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Discounted Cash Flow (DCF) Analysis Unlevered


General Motors Company

General Motors Company (GM)

Consumer Cyclical

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 155,427.00155,924.37135,716.57149,179.65145,584.42147,040.27145,834.54144,638.69143,452.66142,276.34141,109.68
Revenue (%)
EBITDA 15,853.5511,819.0716,380.9922,541.0520,498.2922,805.9518,127.2317,978.5917,831.1717,684.9517,539.93
EBITDA (%)
EBIT 7,817.984,584.188,889.4412,725.028,240.089,131.208,487.578,417.978,348.948,280.488,212.58
EBIT (%)
Depreciation 8,035.587,234.897,491.559,816.0212,258.2113,674.749,639.669,560.629,482.229,404.479,327.35
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 30,246.0929,516.4823,397.5424,420.7123,832.1726,805.4425,914.8025,702.3025,491.5425,282.5125,075.19
Total Cash (%)
Account Receivables 37,162.6041,616.2144,881.4741,829.9749,891.7858,477.9145,150.3744,780.1444,412.9444,048.7643,687.56
Account Receivables (%)
Inventories 14,035.0613,643.3813,761.6611,039.2910,656.789,822.2911,987.6011,889.3011,791.8111,695.1211,599.22
Inventories (%)
Accounts Payable 23,624.9022,531.0724,062.5523,331.7023,934.0822,291.3022,998.1122,809.5222,622.4822,436.9822,253.00
Accounts Payable (%)
Capital Expenditure -7,569.29-7,094.56-6,812.97-8,383.90-8,458.45-8,763.60-7,729.23-7,665.85-7,602.99-7,540.65-7,478.81
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 35.55
Diluted Shares Outstanding 1,411.00
Cost of Debt
Tax Rate 5.58
After-tax Cost of Debt -0.23
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.67
Total Debt 73,060.00
Total Equity 50,161.05
Total Capital 123,221.05
Debt Weighting 59.29
Equity Weighting 40.71
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 155,427.00155,924.37135,716.57149,179.65145,584.42147,040.27145,834.54144,638.69143,452.66142,276.34141,109.68
EBITDA 15,853.5511,819.0716,380.9922,541.0520,498.2922,805.9518,127.2317,978.5917,831.1717,684.9517,539.93
EBIT 7,817.984,584.188,889.4412,725.028,240.089,131.208,487.578,417.978,348.948,280.488,212.58
Tax Rate 28.46%5.46%-14.40%22.51%150.38%5.58%33.00%33.00%33.00%33.00%33.00%
EBIAT 5,592.794,333.9510,169.109,860.17-4,151.748,621.285,686.565,639.935,593.685,547.815,502.32
Depreciation 8,035.587,234.897,491.559,816.0212,258.2113,674.749,639.669,560.629,482.229,404.479,327.35
Accounts Receivable --4,453.62-3,265.263,051.49-8,061.81-8,586.1313,327.54370.23367.20364.19361.20
Inventories -391.68-118.282,722.37382.51834.49-2,165.3198.3097.4996.6995.90
Accounts Payable --1,093.831,531.48-730.85602.38-1,642.77706.80-188.58-187.04-185.50-183.98
Capital Expenditure --474.74-281.591,570.9274.56305.14-1,034.37-63.38-62.86-62.34-61.83
UFCF 13,628.365,938.3315,527.0126,290.121,104.1213,206.7526,160.8815,417.1115,290.6915,165.3115,040.95
WACC
PV UFCF 24,232.0213,227.4812,151.7411,163.4810,255.60
SUM PV UFCF 103,365.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.96
Free cash flow (t + 1) 15,642.59
Terminal Value 395,014.91
Present Value of Terminal Value 269,338.92

Intrinsic Value

Enterprise Value 372,704.22
Net Debt 46,254.56
Equity Value 326,449.66
Shares Outstanding 1,411.00
Equity Value Per Share 231.36