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Template DCF Model Exoon Mobil Case

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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255 views1 page

Template DCF Model Exoon Mobil Case

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.

Uploaded by

hoifish
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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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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