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	8,976	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