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  • Template DCF Model Exoon Mobil Case

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    This document presents a discounted cash flow valuation model for Exxon-Mobil for the years 2000-2011. It provides inputs for revenues, growth rates, operating expenses, taxes, capital expenditures, and free cash flows. It also lists assumptions for net operating income, depreciation, working capital, and other line items as percentages of revenues. The model calculates weighted average cost of capital and uses it to determine the present value of future cash flows and terminal value to derive an intrinsic share price, though no calculations are shown.

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    Template DCF Model Exoon Mobil Case

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    This document presents a discounted cash flow valuation model for Exxon-Mobil for the years 2000-2011. It provides inputs for revenues, growth rates, operating expenses, taxes, capital expenditures, and free cash flows. It also lists assumptions for net operating income, depreciation, working capital, and other line items as percentages of revenues. The model calculates weighted average cost of capital and uses it to determine the present value of future cash flows and terminal value to derive an intrinsic share price, though no calculations are shown.

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    © All Rights Reserved
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    Signaler comme contenu inapproprié
    61 vues1 page

    Template DCF Model Exoon Mobil Case

    Transféré par

    hoifish
    This document presents a discounted cash flow valuation model for Exxon-Mobil for the years 2000-2011. It provides inputs for revenues, growth rates, operating expenses, taxes, capital expenditures, and free cash flows. It also lists assumptions for net operating income, depreciation, working capital, and other line items as percentages of revenues. The model calculates weighted average cost of capital and uses it to determine the present value of future cash flows and terminal value to derive an intrinsic share price, though no calculations are shown.

    Droits d'auteur :

    © All Rights Reserved
    Téléchargez comme XLS, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 1

    Model 10-03B EXXON-MOBIL CASE

    General 10-Year DCF Spreadsheet Valuation Model (Dollar Amounts in Millions Except per Share)
    2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
    Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year n+1
    Panel A – Inputs for Present Value Calculations
    1 Net revenues $ 206,083
    2 Revenue growth rate -10.0% 3.0% 4.0% 5.0% 7.5% 6.5% 6.0% 5.0% 4.0% 3.0% 3.0%
    3 NOI
    4 Cash tax rate 39.9% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0% 38.0%
    5 Income taxes - - - - - - - - - - - -
    6 NOPAT $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
    7 + Depreciation 8,130 - - - - - - - - - - -
    8 – Change in working capital 5,463 - - - - - - - - - - -
    9 – Capital expenditures 8,446 - - - - - - - - - - -
    10 – Change in other assets net 583 - - - - - - - - - - -
    11 Free cash flows $ (6,363) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
    12 WACC
    1/(1+k)
    13 Discount factor
    14 Present values

    Panel B – Operating Relationships (As a % of Revenues)


    NOI 12.22% 12.0% 15.0% 16.0% 16.5% 18.0% 17.0% 17.0% 17.0% 16.5% 16.5% 15.5%
    NOPAT 0.0%
    Depreciation 3.9% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
    Change in working capital 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
    Capital expenditures 4.1% 4.5% 4.0% 4.0% 4.0% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 2.5%
    Change in other assets net 0.28% -1.25% -1.25% -1.25% -1.25% -1.25% -1.25% -1.25% -1.25% -1.25% -1.25% 0.1%
    Free cash flow -3.1%

    Panel C – Valuation Calculations


    Part I - Cost of Capital Inputs Part II - Terminal Value (TV) Part III - Valuation Calculation
    (a) Risk-free rate 5.60% TV = Free Cash Flowsn+1 / (WACC-g) (1) PV of cash flows, Year 2-11 $ -
    (b) Beta 0.80 = (2) PV of terminal value $ -
    (c) Equity risk premium 7.00% (3) Marketable securities 73
    (d) Tax rate 38.0% (4) Total value of the firm $ -
    (e) Cost of equity (5) Value of debt 18972
    (f) Cost of debt (before-tax) 7.20% (6) Value of equity $ -
    (g) Cost of debt (after-tax) (7) Shares outstanding 3477
    (h) Capital structure, % equity 70.00% (8) Intrinsic share price
    (i) Base WACC
    Exxon Existing Share Price $ 72.00
    Potential Gain

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