Discounted Cash Flow (DCF) Analysis Levered

ABN AMRO Bank N.V. (ABN.AS)

14.46 €

-0.03 (-0.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 391.60 | 14.46 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 8,9768,4197,5177,3437,8587,617.937,385.197,159.566,940.836,728.77
Revenue (%)
Operating Cash Flow 2,3173,61745,3119,602-8,14210,645.3810,320.1510,004.859,699.199,402.87
Operating Cash Flow (%)
Capital Expenditure -419-383-225-202-188-264.40-256.32-248.49-240.90-233.54
Capital Expenditure (%)
Free Cash Flow 1,8983,23445,0869,400-8,33010,380.9810,063.839,756.369,458.299,169.33

Weighted Average Cost Of Capital

Share price $ 14.46
Beta 1.244
Diluted Shares Outstanding 953.06
Cost of Debt
Tax Rate 21.42
After-tax Cost of Debt 3.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.682
Total Debt 63,549
Total Equity 13,781.27
Total Capital 77,330.27
Debt Weighting 82.18
Equity Weighting 17.82
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 8,9768,4197,5177,3437,8587,617.937,385.197,159.566,940.836,728.77
Operating Cash Flow 2,3173,61745,3119,602-8,14210,645.3810,320.1510,004.859,699.199,402.87
Capital Expenditure -419-383-225-202-188-264.40-256.32-248.49-240.90-233.54
Free Cash Flow 1,8983,23445,0869,400-8,33010,380.9810,063.839,756.369,458.299,169.33
WACC
PV LFCF 9,954.919,254.678,603.697,998.507,435.88
SUM PV LFCF 43,247.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.28
Free cash flow (t + 1) 9,352.71
Terminal Value 410,206.72
Present Value of Terminal Value 332,657.76

Intrinsic Value

Enterprise Value 375,905.41
Net Debt 2,684
Equity Value 373,221.41
Shares Outstanding 953.06
Equity Value Per Share 391.60