Discounted Cash Flow (DCF) Analysis Levered
AerCap Holdings N.V. (AER)
$46.8
+1.06 (+2.32%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 4,956.32 | 4,752.96 | 4,748.51 | 4,321.01 | 4,588.93 | 4,508.63 | 4,429.74 | 4,352.23 | 4,276.08 | 4,201.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,140.22 | 2,840.37 | 3,105.68 | 2,130.38 | 3,693.82 | 2,870.36 | 2,820.14 | 2,770.79 | 2,722.31 | 2,674.67 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -5,225.26 | -5,948.41 | -4,728.49 | -1,183.72 | -1,789.78 | -3,575.83 | -3,513.26 | -3,451.78 | -3,391.39 | -3,332.04 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -2,085.04 | -3,108.04 | -1,622.81 | 946.66 | 1,904.04 | -705.46 | -693.12 | -680.99 | -669.08 | -657.37 |
Weighted Average Cost Of Capital
| Share price | $ 46.8 |
|---|---|
| Beta | 2.261 |
| Diluted Shares Outstanding | 127.74 |
| Cost of Debt | |
| Tax Rate | 12.84 |
| After-tax Cost of Debt | 2.13% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.460 |
| Total Debt | 50,378.27 |
| Total Equity | 5,978.41 |
| Total Capital | 56,356.68 |
| Debt Weighting | 89.39 |
| Equity Weighting | 10.61 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 4,956.32 | 4,752.96 | 4,748.51 | 4,321.01 | 4,588.93 | 4,508.63 | 4,429.74 | 4,352.23 | 4,276.08 | 4,201.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,140.22 | 2,840.37 | 3,105.68 | 2,130.38 | 3,693.82 | 2,870.36 | 2,820.14 | 2,770.79 | 2,722.31 | 2,674.67 |
| Capital Expenditure | -5,225.26 | -5,948.41 | -4,728.49 | -1,183.72 | -1,789.78 | -3,575.83 | -3,513.26 | -3,451.78 | -3,391.39 | -3,332.04 |
| Free Cash Flow | -2,085.04 | -3,108.04 | -1,622.81 | 946.66 | 1,904.04 | -705.46 | -693.12 | -680.99 | -669.08 | -657.37 |
| WACC | ||||||||||
| PV LFCF | -682.73 | -649.17 | -617.25 | -586.91 | -558.06 | |||||
| SUM PV LFCF | -3,094.11 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.33 |
| Free cash flow (t + 1) | -670.52 |
| Terminal Value | -50,414.76 |
| Present Value of Terminal Value | -42,798.21 |
Intrinsic Value
| Enterprise Value | -45,892.32 |
|---|---|
| Net Debt | 48,649.48 |
| Equity Value | -94,541.80 |
| Shares Outstanding | 127.74 |
| Equity Value Per Share | -740.09 |