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Discounted Cash Flow (DCF) Analysis Unlevered


DowDuPont Inc.

DowDuPont Inc. (DWDP)

Basic Materials

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 57,080.0058,164.5248,776.7748,157.3062,484.1085,978.1294,894.05104,734.56115,595.54127,582.80140,813.13
Revenue (%)
EBITDA 10,559.808,928.2513,301.428,047.096,035.9612,759.1516,179.4417,857.2419,709.0421,752.8724,008.64
EBITDA (%)
EBIT 7,877.046,182.8910,779.675,186.542,068.226,843.8610,836.9011,960.6913,201.0114,569.9616,080.86
EBIT (%)
Depreciation 2,682.762,745.372,521.762,860.543,967.745,915.295,342.545,896.566,508.037,182.917,927.78
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 5,942.035,653.598,574.966,607.1814,396.3413,618.9314,281.5515,762.5517,397.1319,201.2121,192.38
Total Cash (%)
Account Receivables 10,011.839,992.668,662.759,684.4317,570.5317,814.6719,206.5621,198.2823,396.5425,822.7628,500.58
Account Receivables (%)
Inventories 8,305.148,102.326,872.657,363.2516,989.4316,619.5716,511.5618,223.8120,113.6222,199.4124,501.48
Inventories (%)
Accounts Payable 4,589.234,478.673,575.344,517.159,135.189,457.599,185.7410,138.3111,189.6512,350.0113,630.71
Accounts Payable (%)
Capital Expenditure -2,300.32-3,571.30-3,702.16-3,915.19-3,692.81-3,954.99-5,760.07-6,357.39-7,016.65-7,744.28-8,547.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 30.51
Diluted Shares Outstanding 2,315.50
Cost of Debt
Tax Rate 27.92
After-tax Cost of Debt -1.35
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.19
Total Debt 37,662.00
Total Equity 70,645.90
Total Capital 108,307.90
Debt Weighting 34.77
Equity Weighting 65.23
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 57,080.0058,164.5248,776.7748,157.3062,484.1085,978.1294,894.05104,734.56115,595.54127,582.80140,813.13
EBITDA 10,559.808,928.2513,301.428,047.096,035.9612,759.1516,179.4417,857.2419,709.0421,752.8724,008.64
EBIT 7,877.046,182.8910,779.675,186.542,068.226,843.8610,836.9011,960.6913,201.0114,569.9616,080.86
Tax Rate 29.34%27.43%21.84%0.21%-48.37%27.92%9.73%9.73%9.73%9.73%9.73%
EBIAT 5,565.674,486.708,425.735,175.753,068.714,933.029,782.6810,797.1511,916.8113,152.5914,516.51
Depreciation 2,682.762,745.372,521.762,860.543,967.745,915.295,342.545,896.566,508.037,182.917,927.78
Accounts Receivable -19.171,329.91-1,021.68-7,886.10-244.14-1,391.89-1,991.72-2,198.26-2,426.22-2,677.82
Inventories -202.821,229.67-490.61-9,626.18369.86108.01-1,712.25-1,889.81-2,085.78-2,302.08
Accounts Payable --110.56-903.33941.824,618.02322.42-271.85952.561,051.341,160.371,280.70
Capital Expenditure -1,270.98130.86213.03-222.38262.181,805.08597.32659.26727.63803.08
UFCF 8,248.438,614.4712,734.597,678.86-6,080.1811,558.6315,374.5614,539.6216,047.3717,711.4919,548.17
WACC
PV UFCF 14,248.9012,488.4912,774.3713,066.8013,365.92
SUM PV UFCF 75,801.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.90
Free cash flow (t + 1) 20,330.09
Terminal Value 521,284.48
Present Value of Terminal Value 356,424.52

Intrinsic Value

Enterprise Value 432,225.69
Net Debt 24,043.07
Equity Value 408,182.63
Shares Outstanding 2,315.50
Equity Value Per Share 176.28