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Discounted Cash Flow (DCF) Analysis Levered


Transdigm Group Incorporated Inc.

Transdigm Group Incorporated Inc. (TDG)

Industrials

Free Cash Flow

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 1,924.402,372.982,707.093,171.363,504.353,811.334,373.895,019.475,760.356,610.577,586.29
Revenue (%)
Operating Cash Flow 470.13541.28520.84683.43788.831,022.201,001.181,148.961,318.541,513.161,736.50
Operating Cash Flow (%)
Capital Expenditure -35.60-34.17-54.95-44.08-71.14-73.18-77.42-88.84-101.96-117.01-134.28
Capital Expenditure (%)
Free Cash Flow 434.53507.11465.89639.35717.69949.02923.761,060.111,216.591,396.151,602.23

Weighted Average Cost Of Capital

Share price $ 527.17
Diluted Shares Outstanding 55.60
Cost of Debt
Tax Rate 2.60
After-tax Cost of Debt -0.08
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.43
Total Debt 12,501.95
Total Equity 29,309.07
Total Capital 41,811.02
Debt Weighting 29.90
Equity Weighting 70.10
Wacc

Build Up Free Cash Flow

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 1,924.402,372.982,707.093,171.363,504.353,811.334,373.895,019.475,760.356,610.577,586.29
Operating Cash Flow 470.13541.28520.84683.43788.831,022.201,001.181,148.961,318.541,513.161,736.50
Capital Expenditure -35.60-34.17-54.95-44.08-71.14-73.18-77.42-88.84-101.96-117.01-134.28
Free Cash Flow 434.53507.11465.89639.35717.69949.02923.761,060.111,216.591,396.151,602.23
WACC
PV LFCF 849.28896.05945.40997.461,052.39
SUM PV LFCF 5,554.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.77
Free cash flow (t + 1) 1,908.06
Terminal Value 40,001.32
Present Value of Terminal Value 26,274.15

Intrinsic Value

Enterprise Value 32,857.19
Net Debt 10,428.96
Equity Value 22,428.23
Shares Outstanding 55.60
Equity Value Per Share 325.03