Discounted Cash Flow (DCF) Analysis Levered

Dassault Aviation SA

Dassault Aviation SA (AM.PA)

712 €
0 (0.00%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 4,593.003,680.384,175.813,653.424,901.085,119.227,370.628,152.679,017.709,974.5111,032.8412,203.47
Revenue (%)
Operating Cash Flow 111.50-277.211,294.91987.511,514.841,253.42-66.231,251.191,383.951,530.791,693.221,872.87
Operating Cash Flow (%)
Capital Expenditure -63.50-91.40-152.27-107.56-76.09-140.21-216.71-206.00-227.86-252.04-278.78-308.36
Capital Expenditure (%)
Free Cash Flow 48.00-368.611,142.64879.961,438.751,113.22-282.941,045.191,156.091,278.761,414.441,564.51

Weighted Average Cost Of Capital

Share price $ 712
Beta 1.044
Diluted Shares Outstanding 8.31
Cost of Debt
Tax Rate 25.71
After-tax Cost of Debt 3.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.770
Total Debt 558.22
Total Equity 5,919.45
Total Capital 6,477.67
Debt Weighting 8.62
Equity Weighting 91.38
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 4,593.003,680.384,175.813,653.424,901.085,119.227,370.628,152.679,017.709,974.5111,032.8412,203.47
Operating Cash Flow 111.50-277.211,294.91987.511,514.841,253.42-66.231,251.191,383.951,530.791,693.221,872.87
Capital Expenditure -63.50-91.40-152.27-107.56-76.09-140.21-216.71-206.00-227.86-252.04-278.78-308.36
Free Cash Flow 48.00-368.611,142.64879.961,438.751,113.22-282.941,045.191,156.091,278.761,414.441,564.51
WACC
PV LFCF 948.79952.67956.57960.48964.41
SUM PV LFCF 4,782.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.16
Free cash flow (t + 1) 1,627.09
Terminal Value 26,413.85
Present Value of Terminal Value 16,282.16

Intrinsic Value

Enterprise Value 21,065.08
Net Debt -2,974.66
Equity Value 24,039.75
Shares Outstanding 8.31
Equity Value Per Share 2,891.53