Discounted Cash Flow (DCF) Analysis Levered

HAL Trust (HAL.AS)

113.2 €

-0.40 (-0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 210.06 | 113.2 | undervalue

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 8,005.308,373.305,1845,316.407,313.507,434.677,557.847,683.057,810.347,939.74
Revenue (%)
Operating Cash Flow 1,002.701,206.701,882.201,937.501,488.301,784.891,814.461,844.521,875.081,906.15
Operating Cash Flow (%)
Capital Expenditure -702.60-937.60-1,058.10-971.20-823.30-1,039.52-1,056.74-1,074.25-1,092.05-1,110.14
Capital Expenditure (%)
Free Cash Flow 300.10269.10824.10966.30665745.37757.72770.27783.04796.01

Weighted Average Cost Of Capital

Share price $ 113.2
Beta 0.699
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 1.75
After-tax Cost of Debt 3.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.126
Total Debt 4,803.90
Total Equity 9,040.98
Total Capital 13,844.88
Debt Weighting 34.70
Equity Weighting 65.30
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 8,005.308,373.305,1845,316.407,313.507,434.677,557.847,683.057,810.347,939.74
Operating Cash Flow 1,002.701,206.701,882.201,937.501,488.301,784.891,814.461,844.521,875.081,906.15
Capital Expenditure -702.60-937.60-1,058.10-971.20-823.30-1,039.52-1,056.74-1,074.25-1,092.05-1,110.14
Free Cash Flow 300.10269.10824.10966.30665745.37757.72770.27783.04796.01
WACC
PV LFCF 704.44676.79650.23624.70600.18
SUM PV LFCF 3,256.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.81
Free cash flow (t + 1) 811.93
Terminal Value 21,310.47
Present Value of Terminal Value 16,067.91

Intrinsic Value

Enterprise Value 19,324.26
Net Debt 2,547.50
Equity Value 16,776.76
Shares Outstanding 79.87
Equity Value Per Share 210.06