Discounted Cash Flow (DCF) Analysis Levered

Deutsche Bank Aktiengesellschaft (DB)

$11.25

+0.06 (+0.54%)
All numbers are in Millions, Currency in USD
Stock DCF: -192.42 | 11.25 | 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 26,31825,09522,95023,79325,31325,114.7424,918.0424,722.8724,529.2424,337.12
Revenue (%)
Operating Cash Flow 39,576-54,066-40,44930,736-2,952-6,218.34-6,169.64-6,121.32-6,073.37-6,025.81
Operating Cash Flow (%)
Capital Expenditure -485-465-327-512-550-474.43-470.72-467.03-463.37-459.74
Capital Expenditure (%)
Free Cash Flow 39,091-54,531-40,77630,224-3,502-6,692.78-6,640.36-6,588.35-6,536.75-6,485.55

Weighted Average Cost Of Capital

Share price $ 11.25
Beta 1.396
Diluted Shares Outstanding 2,108
Cost of Debt
Tax Rate 30.24
After-tax Cost of Debt 2.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.333
Total Debt 156,189
Total Equity 23,715
Total Capital 179,904
Debt Weighting 86.82
Equity Weighting 13.18
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 26,31825,09522,95023,79325,31325,114.7424,918.0424,722.8724,529.2424,337.12
Operating Cash Flow 39,576-54,066-40,44930,736-2,952-6,218.34-6,169.64-6,121.32-6,073.37-6,025.81
Capital Expenditure -485-465-327-512-550-474.43-470.72-467.03-463.37-459.74
Free Cash Flow 39,091-54,531-40,77630,224-3,502-6,692.78-6,640.36-6,588.35-6,536.75-6,485.55
WACC
PV LFCF -6,476.46-6,218.05-5,969.96-5,731.76-5,503.06
SUM PV LFCF -29,899.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.34
Free cash flow (t + 1) -6,615.26
Terminal Value -493,676.15
Present Value of Terminal Value -418,889.87

Intrinsic Value

Enterprise Value -448,789.17
Net Debt -43,174
Equity Value -405,615.17
Shares Outstanding 2,108
Equity Value Per Share -192.42