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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 5,441.005,816.976,416.126,584.227,012.207,658.028,202.518,785.719,410.3710,079.4510,796.09
Revenue (%)
EBITDA 745.961,095.921,570.021,667.781,455.03801.791,552.731,663.131,781.381,908.042,043.70
EBITDA (%)
EBIT 440.18770.751,224.841,274.711,009.06310.921,069.611,145.661,227.111,314.361,407.81
EBIT (%)
Depreciation 305.78325.17345.19393.08445.98490.88483.13517.48554.27593.68635.89
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 683.93769.00939.321,033.06748.90945.771,081.911,158.831,241.231,329.481,424.00
Total Cash (%)
Account Receivables 128.95136.12136.02171.85244.73211.36214.91230.19246.55264.08282.86
Account Receivables (%)
Inventories 47.8845.9544.2746.7554.7078.1166.4471.1676.2281.6487.45
Inventories (%)
Accounts Payable 180.10208.25205.32242.30377.96437.27339.58363.73389.59417.29446.96
Accounts Payable (%)
Capital Expenditure -637.14-856.84-941.24-1,010.68-1,201.89-1,114.24-1,204.95-1,290.62-1,382.38-1,480.67-1,585.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.37
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 9.53
Total Debt 2,159.00
Total Equity -
Total Capital 2,159.00
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 5,441.005,816.976,416.126,584.227,012.207,658.028,202.518,785.719,410.3710,079.4510,796.09
EBITDA 745.961,095.921,570.021,667.781,455.03801.791,552.731,663.131,781.381,908.042,043.70
EBIT 440.18770.751,224.841,274.711,009.06310.921,069.611,145.661,227.111,314.361,407.81
Tax Rate 39.78%35.63%38.29%37.54%-23.09%14.16%23.72%23.72%23.72%23.72%23.72%
EBIAT 265.05496.10755.89796.141,242.00266.90815.90873.91936.051,002.601,073.88
Depreciation 305.78325.17345.19393.08445.98490.88483.13517.48554.27593.68635.89
Accounts Receivable --7.170.10-35.83-72.8833.36-3.54-15.28-16.37-17.53-18.78
Inventories -1.931.68-2.48-7.95-23.4211.67-4.72-5.06-5.42-5.80
Accounts Payable -28.15-2.9336.98135.6659.32-97.6924.1425.8627.7029.67
Capital Expenditure -219.7084.4069.43191.21-87.6590.7185.6791.7698.29105.28
UFCF 570.841,063.881,184.331,257.341,934.02739.401,300.171,481.201,586.511,699.321,820.14
WACC
PV UFCF 1,246.691,361.851,398.671,436.491,475.33
SUM PV UFCF 11,152.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.29
Free cash flow (t + 1) 1,892.94
Terminal Value 652,738.58
Present Value of Terminal Value 529,085.61

Intrinsic Value

Enterprise Value 540,238.03
Net Debt 1,213.23
Equity Value 539,024.79
Shares Outstanding -
Equity Value Per Share Infinity