Discounted Cash Flow (DCF) Analysis Levered
Carnival PLC (POH1.DE)
8.79 €
-0.29 (-3.15%)
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 | 18,881 | 20,825 | 5,594 | 1,908 | 12,169 | 24,613.45 | 49,784.05 | 100,694.99 | 203,669.26 | 411,948.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,549 | 5,475 | -6,301 | -4,109 | -8,284.51 | -16,756.54 | -33,892.37 | -68,551.91 | -138,655.53 | -280,449.61 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -3,749 | -5,429 | -3,620 | -3,607 | -9,117.13 | -18,440.64 | -37,298.69 | -75,441.66 | -152,590.99 | -308,635.96 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,800 | 46 | -9,921 | -7,716 | -17,401.64 | -35,197.17 | -71,191.06 | -143,993.57 | -291,246.52 | -589,085.57 |
Weighted Average Cost Of Capital
| Share price | $ 8.79 |
|---|---|
| Beta | 2.277 |
| Diluted Shares Outstanding | 775 |
| Cost of Debt | |
| Tax Rate | -0.21 |
| After-tax Cost of Debt | 4.48% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.266 |
| Total Debt | 35,881 |
| Total Equity | 6,812.25 |
| Total Capital | 42,693.25 |
| Debt Weighting | 84.04 |
| Equity Weighting | 15.96 |
| 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 | 18,881 | 20,825 | 5,594 | 1,908 | 12,169 | 24,613.45 | 49,784.05 | 100,694.99 | 203,669.26 | 411,948.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,549 | 5,475 | -6,301 | -4,109 | -8,284.51 | -16,756.54 | -33,892.37 | -68,551.91 | -138,655.53 | -280,449.61 |
| Capital Expenditure | -3,749 | -5,429 | -3,620 | -3,607 | -9,117.13 | -18,440.64 | -37,298.69 | -75,441.66 | -152,590.99 | -308,635.96 |
| Free Cash Flow | 1,800 | 46 | -9,921 | -7,716 | -17,401.64 | -35,197.17 | -71,191.06 | -143,993.57 | -291,246.52 | -589,085.57 |
| WACC | ||||||||||
| PV LFCF | -33,192.36 | -63,312 | -120,763.01 | -230,346.63 | -439,369.39 | |||||
| SUM PV LFCF | -886,983.38 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.04 |
| Free cash flow (t + 1) | -600,867.29 |
| Terminal Value | -14,872,952.62 |
| Present Value of Terminal Value | -11,092,989.43 |
Intrinsic Value
| Enterprise Value | -11,979,972.80 |
|---|---|
| Net Debt | 31,852 |
| Equity Value | -12,011,824.80 |
| Shares Outstanding | 775 |
| Equity Value Per Share | -15,499.13 |