Stock Analysis on Net

General Motors Co. (NYSE:GM)

Enterprise Value to FCFF (EV/FCFF) 

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Free Cash Flow to The Firm (FCFF)

General Motors Co., FCFF calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net income (loss) attributable to stockholders 10,019  6,427  6,732  8,014  (3,864)
Net loss attributable to noncontrolling interests (74) (106) (65) (9) (18)
Net noncash charges 8,609  10,748  12,143  8,627  24,235 
Change in other operating assets and liabilities (3,366) (399) (3,789) (1,376) (3,015)
Net cash provided by operating activities 15,188  16,670  15,021  15,256  17,338 
Cash paid for interest, net of amounts capitalized, net of tax1 2,577  3,012  3,605  3,255  1,702 
Expenditures for property (7,509) (5,300) (7,592) (8,761) (8,453)
Purchases of leased vehicles, net (14,602) (15,233) (16,404) (16,736) (19,180)
Proceeds from termination of leased vehicles 14,393  13,399  13,302  10,864  6,667 
Non-cash property additions (4,305) (2,300) (2,837) (3,813) (3,996)
Free cash flow to the firm (FCFF) 5,742  10,248  5,095  65  (5,922)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the General Motors Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. General Motors Co. FCFF increased from 2019 to 2020 but then slightly decreased from 2020 to 2021 not reaching 2019 level.

Interest Paid, Net of Tax

General Motors Co., interest paid, net of tax calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Effective Income Tax Rate (EITR)
EITR1 24.28% 23.91% 14.45% 9.52% 44.59%
Interest Paid, Net of Tax
Cash paid for interest, net of amounts capitalized, before tax 3,403  3,958  4,214  3,597  3,072 
Less: Cash paid for interest, net of amounts capitalized, tax2 826  946  609  342  1,370 
Cash paid for interest, net of amounts capitalized, net of tax 2,577  3,012  3,605  3,255  1,702 

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 See details »

2 2021 Calculation
Cash paid for interest, net of amounts capitalized, tax = Cash paid for interest, net of amounts capitalized × EITR
= 3,403 × 24.28% = 826


Enterprise Value to FCFF Ratio, Current

General Motors Co., current EV/FCFF calculation, comparison to benchmarks

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Selected Financial Data (US$ in millions)
Enterprise value (EV) 132,366 
Free cash flow to the firm (FCFF) 5,742 
Valuation Ratio
EV/FCFF 23.05
Benchmarks
EV/FCFF, Competitors1
Ford Motor Co. 7.57
Tesla Inc. 233.01
EV/FCFF, Sector
Automobiles & Components 40.74
EV/FCFF, Industry
Consumer Discretionary 44.53

Based on: 10-K (reporting date: 2021-12-31).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

General Motors Co., historical EV/FCFF calculation, comparison to benchmarks

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 164,511  164,580  134,304  138,310  130,307 
Free cash flow to the firm (FCFF)2 5,742  10,248  5,095  65  (5,922)
Valuation Ratio
EV/FCFF3 28.65 16.06 26.36 2,142.17
Benchmarks
EV/FCFF, Competitors4
Ford Motor Co. 9.64 5.16 7.12 8.96 7.07
Tesla Inc. 304.38 399.85 171.85 671.73
EV/FCFF, Sector
Automobiles & Components 52.71 32.24 18.00 25.80 215.42
EV/FCFF, Industry
Consumer Discretionary 57.77 46.84 30.59 29.70 48.41

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 See details »

2 See details »

3 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 164,511 ÷ 5,742 = 28.65

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. General Motors Co. EV/FCFF ratio decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.