Discounted Cash Flow (DCF) Analysis Unlevered

Dassault Aviation SA

Dassault Aviation SA (AM.PA)

712 €
0 (0.00%)

Operating Data

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 (%)
EBITDA 987.40371.92-199.45657.291,725.921,267.981,393.281,440.761,593.631,762.721,949.752,156.62
EBITDA (%)
EBIT 831.70247.16-341.01533.441,559.781,094.441,143.421,164.391,287.931,424.591,575.741,742.93
EBIT (%)
Depreciation 155.70124.76141.56123.85166.14173.54249.86276.37305.69338.13374.01413.69
Depreciation (%)

Balance Sheet Data

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
Total Cash 983.00708.42946.411,252.872,061.426,202.114,965.953,822.404,227.974,676.575,172.785,721.63
Total Cash (%)
Account Receivables 538.00710.71702.60631.86857.85979.40981.001,340.401,482.631,639.941,813.942,006.41
Account Receivables (%)
Inventories 2,687.003,091.563,427.984,006.473,471.433,403.283,368.356,024.456,663.677,370.718,152.779,017.81
Inventories (%)
Accounts Payable 613.00674.46717.86687.50600.76738.87902.151,241.671,373.421,519.151,680.331,858.62
Accounts Payable (%)
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 (%)

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

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
EBITDA 987.40371.92-199.45657.291,725.921,267.981,393.281,440.761,593.631,762.721,949.752,156.62
EBIT 831.70247.16-341.01533.441,559.781,094.441,143.421,164.391,287.931,424.591,575.741,742.93
Tax Rate 30.81%21.94%-77.40%16.70%28.52%25.38%25.71%10.24%10.24%10.24%10.24%10.24%
EBIAT 575.43192.92-604.96444.341,114.90816.72849.501,045.191,156.081,278.751,414.431,564.51
Depreciation 155.70124.76141.56123.85166.14173.54249.86276.37305.69338.13374.01413.69
Accounts Receivable --172.718.1170.74-226.00-121.55-1.60-359.41-142.22-157.31-174.00-192.47
Inventories --404.56-336.42-578.48535.0368.1634.93-2,656.10-639.22-707.04-782.06-865.04
Accounts Payable -61.4643.39-30.36-86.74138.11163.28339.52131.75145.73161.19178.29
Capital Expenditure -63.50-91.39-152.27-107.56-76.09-140.21-216.71-206.00-227.86-252.04-278.78-308.36
UFCF 667.63-289.52-900.59-77.471,427.25934.781,079.26-1,560.44584.22646.21714.78790.62
WACC
PV UFCF -1,416.52481.43483.40485.37487.36
SUM PV UFCF 521.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.16
Free cash flow (t + 1) 822.24
Terminal Value 13,348.13
Present Value of Terminal Value 8,228.12

Intrinsic Value

Enterprise Value 8,749.16
Net Debt -2,974.66
Equity Value 11,723.83
Shares Outstanding 8.31
Equity Value Per Share 1,410.16