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Discounted Cash Flow (DCF) Analysis Unlevered


JetBlue Airways Corporation

JetBlue Airways Corporation (JBLU)

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 5,441.005,816.976,416.126,632.347,015.697,659.038,202.828,785.239,408.9810,077.0110,792.48
Revenue (%)
EBITDA 733.99839.971,561.041,705.181,445.93778.921,486.351,591.881,704.911,825.951,955.60
EBITDA (%)
EBIT 428.21514.801,215.851,311.88999.74287.981,004.031,075.311,151.661,233.431,321.00
EBIT (%)
Depreciation 305.78325.17345.19393.30446.20490.94482.33516.57553.25592.53634.60
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 626.80707.93875.80970.98693.15886.921,004.031,075.311,151.661,233.431,321.00
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories 47.8845.9544.2747.0954.7278.1266.4471.1676.2181.6287.42
Inventories (%)
Accounts Payable 180.10208.25205.32242.08378.15437.33339.60363.71389.53417.19446.81
Accounts Payable (%)
Capital Expenditure 614.83730.03837.30850.271,074.10908.361,050.781,125.391,205.291,290.871,382.52
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20.645
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 14.16
After-tax Cost of Debt -0.66
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.76
Total Debt 1,361.00
Total Equity -
Total Capital 1,361.00
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 5,441.005,816.976,416.126,632.347,015.697,659.038,202.828,785.239,408.9810,077.0110,792.48
EBITDA 733.99839.971,561.041,705.181,445.93778.921,486.351,591.881,704.911,825.951,955.60
EBIT 428.21514.801,215.851,311.88999.74287.981,004.031,075.311,151.661,233.431,321.00
Tax Rate 39.78%35.63%38.29%37.58%-24.54%14.16%23.48%23.48%23.48%23.48%23.48%
EBIAT 257.84331.36750.35818.841,245.06247.22768.24822.79881.20943.771,010.78
Depreciation 305.78325.17345.19393.30446.20490.94482.33516.57553.25592.53634.60
Accounts Receivable -----------
Inventories -1.931.68-2.82-7.63-23.4011.68-4.72-5.05-5.41-5.80
Accounts Payable -28.15-2.9336.76136.0759.18-97.7324.1125.8227.6629.62
Capital Expenditure --115.20-107.27-12.96-223.84165.74-142.42-74.61-79.90-85.58-91.65
UFCF 563.63571.41987.011,233.131,595.85939.691,022.091,284.141,375.321,472.971,577.55
WACC
PV UFCF 1,022.091,231.321,264.501,298.571,333.56
SUM PV UFCF 9,585.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.29
Free cash flow (t + 1) 1,640.65
Terminal Value 565,741.12
Present Value of Terminal Value 458,568.70

Intrinsic Value

Enterprise Value 468,154.26
Net Debt 474.08
Equity Value 467,680.17
Shares Outstanding -
Equity Value Per Share Infinity