Chapter 3 Fuity Valuation SPREADSHEET 13.2 fow valuation of Chevron B M 2017 D 2018 E 2019 F 2020 G 2021 X Spread are ave in Con 15.95 12.051 14.90 120 41333 - FF FT HT 1790 10.50 40,000 1.390 4.00 4.000 1693 11.50 40,000 1993 5.95 1895 7.22 11 000 1400 13:15 45,000 1.900 9.75 20.000 3.48 6.000 Chow calcune Swet Start Wing CM on 50 7,500 728 at XLT Det 11,275 728 2.000 22000 21:20 13683 16.092 250 789 5000 5.000 2333 22141 22.01 20.500 1,500 BIO 5.000 24.000 24 985 Terminal 13.334 357373 14182 200 ml 10.230 9506 9.267 10.175 30301 12.12 usumed det no aner 2020 from Valen Current berdebte YTM 2017 Moody's Artedly debt 20 M EC. Dlacant rate calculations be be 0.963 004 035 0.028 0.025 00 134.250 0.22 1.150 0094 0.077 1000 1000 021 1129 0.003 0077 0020 0915 0.19 1.109 0.092 0.078 0.661 OBS CS 02 13. han values ERGE PEDE 259.000 Row 3 x How 11 0.12 0.15 nearted from the 1090 1072 chwered betaalde 000 0.009 CAUnd yetenta 0078 0.079 0079 de ALDIM 0.790 0.761 0741 Discount each year at WACC 0769 0.706 0204 Couteacher Intrins al Enthan 9.02a 9.875 254657 301044 9.364 138.12 10.0102120001 248602 24.00 7,90 9501 8.699 20 Proton from Yahoo France. First Input se from Valle line, and intermediate values are interpotted As in the dividend discount model, free cash flow models use a terminal value to avoid be the present value of a constant-growth perpetuity (as in the formulas above), or it may be ding the present values of an infinite sum of cash flows. That terminal value may simply on a multiple of EBIT, book value, carnings, or free cash flow. As a general rule, esti- Tales of intrinsic value depend critically on terminal value. Spreadsheet 13.2 presents a free cash flow valuation of Chevron using the data supplied on 139. Panel A of the spreadsheet lays out values supplied by Value Line. (Entries for Test Chapter 3 Fuity Valuation SPREADSHEET 13.2 fow valuation of Chevron B M 2017 D 2018 E 2019 F 2020 G 2021 X Spread are ave in Con 15.95 12.051 14.90 120 41333 - FF FT HT 1790 10.50 40,000 1.390 4.00 4.000 1693 11.50 40,000 1993 5.95 1895 7.22 11 000 1400 13:15 45,000 1.900 9.75 20.000 3.48 6.000 Chow calcune Swet Start Wing CM on 50 7,500 728 at XLT Det 11,275 728 2.000 22000 21:20 13683 16.092 250 789 5000 5.000 2333 22141 22.01 20.500 1,500 BIO 5.000 24.000 24 985 Terminal 13.334 357373 14182 200 ml 10.230 9506 9.267 10.175 30301 12.12 usumed det no aner 2020 from Valen Current berdebte YTM 2017 Moody's Artedly debt 20 M EC. Dlacant rate calculations be be 0.963 004 035 0.028 0.025 00 134.250 0.22 1.150 0094 0.077 1000 1000 021 1129 0.003 0077 0020 0915 0.19 1.109 0.092 0.078 0.661 OBS CS 02 13. han values ERGE PEDE 259.000 Row 3 x How 11 0.12 0.15 nearted from the 1090 1072 chwered betaalde 000 0.009 CAUnd yetenta 0078 0.079 0079 de ALDIM 0.790 0.761 0741 Discount each year at WACC 0769 0.706 0204 Couteacher Intrins al Enthan 9.02a 9.875 254657 301044 9.364 138.12 10.0102120001 248602 24.00 7,90 9501 8.699 20 Proton from Yahoo France. First Input se from Valle line, and intermediate values are interpotted As in the dividend discount model, free cash flow models use a terminal value to avoid be the present value of a constant-growth perpetuity (as in the formulas above), or it may be ding the present values of an infinite sum of cash flows. That terminal value may simply on a multiple of EBIT, book value, carnings, or free cash flow. As a general rule, esti- Tales of intrinsic value depend critically on terminal value. Spreadsheet 13.2 presents a free cash flow valuation of Chevron using the data supplied on 139. Panel A of the spreadsheet lays out values supplied by Value Line. (Entries for Test
