Discounted Cash Flow

Canadian Imperial Bank of Commerce /Can/ Foreign

CM · 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 $15.0b $4.3b $10.2b 28.4% $10.72
2017 $16.3b (8.3%) $4.7b (9.9%) $2.5b (-75.9%) 28.9% (1.5%) $11.26 (5.0%)
2018 $17.8b (9.5%) $5.3b (12.1%) $9.9b (301.6%) 29.5% (2.3%) $11.69 (3.8%)
2019 $18.6b (4.4%) $5.1b (-3.2%) $18.6b (88.9%) 27.4% (-7.3%) $11.22 (-4.0%)
2020 $18.7b (0.7%) $3.8b (-25.6%) $3.8b (-79.7%) 20.2% (-26.1%) $8.23 (-26.6%)
2021 $20.0b (6.8%) $6.4b (69.6%) $-3.3b (-187.9%) 32.1% (58.8%) $13.97 (69.7%)
2022 $21.8b (9.1%) $6.2b (-3.3%) $21.9b (757.7%) 28.5% (-11.3%) $6.70 (-52.0%)
2023 $23.3b (6.8%) $5.0b (-19.7%) $12.2b (-44.5%) 21.4% (-24.8%) $5.16 (-23.0%)
2024 $25.6b (9.8%) $7.1b (42.4%) $10.1b (-16.8%) 27.8% (29.7%) $7.29 (41.3%)
2025 $29.1b (13.8%) $8.4b (18.5%) $12.5b (23.5%) 28.9% (4.1%) $8.62 (18.2%)

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