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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


General Mills Inc.

General Mills Inc. (GIS)

$62.19
0.71 (+1.15%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
Revenue 17,774.1017,909.1817,629.8016,563.2015,619.0915,739.3616,864.7317,625.3317,621.8017,618.2817,614.75
Revenue (%)
EBITDA 3,439.293,542.442,665.633,315.953,170.683,127.413,136.843,193.713,328.763,328.093,327.43
EBITDA (%)
EBIT 2,850.972,956.812,076.792,708.082,567.782,508.852,516.222,599.742,703.182,702.642,702.10
EBIT (%)
Depreciation 588.32585.63588.84607.87602.90618.56620.62593.97625.57625.45625.32
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 741.181,192.75345.54937.481,041.79428.11502.571,676.17888.14887.96887.78
Total Cash (%)
Account Receivables 1,466.361,504.371,412.151,389.651,454.141,712.441,708.401,595.091,594.771,594.451,594.14
Account Receivables (%)
Inventories 1,546.351,559.891,540.841,414.501,483.811,641.621,559.991,425.891,584.201,583.881,583.57
Inventories (%)
Accounts Payable 1,423.711,611.831,683.652,047.212,119.512,746.522,853.513,246.582,319.032,318.572,318.10
Accounts Payable (%)
Capital Expenditure 613.21662.64712.24728.78684.12623.28537.98683.86683.73683.59683.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 62.19
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.05
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.05
Total Debt 2,331.00
Total Equity -
Total Capital 2,331.00
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
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
Revenue 17,774.1017,909.1817,629.8016,563.2015,619.0915,739.3616,864.7317,625.3317,621.8017,618.2817,614.75
EBITDA 3,439.293,542.442,665.633,315.953,170.683,127.413,136.843,193.713,328.763,328.093,327.43
EBIT 2,850.972,956.812,076.792,708.082,567.782,508.852,516.222,599.742,703.182,702.642,702.10
Tax Rate 26.81%16.37%8.76%12.57%14.63%-13.11%1.99%0.00%8.50%8.50%8.50%
EBIAT 2,086.522,472.911,894.802,367.722,192.062,837.782,466.262,599.742,473.352,472.862,472.36
Depreciation 588.32585.63588.84607.87602.90618.56620.62593.97625.57625.45625.32
Accounts Receivable --38.0192.2222.49-64.49-258.304.05113.300.320.320.32
Inventories --13.5419.05126.35-69.32-157.8081.63134.10-158.310.320.32
Accounts Payable -188.1271.82363.5772.30627.01106.99393.07-927.56-0.46-0.46
Capital Expenditure --49.43-49.60-16.5444.6660.8485.29-145.880.140.140.14
UFCF 2,674.843,145.672,617.123,471.462,778.113,728.073,364.853,688.312,013.523,098.623,098.00
WACC
PV UFCF 1,739.352,549.242,427.36
SUM PV UFCF 25,375.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.00
Free cash flow (t + 1) 3,221.92
Terminal Value 322,191.72
Present Value of Terminal Value 252,445.65

Intrinsic Value

Enterprise Value 277,821.03
Net Debt 654.83
Equity Value 277,166.19
Shares Outstanding -
Equity Value Per Share Infinity