Discounted Cash Flow (DCF) Analysis Levered

The Boeing Company (BA)

$124.05

-3.15 (-2.48%)
All numbers are in Millions, Currency in USD
Stock DCF: -147.58 | 124.05 | overvalue

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 93,392101,12776,55958,15862,28657,155.3452,447.3048,127.0844,162.7240,524.92
Revenue (%)
Operating Cash Flow 13,34415,322-2,446-18,410-3,416-1,245.42-1,142.83-1,048.69-962.31-883.04
Operating Cash Flow (%)
Capital Expenditure -1,870-1,791-1,961-1,303-980-1,160.09-1,064.53-976.85-896.38-822.54
Capital Expenditure (%)
Free Cash Flow 11,47413,531-4,407-19,713-4,396-2,405.51-2,207.37-2,025.54-1,858.69-1,705.58

Weighted Average Cost Of Capital

Share price $ 124.05
Beta 1.406
Diluted Shares Outstanding 569
Cost of Debt
Tax Rate 16.51
After-tax Cost of Debt 3.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.513
Total Debt 58,370
Total Equity 70,584.45
Total Capital 128,954.45
Debt Weighting 45.26
Equity Weighting 54.74
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 93,392101,12776,55958,15862,28657,155.3452,447.3048,127.0844,162.7240,524.92
Operating Cash Flow 13,34415,322-2,446-18,410-3,416-1,245.42-1,142.83-1,048.69-962.31-883.04
Capital Expenditure -1,870-1,791-1,961-1,303-980-1,160.09-1,064.53-976.85-896.38-822.54
Free Cash Flow 11,47413,531-4,407-19,713-4,396-2,405.51-2,207.37-2,025.54-1,858.69-1,705.58
WACC
PV LFCF -2,249.41-1,930.16-1,656.23-1,421.17-1,219.47
SUM PV LFCF -8,476.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.94
Free cash flow (t + 1) -1,739.70
Terminal Value -35,216.52
Present Value of Terminal Value -25,179.41

Intrinsic Value

Enterprise Value -33,655.85
Net Debt 50,318
Equity Value -83,973.85
Shares Outstanding 569
Equity Value Per Share -147.58