Discounted Cash Flow (DCF) Analysis Levered

Deutsche Bank Aktiengesellschaft (DB)

$13.43

+0.05 (+0.37%)
All numbers are in Millions, Currency in USD
Stock DCF: 50.05 | 13.43 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 22,94823,89125,30326,65627,37628,612.5629,904.9731,255.7532,667.5634,143.13
Revenue (%)
Operating Cash Flow -40,44930,736-2,952-2,113-4,599.60-4,807.36-5,024.50-5,251.46-5,488.66-5,736.58
Operating Cash Flow (%)
Capital Expenditure -327-512-550-337-479.49-501.14-523.78-547.44-572.17-598.01
Capital Expenditure (%)
Free Cash Flow -40,77630,224-3,502-2,450-5,079.09-5,308.50-5,548.29-5,798.90-6,060.83-6,334.59

Weighted Average Cost Of Capital

Share price $ 13.43
Beta 1.190
Diluted Shares Outstanding 2,104
Cost of Debt
Tax Rate 24.74
After-tax Cost of Debt 3.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.879
Total Debt -
Total Equity 28,256.72
Total Capital 28,256.72
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 22,94823,89125,30326,65627,37628,612.5629,904.9731,255.7532,667.5634,143.13
Operating Cash Flow -40,44930,736-2,952-2,113-4,599.60-4,807.36-5,024.50-5,251.46-5,488.66-5,736.58
Capital Expenditure -327-512-550-337-479.49-501.14-523.78-547.44-572.17-598.01
Free Cash Flow -40,77630,224-3,502-2,450-5,079.09-5,308.50-5,548.29-5,798.90-6,060.83-6,334.59
WACC
PV LFCF -4,831.18-4,595.38-4,371.09-4,157.74-3,954.81
SUM PV LFCF -21,910.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.88
Free cash flow (t + 1) -6,461.29
Terminal Value -81,996.02
Present Value of Terminal Value -51,191.70

Intrinsic Value

Enterprise Value -73,101.90
Net Debt -178,416
Equity Value 105,314.10
Shares Outstanding 2,104
Equity Value Per Share 50.05