Discounted Cash Flow

Bank of New York Mellon Corp.

BNY · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $15.2b $3.5b $5.4b 23.3% $3.16
2017 $15.5b (2.0%) $4.1b (15.3%) $3.4b (-36.5%) 26.3% (13.0%) $3.74 (18.4%)
2018 $16.4b (5.5%) $4.3b (4.3%) $4.9b (41.9%) 26.0% (-1.1%) $4.06 (8.6%)
2019 $16.5b (0.4%) $4.4b (4.1%) $-1.1b (-122.8%) 27.0% (3.7%) $4.53 (11.6%)
2020 $15.8b (-4.0%) $3.6b (-18.6%) $3.8b (442.5%) 22.9% (-15.2%) $3.84 (-15.2%)
2021 $15.9b (0.8%) $3.8b (3.9%) $1.6b (-57.5%) 23.6% (3.1%) $4.17 (8.6%)
2022 $16.4b (2.8%) $2.6b (-31.6%) $13.7b (745.5%) 15.7% (-33.4%) $2.91 (-30.2%)
2023 $17.5b (6.9%) $3.3b (27.7%) $4.7b (-65.8%) 18.8% (19.5%) $3.89 (33.7%)
2024 $18.6b (6.4%) $4.5b (37.9%) $-782.0m (-116.7%) 24.3% (29.6%) $5.84 (50.1%)
2025 $20.1b (7.8%) $5.5b (22.5%) $5.2b (762.0%) 27.6% (13.6%) $7.47 (27.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model