Discounted Cash Flow

State Street Corp.

STT · 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 $10.2b $2.1b $1.7b 21.0% $5.03
2017 $11.2b (9.4%) $2.2b (1.6%) $6.3b (275.4%) 19.5% (-7.2%) $5.32 (5.8%)
2018 $12.0b (7.3%) $2.6b (19.4%) $9.8b (56.4%) 21.7% (11.3%) $6.48 (21.8%)
2019 $11.8b (-1.9%) $2.2b (-13.7%) $5.0b (-49.6%) 19.1% (-12.1%) $5.43 (-16.2%)
2020 $11.7b (-0.5%) $2.4b (7.9%) $3.0b (-40.1%) 20.7% (8.4%) $6.40 (17.9%)
2021 $12.0b (2.8%) $2.7b (11.3%) $-7.5b (-353.1%) 22.4% (8.3%) $7.30 (14.1%)
2022 $12.1b (1.0%) $2.8b (3.0%) $11.2b (249.2%) 22.8% (2.0%) $7.28 (-0.3%)
2023 $11.9b (-1.7%) $1.9b (-29.9%) $-126.0m (-101.1%) 16.3% (-28.7%) $5.65 (-22.4%)
2024 $13.0b (8.8%) $2.7b (38.2%) $-14.1b (-11119.0%) 20.7% (27.0%) $8.33 (47.4%)
2025 $13.9b (7.3%) $2.9b (9.6%) $10.8b (176.7%) 21.1% (2.2%) $9.55 (14.6%)

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