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Discounted Cash Flow (DCF) Analysis Unlevered


Wells Fargo & Company

Wells Fargo & Company (WFC)

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 81,471.0082,953.7783,617.4084,495.3985,855.7684,662.3785,322.7385,988.2586,658.9687,334.9088,016.11
Revenue (%)
EBITDA 35,578.3935,877.5136,549.1736,983.6332,504.9933,644.8235,835.5536,115.0636,396.7636,680.6636,966.77
EBITDA (%)
EBIT 32,286.9633,364.0133,263.0032,015.3027,096.0828,048.6431,595.0131,841.4532,089.8132,340.1132,592.37
EBIT (%)
Depreciation 3,291.432,513.503,286.164,968.335,408.915,596.184,240.544,273.624,306.954,340.544,374.40
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 --509,648.07487,436.98408,527.47173,286.93398,218.26401,324.36404,454.69407,609.43410,788.79
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable -----------
Accounts Payable (%)
Capital Expenditure -----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 53.62
Diluted Shares Outstanding 4,799.70
Cost of Debt
Tax Rate 20.18
After-tax Cost of Debt -0.96
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.18
Total Debt 182,497.00
Total Equity 257,359.91
Total Capital 439,856.91
Debt Weighting 41.49
Equity Weighting 58.51
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 81,471.0082,953.7783,617.4084,495.3985,855.7684,662.3785,322.7385,988.2586,658.9687,334.9088,016.11
EBITDA 35,578.3935,877.5136,549.1736,983.6332,504.9933,644.8235,835.5536,115.0636,396.7636,680.6636,966.77
EBIT 32,286.9633,364.0133,263.0032,015.3027,096.0828,048.6431,595.0131,841.4532,089.8132,340.1132,592.37
Tax Rate 32.23%30.89%31.16%31.47%18.14%20.18%27.35%27.35%27.35%27.35%27.35%
EBIAT 21,880.6823,057.0022,896.7621,939.5822,179.7922,387.9222,954.5723,133.6123,314.0523,495.9023,679.17
Depreciation 3,291.432,513.503,286.164,968.335,408.915,596.184,240.544,273.624,306.954,340.544,374.40
Accounts Receivable -----------
Inventories -----------
Accounts Payable -----------
Capital Expenditure -----------
UFCF 25,172.1125,570.5026,182.9226,907.9127,588.7027,984.1127,195.1127,407.2327,621.0027,836.4528,053.57
WACC
PV UFCF 25,134.1123,410.4921,805.0820,309.7618,916.98
SUM PV UFCF 189,741.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.20
Free cash flow (t + 1) 29,175.71
Terminal Value 694,659.87
Present Value of Terminal Value 468,420.52

Intrinsic Value

Enterprise Value 658,161.66
Net Debt 9,210.07
Equity Value 648,951.59
Shares Outstanding 4,799.70
Equity Value Per Share 135.21