The Procter & Gamble Company (PG) Discounted Free Cash Flow - Exit Multiple

The Procter & Gamble Company

PG (NYSE)

(%)

Valuation
The Procter & Gamble Company Discounted Free Cash Flow - Exit Multiple

"""
    Model: Discounted Free Cash Flow - Exit Multiple

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Read more: [GitHub Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%tax_rate": None,
        "%revenue_growth_rate": None,
        "exit_ebitda_multiple": None,
        "%ebitda_margin": None,
        "%capital_expenditure_to_ebitda": None,
        "%operating_cash_flow_to_ebitda": None,
        "historical_years": 10,
        "projection_years": 5,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": [
            "beta",
            "%risk_free_rate",
            "%market_premium",
            "%tax_rate"
        ]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense / balance:totalDebt")
if cost_of_debt is None:
    # Use the 10-year Treasury yield instead
    cost_of_debt = data.get("treasury:year10")

tax_rate = data.get("income:incomeTaxExpense / income:incomeBeforeTax")
if tax_rate is None or tax_rate < 0:
    # Fall back to the statutory corporate rate
    tax_rate = data.get("risk:corporateTaxRate")
assumptions.set("%tax_rate", tax_rate)

market_cap = data.get("profile:price * income:weightedAverageShsOut")
debt_weight = data.get(f"balance:totalDebt / ({market_cap} + balance:totalDebt)")
if debt_weight is None:
    # Assume zero leverage if missing
    debt_weight = 0

equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - assumptions.get("%tax_rate")) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

# Compute ratios
data.compute({
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "positiveCapitalExpenditure": "-1 * flow:capitalExpenditure",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%netIncomeToEbitda": "income:netIncome / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

# Calculate margins
assumptions.set("%ebitda_margin", data.average("%ebitdaMargin"))
assumptions.set_bounds(
    "%ebitda_margin", low=0, high="100%"
)

assumptions.set("%operating_cash_flow_to_ebitda", data.average("%operatingCashFlowToEbitda"))
# Limit OCF range
assumptions.set_bounds(
    "%operating_cash_flow_to_ebitda", low=0, high="100%"
)

assumptions.set("%capital_expenditure_to_ebitda", data.average("%capitalExpenditureToEbitda"))
# Limit CapEx range
assumptions.set_bounds(
    "%capital_expenditure_to_ebitda", low=0, high="90%"
)

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

# Calculate the Enterprise Value and set the exit EBITDA multiple
ev = data.get("profile:mktCap + balance:totalDebt - balance:cashAndShortTermInvestments")
exit_ebitda_multiple = data.get(f"{ev} / income:ebitda")
assumptions.set("exit_ebitda_multiple", exit_ebitda_multiple)

# Compute forecasted values and ratios
data.compute({
    "income:revenue": f"""
        income:revenue:-1 * 
        (1 + {assumptions.get('%revenue_growth_rate')})
    """,
    "income:ebitda": f"income:revenue * {assumptions.get('%ebitda_margin')}",
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"income:ebitda * {assumptions.get('%operating_cash_flow_to_ebitda')}",
    "computedCapitalExpenditure": f"income:ebitda * {assumptions.get('%capital_expenditure_to_ebitda')}",
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "positiveCapitalExpenditure": "flow:operatingCashFlow - flow:freeCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculate the terminal value
exit_multiple = assumptions.get("exit_ebitda_multiple")
end_year = assumptions.get("projection_years")
terminal_value = data.get(f"{exit_multiple} * income:ebitda:{end_year}")

# Discount the terminal value into the present
discounted_terminal_value = terminal_value / ((1 + assumptions.get("%discount_rate")) ** assumptions.get("projection_years"))

# Projected enterprise value calculation
projected_enterprise_value = discounted_terminal_value + data.sum(f"discountedFreeCashFlow:1->{assumptions.get('projection_years')}")

# Equity value calculation
equity_value = projected_enterprise_value + data.get("balance:cashAndShortTermInvestments") - data.get("balance:totalDebt")
value_per_share = equity_value / data.get("income:weightedAverageShsOut")

# Set the final value
model.set_final_value({
    "value": value_per_share,
    "units": "$"
})

fcf_5y_cagr = data.cagr(f"flow:freeCashFlow:-1->{assumptions.get('projection_years')}")
revenue_5y_cagr = data.cagr(f"income:revenue:-1->{assumptions.get('projection_years')}")

# Render results
model.render_results([
    [data.get("profile:mktCap"), "Market Capitalization", "$"],
    [ev, "Current Enterprise Value (EV)", "$"],
    [data.get("income:ebitda"), "Current EBITDA", "$"],
    [exit_ebitda_multiple, "Exit EBITDA Multiple (EV/EBITDA)", "#"],
    [data.get(f"income:ebitda:{assumptions.get('projection_years')}"), "Terminal EBITDA", "$"],
    [terminal_value, "Terminal Enterprise Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Enterprise Value", "$"],
    [projected_enterprise_value - discounted_terminal_value, "Sum of Discounted Free Cash Flow", "$"],
    [projected_enterprise_value, "Present Enterprise Value", "$"],
    [data.get("balance:cashAndShortTermInvestments"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Present Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "#"],
    [value_per_share, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [revenue_5y_cagr, "Forecasted Revenue - 5 Year CAGR", "%"],
    [fcf_5y_cagr, "Forecasted Free Cash Flow - 5 Year CAGR", "%"],
])

# Render Chart
model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "income:ebitda": "EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical and Forecasted Data",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow",
            "income:ebitda",
        ],
        "hidden_keys": [
            "positiveCapitalExpenditure",
            "discountedFreeCashFlow"
        ],
    }
})

# Render Table for Estimated Future Data
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowToEbitda": "Operating Cash Flow to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Estimated Future Data",
        "order": "ascending",
        "number_format": "M",
    }
})

# Render Historical Table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "income:netIncome": "Net Income",
        "%netIncomeToEbitda": "Net Income to EBITDA",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowToEbitda": "Cash from Operating Activities to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M",
    }
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%tax_rate": r"""
        ## Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        This is the company’s **effective tax rate**, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items).
        
        This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible.
        
        ## Discount Rate
        
        `Discount Rate` =  
        `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`)  
        + `Equity Weight` × `Cost of Equity`
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"exit_ebitda_multiple": r"""
        ## Exit EBITDA Multiple
        
        The exit EV/EBITDA multiple used to calculate the terminal value.
    """,

"%ebitda_margin": r"""
        ## EBITDA Margin
        
        EBITDA expressed as a percentage of Revenue.
    """,

"%capital_expenditure_to_ebitda": r"""
        ## Capital Expenditure to EBITDA
        
        Capital expenditure expressed as a percentage of EBITDA.
    """,

"%operating_cash_flow_to_ebitda": r"""
        ## Operating Cash Flow to EBITDA
        
        Operating cash flow expressed as a percentage of EBITDA.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,
})

print(f"End of model.")

Estimated Value

USD

Market Price USD

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
↳ Tax Rate Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` This is the company’s effective tax rate, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items). This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible. Discount Rate `Discount Rate` = `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`) + `Equity Weight` × `Cost of Equity`	%
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Exit Ebitda Multiple Exit EBITDA Multiple The exit EV/EBITDA multiple used to calculate the terminal value.	#
Ebitda Margin EBITDA Margin EBITDA expressed as a percentage of Revenue.	%
Capital Expenditure To Ebitda Capital Expenditure to EBITDA Capital expenditure expressed as a percentage of EBITDA.	%
Operating Cash Flow To Ebitda Operating Cash Flow to EBITDA Operating cash flow expressed as a percentage of EBITDA.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#

Results
Market Capitalization	389.1 Bil. USD
Current Enterprise Value (EV)	414.9 Bil. USD
Current EBITDA	22.31 Bil. USD
Exit EBITDA Multiple (EV/EBITDA)	18.6
Terminal EBITDA	22.71 Bil. USD
Terminal Enterprise Value	422.4 Bil. USD
Discounted Terminal Enterprise Value	326.1 Bil. USD
Sum of Discounted Free Cash Flow	73.31 Bil. USD
Present Enterprise Value	399.4 Bil. USD
Cash and Equivalents	10.82 Bil. USD
Total Debt	36.64 Bil. USD
Present Equity Value	373.6 Bil. USD
Shares Outstanding	2.42 Bil.
Estimated Value per Share	154.1 USD
Yield of the U.S. 10 Year Treasury Note	4.02%
Cost of Equity	5.71%
Equity Weight	91.68%
Cost of Debt	1.11%
Debt Weight	8.32%
Forecasted Revenue - 5 Year CAGR	1.78%
Forecasted Free Cash Flow - 5 Year CAGR	4.04%

Historical and Forecasted Data

Monetary values in USD

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"x": "2026-06-30", "y": 20077315101, "oy": 20077315101, "e": true, "d": 2026, "g": 12.69, "og": 12.69}, {"l": "2027", "x": "2027-06-30", "y": 20434691310, "oy": 20434691310, "e": true, "d": 2027, "g": 1.78, "og": 1.78}, {"l": "2028", "x": "2028-06-30", "y": 20798428815, "oy": 20798428815, "e": true, "d": 2028, "g": 1.78, "og": 1.78}, {"l": "2029", "x": "2029-06-30", "y": 21168640848, "oy": 21168640848, "e": true, "d": 2029, "g": 1.78, "og": 1.78}, {"l": "2030", "x": "2030-06-30", "y": 21545442655, "oy": 21545442655, "e": true, "d": 2030, "g": 1.78, "og": 1.78}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "EBITDA", "mappingKey": "income:ebitda", "data": [{"l": "2016", "x": "2016-06-30", "y": 16519000000}, {"l": "2017", "x": "2017-06-30", "y": 16586000000}, {"l": "2018", "x": "2018-06-30", "y": 16197000000}, {"l": "2019", "x": "2019-06-30", "y": 8311000000}, {"l": "2020", "x": "2020-06-30", "y": 18719000000}, {"l": "2021", "x": "2021-06-30", "y": 20721000000}, {"l": "2022", "x": "2022-06-30", "y": 20620000000}, {"l": "2023", "x": "2023-06-30", "y": 20848000000}, {"l": "2024", "x": "2024-06-30", "y": 21441000000}, {"l": "2025", "x": "2025-06-30", "y": 23298000000}, {"l": "2026", "x": "2026-06-30", "y": 21162975757, "oy": 21162975757, "e": true, "d": 2026, "g": -9.16, "og": -9.16}, {"l": "2027", "x": "2027-06-30", "y": 21539676726, "oy": 21539676726, "e": true, "d": 2027, "g": 1.78, "og": 1.78}, {"l": "2028", "x": "2028-06-30", "y": 21923082972, "oy": 21923082972, "e": true, "d": 2028, "g": 1.78, "og": 1.78}, {"l": "2029", "x": "2029-06-30", "y": 22313313848, "oy": 22313313848, "e": true, "d": 2029, "g": 1.78, "og": 1.78}, {"l": "2030", "x": "2030-06-30", "y": 22710490835, "oy": 22710490835, "e": true, "d": 2030, "g": 1.78, "og": 1.78}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow", "mappingKey": "flow:freeCashFlow", "data": [{"l": "2016", "x": "2016-06-30", "y": 12121000000}, {"l": "2017", "x": "2017-06-30", "y": 9369000000}, {"l": "2018", "x": "2018-06-30", "y": 11150000000}, {"l": "2019", "x": "2019-06-30", "y": 11895000000}, {"l": "2020", "x": "2020-06-30", "y": 14330000000}, {"l": "2021", "x": "2021-06-30", "y": 15584000000}, {"l": "2022", "x": "2022-06-30", "y": 13567000000}, {"l": "2023", "x": "2023-06-30", "y": 13786000000}, {"l": "2024", "x": "2024-06-30", "y": 16524000000}, {"l": "2025", "x": "2025-06-30", "y": 14044000000}, {"l": "2026", "x": "2026-06-30", "y": 15956883721, "oy": 15956883721, "e": true, "d": 2026, "g": 13.62, "og": 13.62}, {"l": "2027", "x": "2027-06-30", "y": 16240916251, "oy": 16240916251, "e": true, "d": 2027, "g": 1.78, "og": 1.78}, {"l": "2028", "x": "2028-06-30", "y": 16530004560, "oy": 16530004560, "e": true, "d": 2028, "g": 1.78, "og": 1.78}, {"l": "2029", "x": "2029-06-30", "y": 16824238642, "oy": 16824238642, "e": true, "d": 2029, "g": 1.78, "og": 1.78}, {"l": "2030", "x": "2030-06-30", "y": 17123710089, "oy": 17123710089, "e": true, "d": 2030, "g": 1.78, "og": 1.78}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "positiveCapitalExpenditure", "data": [{"l": "2016", "x": "2016-06-30", "y": 3314000000}, {"l": "2017", "x": "2017-06-30", "y": 3384000000}, {"l": "2018", "x": "2018-06-30", "y": 3717000000}, {"l": "2019", "x": "2019-06-30", "y": 3347000000}, {"l": "2020", "x": "2020-06-30", "y": 3073000000}, {"l": "2021", "x": "2021-06-30", "y": 2787000000}, {"l": "2022", "x": "2022-06-30", "y": 3156000000}, {"l": "2023", "x": "2023-06-30", "y": 3062000000}, {"l": "2024", "x": "2024-06-30", "y": 3322000000}, {"l": "2025", "x": "2025-06-30", "y": 3773000000}, {"l": "2026", "x": "2026-06-30", "y": 4120431380}, {"l": "2027", "x": "2027-06-30", "y": 4193775058}, {"l": "2028", "x": "2028-06-30", "y": 4268424254}, {"l": "2029", "x": "2029-06-30", "y": 4344402206}, {"l": "2030", "x": "2030-06-30", "y": 4421732565}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [{"l": "2016", "x": "2016-06-30", "y": 12121000000}, {"l": "2017", "x": "2017-06-30", "y": 9369000000}, {"l": "2018", "x": "2018-06-30", "y": 11150000000}, {"l": "2019", "x": "2019-06-30", "y": 11895000000}, {"l": "2020", "x": "2020-06-30", "y": 14330000000}, {"l": "2021", "x": "2021-06-30", "y": 15584000000}, {"l": "2022", "x": "2022-06-30", "y": 13567000000}, {"l": "2023", "x": "2023-06-30", "y": 13786000000}, {"l": "2024", "x": "2024-06-30", "y": 16524000000}, {"l": "2025", "x": "2025-06-30", "y": 14044000000}, {"l": "2026", "x": "2026-06-30", "y": 15680935177}, {"l": "2027", "x": "2027-06-30", "y": 15154877198}, {"l": "2028", "x": "2028-06-30", "y": 14644390099}, {"l": "2029", "x": "2029-06-30", "y": 14153105735}, {"l": "2030", "x": "2030-06-30", "y": 13678302790}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}], "editableDates": {"2026-06-30": 41, "2027-06-30": 42, "2028-06-30": 43, "2029-06-30": 44, "2030-06-30": 45}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2026-06-30	2027-06-30	2028-06-30	2029-06-30	2030-06-30

↳ Growth Rate

Estimated Future Data

Monetary values in USD amounts except #	2025 Jun 30	LTM Feb 27	2026 Jun 30	2027 Jun 30	2028 Jun 30	2029 Jun 30	2030 Jun 30
Revenue	84,284	85,259	85,784	87,311	88,865	90,447	92,057
Revenue Growth Rate	0.292%	1.16%	1.78%	1.78%	1.78%	1.78%	1.78%
EBITDA	23,298	22,309	21,163	21,540	21,923	22,313	22,710
EBITDA Margin	27.64%	26.17%	24.67%	24.67%	24.67%	24.67%	24.67%
Operating Cash Flow	17,817	19,070	20,077	20,435	20,798	21,169	21,545
Operating Cash Flow to EBITDA	76.47%	85.48%	94.87%	94.87%	94.87%	94.87%	94.87%
Capital Expenditure	3,773	4,222	4,120	4,194	4,268	4,344	4,422
Capital Expenditure to EBITDA	16.19%	18.93%	19.47%	19.47%	19.47%	19.47%	19.47%
Free Cash Flow	14,044	14,848	15,957	16,241	16,530	16,824	17,124
Free Cash Flow to EBITDA	60.28%	66.56%	75.4%	75.4%	75.4%	75.4%	75.4%
Compounded Discount Rate			1.76%	7.17%	12.88%	18.87%	25.19%
Discounted Free Cash Flow	14,044	14,848	15,681	15,155	14,644	14,153	13,678

Historical Data

Monetary values in USD amounts except #	Average	LTM Feb 27	2025 Jun 30	2024 Jun 30	2023 Jun 30	2022 Jun 30	2021 Jun 30	2020 Jun 30	2019 Jun 30	2018 Jun 30	2017 Jun 30	2016 Jun 30
Revenue	75,247	85,259	84,284	84,039	82,006	80,187	76,118	70,950	67,684	66,832	65,058	65,299
Revenue Growth Rate	1.78%	1.16%	0.292%	2.48%	2.27%	5.35%	7.28%	4.83%	1.27%	2.73%	-0.369%	-7.7%
Cost of Revenue	37,825	42,046	41,164	40,848	42,760	42,157	37,108	35,250	34,768	34,432	32,638	32,909
Gross Profit	37,421	43,213	43,120	43,191	39,246	38,030	39,010	35,700	32,916	32,400	32,420	32,390
Gross Margin	49.69%	50.68%	51.16%	51.39%	47.86%	47.43%	51.25%	50.32%	48.63%	48.48%	49.83%	49.6%
EBITDA	18,688	22,309	23,298	21,441	20,848	20,620	20,721	18,719	8,311	16,197	16,586	16,519
EBITDA Margin	24.67%	26.17%	27.64%	25.51%	25.42%	25.71%	27.22%	26.38%	12.28%	24.24%	25.49%	25.3%
Net Income	13,048	16,466	15,974	14,879	14,653	14,742	14,306	13,027	3,897	9,750	15,326	10,508
Net Income to EBITDA	68.66%	73.81%	68.56%	69.4%	70.28%	71.49%	69.04%	69.59%	46.89%	60.2%	92.4%	63.61%
Cash from Operating Activities	16,761	19,070	17,817	19,846	16,848	16,723	18,371	17,403	15,242	14,867	12,753	15,435
Cash from Operating Activities to EBITDA	94.87%	85.48%	76.47%	92.56%	80.81%	81.1%	88.66%	92.97%	183.4%	91.79%	76.89%	93.44%
Capital Expenditure	3,378	4,222	3,773	3,322	3,062	3,156	2,787	3,073	3,347	3,717	3,384	3,314
Capital Expenditure to EBITDA	19.47%	18.93%	16.19%	15.49%	14.69%	15.31%	13.45%	16.42%	40.27%	22.95%	20.4%	20.06%
Free Cash Flow	13,383	14,848	14,044	16,524	13,786	13,567	15,584	14,330	11,895	11,150	9,369	12,121
Free Cash Flow to EBITDA	75.4%	66.56%	60.28%	77.07%	66.13%	65.8%	75.21%	76.55%	143.1%	68.84%	56.49%	73.38%

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The Procter & Gamble Company Discounted Free Cash Flow - Exit Multiple

Estimated Value

USD

Market Price USD

Discounted Free Cash Flow - Exit EBITDA Multiple

Interactive Assumptions

Discount Rate

Cost of Equity

Cost of Debt

Equity & Debt Weights

Tax Rate

Beta

Risk-Free Rate

Market Premium

Tax Rate

Discount Rate

Revenue Growth Rate

Exit EBITDA Multiple

EBITDA Margin

Capital Expenditure to EBITDA

Operating Cash Flow to EBITDA

Historical Years

Projection Years

Results

Historical and Forecasted Data

Estimated Future Data

Historical Data