Discounted Cash Flow (DCF) Analysis Unlevered
Aeroports de Paris SA (ADP.PA)
137.6 €
-1.70 (-1.22%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 3,617 | 4,478 | 4,700 | 2,137 | 2,777 | 2,806.01 | 2,835.32 | 2,864.94 | 2,894.87 | 2,925.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1,574 | 1,870 | 1,824 | 176 | 700 | 884.05 | 893.28 | 902.62 | 912.04 | 921.57 |
| EBITDA (%) | ||||||||||
| EBIT | 958 | 1,128 | 1,094 | -1,171 | 24 | 117.97 | 119.20 | 120.44 | 121.70 | 122.97 |
| EBIT (%) | ||||||||||
| Depreciation | 616 | 742 | 730 | 1,347 | 676 | 766.08 | 774.09 | 782.17 | 790.34 | 798.60 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 2,083 | 2,149 | 2,038 | 3,632 | 2,572 | 2,309.44 | 2,333.56 | 2,357.94 | 2,382.57 | 2,407.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 33 | 38 | 94 | 70 | 84 | 56.46 | 57.05 | 57.65 | 58.25 | 58.86 |
| Inventories (%) | ||||||||||
| Accounts Payable | 444 | 590 | 679 | 682 | 785 | 561.65 | 567.52 | 573.44 | 579.43 | 585.49 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -879 | -1,078 | -1,203 | -848 | -583 | -755.64 | -763.53 | -771.51 | -779.57 | -787.71 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 137.6 |
|---|---|
| Beta | 1.304 |
| Diluted Shares Outstanding | 98.95 |
| Cost of Debt | |
| Tax Rate | -4.20 |
| After-tax Cost of Debt | 2.56% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.871 |
| Total Debt | 10,275 |
| Total Equity | 13,614.85 |
| Total Capital | 23,889.85 |
| Debt Weighting | 43.01 |
| Equity Weighting | 56.99 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 3,617 | 4,478 | 4,700 | 2,137 | 2,777 | 2,806.01 | 2,835.32 | 2,864.94 | 2,894.87 | 2,925.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1,574 | 1,870 | 1,824 | 176 | 700 | 884.05 | 893.28 | 902.62 | 912.04 | 921.57 |
| EBIT | 958 | 1,128 | 1,094 | -1,171 | 24 | 117.97 | 119.20 | 120.44 | 121.70 | 122.97 |
| Tax Rate | 34.67% | 40.78% | 32.80% | 33.73% | -4.20% | 27.55% | 27.55% | 27.55% | 27.55% | 27.55% |
| EBIAT | 625.88 | 668.04 | 735.17 | -776.02 | 25.01 | 85.46 | 86.35 | 87.26 | 88.17 | 89.09 |
| Depreciation | 616 | 742 | 730 | 1,347 | 676 | 766.08 | 774.09 | 782.17 | 790.34 | 798.60 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -5 | -56 | 24 | -14 | 27.54 | -0.59 | -0.60 | -0.60 | -0.61 |
| Accounts Payable | - | 146 | 89 | 3 | 103 | -223.35 | 5.87 | 5.93 | 5.99 | 6.05 |
| Capital Expenditure | -879 | -1,078 | -1,203 | -848 | -583 | -755.64 | -763.53 | -771.51 | -779.57 | -787.71 |
| UFCF | 362.88 | 473.04 | 295.17 | -250.02 | 207.01 | -99.91 | 102.18 | 103.25 | 104.33 | 105.42 |
| WACC | ||||||||||
| PV UFCF | -93.61 | 89.70 | 84.93 | 80.40 | 76.12 | |||||
| SUM PV UFCF | 237.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.73 |
| Free cash flow (t + 1) | 107.53 |
| Terminal Value | 2,273.32 |
| Present Value of Terminal Value | 1,641.45 |
Intrinsic Value
| Enterprise Value | 1,878.99 |
|---|---|
| Net Debt | 7,896 |
| Equity Value | -6,017.01 |
| Shares Outstanding | 98.95 |
| Equity Value Per Share | -60.81 |