Discounted Cash Flow (DCF) Analysis Levered

Elbit Systems Ltd. (ESLT)

$225.48

+2.14 (+0.96%)
All numbers are in Millions, Currency in USD
Stock DCF: 115.84 | 225.48 | overvalue

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 3,683.684,508.404,662.575,278.525,511.556,110.016,773.457,508.938,324.279,228.15
Revenue (%)
Operating Cash Flow 191.66-53.32278.83416.93240.07271.96301.49334.22370.51410.74
Operating Cash Flow (%)
Capital Expenditure -102.30-137.60-132.21-188.62-205.11-195.03-216.21-239.68-265.71-294.56
Capital Expenditure (%)
Free Cash Flow 89.36-190.92146.62228.3134.9676.9385.2894.54104.81116.19

Weighted Average Cost Of Capital

Share price $ 225.48
Beta -0.102
Diluted Shares Outstanding 44.58
Cost of Debt
Tax Rate 5.85
After-tax Cost of Debt 3.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.678
Total Debt 1,285.62
Total Equity 10,052.12
Total Capital 11,337.74
Debt Weighting 11.34
Equity Weighting 88.66
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 3,683.684,508.404,662.575,278.525,511.556,110.016,773.457,508.938,324.279,228.15
Operating Cash Flow 191.66-53.32278.83416.93240.07271.96301.49334.22370.51410.74
Capital Expenditure -102.30-137.60-132.21-188.62-205.11-195.03-216.21-239.68-265.71-294.56
Free Cash Flow 89.36-190.92146.62228.3134.9676.9385.2894.54104.81116.19
WACC
PV LFCF 61.8666.1370.6975.5780.79
SUM PV LFCF 425.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.70
Free cash flow (t + 1) 118.51
Terminal Value 6,971.13
Present Value of Terminal Value 5,813.12

Intrinsic Value

Enterprise Value 6,238.90
Net Debt 1,074.51
Equity Value 5,164.39
Shares Outstanding 44.58
Equity Value Per Share 115.84