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Discounted Cash Flow (DCF) Analysis Unlevered


Deutsche Bank AG

Deutsche Bank AG (DB)

Financial Services

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 41,060.5237,307.5935,363.8730,140.6231,123.2128,499.5226,544.4524,723.5023,027.4721,447.7919,976.47
Revenue (%)
EBITDA 1,983.223,738.22-6,644.87-901.201,453.451,444.93124.76116.20108.23100.8093.89
EBITDA (%)
EBIT 1,983.223,738.22-6,644.87-901.201,453.451,444.93-----
EBIT (%)
Depreciation -----------
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 --228,319.72295,124.92382,389.06317,481.81263,281.16245,220.07228,397.98212,729.87198,136.61
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable -----------
Accounts Payable (%)
Capital Expenditure -517.36-649.15-173.28-545.55-445.06-125.40-318.53-296.68-276.33-257.37-239.72
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.27
Diluted Shares Outstanding 2,416.32
Cost of Debt
Tax Rate 78.74
After-tax Cost of Debt -3.89
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.45
Total Debt 125,113.35
Total Equity 17,566.66
Total Capital 142,680.01
Debt Weighting 87.69
Equity Weighting 12.31
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 41,060.5237,307.5935,363.8730,140.6231,123.2128,499.5226,544.4524,723.5023,027.4721,447.7919,976.47
EBITDA 1,983.223,738.22-6,644.87-901.201,453.451,444.93124.76116.20108.23100.8093.89
EBIT 1,983.223,738.22-6,644.87-901.201,453.451,444.93-----
Tax Rate 53.78%46.15%-11.03%-63.79%161.96%78.74%44.30%44.30%44.30%44.30%44.30%
EBIAT 916.602,013.17-7,377.88-1,476.04-900.61307.16-----
Depreciation -----------
Accounts Receivable -----------
Inventories -----------
Accounts Payable -----------
Capital Expenditure -131.79-475.87372.26-100.48-319.66193.14-21.85-20.35-18.96-17.66
UFCF 916.602,144.96-7,853.75-1,103.78-1,001.10-12.50-----
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.59
Free cash flow (t + 1) -
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -192,368.46
Equity Value -
Shares Outstanding 2,416.32
Equity Value Per Share -