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Discounted Cash Flow (DCF) Analysis Unlevered


The Boeing Company

The Boeing Company (BA)

Industrials

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 86,623.0090,763.5896,118.6393,504.2094,009.13101,135.02104,381.45107,732.10111,190.30114,759.51118,443.29
Revenue (%)
EBITDA 8,463.079,375.889,265.847,975.9112,512.6114,189.2411,419.3311,785.8912,164.2212,554.6912,957.70
EBITDA (%)
EBIT 6,618.007,469.847,429.976,087.1210,463.2212,075.529,258.639,555.849,862.5810,179.1710,505.92
EBIT (%)
Depreciation 1,845.071,906.041,835.871,888.782,049.402,113.722,160.702,230.052,301.642,375.522,451.78
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 15,254.3113,088.1112,053.2810,033.009,993.178,566.1412,943.3013,358.7813,787.6014,230.1814,686.97
Total Cash (%)
Account Receivables 10,516.0311,290.9912,283.9613,034.4914,148.3716,778.3014,425.5214,888.5815,366.5015,859.7616,368.86
Account Receivables (%)
Inventories 42,913.0346,752.3247,261.5343,198.9461,387.9662,562.1256,292.9258,099.9259,964.9361,889.8063,876.46
Inventories (%)
Accounts Payable 9,493.8810,664.7210,803.7311,192.4512,202.3812,914.9412,473.5812,873.9913,287.2413,713.7614,153.97
Accounts Payable (%)
Capital Expenditure -2,044.30-2,205.55-2,412.58-2,571.37-1,645.16-1,597.93-2,327.71-2,402.43-2,479.54-2,559.14-2,641.29
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 339.78
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 9.86
After-tax Cost of Debt -0.44
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.03
Total Debt 10,657.00
Total Equity -
Total Capital 10,657.00
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 86,623.0090,763.5896,118.6393,504.2094,009.13101,135.02104,381.45107,732.10111,190.30114,759.51118,443.29
EBITDA 8,463.079,375.889,265.847,975.9112,512.6114,189.2411,419.3311,785.8912,164.2212,554.6912,957.70
EBIT 6,618.007,469.847,429.976,087.1210,463.2212,075.529,258.639,555.849,862.5810,179.1710,505.92
Tax Rate 26.42%23.69%27.66%12.95%16.32%9.86%19.48%19.48%19.48%19.48%19.48%
EBIAT 4,869.775,699.985,374.925,298.738,756.1010,885.047,454.837,694.137,941.118,196.028,459.11
Depreciation 1,845.071,906.041,835.871,888.782,049.402,113.722,160.702,230.052,301.642,375.522,451.78
Accounts Receivable --774.96-992.97-750.53-1,113.89-2,629.932,352.78-463.06-477.92-493.26-509.10
Inventories --3,839.29-509.214,062.59-18,189.02-1,174.166,269.21-1,807.00-1,865.01-1,924.87-1,986.66
Accounts Payable -1,170.84139.01388.721,009.93712.56-441.36400.40413.25426.52440.21
Capital Expenditure -161.25207.02158.79-926.21-47.23729.7774.7277.1279.5982.15
UFCF 6,714.844,323.876,054.6411,047.09-8,413.689,860.0018,525.938,129.248,390.198,659.528,937.49
WACC
PV UFCF 17,726.467,442.777,350.197,258.767,168.46
SUM PV UFCF 61,796.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.51
Free cash flow (t + 1) 9,294.99
Terminal Value 1,822,546.24
Present Value of Terminal Value 1,461,804.57

Intrinsic Value

Enterprise Value 1,523,600.82
Net Debt 2,090.86
Equity Value 1,521,509.96
Shares Outstanding -
Equity Value Per Share Infinity

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
6.51 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell -Infinity Sell
6.01 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell
5.51 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy -Infinity Sell
5.01 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
4.51 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
4.01 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
3.51 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
3.01 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy
2.51 (%) Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy Infinity Buy