Discounted Cash Flow (DCF) Analysis Levered
Spirit AeroSystems Holdings, Inc. (SPR)
$28.86
+0.85 (+3.03%)
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 | 7,222 | 7,863.10 | 3,404.80 | 3,953 | 5,029.60 | 4,973.19 | 4,917.41 | 4,862.26 | 4,807.73 | 4,753.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 769.90 | 922.70 | -744.90 | -63.20 | -394.60 | -88.79 | -87.80 | -86.81 | -85.84 | -84.88 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -271.20 | -232.20 | -118.90 | -150.60 | -121.60 | -163.40 | -161.56 | -159.75 | -157.96 | -156.19 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 498.70 | 690.50 | -863.80 | -213.80 | -516.20 | -252.19 | -249.36 | -246.57 | -243.80 | -241.07 |
Weighted Average Cost Of Capital
| Share price | $ 28.86 |
|---|---|
| Beta | 1.729 |
| Diluted Shares Outstanding | 104.60 |
| Cost of Debt | |
| Tax Rate | -0.96 |
| After-tax Cost of Debt | 6.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.416 |
| Total Debt | 3,962.30 |
| Total Equity | 3,018.76 |
| Total Capital | 6,981.06 |
| Debt Weighting | 56.76 |
| Equity Weighting | 43.24 |
| 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 | 7,222 | 7,863.10 | 3,404.80 | 3,953 | 5,029.60 | 4,973.19 | 4,917.41 | 4,862.26 | 4,807.73 | 4,753.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 769.90 | 922.70 | -744.90 | -63.20 | -394.60 | -88.79 | -87.80 | -86.81 | -85.84 | -84.88 |
| Capital Expenditure | -271.20 | -232.20 | -118.90 | -150.60 | -121.60 | -163.40 | -161.56 | -159.75 | -157.96 | -156.19 |
| Free Cash Flow | 498.70 | 690.50 | -863.80 | -213.80 | -516.20 | -252.19 | -249.36 | -246.57 | -243.80 | -241.07 |
| WACC | ||||||||||
| PV LFCF | -231.64 | -210.38 | -191.08 | -173.54 | -157.61 | |||||
| SUM PV LFCF | -964.26 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.87 |
| Free cash flow (t + 1) | -245.89 |
| Terminal Value | -3,579.15 |
| Present Value of Terminal Value | -2,340.12 |
Intrinsic Value
| Enterprise Value | -3,304.38 |
|---|---|
| Net Debt | 3,303.70 |
| Equity Value | -6,608.08 |
| Shares Outstanding | 104.60 |
| Equity Value Per Share | -63.17 |