Corporate Valuations
Fin. Statments
| ADVANCED MICRO DEVICES, INC. | |||||||||||||||||||
| Assumptions | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||||||
| Growth rate | 37% | 15% | 15% | 13% | 12% | ||||||||||||||
| Cost of sales | 50% | 49% | 48% | 47% | 46% | Of sales | |||||||||||||
| Operating expense | 19% | 19% | 19% | 19% | 19% | ||||||||||||||
| Interest | 9% | 9% | 9% | 9% | 9% | ||||||||||||||
| Average Corporate Income tax | 21% | 21% | 21% | 21% | 21% | ||||||||||||||
| Inventory | 14% | 13% | 13% | 13% | 13% | Of sales | |||||||||||||
| Receivables | 11% | 10% | 9% | 9% | 8% | Of sales | |||||||||||||
| Payables | 4% | 3% | 2% | 1% | 1% | Of sales | |||||||||||||
| INCOME STATEMENT | |||||||||||||||||||
| (Millions $) (Unaudited) | |||||||||||||||||||
| Forecast | |||||||||||||||||||
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||
| Net revenue | 4,319 | 5,253 | 6,475 | 6,731 | 9,763 | 13,375 | 15,408 | 17,750 | 20,028 | 22,380 | |||||||||
| Cost of sales | 3,316 | 3,466 | 4,028 | 3,863 | 5,416 | 6,741 | 7,547 | 8,476 | 9,379 | 10,311 | |||||||||
| Gross Income | 1,003 | 1,787 | 2,447 | 2,868 | 4,347 | 6,634 | 7,861 | 9,275 | 10,649 | 12,069 | |||||||||
| Operating expense | 1,386 | 1,660 | 1,996 | 2,237 | 2,978 | 3,544 | 4,217 | 5,018 | 5,972 | 7,107 | |||||||||
| EBIT | (383) | 127 | 451 | 631 | 1,369 | 3,091 | 3,644 | 4,256 | 4,677 | 4,962 | |||||||||
| Interest expense | (156) | (126) | (121) | (94) | (47) | (30) | (30) | (30) | (30) | (30) | |||||||||
| Other expense, net | 80 | (9) | - 0 | (165) | (47) | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
| Profit before tax | (459) | (8) | 330 | 372 | 1,275 | 3,061 | 3,615 | 4,227 | 4,648 | 4,933 | |||||||||
| Income tax expense | 39 | 25 | (7) | 31 | (1,215) | 643 | 759 | 888 | 976 | 1,036 | |||||||||
| Net Income | (498) | (33) | 337 | 341 | 2,490 | 2,418 | 2,856 | 3,339 | 3,672 | 3,897 | |||||||||
| BALANCE SHEETS | |||||||||||||||||||
| (Millions $) (Unaudited) | |||||||||||||||||||
| Forecast | |||||||||||||||||||
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||
| Assets | |||||||||||||||||||
| Current assets: | |||||||||||||||||||
| Cash and cash equivalents | 1,264 | 1,185 | 1,078 | 1,466 | 1,595 | 6,124 | 8,555 | 11,406 | 14,603 | 18,009 | |||||||||
| Short term investments | 78 | 37 | 695 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||
| Accounts receivable | 343 | 433 | 1,235 | 1,879 | 2,076 | 1,500 | 1,570 | 1,650 | 1,729 | 1,809 | |||||||||
| Inventories | 751 | 739 | 845 | 982 | 1,399 | 1,820 | 2,080 | 2,379 | 2,670 | 2,970 | |||||||||
| Other current assets | 172 | 265 | 304 | 233 | 378 | 378 | 378 | 378 | 378 | 378 | |||||||||
| Total current assets | 2,530 | 2,622 | 3,540 | 4,597 | 6,143 | 9,822 | 12,583 | 15,813 | 19,379 | 23,166 | |||||||||
| Property and equipment, net | 164 | 261 | 348 | 500 | 641 | 641 | 641 | 641 | 641 | 641 | |||||||||
| Operating lease right-of use assets | 205 | 208 | 208 | 208 | 208 | 208 | 208 | ||||||||||||
| Goodwill | 289 | 289 | 289 | 289 | 289 | 289 | 289 | 289 | 289 | 289 | |||||||||
| Long term investments | 59 | 58 | 58 | 58 | 63 | 63 | 63 | 63 | 63 | 63 | |||||||||
| Deferred tax assets | 22 | 1,245 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||
| Other non-current assets | 279 | 310 | 321 | 357 | 373 | 373 | 373 | 373 | 373 | 373 | |||||||||
| Total Assets | 3,321 | 3,540 | 4,556 | 6,028 | 8,962 | 11,396 | 14,157 | 17,387 | 20,953 | 24,740 | |||||||||
| Liabilities and Stockholders' Equity | |||||||||||||||||||
| Current liabilities: | |||||||||||||||||||
| Accounts payable tc={C1CAF60D-D77E-2949-BA49-6A40D0C36CCF}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: ADD payables to related parties | 823 | 796 | 1,041 | 1,201 | 546 | 562 | 467 | 359 | 253 | 143 | |||||||||
| Short term debt | 70 | 136 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Accrued liabilities | 391 | 541 | 783 | 1,084 | 1,796 | 1,796 | 1,796 | 1,796 | 1,796 | 1,796 | |||||||||
| Other current liabilities tc={64BEF378-9C5E-0A49-ACC3-9B60AE6B5779}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Deferred income + other | 132 | 79 | 24 | 74 | 75 | 75 | 75 | 75 | 75 | 75 | |||||||||
| Total current liabilities | 1,346 | 1,486 | 1,984 | 2,359 | 2,417 | 2,433 | 2,338 | 2,230 | 2,124 | 2,014 | |||||||||
| Long-term debt, net | 1,435 | 1,325 | 1,114 | 486 | 330 | 330 | 330 | 330 | 330 | 330 | |||||||||
| Long-term lease | 199 | 201 | 201 | 201 | 201 | 201 | 201 | ||||||||||||
| Other long-term liabilities | 124 | 118 | 192 | 157 | 177 | 177 | 177 | 177 | 177 | 177 | |||||||||
| Stockholders' equity: | |||||||||||||||||||
| Common stock | 9 | 9 | 10 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | |||||||||
| Treasury Stock | (119) | (108) | (50) | (53) | (131) | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
| Additional paid-in capital | 8,334 | 8,464 | 8,750 | 9,963 | 10,544 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
| Accumulated deficit | (7,808) | (7,754) | (7,444) | (7,095) | (4,588) | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
| Total stockholders' equity | 416 | 611 | 1,266 | 2,827 | 5,837 | 8,255 | 11,111 | 14,450 | 18,122 | 22,018 | |||||||||
| Total Liabilities and Stockholders' Equity | 3,321 | 3,540 | 4,556 | 6,028 | 8,962 | 11,396 | 14,157 | 17,387 | 20,953 | 24,740 | |||||||||
| CASH FLOW STATEMENTS | |||||||||||||||||||
| (Millions $) (Unaudited) | |||||||||||||||||||
| Forecast | |||||||||||||||||||
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||
| Net Income | (33) | 337 | 341 | 2,490 | 2,418 | 2,856 | 3,339 | 3,672 | 3,897 | ||||||||||
| Depreciation and amortisation | 144 | 170 | 222 | 312 | 312 | 312 | 312 | 312 | 312 | ||||||||||
| Deferred Taxes | (22) | (1,223) | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||
| Changes in operating activities: | |||||||||||||||||||
| Accounts receivable | (90) | (802) | (644) | (197) | 576 | (70) | (80) | (78) | (81) | ||||||||||
| Inventories | 12 | (106) | (137) | (417) | (421) | (260) | (299) | (291) | (300) | ||||||||||
| Accounts payable | (27) | 245 | 160 | (655) | 16 | (95) | (109) | (106) | (109) | ||||||||||
| Accrued liabilities | 150 | 242 | 301 | 712 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Other Assets/Liabilities | (40) | 16 | 21 | (146) | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Net cash provided by operating activities | 116 | 102 | 242 | 876 | 2,901 | 2,744 | 3,163 | 3,509 | 3,718 | ||||||||||
| Changes in investing activities: | |||||||||||||||||||
| Capital Expenditures | (97) | (87) | (152) | (141) | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Other Investing Cash Flow Items | (78) | 41 | (658) | 695 | - 0 | - 0 | - 0 | - 0 | |||||||||||
| Net cash provided by investing activities | (97) | (165) | (111) | (799) | 695 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Changes in financing activities: | |||||||||||||||||||
| Repayments of debt | (110) | (211) | (628) | (156) | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Additional paid-in capital | 130 | 286 | 1,213 | 581 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Interest | (126) | (121) | (94) | (47) | (30) | (30) | (30) | (30) | (30) | ||||||||||
| Net cash provided by financing activities | (106) | (46) | 491 | 378 | (30) | (30) | (30) | (30) | (30) | ||||||||||
| Net change in cash | (87) | (109) | 622 | 455 | 3,566 | 2,714 | 3,133 | 3,479 | 3,689 | ||||||||||
| Perpetuity | |||||||||||||||||||
| Free Cash Flow | 19 | 15 | 90 | 735 | 2,901 | 2,744 | 3,163 | 3,509 | 3,718 | 155,058 | |||||||||
| RATIOS | |||||||||||||||||||
| Profitability | |||||||||||||||||||
| Return on equity | -119.7% | -5.4% | 26.6% | 12.1% | 42.7% | 29.3% | 25.7% | 23.1% | 20.3% | 17.7% | |||||||||
| Liquidity | |||||||||||||||||||
| Current ratio | 1.9 | 1.8 | 1.8 | 1.9 | 2.5 | 4.0 | 5.4 | 7.1 | 9.1 | 11.5 | |||||||||
| Quick ratio | 1.3 | 1.3 | 1.4 | 1.5 | 2.0 | 3.3 | 4.5 | 6.0 | 7.9 | 10.0 | |||||||||
| Leverage | |||||||||||||||||||
| TIE | (2.46) | 1.01 | 3.73 | 6.71 | 29.13 | 104.06 | 122.70 | 143.31 | 157.49 | 167.08 | |||||||||
| Debt to equity | 3.45 | 2.28 | 0.99 | 0.17 | 0.06 | 0.04 | 0.03 | 0.02 | 0.02 | 0.01 | |||||||||
DCF Valuation
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | Perpetuity | ||
| FCF | 2,900.82 | 2,743.57 | 3,162.73 | 3,508.79 | 3,718.23 | 155,058.46 | ||
| WACC | 8.54% | |||||||
| Growth rate | 6% | Net Present Value | 107,293.28 | |||||
| Weight of equity | 89% | Total shares outstanding | 1,215 | |||||
| Weight of Debt | 11% | Book Value per Share | $ 88.31 | |||||
| Equity | 5837 | |||||||
| Debt | 708 | Market Value | 97,266.00 | |||||
| Total value | 6545 | Value per share | $ 80.05 | |||||
| Cost of equity | 8.94% | |||||||
| Cost of Debt | 6.6% | |||||||
| Market risk premium | 5.2% | |||||||
| Risk free rate | 1.67% | |||||||
| Beta | 2.06 | |||||||
| Tax | 21% | |||||||
| 2022 | 95% | |||||||
| 2023 | 115% | |||||||
| 2024 | 111% | |||||||
| 2025 | 106% | |||||||
| Average Growth | 6.7% | |||||||
WACC SA
| Sensitivity Analysis Decrease in WACC | ||||||||
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | Perpetuity | ||
| FCF | 2,900.82 | 2,743.57 | 3,162.73 | 3,508.79 | 3,718.23 | 157,652.98 | ||
| WACC | 8.5% | |||||||
| Growth rate | 6% | Net Present Value | 109,117.50 | |||||
| Total shares outstanding | 1,215 | |||||||
| Book Value per Share | $ 89.81 | |||||||
| Market Value | 97,266.00 | |||||||
| Value per share | $ 80.05 | |||||||
| Sensitivity Analysis Increase in WACC | ||||||||
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | Perpetuity | ||
| FCF | 2,900.82 | 2,743.57 | 3,162.73 | 3,508.79 | 3,718.23 | 140,761.59 | ||
| WACC | 8.8% | |||||||
| Growth rate | 6% | Net Present Value | 97,244.05 | |||||
| Total shares outstanding | 1,215 | |||||||
| Book Value per Share | $ 80.04 | |||||||
| Market Value | 97,266.00 | |||||||
| Value per share | $ 80.05 | |||||||
| Private Ownership | 71.0% | |||||||
Multiple Valuation
| ADVANCED MICRO DEVICES, INC. | |||||||||||
| Assumptions | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||
| Growth rate | 37% | 15% | 15% | 13% | 12% | ||||||
| Cost of sales | 50% | 49% | 48% | 47% | 46% | ||||||
| Operating expense | 19% | 19% | 19% | 19% | 19% | ||||||
| Interest | 9% | 9% | 9% | 9% | 9% | ||||||
| Average Corporate Income tax | 21% | 21% | 21% | 21% | 21% | ||||||
| INCOME STATEMENT | |||||||||||
| (Millions $) (Unaudited) | |||||||||||
| Forecast | |||||||||||
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||
| Net revenue | 4,319 | 5,253 | 6,475 | 6,731 | 9,763 | 13,375 | 15,382 | 17,720 | 19,993 | 22,341 | |
| Cost of sales | 3,316 | 3,466 | 4,028 | 3,863 | 5,416 | 6,741 | 7,536 | 8,463 | 9,365 | 10,296 | |
| Gross Income | 1,003 | 1,787 | 2,447 | 2,868 | 4,347 | 6,634 | 7,845 | 9,256 | 10,628 | 12,045 | |
| Operating expense | 1,386 | 1,660 | 1,996 | 2,237 | 2,978 | 3,544 | 4,217 | 5,018 | 5,972 | 7,107 | |
| EBIT | (383) | 127 | 451 | 631 | 1,369 | 3,091 | 3,628 | 4,238 | 4,657 | 4,939 | |
| Interest expense | (156) | (126) | (121) | (94) | (47) | (30) | (30) | (30) | (30) | (30) | |
| Other expense, net | 80 | (9) | - 0 | (165) | (47) | - 0 | - 0 | - 0 | - 0 | - 0 | |
| Profit before tax | (459) | (8) | 330 | 372 | 1,275 | 3,061 | 3,598 | 4,208 | 4,627 | 4,909 | |
| Income tax expense | 39 | 25 | (7) | 31 | (1,215) | 643 | 756 | 884 | 972 | 1,031 | |
| Net Income | (498) | (33) | 337 | 341 | 2,490 | 2,418 | 2,843 | 3,324 | 3,655 | 3,878 | |
| Multiple Valuation | |||||||||||
| Periods | 1 | 2 | 3 | 4 | 5 | ||||||
| EBITDA | 3,091 | 3,628 | 4,238 | 4,657 | 4,939 | ||||||
| Weighted EBITDA | 66,381 | ||||||||||
| Weighted Average EBITDA | 4,425 | ||||||||||
| Multiple | 22 | ||||||||||
| Value in millions | 97,266 | ||||||||||
| Shares outstanding | 1,215 | ||||||||||
| Price per share | 80 | ||||||||||
| Market Value | 97,266 | ||||||||||
| Total Shares Outstanding | 1,215 | ||||||||||
| Market Value | 80 | Sum periods | 15 | ||||||||
| Periods | 1 | 2 | |||||||||
| EBITDA | 3,091 | 3,628 | |||||||||
| Weighted Average EBITDA | 3,449 | ||||||||||
| Multiple | 22 | ||||||||||
| Value in millions | 75,878 | ||||||||||
| Shares outstanding | 1,215 | ||||||||||
| Price per share | 62 | ||||||||||
| Market Value | 97,266 | ||||||||||
| Total Shares Outstanding | 1,215 | ||||||||||
| Market Value | 80 |
Revenue -1% SA
| ADVANCED MICRO DEVICES, INC. | |||||||||||||||||||
| Assumptions | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||||||
| Growth rate | 36% | 14% | 14% | 12% | 11% | LR | |||||||||||||
| Cost of sales | 50% | 49% | 48% | 47% | 46% | LR | |||||||||||||
| Operating expense | 19% | 19% | 19% | 19% | 19% | ||||||||||||||
| Interest | 9% | 9% | 9% | 9% | 9% | ||||||||||||||
| Average Corporate Income tax | 21% | 21% | 21% | 21% | 21% | ||||||||||||||
| Inventory | 14% | 14% | 13% | 13% | 13% | LR | |||||||||||||
| Receivables | 11% | 10% | 9% | 9% | 8% | LR | |||||||||||||
| Payables | 4% | 3% | 2% | 1% | 1% | LR | |||||||||||||
| INCOME STATEMENT | |||||||||||||||||||
| (Millions $) (Unaudited) | |||||||||||||||||||
| Forecast | |||||||||||||||||||
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||
| Net revenue | 4,319 | 5,253 | 6,475 | 6,731 | 9,763 | 13,278 | 15,137 | 17,256 | 19,326 | 21,452 | |||||||||
| Cost of sales | 3,316 | 3,466 | 4,028 | 3,863 | 5,416 | 6,702 | 7,439 | 8,279 | 9,100 | 9,943 | |||||||||
| Gross Income | 1,003 | 1,787 | 2,447 | 2,868 | 4,347 | 6,576 | 7,697 | 8,976 | 10,226 | 11,509 | |||||||||
| Operating expense | 1,386 | 1,660 | 1,996 | 2,237 | 2,978 | 3,544 | 4,217 | 5,018 | 5,972 | 7,107 | |||||||||
| EBIT | (383) | 127 | 451 | 631 | 1,369 | 3,032 | 3,480 | 3,958 | 4,254 | 4,402 | |||||||||
| Interest expense | (156) | (126) | (121) | (94) | (47) | (30) | (30) | (30) | (30) | (30) | |||||||||
| Other expense, net | 80 | (9) | - 0 | (165) | (47) | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
| Profit before tax | (459) | (8) | 330 | 372 | 1,275 | 3,002 | 3,451 | 3,928 | 4,224 | 4,373 | |||||||||
| Income tax expense | 39 | 25 | (7) | 31 | (1,215) | 630 | 725 | 825 | 887 | 918 | |||||||||
| Net Income | (498) | (33) | 337 | 341 | 2,490 | 2,372 | 2,726 | 3,103 | 3,337 | 3,454 | |||||||||
| BALANCE SHEETS | |||||||||||||||||||
| (Millions $) (Unaudited) | |||||||||||||||||||
| Forecast | |||||||||||||||||||
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||
| Assets | |||||||||||||||||||
| Current assets: | |||||||||||||||||||
| Cash and cash equivalents | 1,264 | 1,185 | 1,078 | 1,466 | 1,595 | 6,098 | 8,436 | 11,097 | 14,003 | 17,014 | |||||||||
| Short term investments | 78 | 37 | 695 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||||
| Accounts receivable | 343 | 433 | 1,235 | 1,879 | 2,076 | 1,497 | 1,561 | 1,633 | 1,704 | 1,777 | |||||||||
| Inventories | 751 | 739 | 845 | 982 | 1,399 | 1,808 | 2,045 | 2,316 | 2,580 | 2,852 | |||||||||
| Other current assets | 172 | 265 | 304 | 233 | 378 | 378 | 378 | 378 | 378 | 378 | |||||||||
| Total current assets | 2,530 | 2,622 | 3,540 | 4,597 | 6,143 | 9,780 | 12,420 | 15,424 | 18,665 | 22,021 | |||||||||
| Property and equipment, net | 164 | 261 | 348 | 500 | 641 | 641 | 641 | 641 | 641 | 641 | |||||||||
| Operating lease right-of use assets | 205 | 208 | 208 | 208 | 208 | 208 | 208 | ||||||||||||
| Goodwill | 289 | 289 | 289 | 289 | 289 | 289 | 289 | 289 | 289 | 289 | |||||||||
| Long term investments | 59 | 58 | 58 | 58 | 63 | 63 | 63 | 63 | 63 | 63 | |||||||||
| Deferred tax assets | 22 | 1,245 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||
| Other non-current assets | 279 | 310 | 321 | 357 | 373 | 373 | 373 | 373 | 373 | 373 | |||||||||
| Total Assets | 3,321 | 3,540 | 4,556 | 6,028 | 8,962 | 11,354 | 13,994 | 16,998 | 20,239 | 23,595 | |||||||||
| Liabilities and Stockholders' Equity | |||||||||||||||||||
| Current liabilities: | |||||||||||||||||||
| Accounts payable tc={F0224C4C-5BB8-CA40-A57D-F54F140C847D}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: ADD payables to related parties | 823 | 796 | 1,041 | 1,201 | 546 | 566 | 480 | 382 | 285 | 186 | |||||||||
| Short term debt | 70 | 136 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Accrued liabilities | 391 | 541 | 783 | 1,084 | 1,796 | 1,796 | 1,796 | 1,796 | 1,796 | 1,796 | |||||||||
| Other current liabilities tc={6F39F06D-F8C3-3A48-BF2C-34F222D322B7}: [Threaded comment] Your version of Excel allows you to read this threaded comment; however, any edits to it will get removed if the file is opened in a newer version of Excel. Learn more: https://go.microsoft.com/fwlink/?linkid=870924 Comment: Deferred income + other | 132 | 79 | 24 | 74 | 75 | 75 | 75 | 75 | 75 | 75 | |||||||||
| Total current liabilities | 1,346 | 1,486 | 1,984 | 2,359 | 2,417 | 2,437 | 2,351 | 2,253 | 2,156 | 2,057 | |||||||||
| Long-term debt, net | 1,435 | 1,325 | 1,114 | 486 | 330 | 330 | 330 | 330 | 330 | 330 | |||||||||
| Long-term lease | 199 | 201 | 201 | 201 | 201 | 201 | 201 | ||||||||||||
| Other long-term liabilities | 124 | 118 | 192 | 157 | 177 | 177 | 177 | 177 | 177 | 177 | |||||||||
| Stockholders' equity: | |||||||||||||||||||
| Common stock | 9 | 9 | 10 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | |||||||||
| Treasury Stock | (119) | (108) | (50) | (53) | (131) | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
| Additional paid-in capital | 8,334 | 8,464 | 8,750 | 9,963 | 10,544 | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
| Accumulated deficit | (7,808) | (7,754) | (7,444) | (7,095) | (4,588) | - 0 | - 0 | - 0 | - 0 | - 0 | |||||||||
| Total stockholders' equity | 416 | 611 | 1,266 | 2,827 | 5,837 | 8,209 | 10,935 | 14,038 | 17,375 | 20,829 | |||||||||
| Total Liabilities and Stockholders' Equity | 3,321 | 3,540 | 4,556 | 6,028 | 8,962 | 11,354 | 13,994 | 16,998 | 20,239 | 23,595 | |||||||||
| CASH FLOW STATEMENTS | |||||||||||||||||||
| (Millions $) (Unaudited) | |||||||||||||||||||
| Forecast | |||||||||||||||||||
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||
| Net Income | (33) | 337 | 341 | 2,490 | 2,372 | 2,726 | 3,103 | 3,337 | 3,454 | ||||||||||
| Depreciation and amortisation | 144 | 170 | 222 | 312 | 312 | 312 | 312 | 312 | 312 | ||||||||||
| Deferred Taxes | (22) | (1,223) | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||||
| Changes in operating activities: | |||||||||||||||||||
| Accounts receivable | (90) | (802) | (644) | (197) | 579 | (64) | (73) | (71) | (73) | ||||||||||
| Inventories | 12 | (106) | (137) | (417) | (409) | (237) | (271) | (264) | (271) | ||||||||||
| Accounts payable | (27) | 245 | 160 | (655) | 20 | (86) | (99) | (96) | (99) | ||||||||||
| Accrued liabilities | 150 | 242 | 301 | 712 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Other Assets/Liabilities | (40) | 16 | 21 | (146) | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Net cash provided by operating activities | 116 | 102 | 242 | 876 | 2,875 | 2,650 | 2,973 | 3,217 | 3,323 | ||||||||||
| Changes in investing activities: | |||||||||||||||||||
| Capital Expenditures | (97) | (87) | (152) | (141) | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Other Investing Cash Flow Items | (78) | 41 | (658) | 695 | - 0 | - 0 | - 0 | - 0 | |||||||||||
| Net cash provided by investing activities | (97) | (165) | (111) | (799) | 695 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Changes in financing activities: | |||||||||||||||||||
| Repayments of debt | (110) | (211) | (628) | (156) | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Additional paid-in capital | 130 | 286 | 1,213 | 581 | - 0 | - 0 | - 0 | - 0 | - 0 | ||||||||||
| Interest | (126) | (121) | (94) | (47) | (30) | (30) | (30) | (30) | (30) | ||||||||||
| Net cash provided by financing activities | (106) | (46) | 491 | 378 | (30) | (30) | (30) | (30) | (30) | ||||||||||
| Net change in cash | (87) | (109) | 622 | 455 | 3,540 | 2,621 | 2,944 | 3,188 | 3,293 | ||||||||||
| Perpetuity | |||||||||||||||||||
| Free Cash Flow | 19 | 15 | 90 | 735 | 2,875 | 2,650 | 2,973 | 3,217 | 3,323 | 138,581 | |||||||||
DCF Revenue -1% SA
| Year | 2021 | 2022 | 2023 | 2024 | 2025 | Perpetuity | ||
| FCF | 2,874.63 | 2,650.32 | 2,973.37 | 3,217.44 | 3,323.10 | 138,580.55 | ||
| WACC | 8.54% | |||||||
| Growth rate | 6% | Net Present Value | 96,493.03 | |||||
| Weight of equity | 89% | Total shares outstanding | 1,215 | |||||
| Weight of debt | 11% | Book Value per Share | 79.42 | |||||
| Equity | 5837 | |||||||
| Debt | 708 | Market Value | 97,266.00 | |||||
| Total value | 6545 | Value per share | 80.05 | |||||
| Cost of equity | 8.94% | |||||||
| Cost of Debt | 6.6% | |||||||
| Maret risk premium | 5.2% | |||||||
| Risk free rate | 1.67% | |||||||
| Beta | 2.06 | |||||||
| Tax | 21% |
Regression (Calculations)
| Forecast | ||||||||||||
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |||
| GDP | 18,565,000 | 19,520,000 | 20,580,000 | 21,430,000 | 20,930,000 | 21,921,000 | 22,967,000 | 23,913,000 | 24,833,000 | 25,783,000 | ||
| Net revenue | 4,319 | 5,253 | 6,475 | 6,731 | 9,763 | 13,375 | 13,692 | 15,774 | 17,798 | 19,888 | ||
| 37% | 15% | 15% | 13% | 12% | ||||||||
Cost of sales
4319 5253 6475 6731 9763 3316 3466 4028 3863 5416
Inventories
4319 5253 6475 6731 9763 751 739 845 982 1399
Accounts receivable
4319 5253 6475 6731 9763 343 433 1235 1879 2076
Accounts payable
4319 5253 6475 6731 9763 823 796 1041 1201 546
Net revenue
18565000 19520000 20580000 21430000 20930000 21921000 4319 5253 6475 6731 9763 13375.310000000001