Dell EMC
NYSE-EMC
BUILD UP FREE CASH | 2013-12-31 (A) | 2014-12-31 (A) | 2015-12-31 (A) | 2016-12-31 (E) | 2017-12-31 (E) | 2018-12-31 (E) | 2019-12-31 (E) | 2020-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 23,222 | 24,440 | 24,704 | 24,507.5 | 24,730.5 | 24,762 | 24,762 | 24,762 |
Revenue % Chg. | 6.9% | 5.2% | 1.1% | |||||
EBIT | 4,374 | 4,449 | 3,462 | 4,994 | 4,394 | 5,420 | 5,420 | 5,420 |
EBIT Margin | 18.8% | 18.2% | 14% | |||||
Tax Rate | 20% | 23.1% | 24.6% | |||||
NOPAT | 3,500.3 | 3,422.5 | 2,609.1 | 3,820.4 | 3,365.8 | 4,010.8 | 4,010.8 | 4,010.8 |
NOPAT Margin | 15.1% | 14% | 10.6% | 15.6% | 13.6% | 16.2% | 16.2% | 16.2% |
D&A | 1,238 | 1,382 | 1,393 | 1,877 | 1,773 | 2,124 | 2,124 | 2,124 |
D&A / Revenue | 5.3% | 5.7% | 5.6% | |||||
Capex | -943 | -979 | -902 | -973 | -977 | -947 | -947 | -947 |
Capex / Revenue | -4.1% | -4% | -3.7% | |||||
Chg. NWC | 1,439 | 1,250 | 405 | 1,058 | 1,067.6 | 1,068.9 | 1,068.9 | 1,068.9 |
Chg. NWC / Revenue | 6.2% | 5.1% | 1.6% | |||||
Unlevered FCF (UFCF) | 5,234.3 | 5,075.5 | 3,505.1 | 5,782.4 | 5,229.4 | 6,256.7 | 6,256.7 | 6,256.7 |
UFCF % Chg. | 12.7% | -3% | -30.9% | 65% | -9.6% | 19.6% | — | — |
PV of UFCF | — | — | — | 5,353.4 | 4,482.3 | 4,965.1 | 4,596.8 | 4,255.8 |
Sum of PV of UFCF | — | — | — | 5,353.4 | 9,835.8 | 14,800.9 | 19,397.6 | 23,653.4 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 2.1% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 6,774 |
| Market Cap | 56,846.3 |
| Total Capital | 63,620.3 |
| Debt Weighting | 10.6% |
| Equity Weighting | 89.4% |
| WACC | 8% |
| Exit Multiple EV/FCF | |
| Terminal Value | 53,381.3 |
| PV of Terminal Value | 33,616 |
| Cumulative PV of UFCF | 23,653.4 |
| Net Debt | -5,482 |
| Equity Value | 62,751.4 |
| Shares Outstanding | 1,956.8 |
| Implied Share Price | 32.1 |
| Current Share Price | 29.1 |
| Implied Upside / (Downside) | 10.4% |