Discounted Cash Flow (DCF) Analysis Unlevered

Dassault Aviation Société anonyme (AM.PA)

123.8 €

+4.40 (+3.69%)
All numbers are in Millions, Currency in USD
Stock DCF: 193.29 | 123.8 | undervalue

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 4,832.775,119.227,370.625,491.597,246.208,267.269,432.1910,761.2812,277.6514,007.69
Revenue (%)
EBITDA 1,100.871,223.261,244.59462.821,367.361,502.301,713.991,955.512,231.062,545.44
EBITDA (%)
EBIT 987.91862.131,034.39421.41752.111,1471,308.621,493.021,703.401,943.43
EBIT (%)
Depreciation 112.96361.12210.2041.42615.25355.30405.37462.49527.65602.01
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 2,061.426,202.114,965.953,564.304,977.836,031.526,881.437,851.098,957.3810,219.56
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 3,670.163,403.283,368.353,381.543,480.414,922.835,616.516,407.937,310.878,341.04
Inventories (%)
Accounts Payable 595.81738.87902.15824.381,062.951,135.631,295.651,478.221,686.521,924.17
Accounts Payable (%)
Capital Expenditure -76.09-140.21-216.71-470.84-172.78-301.12-343.55-391.96-447.19-510.21
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 123.8
Beta 0.861
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 19.08
After-tax Cost of Debt 1.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.682
Total Debt 226.35
Total Equity 9,887.58
Total Capital 10,113.93
Debt Weighting 2.24
Equity Weighting 97.76
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 4,832.775,119.227,370.625,491.597,246.208,267.269,432.1910,761.2812,277.6514,007.69
EBITDA 1,100.871,223.261,244.59462.821,367.361,502.301,713.991,955.512,231.062,545.44
EBIT 987.91862.131,034.39421.41752.111,1471,308.621,493.021,703.401,943.43
Tax Rate 27.37%25.38%25.71%20.26%19.08%23.56%23.56%23.56%23.56%23.56%
EBIAT 717.57643.37768.49336.05608.58876.801,000.351,141.311,302.131,485.62
Depreciation 112.96361.12210.2041.42615.25355.30405.37462.49527.65602.01
Accounts Receivable ----------
Inventories -266.8834.93-13.19-98.87-1,442.43-693.68-791.42-902.94-1,030.17
Accounts Payable -143.06163.28-77.78238.5772.68160.02182.57208.30237.65
Capital Expenditure -76.09-140.21-216.71-470.85-172.78-301.12-343.55-391.96-447.19-510.21
UFCF 754.441,274.22960.19-184.351,190.76-438.76528.51602.98687.95784.89
WACC
PV UFCF -408457484.84514.37545.70
SUM PV UFCF 1,593.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.54
Free cash flow (t + 1) 800.59
Terminal Value 14,451
Present Value of Terminal Value 10,047.26

Intrinsic Value

Enterprise Value 11,641.17
Net Debt -3,796.20
Equity Value 15,437.37
Shares Outstanding 79.87
Equity Value Per Share 193.29