Discounted Cash Flow (DCF) Analysis Levered
HAL Trust (HAL.AS)
123.6 €
+0.40 (+0.32%)
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 | 8,005.30 | 8,373.30 | 5,184 | 5,316.40 | 7,313.50 | 7,434.67 | 7,557.84 | 7,683.05 | 7,810.34 | 7,939.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,002.70 | 1,206.70 | 1,882.20 | 1,937.50 | 1,488.30 | 1,784.89 | 1,814.46 | 1,844.52 | 1,875.08 | 1,906.15 |
| 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 | 300.10 | 269.10 | 824.10 | 966.30 | 665 | 745.37 | 757.72 | 770.27 | 783.04 | 796.01 |
Weighted Average Cost Of Capital
| Share price | $ 123.6 |
|---|---|
| Beta | 0.722 |
| 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 | 7.123 |
| Total Debt | 4,803.90 |
| Total Equity | 9,871.60 |
| Total Capital | 14,675.50 |
| Debt Weighting | 32.73 |
| Equity Weighting | 67.27 |
| 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 | 8,005.30 | 8,373.30 | 5,184 | 5,316.40 | 7,313.50 | 7,434.67 | 7,557.84 | 7,683.05 | 7,810.34 | 7,939.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,002.70 | 1,206.70 | 1,882.20 | 1,937.50 | 1,488.30 | 1,784.89 | 1,814.46 | 1,844.52 | 1,875.08 | 1,906.15 |
| 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 | 300.10 | 269.10 | 824.10 | 966.30 | 665 | 745.37 | 757.72 | 770.27 | 783.04 | 796.01 |
| WACC | ||||||||||
| PV LFCF | 703.98 | 675.90 | 648.94 | 623.05 | 598.20 | |||||
| SUM PV LFCF | 3,250.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.88 |
| Free cash flow (t + 1) | 811.93 |
| Terminal Value | 20,926 |
| Present Value of Terminal Value | 15,725.94 |
Intrinsic Value
| Enterprise Value | 18,976.01 |
|---|---|
| Net Debt | 2,547.50 |
| Equity Value | 16,428.51 |
| Shares Outstanding | 79.87 |
| Equity Value Per Share | 205.70 |