Discounted Cash Flow (DCF) Analysis Levered
Deutsche Bank Aktiengesellschaft (DB)
$11.25
+0.06 (+0.54%)
All numbers are in Millions, Currency in USD
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 | 26,318 | 25,095 | 22,950 | 23,793 | 25,313 | 25,114.74 | 24,918.04 | 24,722.87 | 24,529.24 | 24,337.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 39,576 | -54,066 | -40,449 | 30,736 | -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 | -40,776 | 30,224 | -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 | 26,318 | 25,095 | 22,950 | 23,793 | 25,313 | 25,114.74 | 24,918.04 | 24,722.87 | 24,529.24 | 24,337.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 39,576 | -54,066 | -40,449 | 30,736 | -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 | -40,776 | 30,224 | -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 |