Discounted Cash Flow (DCF) Analysis Levered
Carnival Corporation & plc (CCL)
$13.09
+0.34 (+2.67%)
All numbers are in Millions, Currency in USD
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 | 18,881 | 20,825 | 5,594 | 1,908 | 12,169 | 24,613.45 | 49,784.05 | 100,694.99 | 203,669.26 | 411,948.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,549 | 5,475 | -6,301 | -4,109 | -1,670 | -14,080.79 | -28,480.31 | -57,605.28 | -116,514.49 | -235,666.36 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,749 | -5,429 | -3,620 | -3,607 | -4,940 | -16,750.87 | -33,880.91 | -68,528.74 | -138,608.68 | -280,354.85 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,800 | 46 | -9,921 | -7,716 | -6,610 | -30,831.66 | -62,361.22 | -126,134.02 | -255,123.17 | -516,021.21 |
Weighted Average Cost Of Capital
| Share price | $ 13.09 |
|---|---|
| Beta | 2.225 |
| Diluted Shares Outstanding | 1,123 |
| Cost of Debt | |
| Tax Rate | -0.21 |
| After-tax Cost of Debt | 4.48% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.246 |
| Total Debt | 35,881 |
| Total Equity | 14,700.07 |
| Total Capital | 50,581.07 |
| Debt Weighting | 70.94 |
| Equity Weighting | 29.06 |
| 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 | 18,881 | 20,825 | 5,594 | 1,908 | 12,169 | 24,613.45 | 49,784.05 | 100,694.99 | 203,669.26 | 411,948.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,549 | 5,475 | -6,301 | -4,109 | -1,670 | -14,080.79 | -28,480.31 | -57,605.28 | -116,514.49 | -235,666.36 |
| Capital Expenditure | -3,749 | -5,429 | -3,620 | -3,607 | -4,940 | -16,750.87 | -33,880.91 | -68,528.74 | -138,608.68 | -280,354.85 |
| Free Cash Flow | 1,800 | 46 | -9,921 | -7,716 | -6,610 | -30,831.66 | -62,361.22 | -126,134.02 | -255,123.17 | -516,021.21 |
| WACC | ||||||||||
| PV LFCF | -26,769.21 | -50,451.33 | -95,084.47 | -179,203.54 | -337,740.83 | |||||
| SUM PV LFCF | -739,702.44 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.32 |
| Free cash flow (t + 1) | -526,341.63 |
| Terminal Value | -9,893,639.67 |
| Present Value of Terminal Value | -6,949,487.36 |
Intrinsic Value
| Enterprise Value | -7,689,189.80 |
|---|---|
| Net Debt | 31,852 |
| Equity Value | -7,721,041.80 |
| Shares Outstanding | 1,123 |
| Equity Value Per Share | -6,875.37 |