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Discounted Cash Flow (DCF) Analysis Unlevered


General Electric Company

General Electric Company (GE)

Industrials

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 113,245.00117,185.93117,385.14119,462.86118,232.39121,602.01123,365.24125,154.04126,968.77128,809.82130,677.56
Revenue (%)
EBITDA 22,343.2423,683.288,674.7618,457.011,205.97-8,487.829,153.709,286.439,421.089,557.699,696.28
EBITDA (%)
EBIT 17,145.2918,726.313,826.7611,384.81-6,219.02-16,708.122,417.962,453.022,488.592,524.672,561.28
EBIT (%)
Depreciation 5,197.954,956.964,848.017,072.207,424.998,220.306,735.746,833.416,932.507,033.027,134.99
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 --70,478.0448,131.5943,970.6334,851.1451,245.9251,988.9952,742.8353,507.6054,283.46
Total Cash (%)
Account Receivables 272,444.8242,948.6445,850.6442,265.9640,849.2933,854.0042,807.7443,428.4544,058.1644,697.0145,345.11
Account Receivables (%)
Inventories 17,326.4917,683.3622,514.4722,351.5019,413.7618,386.2220,861.0621,163.5521,470.4221,781.7422,097.58
Inventories (%)
Accounts Payable 16,465.8212,070.1513,675.3714,431.1115,169.2216,720.2814,951.8715,168.6715,388.6215,611.7515,838.12
Accounts Payable (%)
Capital Expenditure -4,042.85-4,206.97-5,071.04-3,524.15-2,175.48-3,538.62-3,849.00-3,904.81-3,961.43-4,018.87-4,077.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.16
Diluted Shares Outstanding -
Cost of Debt
Tax Rate -2.68
After-tax Cost of Debt 0.18
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.23
Total Debt 95,234.00
Total Equity -
Total Capital 95,234.00
Debt Weighting 100.00
Equity Weighting 0.00
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 113,245.00117,185.93117,385.14119,462.86118,232.39121,602.01123,365.24125,154.04126,968.77128,809.82130,677.56
EBITDA 22,343.2423,683.288,674.7618,457.011,205.97-8,487.829,153.709,286.439,421.089,557.699,696.28
EBIT 17,145.2918,726.313,826.7611,384.81-6,219.02-16,708.122,417.962,453.022,488.592,524.672,561.28
Tax Rate 8.54%4.83%1,806.41%-17.79%23.53%-2.68%303.81%303.81%303.81%303.81%303.81%
EBIAT 15,681.2917,821.94-65,300.0113,410.72-4,755.49-17,155.52-4,927.94-4,999.40-5,071.89-5,145.43-5,220.04
Depreciation 5,197.954,956.964,848.017,072.207,424.998,220.306,735.746,833.416,932.507,033.027,134.99
Accounts Receivable -229,496.18-2,901.993,584.681,416.676,995.29-8,953.74-620.71-629.71-638.84-648.11
Inventories --356.87-4,831.11162.972,937.741,027.53-2,474.84-302.49-306.87-311.32-315.84
Accounts Payable --4,395.671,605.22755.74738.101,551.06-1,768.41216.80219.95223.13226.37
Capital Expenditure -164.13864.06-1,546.88-1,348.681,363.14310.3855.8156.6257.4458.27
UFCF 20,879.24247,686.66-65,715.8323,439.436,413.342,001.81-11,078.811,183.431,200.591,218.001,235.66
WACC
PV UFCF -10,538.201,070.751,033.27997.10962.20
SUM PV UFCF 208,276.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.13
Free cash flow (t + 1) 1,285.08
Terminal Value 113,724.16
Present Value of Terminal Value 88,556.29

Intrinsic Value

Enterprise Value 296,832.35
Net Debt 60,382.86
Equity Value 236,449.49
Shares Outstanding -
Equity Value Per Share Infinity

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
7.13 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
6.63 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell
6.13 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
5.63 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
5.13 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
4.63 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
4.13 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
3.63 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
3.13 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy