Loading...

Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


General Mills Inc.

General Mills Inc. (GIS)

$56.71
1.83 (+3.33%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 17,774.1017,909.1817,629.8016,563.2015,619.0915,739.3616,864.7316,734.8716,606.0116,478.1416,351.26
Revenue (%)
EBITDA 3,439.293,542.442,665.633,315.953,170.683,127.413,136.843,181.303,156.803,132.493,108.37
EBITDA (%)
EBIT 2,850.972,956.812,076.792,708.082,567.782,508.852,516.222,582.192,562.312,542.582,523.00
EBIT (%)
Depreciation 588.32585.63588.84607.87602.90618.56620.62599.11594.50589.92585.38
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 741.181,192.75345.54937.481,041.79428.11502.57736.33730.66725.04719.46
Total Cash (%)
Account Receivables 1,466.361,504.371,412.151,389.651,454.141,712.441,708.401,514.511,502.841,491.271,479.79
Account Receivables (%)
Inventories 1,546.351,559.891,540.841,414.501,483.811,641.621,559.991,526.221,514.471,502.811,491.24
Inventories (%)
Accounts Payable 1,423.711,611.831,683.652,047.212,119.512,746.522,853.512,076.802,060.812,044.942,029.19
Accounts Payable (%)
Capital Expenditure 613.21662.64712.24728.78684.12623.28537.98649.31644.31639.35634.43
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 56.71
Diluted Shares Outstanding 605.40
Cost of Debt
Tax Rate 1.99
After-tax Cost of Debt -0.05
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.05
Total Debt 11,624.80
Total Equity 34,332.23
Total Capital 45,957.03
Debt Weighting 25.29
Equity Weighting 74.71
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 17,774.1017,909.1817,629.8016,563.2015,619.0915,739.3616,864.7316,734.8716,606.0116,478.1416,351.26
EBITDA 3,439.293,542.442,665.633,315.953,170.683,127.413,136.843,181.303,156.803,132.493,108.37
EBIT 2,850.972,956.812,076.792,708.082,567.782,508.852,516.222,582.192,562.312,542.582,523.00
Tax Rate 26.81%16.37%8.76%12.57%14.63%-13.11%1.99%9.72%9.72%9.72%9.72%
EBIAT 2,086.522,472.911,894.802,367.722,192.062,837.782,466.262,331.282,313.332,295.522,277.84
Depreciation 588.32585.63588.84607.87602.90618.56620.62599.11594.50589.92585.38
Accounts Receivable --38.0192.2222.49-64.49-258.304.05193.8911.6611.5711.48
Inventories --13.5419.05126.35-69.32-157.8081.6333.7711.7511.6611.57
Accounts Payable -188.1271.82363.5772.30627.01106.99-776.71-15.99-15.87-15.75
Capital Expenditure --49.43-49.60-16.5444.6660.8485.29-111.335.004.964.92
UFCF 2,674.843,145.672,617.123,471.462,778.113,728.073,364.852,270.012,920.252,897.762,875.45
WACC
PV UFCF 2,116.562,538.782,348.942,173.29
SUM PV UFCF 22,065.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.25
Free cash flow (t + 1) 2,990.47
Terminal Value 92,014.45
Present Value of Terminal Value 64,843.96

Intrinsic Value

Enterprise Value 86,909.57
Net Debt 11,122.23
Equity Value 75,787.34
Shares Outstanding 605.40
Equity Value Per Share 125.19