Ford Motor Company develops, delivers, and services a range of Ford trucks, commercial cars and vans, sport utility vehicles, and Lincoln luxury vehicles worldwide. It operates through Ford Blue, Ford Model e, and Ford Pro; Ford Next; and Ford Credit segments. The company sells Ford and Lincoln vehicles, service parts, and accessories through distributors and dealers, as well as through dealerships to commercial fleet customers, daily rental car companies, and governments. It also engages in vehicle-related financing and leasing activities to and through automotive dealers. In addition, the company provides retail installment sale contracts for new and used vehicles; and direct financing leases for new vehicles to retail and commercial customers, such as leasing companies, government entities, daily rental companies, and fleet customers. Further, it offers wholesale loans to dealers to finance the purchase of vehicle inventory; and loans to dealers to finance working capital and enhance dealership facilities, purchase dealership real estate, and other dealer vehicle programs. The company was incorporated in 1903 and is based in Dearborn, Michigan.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	158,057	176,191	184,992	174,087.7	173,633	175,073	175,073	175,073
Revenue % Chg.	15.9%	11.5%	5%
EBIT	8,080	5,393	5,200	6,404.7	8,429.4	9,738.1	9,738.1	9,738.1
EBIT Margin	5.1%	3.1%	2.8%
Tax Rate	28.6%	-9.1%	18.5%
NOPAT	5,765.3	5,885.1	4,237.4	5,144.6	6,671	7,680.1	7,680.1	7,680.1
NOPAT Margin	3.6%	3.3%	2.3%	3%	3.8%	4.4%	4.4%	4.4%
D&A	6,493	6,523	5,867	5,297	5,570.8	5,693.3	5,693.3	5,693.3
D&A / Revenue	4.1%	3.7%	3.2%
Capex	-6,866	-8,236	-8,684	-8,782.7	-8,819.8	-8,884.2	-8,884.2	-8,884.2
Capex / Revenue	-4.3%	-4.7%	-4.7%
Chg. NWC	-7,051	1,163	1,656	-1,686.2	-1,681.8	-1,695.8	-1,695.8	-1,695.8
Chg. NWC / Revenue	-4.5%	0.7%	0.9%
Unlevered FCF (UFCF)	-1,658.7	5,335.1	3,076.4	-27.3	1,740.2	2,793.4	2,793.4	2,793.4
UFCF % Chg.	-114.8%	-421.6%	-42.3%	-100.9%	-6,471.9%	60.5%	—	—
PV of UFCF	—	—	—	-26.6	1,650.7	2,580.6	2,513.4	2,447.8
Sum of PV of UFCF	—	—	—	-26.6	1,624.1	4,204.7	6,718.1	9,165.9

Cost of Debt
Tax Rate
After Tax Cost of Debt	0.6%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	160,862
Market Cap	54,308.7
Total Capital	215,170.7
Debt Weighting	74.8%
Equity Weighting	25.2%
WACC	2.7%

Exit Multiple EV/FCF
Terminal Value	186,044.7
PV of Terminal Value	158,779.7
Cumulative PV of UFCF	9,165.9
Net Debt	131,711
Equity Value	36,234.6
Shares Outstanding	3,984.5
Implied Share Price	9.1
Current Share Price	13.8
Implied Upside / (Downside)	-33.9%