Discounted Cash Flow (DCF) Analysis Levered

The Boeing Company (BA)

$218.025

-0.09 (-0.04%)
All numbers are in Millions, Currency in USD
Stock DCF: -142.60 | 218.025 | overvalue

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 101,12776,55958,15862,28666,60860,897.6355,676.8250,903.5946,539.5742,549.69
Revenue (%)
Operating Cash Flow 15,322-2,446-18,410-3,4163,512-2,425.01-2,217.11-2,027.04-1,853.26-1,694.38
Operating Cash Flow (%)
Capital Expenditure -1,791-1,961-1,303-980-1,222-1,215.63-1,111.41-1,016.13-929.02-849.37
Capital Expenditure (%)
Free Cash Flow 13,531-4,407-19,713-4,3962,290-3,640.64-3,328.52-3,043.17-2,782.27-2,543.75

Weighted Average Cost Of Capital

Share price $ 218.025
Beta 1.428
Diluted Shares Outstanding 569
Cost of Debt
Tax Rate 1.73
After-tax Cost of Debt 4.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.508
Total Debt 57,277
Total Equity 124,056.23
Total Capital 181,333.23
Debt Weighting 31.59
Equity Weighting 68.41
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 101,12776,55958,15862,28666,60860,897.6355,676.8250,903.5946,539.5742,549.69
Operating Cash Flow 15,322-2,446-18,410-3,4163,512-2,425.01-2,217.11-2,027.04-1,853.26-1,694.38
Capital Expenditure -1,791-1,961-1,303-980-1,222-1,215.63-1,111.41-1,016.13-929.02-849.37
Free Cash Flow 13,531-4,407-19,713-4,3962,290-3,640.64-3,328.52-3,043.17-2,782.27-2,543.75
WACC
PV LFCF -3,353.57-2,824.31-2,378.57-2,003.18-1,687.04
SUM PV LFCF -12,246.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.56
Free cash flow (t + 1) -2,594.62
Terminal Value -39,552.15
Present Value of Terminal Value -26,231.37

Intrinsic Value

Enterprise Value -38,478.04
Net Debt 42,663
Equity Value -81,141.04
Shares Outstanding 569
Equity Value Per Share -142.60