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Discounted Cash Flow (DCF) Analysis Unlevered


Procter & Gamble Company (The)

Procter & Gamble Company (The) (PG)

Consumer Defensive

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 80,116.0074,403.7370,750.5165,302.7265,061.1066,837.2764,511.3362,266.3360,099.4758,008.0055,989.33
Revenue (%)
EBITDA 18,186.3318,340.5213,520.4217,507.6621,671.8516,555.5916,276.2115,709.8015,163.1014,635.4214,126.11
EBITDA (%)
EBIT 15,206.0215,200.6810,386.1714,431.9018,854.7113,721.6913,515.1213,044.8012,590.8412,152.6811,729.76
EBIT (%)
Depreciation 2,980.323,139.843,134.253,075.762,817.152,833.902,761.082,665.002,572.262,482.742,396.34
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 5,944.6110,684.3811,603.0813,347.8815,139.7211,850.2510,708.8810,336.219,976.519,629.339,294.23
Total Cash (%)
Account Receivables 6,505.426,383.844,570.484,375.284,593.314,685.294,722.234,557.904,399.284,246.194,098.42
Account Receivables (%)
Inventories 6,906.006,755.864,980.844,714.864,625.844,738.764,960.924,788.284,621.654,460.824,305.58
Inventories (%)
Accounts Payable 8,780.718,459.708,136.319,325.239,629.0410,346.418,431.638,138.217,855.007,581.657,317.80
Accounts Payable (%)
Capital Expenditure -4,005.80-3,846.67-3,735.63-3,310.85-3,383.18-3,716.15-3,367.49-3,250.30-3,137.19-3,028.02-2,922.64
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 119.22
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 26.22
After-tax Cost of Debt -1.26
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.52
Total Debt 20,863.00
Total Equity -
Total Capital 20,863.00
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
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 80,116.0074,403.7370,750.5165,302.7265,061.1066,837.2764,511.3362,266.3360,099.4758,008.0055,989.33
EBITDA 18,186.3318,340.5213,520.4217,507.6621,671.8516,555.5916,276.2115,709.8015,163.1014,635.4214,126.11
EBIT 15,206.0215,200.6810,386.1714,431.9018,854.7113,721.6913,515.1213,044.8012,590.8412,152.6811,729.76
Tax Rate 22.19%19.67%27.92%24.13%16.66%26.22%22.80%22.80%22.80%22.80%22.80%
EBIAT 11,831.7812,210.687,486.6410,949.4915,714.1310,123.8410,434.0310,070.929,720.459,382.189,055.68
Depreciation 2,980.323,139.843,134.253,075.762,817.152,833.902,761.082,665.002,572.262,482.742,396.34
Accounts Receivable -121.581,813.36195.20-218.03-91.98-36.94164.33158.61153.09147.77
Inventories -150.141,775.02265.9889.01-112.92-222.16172.64166.63160.83155.24
Accounts Payable --321.01-323.401,188.92303.81717.37-1,914.78-293.42-283.21-273.35-263.84
Capital Expenditure --159.13-111.05-424.7872.33332.97-348.66-117.19-113.11-109.17-105.38
UFCF 14,812.1015,142.1013,774.8315,250.5718,778.4013,803.1810,672.5812,662.2912,221.6411,796.3211,385.81
WACC
PV UFCF 10,292.7711,777.1010,962.7310,204.689,499.04
SUM PV UFCF 123,121.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.69
Free cash flow (t + 1) 11,841.25
Terminal Value -3,819,756.52
Present Value of Terminal Value -3,186,774.32

Intrinsic Value

Enterprise Value -3,063,652.89
Net Debt 9,012.75
Equity Value -3,072,665.64
Shares Outstanding -
Equity Value Per Share -Infinity