Discounted Cash Flow

Corteva, Inc.

CTVA · 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)
2018 $14.3b $-5.1b $-1.0b -35.5% $-9.08
2019 $13.8b (-3.1%) $-959.0m (81.1%) $-93.0m (90.9%) -6.9% (80.5%) $-0.38 (95.8%)
2020 $14.2b (2.7%) $681.0m (171.0%) $1.6b (1808.6%) 4.8% (169.2%) $0.98 (357.9%)
2021 $15.7b (10.1%) $1.8b (158.3%) $2.2b (38.2%) 11.2% (134.6%) $2.46 (151.0%)
2022 $17.5b (11.5%) $1.1b (-34.8%) $307.0m (-86.0%) 6.6% (-41.5%) $1.67 (-32.1%)
2023 $17.2b (-1.3%) $735.0m (-35.9%) $1.2b (295.4%) 4.3% (-35.1%) $1.31 (-21.6%)
2024 $16.9b (-1.8%) $907.0m (23.4%) $1.7b (40.0%) 5.4% (25.7%) $1.23 (-6.1%)
2025 $17.4b (2.9%) $1.1b (20.6%) $2.9b (68.7%) 6.3% (17.2%) $1.75 (42.3%)

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