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
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 | 8,976 | 8,419 | 7,517 | 7,343 | 7,858 | 7,617.93 | 7,385.19 | 7,159.56 | 6,940.83 | 6,728.77 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 2,317 | 3,617 | 45,311 | 9,602 | -8,142 | 10,645.38 | 10,320.15 | 10,004.85 | 9,699.19 | 9,402.87 |
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 | 1,898 | 3,234 | 45,086 | 9,400 | -8,330 | 10,380.98 | 10,063.83 | 9,756.36 | 9,458.29 | 9,169.33 |
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 | 8,976 | 8,419 | 7,517 | 7,343 | 7,858 | 7,617.93 | 7,385.19 | 7,159.56 | 6,940.83 | 6,728.77 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 2,317 | 3,617 | 45,311 | 9,602 | -8,142 | 10,645.38 | 10,320.15 | 10,004.85 | 9,699.19 | 9,402.87 |
Capital Expenditure | -419 | -383 | -225 | -202 | -188 | -264.40 | -256.32 | -248.49 | -240.90 | -233.54 |
Free Cash Flow | 1,898 | 3,234 | 45,086 | 9,400 | -8,330 | 10,380.98 | 10,063.83 | 9,756.36 | 9,458.29 | 9,169.33 |
WACC | ||||||||||
PV LFCF | 9,954.91 | 9,254.67 | 8,603.69 | 7,998.50 | 7,435.88 | |||||
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 |