136,413.656,540.646,670.15
EBIT 3,696.693,479.074,171.094,723.714,587.055,203.064,644.074,736.034,829.804,925.435,022.95
Tax Rate 43.07%26.21%24.29%24.92%10.82%18.02%24.56%24.56%24.56%24.56%24.56%
EBIAT 2,104.392,567.053,158.073,546.784,090.944,265.233,503.723,573.093,643.843,715.993,789.57
Depreciation 1,388.681,291.511,457.221,502.441,473.581,339.291,522.951,553.101,583.851,615.211,647.20
Accounts Receivable -----------
Inventories -----------
Accounts Payable -5,472.83718.94-912.38-803.03-453.631,791.57426.13434.57443.18451.95
Capital Expenditure --403.84396.16158.63436.53-111.69-286.1115.8216.1416.4516.78
UFCF 3,493.078,927.555,730.394,295.485,198.015,039.206,532.135,568.155,678.405,790.835,905.49
WACC
PV UFCF 6,016.514,723.804,437.074,167.753,914.78
SUM PV UFCF 39,084.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.57
Free cash flow (t + 1) 6,141.71
Terminal Value 134,391.95
Present Value of Terminal Value 89,089.00

Intrinsic Value

Enterprise Value 128,173.93
Net Debt -143,659.12
Equity Value 271,833.05
Shares Outstanding 1,002.92
Equity Value Per Share 271.04