Discounted Cash Flow (DCF) Analysis Levered
JetBlue Airways Corporation (JBLU)
$4.56
+0.12 (+2.70%)
All numbers are in Millions, Currency in USD
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 | 7,658 | 8,094 | 2,957 | 6,037 | 9,158 | 11,403.64 | 14,199.92 | 17,681.89 | 22,017.67 | 27,416.63 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 1,217 | 1,449 | -683 | 1,642 | 379 | 958.67 | 1,193.75 | 1,486.47 | 1,850.97 | 2,304.84 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -1,114 | -1,156 | -791 | -995 | -923 | -1,873.38 | -2,332.75 | -2,904.76 | -3,617.04 | -4,503.98 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 103 | 293 | -1,474 | 647 | -544 | -914.70 | -1,139 | -1,418.29 | -1,766.07 | -2,199.13 |
Weighted Average Cost Of Capital
Share price | $ 4.56 |
---|---|
Beta | 1.676 |
Diluted Shares Outstanding | 323.60 |
Cost of Debt | |
Tax Rate | 17.16 |
After-tax Cost of Debt | 3.14% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.508 |
Total Debt | 4,383 |
Total Equity | 1,475.62 |
Total Capital | 5,858.62 |
Debt Weighting | 74.81 |
Equity Weighting | 25.19 |
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 | 7,658 | 8,094 | 2,957 | 6,037 | 9,158 | 11,403.64 | 14,199.92 | 17,681.89 | 22,017.67 | 27,416.63 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 1,217 | 1,449 | -683 | 1,642 | 379 | 958.67 | 1,193.75 | 1,486.47 | 1,850.97 | 2,304.84 |
Capital Expenditure | -1,114 | -1,156 | -791 | -995 | -923 | -1,873.38 | -2,332.75 | -2,904.76 | -3,617.04 | -4,503.98 |
Free Cash Flow | 103 | 293 | -1,474 | 647 | -544 | -914.70 | -1,139 | -1,418.29 | -1,766.07 | -2,199.13 |
WACC | ||||||||||
PV LFCF | -867.02 | -1,023.34 | -1,207.84 | -1,425.60 | -1,682.63 | |||||
SUM PV LFCF | -6,206.42 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.50 |
Free cash flow (t + 1) | -2,243.11 |
Terminal Value | -64,088.95 |
Present Value of Terminal Value | -49,036.66 |
Intrinsic Value
Enterprise Value | -55,243.08 |
---|---|
Net Debt | 3,341 |
Equity Value | -58,584.08 |
Shares Outstanding | 323.60 |
Equity Value Per Share | -181.04 |