Discounted Cash Flow (DCF) Analysis Unlevered
ABN AMRO Bank N.V. (ABN.AS)
13.935 €
+0.07 (+0.54%)
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 | 8,976 | 8,419 | 7,517 | 7,343 | 7,858 | 7,617.93 | 7,385.19 | 7,159.56 | 6,940.83 | 6,728.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 9,403 | 6,769 | 2,606 | 3,837 | 5,060 | 5,126.46 | 4,969.84 | 4,818 | 4,670.81 | 4,528.11 |
| EBITDA (%) | ||||||||||
| EBIT | 9,100 | 6,268 | 2,307 | 3,643 | 4,888 | 4,850.16 | 4,701.98 | 4,558.33 | 4,419.06 | 4,284.06 |
| EBIT (%) | ||||||||||
| Depreciation | 303 | 501 | 299 | 194 | 172 | 276.30 | 267.86 | 259.68 | 251.74 | 244.05 |
| 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 | 38,144 | 28,862 | 62,149 | 68,253 | 60,865 | 50,257.19 | 48,721.76 | 47,233.24 | 45,790.20 | 44,391.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2,048 | 2,335 | 2,867 | 2,948 | 2,531.03 | 2,453.71 | 2,378.74 | 2,306.07 | 2,235.62 | 2,167.31 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -419 | -383 | -225 | -202 | -188 | -264.40 | -256.32 | -248.49 | -240.90 | -233.54 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 13.935 |
|---|---|
| Beta | 1.244 |
| Diluted Shares Outstanding | 953.06 |
| Cost of Debt | |
| Tax Rate | 21.42 |
| After-tax Cost of Debt | 3.10% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.571 |
| Total Debt | 63,549 |
| Total Equity | 13,280.91 |
| Total Capital | 76,829.91 |
| Debt Weighting | 82.71 |
| Equity Weighting | 17.29 |
| 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 | 8,976 | 8,419 | 7,517 | 7,343 | 7,858 | 7,617.93 | 7,385.19 | 7,159.56 | 6,940.83 | 6,728.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 9,403 | 6,769 | 2,606 | 3,837 | 5,060 | 5,126.46 | 4,969.84 | 4,818 | 4,670.81 | 4,528.11 |
| EBIT | 9,100 | 6,268 | 2,307 | 3,643 | 4,888 | 4,850.16 | 4,701.98 | 4,558.33 | 4,419.06 | 4,284.06 |
| Tax Rate | 25.92% | 23.66% | 112.64% | 33.03% | 21.42% | 43.33% | 43.33% | 43.33% | 43.33% | 43.33% |
| EBIAT | 6,740.96 | 4,785.20 | -291.62 | 2,439.90 | 3,840.87 | 2,748.41 | 2,664.44 | 2,583.04 | 2,504.12 | 2,427.62 |
| Depreciation | 303 | 501 | 299 | 194 | 172 | 276.30 | 267.86 | 259.68 | 251.74 | 244.05 |
| Accounts Receivable | - | -287 | -532 | -81 | 416.97 | 77.33 | 74.96 | 72.67 | 70.45 | 68.30 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -419 | -383 | -225 | -202 | -188 | -264.40 | -256.32 | -248.49 | -240.90 | -233.54 |
| UFCF | 6,624.96 | 4,616.20 | -749.62 | 2,350.90 | 4,241.83 | 2,837.64 | 2,750.94 | 2,666.90 | 2,585.42 | 2,506.43 |
| WACC | ||||||||||
| PV UFCF | 2,722.74 | 2,532.67 | 2,355.88 | 2,191.43 | 2,038.45 | |||||
| SUM PV UFCF | 11,841.17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.22 |
| Free cash flow (t + 1) | 2,556.56 |
| Terminal Value | 115,160.35 |
| Present Value of Terminal Value | 93,658.60 |
Intrinsic Value
| Enterprise Value | 105,499.76 |
|---|---|
| Net Debt | 2,684 |
| Equity Value | 102,815.76 |
| Shares Outstanding | 953.06 |
| Equity Value Per Share | 107.88 |