Volvo AB (Trucks)
 
Buylyst Valuation
$22.7
Market Price
$16.8
Upside
37%
 

Target Price based on these Assumptions

Sustainable Free Cash Flow
$2,307 Million
Long-Term Discount Rate
5%

Sustainable Free Cash Flow Calculation

Historical Numbers

Cash Flow Items ($mn) Sustainable Level
Revenue 37,194
-

Cost of goods sold

28,287
-

R&D and Cost of labor

1,789
-

Selling, general, and administrative costs

Selling & Admin. Costs

3,921
-

Other

-171
+

Depreciation and amortization

Depreciation 

1,874
=

Earnings before interest, taxes, depreciation and amortization (EBITDA)

EBITDA

5,244
-

Maintenance capital expenditure

Maintenance Cap-Ex

769
=

Unlevered cash flow

4,475
-

Increases in working capital

Increases in working cap.

700
-

Debt service charges

170
-

Cash taxes

529
=

Discretionary cash flow

3,076
POSSIBLY WIDENING THE MOAT:
-

Growth capital expenditure

Growth Cap-Ex

769
-

Cash spent on acquisitions

Acquisitions

0
-

Other

0
POSSIBLE SHENANIGANS:
-

Dividends

734
-

Share Buybacks

0
=

FREE CASH FLOW

2,307

* Click on the orange dot above to read additional notes on the items

Last 12 months ending 05/07/2018.

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