Discounted Cash Flow (DCF) Analysis Levered
TUI AG (TUI1.DE)
1.9325 €
+0.01 (+0.52%)
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 | 19,523.90 | 18,928.10 | 7,943.70 | 4,731.60 | 16,544.90 | 22,672.65 | 31,069.95 | 42,577.37 | 58,346.80 | 79,956.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,150.90 | 1,114.90 | -2,771.90 | -151.30 | 2,077.80 | -623.43 | -854.32 | -1,170.74 | -1,604.35 | -2,198.56 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -956.20 | -987 | -587 | -299.70 | -515.70 | -1,222.17 | -1,674.83 | -2,295.14 | -3,145.19 | -4,310.08 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 194.70 | 127.90 | -3,358.90 | -451 | 1,562.10 | -1,845.60 | -2,529.15 | -3,465.88 | -4,749.54 | -6,508.63 |
Weighted Average Cost Of Capital
| Share price | $ 1.9,325 |
|---|---|
| Beta | 2.115 |
| Diluted Shares Outstanding | 1,123.82 |
| Cost of Debt | |
| Tax Rate | -90.06 |
| After-tax Cost of Debt | 9.37% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.476 |
| Total Debt | 5,170.60 |
| Total Equity | 2,171.79 |
| Total Capital | 7,342.39 |
| Debt Weighting | 70.42 |
| Equity Weighting | 29.58 |
| 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 | 19,523.90 | 18,928.10 | 7,943.70 | 4,731.60 | 16,544.90 | 22,672.65 | 31,069.95 | 42,577.37 | 58,346.80 | 79,956.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,150.90 | 1,114.90 | -2,771.90 | -151.30 | 2,077.80 | -623.43 | -854.32 | -1,170.74 | -1,604.35 | -2,198.56 |
| Capital Expenditure | -956.20 | -987 | -587 | -299.70 | -515.70 | -1,222.17 | -1,674.83 | -2,295.14 | -3,145.19 | -4,310.08 |
| Free Cash Flow | 194.70 | 127.90 | -3,358.90 | -451 | 1,562.10 | -1,845.60 | -2,529.15 | -3,465.88 | -4,749.54 | -6,508.63 |
| WACC | ||||||||||
| PV LFCF | -1,234.33 | -1,529.65 | -1,895.63 | -2,349.18 | -2,911.23 | |||||
| SUM PV LFCF | -13,413.50 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.58 |
| Free cash flow (t + 1) | -6,638.81 |
| Terminal Value | -77,375.36 |
| Present Value of Terminal Value | -46,797.19 |
Intrinsic Value
| Enterprise Value | -60,210.69 |
|---|---|
| Net Debt | 3,433.70 |
| Equity Value | -63,644.39 |
| Shares Outstanding | 1,123.82 |
| Equity Value Per Share | -56.63 |