Loading...

Discounted Cash Flow (DCF) Analysis Unlevered


General Mills Inc.

General Mills Inc. (GIS)

Consumer Defensive

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 741.18----399.78450.29522.13518.11514.12510.16
Total Cash (%)
Account Receivables -----------
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 $ 53.01
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 17.34
After-tax Cost of Debt -0.82
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.05
Total Debt 11,624.80
Total Equity -
Total Capital 11,624.80
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
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 28.55%32.62%32.45%30.79%28.33%2.62%17.34%24.67%24.67%24.67%24.67%
EBIAT 2,037.091,992.241,402.791,874.211,840.312,443.162,079.781,945.091,930.121,915.261,900.51
Depreciation 588.32585.63588.84607.87602.90618.56620.62599.11594.50589.92585.38
Accounts Receivable -----------
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 2,625.422,703.022,032.892,955.462,490.863,591.762,974.321,689.932,525.372,505.932,486.63
WACC
PV UFCF 1,622.902,329.022,219.432,114.99
SUM PV UFCF 22,663.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.13
Free cash flow (t + 1) 2,586.10
Terminal Value 1,989,305.49
Present Value of Terminal Value 1,624,883.17

Intrinsic Value

Enterprise Value 1,647,546.18
Net Debt 11,174.51
Equity Value 1,636,371.67
Shares Outstanding -
Equity Value Per Share Infinity