Discounted Cash Flow (DCF) Analysis Levered
Air France-KLM SA (AF.PA)
1.6795 €
+0.02 (+1.05%)
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 | 25,784 | 26,515 | 27,189 | 11,088 | 14,296 | 13,405.73 | 12,570.90 | 11,788.06 | 11,053.98 | 10,365.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,898 | 3,712 | 3,895 | -2,826 | 1,534 | 665.14 | 623.72 | 584.88 | 548.46 | 514.30 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2,312 | -2,758 | -3,372 | -2,099 | -2,202 | -1,772.34 | -1,661.97 | -1,558.47 | -1,461.42 | -1,370.41 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 586 | 954 | 523 | -4,925 | -668 | -1,107.20 | -1,038.25 | -973.59 | -912.96 | -856.11 |
Weighted Average Cost Of Capital
| Share price | $ 1.6,795 |
|---|---|
| Beta | 1.831 |
| Diluted Shares Outstanding | 427.43 |
| Cost of Debt | |
| Tax Rate | 7.24 |
| After-tax Cost of Debt | 3.76% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.254 |
| Total Debt | 16,242 |
| Total Equity | 717.86 |
| Total Capital | 16,959.86 |
| Debt Weighting | 95.77 |
| Equity Weighting | 4.23 |
| 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 | 25,784 | 26,515 | 27,189 | 11,088 | 14,296 | 13,405.73 | 12,570.90 | 11,788.06 | 11,053.98 | 10,365.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,898 | 3,712 | 3,895 | -2,826 | 1,534 | 665.14 | 623.72 | 584.88 | 548.46 | 514.30 |
| Capital Expenditure | -2,312 | -2,758 | -3,372 | -2,099 | -2,202 | -1,772.34 | -1,661.97 | -1,558.47 | -1,461.42 | -1,370.41 |
| Free Cash Flow | 586 | 954 | 523 | -4,925 | -668 | -1,107.20 | -1,038.25 | -973.59 | -912.96 | -856.11 |
| WACC | ||||||||||
| PV LFCF | -869 | -782.64 | -704.86 | -634.81 | -571.73 | |||||
| SUM PV LFCF | -4,360.06 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.12 |
| Free cash flow (t + 1) | -873.23 |
| Terminal Value | -41,190.23 |
| Present Value of Terminal Value | -33,660.72 |
Intrinsic Value
| Enterprise Value | -38,020.78 |
|---|---|
| Net Debt | 9,584 |
| Equity Value | -47,604.78 |
| Shares Outstanding | 427.43 |
| Equity Value Per Share | -111.38 |