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Discounted Cash Flow (DCF) Analysis Unlevered


Citigroup Inc.

Citigroup Inc. (C)

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 76,724.0077,222.7176,357.8170,798.9672,448.5872,861.5472,154.7871,454.8870,761.7770,075.3869,395.64
Revenue (%)
EBITDA 23,147.6318,093.2828,191.3025,076.9926,248.1227,155.4923,984.2523,751.6023,521.2123,293.0623,067.11
EBITDA (%)
EBIT 19,840.8314,502.4224,686.4821,360.0522,589.4723,403.1320,499.1720,300.3320,103.4219,908.4119,715.30
EBIT (%)
Depreciation 3,306.803,590.863,504.823,716.953,658.653,752.373,485.083,451.273,417.793,384.643,351.81
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 --464,942.72534,758.73542,067.51596,043.79528,620.34523,492.72518,414.84513,386.22508,406.37
Total Cash (%)
Account Receivables 25,671.8528,417.9627,679.7128,885.9838,383.2635,447.1429,937.0229,646.6329,359.0629,074.2728,792.25
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 53,706.8052,179.3853,725.3657,148.9261,342.2164,569.8955,551.9655,013.1154,479.4853,951.0353,427.71
Accounts Payable (%)
Capital Expenditure -2,777.41-2,764.57-2,619.07-2,088.57-2,984.88-3,562.93-2,713.02-2,686.70-2,660.64-2,634.83-2,609.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 63.28
Diluted Shares Outstanding 2,494.80
Cost of Debt
Tax Rate 22.89
After-tax Cost of Debt -1.09
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.93
Total Debt 206,618.00
Total Equity 157,870.94
Total Capital 364,488.94
Debt Weighting 56.69
Equity Weighting 43.31
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 76,724.0077,222.7176,357.8170,798.9672,448.5872,861.5472,154.7871,454.8870,761.7770,075.3869,395.64
EBITDA 23,147.6318,093.2828,191.3025,076.9926,248.1227,155.4923,984.2523,751.6023,521.2123,293.0623,067.11
EBIT 19,840.8314,502.4224,686.4821,360.0522,589.4723,403.1320,499.1720,300.3320,103.4219,908.4119,715.30
Tax Rate 31.17%49.61%30.14%30.17%130.09%22.89%49.01%49.01%49.01%49.01%49.01%
EBIAT 13,656.137,307.6917,245.1314,914.83-6,797.8418,045.8710,451.7110,350.3310,249.9310,150.5110,052.05
Depreciation 3,306.803,590.863,504.823,716.953,658.653,752.373,485.083,451.273,417.793,384.643,351.81
Accounts Receivable --2,746.11738.25-1,206.27-9,497.282,936.125,510.12290.39287.57284.78282.02
Inventories -----------
Accounts Payable --1,527.421,545.973,423.574,193.293,227.68-9,017.93-538.85-533.63-528.45-523.33
Capital Expenditure --12.84-145.50-530.50896.31578.05-849.91-26.32-26.06-25.81-25.56
UFCF 16,962.936,612.1922,888.6820,318.56-7,546.8728,540.099,579.0713,526.8213,395.6113,265.6713,136.99
WACC
PV UFCF 8,781.6911,368.5610,321.139,370.208,506.88
SUM PV UFCF 93,853.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.08
Free cash flow (t + 1) 13,662.47
Terminal Value 268,946.35
Present Value of Terminal Value 174,156.63

Intrinsic Value

Enterprise Value 268,009.90
Net Debt -389,425.79
Equity Value 657,435.69
Shares Outstanding 2,494.80
Equity Value Per Share 263.52