Discounted Cash Flow (DCF) Analysis Unlevered
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 | 155,427.00 | 155,924.37 | 135,716.57 | 149,179.65 | 145,584.42 | 147,040.27 | 145,834.54 | 144,638.69 | 143,452.66 | 142,276.34 | 141,109.68 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| EBITDA | 15,853.55 | 11,819.07 | 16,380.99 | 22,541.05 | 20,498.29 | 22,805.95 | 18,127.23 | 17,978.59 | 17,831.17 | 17,684.95 | 17,539.93 |
| EBITDA (%) | |||||||||||
| EBIT | 7,817.98 | 4,584.18 | 8,889.44 | 12,725.02 | 8,240.08 | 9,131.20 | 8,487.57 | 8,417.97 | 8,348.94 | 8,280.48 | 8,212.58 |
| EBIT (%) | |||||||||||
| Depreciation | 8,035.58 | 7,234.89 | 7,491.55 | 9,816.02 | 12,258.21 | 13,674.74 | 9,639.66 | 9,560.62 | 9,482.22 | 9,404.47 | 9,327.35 |
| 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 | 30,246.09 | 29,516.48 | 23,397.54 | 24,420.71 | 23,832.17 | 26,805.44 | 25,914.80 | 25,702.30 | 25,491.54 | 25,282.51 | 25,075.19 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||||
| Account Receivables | 37,162.60 | 41,616.21 | 44,881.47 | 41,829.97 | 49,891.78 | 58,477.91 | 45,150.37 | 44,780.14 | 44,412.94 | 44,048.76 | 43,687.56 |
| Account Receivables (%) | |||||||||||
| Inventories | 14,035.06 | 13,643.38 | 13,761.66 | 11,039.29 | 10,656.78 | 9,822.29 | 11,987.60 | 11,889.30 | 11,791.81 | 11,695.12 | 11,599.22 |
| Inventories (%) | |||||||||||
| Accounts Payable | 23,624.90 | 22,531.07 | 24,062.55 | 23,331.70 | 23,934.08 | 22,291.30 | 22,998.11 | 22,809.52 | 22,622.48 | 22,436.98 | 22,253.00 |
| 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 | 155,427.00 | 155,924.37 | 135,716.57 | 149,179.65 | 145,584.42 | 147,040.27 | 145,834.54 | 144,638.69 | 143,452.66 | 142,276.34 | 141,109.68 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 15,853.55 | 11,819.07 | 16,380.99 | 22,541.05 | 20,498.29 | 22,805.95 | 18,127.23 | 17,978.59 | 17,831.17 | 17,684.95 | 17,539.93 |
| EBIT | 7,817.98 | 4,584.18 | 8,889.44 | 12,725.02 | 8,240.08 | 9,131.20 | 8,487.57 | 8,417.97 | 8,348.94 | 8,280.48 | 8,212.58 |
| 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 | 5,592.79 | 4,333.95 | 10,169.10 | 9,860.17 | -4,151.74 | 8,621.28 | 5,686.56 | 5,639.93 | 5,593.68 | 5,547.81 | 5,502.32 |
| Depreciation | 8,035.58 | 7,234.89 | 7,491.55 | 9,816.02 | 12,258.21 | 13,674.74 | 9,639.66 | 9,560.62 | 9,482.22 | 9,404.47 | 9,327.35 |
| Accounts Receivable | - | -4,453.62 | -3,265.26 | 3,051.49 | -8,061.81 | -8,586.13 | 13,327.54 | 370.23 | 367.20 | 364.19 | 361.20 |
| Inventories | - | 391.68 | -118.28 | 2,722.37 | 382.51 | 834.49 | -2,165.31 | 98.30 | 97.49 | 96.69 | 95.90 |
| Accounts Payable | - | -1,093.83 | 1,531.48 | -730.85 | 602.38 | -1,642.77 | 706.80 | -188.58 | -187.04 | -185.50 | -183.98 |
| Capital Expenditure | - | -474.74 | -281.59 | 1,570.92 | 74.56 | 305.14 | -1,034.37 | -63.38 | -62.86 | -62.34 | -61.83 |
| UFCF | 13,628.36 | 5,938.33 | 15,527.01 | 26,290.12 | 1,104.12 | 13,206.75 | 26,160.88 | 15,417.11 | 15,290.69 | 15,165.31 | 15,040.95 |
| WACC | |||||||||||
| PV UFCF | 24,232.02 | 13,227.48 | 12,151.74 | 11,163.48 | 10,255.60 | ||||||
| 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 |