Discounted Cash Flow

Citigroup Inc.

C · 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 $69.9b $14.9b $51.2b 21.3% $4.72
2017 $71.4b (2.3%) $-6.8b (-145.6%) $-11.9b (-123.3%) -9.5% (-144.6%) $-2.98 (-163.1%)
2018 $72.9b (2.0%) $18.0b (365.4%) $33.2b (377.7%) 24.8% (360.3%) $6.69 (324.5%)
2019 $74.3b (2.0%) $19.4b (7.5%) $-18.2b (-154.8%) 26.1% (5.4%) $8.08 (20.8%)
2020 $74.3b (0.0%) $11.0b (-43.1%) $-24.1b (-32.4%) 14.9% (-43.1%) $4.74 (-41.3%)
2021 $71.9b (-3.2%) $22.0b (98.7%) $57.1b (337.4%) 30.5% (105.4%) $10.21 (115.4%)
2022 $75.3b (4.8%) $14.8b (-32.4%) $19.4b (-66.0%) 19.7% (-35.5%) $7.04 (-31.0%)
2023 $78.5b (4.1%) $9.2b (-37.8%) $-80.0b (-511.6%) 11.8% (-40.3%) $4.07 (-42.2%)
2024 $81.1b (3.4%) $12.7b (37.4%) $-26.2b (67.3%) 15.6% (32.9%) $6.03 (48.2%)
2025 $85.2b (5.0%) $14.3b (12.8%) $-74.2b (-183.4%) 16.8% (7.4%) $7.11 (17.9%)

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