Discounted Cash Flow (DCF) Analysis Unlevered
Deutsche Bank Aktiengesellschaft (DB)
$9.46
+0.38 (+4.19%)
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 | 26,318 | 25,095 | 22,950 | 23,793 | 25,313 | 25,114.74 | 24,918.04 | 24,722.87 | 24,529.24 | 24,337.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 12,927 | 12,856 | 8,639 | 7,173 | 8,690 | 10,169.87 | 10,090.22 | 10,011.19 | 9,932.78 | 9,854.99 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 10,169.87 | 10,090.22 | 10,011.19 | 9,932.78 | 9,854.99 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| 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 | 280,995 | 242,605 | 186,442 | 224,994 | 222,740 | 234,692.01 | 232,853.85 | 231,030.09 | 229,220.61 | 227,425.30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 86,988 | 70,181 | 66,941 | 77,206 | 74,793 | 76,440.89 | 75,842.18 | 75,248.17 | 74,658.81 | 74,074.06 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 109,365 | 93,194 | 73,707 | 81,550 | 71,790 | 87,119.90 | 86,437.56 | 85,760.56 | 85,088.86 | 84,422.42 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -485 | -465 | -327 | -512 | -550 | -474.43 | -470.72 | -467.03 | -463.37 | -459.74 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.46 |
|---|---|
| Beta | 1.396 |
| Diluted Shares Outstanding | 2,108 |
| Cost of Debt | |
| Tax Rate | 30.24 |
| After-tax Cost of Debt | 2.43% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.715 |
| Total Debt | 156,189 |
| Total Equity | 19,941.68 |
| Total Capital | 176,130.68 |
| Debt Weighting | 88.68 |
| Equity Weighting | 11.32 |
| 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 | 26,318 | 25,095 | 22,950 | 23,793 | 25,313 | 25,114.74 | 24,918.04 | 24,722.87 | 24,529.24 | 24,337.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 12,927 | 12,856 | 8,639 | 7,173 | 8,690 | 10,169.87 | 10,090.22 | 10,011.19 | 9,932.78 | 9,854.99 |
| EBIT | - | - | - | - | - | 10,169.87 | 10,090.22 | 10,011.19 | 9,932.78 | 9,854.99 |
| Tax Rate | 161.16% | 79.92% | -104.63% | 51.52% | 30.24% | 43.64% | 43.64% | 43.64% | 43.64% | 43.64% |
| EBIAT | - | - | - | - | - | 5,731.67 | 5,686.78 | 5,642.24 | 5,598.05 | 5,554.20 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 16,807 | 3,240 | -10,265 | 2,413 | -1,647.89 | 598.70 | 594.01 | 589.36 | 584.74 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -16,171 | -19,487 | 7,843 | -9,760 | 15,329.90 | -682.34 | -677 | -671.70 | -666.44 |
| Capital Expenditure | -485 | -465 | -327 | -512 | -550 | -474.43 | -470.72 | -467.03 | -463.37 | -459.74 |
| UFCF | - | - | - | - | - | 18,939.25 | 5,132.42 | 5,092.22 | 5,052.34 | 5,012.77 |
| WACC | ||||||||||
| PV UFCF | 18,341.32 | 4,813.47 | 4,624.99 | 4,443.90 | 4,269.89 | |||||
| SUM PV UFCF | 36,493.56 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.26 |
| Free cash flow (t + 1) | 5,113.02 |
| Terminal Value | 405,795.34 |
| Present Value of Terminal Value | 345,657.87 |
Intrinsic Value
| Enterprise Value | 382,151.44 |
|---|---|
| Net Debt | -43,174 |
| Equity Value | 425,325.44 |
| Shares Outstanding | 2,108 |
| Equity Value Per Share | 201.77 |