Discounted Cash Flow (DCF) Analysis Unlevered
American Beacon International Equit... (AAISX)
$18.83
+0.02 (+0.11%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,546.23 | 3,467.41 | 2,426.67 | 3,689.47 | 1,435.13 | 1,740.70 | 2,111.34 | 2,560.90 | 3,106.18 | 3,767.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -40.12 | -44.35 | -66.65 | -74.58 | -101.09 | -54.61 | -66.23 | -80.34 | -97.44 | -118.19 |
| EBITDA (%) | ||||||||||
| EBIT | -43.59 | -48.42 | -71.85 | -80.11 | -115.27 | -60.51 | -73.39 | -89.02 | -107.97 | -130.96 |
| EBIT (%) | ||||||||||
| Depreciation | 3.47 | 4.07 | 5.20 | 5.53 | 14.19 | 5.90 | 7.16 | 8.68 | 10.53 | 12.77 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 344.40 | 2,293.39 | 9,095.52 | 4,508.98 | 1,919.67 | 2,503.84 | 3,036.97 | 3,683.62 | 4,467.96 | 5,419.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -4.28 | -4.02 | -13.24 | -18.11 | -40.96 | -14.91 | -18.09 | -21.94 | -26.61 | -32.28 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 18.83 |
|---|---|
| Beta | 1.050 |
| Diluted Shares Outstanding | 91.54 |
| Cost of Debt | |
| Tax Rate | 23.87 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.211 |
| Total Debt | - |
| Total Equity | 1,723.66 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,546.23 | 3,467.41 | 2,426.67 | 3,689.47 | 1,435.13 | 1,740.70 | 2,111.34 | 2,560.90 | 3,106.18 | 3,767.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -40.12 | -44.35 | -66.65 | -74.58 | -101.09 | -54.61 | -66.23 | -80.34 | -97.44 | -118.19 |
| EBIT | -43.59 | -48.42 | -71.85 | -80.11 | -115.27 | -60.51 | -73.39 | -89.02 | -107.97 | -130.96 |
| Tax Rate | 19.04% | 22.02% | 21.82% | 28.61% | 23.87% | 23.07% | 23.07% | 23.07% | 23.07% | 23.07% |
| EBIAT | -35.29 | -37.76 | -56.17 | -57.19 | -87.75 | -46.55 | -56.46 | -68.48 | -83.06 | -100.75 |
| Depreciation | 3.47 | 4.07 | 5.20 | 5.53 | 14.19 | 5.90 | 7.16 | 8.68 | 10.53 | 12.77 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -4.28 | -4.02 | -13.24 | -18.11 | -40.96 | -14.91 | -18.09 | -21.94 | -26.61 | -32.28 |
| UFCF | -36.10 | -37.71 | -64.21 | -69.77 | -114.53 | -55.56 | -67.39 | -81.74 | -99.14 | -120.26 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -122.66 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -1,919.67 |
| Equity Value | - |
| Shares Outstanding | 91.54 |
| Equity Value Per Share | - |