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Discounted Cash Flow (DCF) Analysis Unlevered


JP Morgan Chase & Co.

JP Morgan Chase & Co. (JPM)

Financial Services

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 97,367.0095,108.0993,538.8096,560.11100,692.88109,020.18111,593.06114,226.65116,922.40119,681.77122,506.26
Revenue (%)
EBITDA 30,651.1333,791.9033,851.6938,112.2740,206.6746,791.4641,947.8342,937.8043,951.1344,988.3846,050.10
EBITDA (%)
EBIT 25,344.6329,036.5028,912.8432,637.3234,024.1238,996.5235,497.7536,335.5037,193.0238,070.7738,969.24
EBIT (%)
Depreciation 5,306.504,755.404,938.855,474.966,182.547,794.946,450.086,602.306,758.116,917.617,080.86
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 --912,695.51985,405.53629,461.39600,374.13884,955.25905,840.19927,218.02949,100.36971,499.13
Total Cash (%)
Account Receivables 65,158.0070,075.6446,601.0352,325.9267,726.0373,196.1570,493.3372,156.9873,859.8875,602.9777,387.20
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 194,490.58206,936.17177,639.54190,542.06189,383.16196,705.11218,175.58223,324.53228,594.98233,989.83239,511.99
Accounts Payable (%)
Capital Expenditure -----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 137
Diluted Shares Outstanding 3,396.40
Cost of Debt
Tax Rate 21.26
After-tax Cost of Debt -1.01
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.45
Total Debt 249,631.00
Total Equity 465,306.80
Total Capital 714,937.80
Debt Weighting 34.92
Equity Weighting 65.08
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 97,367.0095,108.0993,538.8096,560.11100,692.88109,020.18111,593.06114,226.65116,922.40119,681.77122,506.26
EBITDA 30,651.1333,791.9033,851.6938,112.2740,206.6746,791.4641,947.8342,937.8043,951.1344,988.3846,050.10
EBIT 25,344.6329,036.5028,912.8432,637.3234,024.1238,996.5235,497.7536,335.5037,193.0238,070.7738,969.24
Tax Rate 34.68%30.84%21.65%30.04%33.68%21.26%28.69%28.69%28.69%28.69%28.69%
EBIAT 16,556.1120,080.8022,652.4422,834.2222,565.7630,707.0525,313.3125,910.7126,522.2027,148.1227,788.82
Depreciation 5,306.504,755.404,938.855,474.966,182.547,794.946,450.086,602.306,758.116,917.617,080.86
Accounts Receivable --4,917.6423,474.61-5,724.89-15,400.11-5,470.122,702.82-1,663.64-1,702.90-1,743.09-1,784.23
Inventories -----------
Accounts Payable -12,445.59-29,296.6312,902.52-1,158.897,321.9421,470.475,148.945,270.465,394.845,522.16
Capital Expenditure -----------
UFCF 21,862.6132,364.1621,769.2735,486.8112,189.3040,353.8155,936.6835,998.3136,847.8737,717.4838,607.61
WACC
PV UFCF 51,398.2230,393.7928,586.8626,887.3625,288.89
SUM PV UFCF 219,710.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.83
Free cash flow (t + 1) 40,151.92
Terminal Value 831,302.61
Present Value of Terminal Value 544,522.71

Intrinsic Value

Enterprise Value 764,233.51
Net Debt -350,743.13
Equity Value 1,114,976.63
Shares Outstanding 3,396.40
Equity Value Per Share 328.28