Discounted Cash Flow (DCF) Analysis Levered

Dassault Aviation Société anonyme (AM.PA)

143.7 €

+1.50 (+1.05%)
All numbers are in Millions, Currency in USD
Stock DCF: 351.44 | 143.7 | undervalue

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 4,832.775,119.227,370.625,491.597,246.208,267.269,432.1910,761.2812,277.6514,007.69
Revenue (%)
Operating Cash Flow 1,514.841,253.42-66.23-565.231,662.831,117.501,274.971,454.631,659.601,893.45
Operating Cash Flow (%)
Capital Expenditure -76.09-140.21-216.71-470.84-172.78-301.12-343.55-391.96-447.19-510.21
Capital Expenditure (%)
Free Cash Flow 1,438.751,113.22-282.94-1,036.071,490.05816.38931.421,062.661,212.401,383.24

Weighted Average Cost Of Capital

Share price $ 143.7
Beta 0.913
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 19.08
After-tax Cost of Debt 1.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.148
Total Debt 226.35
Total Equity 11,476.94
Total Capital 11,703.29
Debt Weighting 1.93
Equity Weighting 98.07
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 4,832.775,119.227,370.625,491.597,246.208,267.269,432.1910,761.2812,277.6514,007.69
Operating Cash Flow 1,514.841,253.42-66.23-565.231,662.831,117.501,274.971,454.631,659.601,893.45
Capital Expenditure -76.09-140.21-216.71-470.84-172.78-301.12-343.55-391.96-447.19-510.21
Free Cash Flow 1,438.751,113.22-282.94-1,036.071,490.05816.38931.421,062.661,212.401,383.24
WACC
PV LFCF 762.69812.93866.48923.56984.39
SUM PV LFCF 4,350.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.04
Free cash flow (t + 1) 1,410.91
Terminal Value 27,994.21
Present Value of Terminal Value 19,922.22

Intrinsic Value

Enterprise Value 24,272.26
Net Debt -3,796.20
Equity Value 28,068.46
Shares Outstanding 79.87
Equity Value Per Share 351.44