Company valuation
Explore company DCF models and the cash-flow assumptions, valuation methods and company analysis behind each model.
50 company DCF models · Page 4 of 5
Company DCF analysis
PepsiCo’s DCF should connect food and beverage pricing, volume and distribution costs to cash after reinvestment. Reported revenue growth, product operating profit and proceeds from selling property are different measures. The annual tables below preserve those boundaries before any recurring cash or terminal-margin assumption is made.
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Company DCF analysis
Procter & Gamble’s DCF should turn category demand, net pricing and manufacturing economics into cash after the investment and taxes actually required. Adjusted cash measures are useful reconciliations, but adding back a specified payment does not make that payment disappear. Keep the annual operating base, category mix and cash claims on explicit dates.
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Company DCF analysis
Qualcomm’s DCF should distinguish semiconductor product economics from licensing economics and from group tax accounting. QCT and QTL EBT are segment performance measures, while investor cash is consolidated. The financial base below connects annual costs and profit to cash before a forecast assigns margin, payment timing or value to either business.
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Company DCF analysis
Salesforce’s DCF needs to connect subscription earnings to the cash cost of acquiring and serving contracts. Deferred revenue can fund delivery, while capitalized commissions defer expense rather than remove cash cost. The annual bridge below separates those effects from investment gains and acquisition spending before a forward cash case is discounted.
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Company DCF analysis
Starbucks’s DCF needs a store-cost and ownership case before it needs a terminal growth assumption. Company-operated sales, licensed receipts and equity-investee earnings create different profit and funding exposures. The annual basis below connects store expense, restructuring, lease cash and reinvestment so a change in reported revenue mix is not mistaken for an equal change in shareholder cash.
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Company DCF analysis
T-Mobile’s DCF must connect service economics to network, spectrum and customer-device funding. Reported operating cash and the issuer’s adjusted free-cash-flow measure have different comparison boundaries when receivable-sale classification changes. The annual profit and cash bridges below make those differences explicit before any growth or valuation assumption is introduced.
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Company DCF analysis
Tesla’s DCF needs an explicit earnings and funding case for the operations being valued. Vehicle, energy and service revenue carry different costs, while share compensation, investment and working-capital movements separate reported earnings from cash. The annual bridge below gives those cases a common financial basis without assigning an unsupported value to future businesses.
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Company DCF analysis
Texas Instruments’ DCF needs a funded manufacturing case. Revenue recovery and reported operating margin can move differently from the cash used to build fabrication capacity, while investment incentives have a specific cash classification. The annual cost, segment and cash bridges below show which part of the investment program is funded before a long-term margin or growth assumption is adopted.
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Company DCF analysis
TSMC’s DCF needs a manufacturing and qualification case expressed in a consistent currency and reporting basis. Revenue growth can require new process, packaging and geographic capacity before the cash return arrives. The annual profit and cash bridges below use the Form 20-F’s consolidated IASB IFRS figures in New Taiwan dollars, with parent earnings identified separately.
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Company DCF analysis
Uber’s DCF needs to separate marketplace operating earnings from bookings, tax benefits and cash reserved for future claims. Recognized revenue depends on the contract’s gross or net presentation, while driver economics and insurance payments determine part of the funding requirement. The annual bridge below connects those populations before an assumed marketplace cash stream is valued.
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Company DCF analysis
UPS’s DCF needs a delivery-density and network-cost case, not merely a higher revenue-per-piece assumption. Compensation, transport, pension funding and equipment obligations can move at different speeds as volume and customer mix change. The annual bridges below connect those costs to cash and retain the actual segment and business perimeter.
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Company DCF analysis
Verizon’s DCF needs to distinguish service contribution from device economics and the cash required to fund the network. Equipment financing, software, spectrum and later acquisitions create different obligations from recognized service revenue. The annual income and cash bridges below define those populations before forecasting a sustainable investor cash stream.
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Company analyses