Bayerische Motoren Werke Aktiengesellschaft
XTRA-BMW
BUILD UP FREE CASH | 2022-12-31 (A) | 2023-12-31 (A) | 2024-12-31 (A) | 2025-12-31 (E) | 2026-12-31 (E) | 2027-12-31 (E) | 2028-12-31 (E) | 2029-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 142,610 | 155,498 | 142,380 | 138,578.9 | 141,823.5 | 146,340 | 146,340 | 146,340 |
Revenue % Chg. | 28.2% | 9% | -8.4% | |||||
EBIT | 14,059 | 18,361 | 11,319 | 10,093.6 | 10,559.8 | 11,890.7 | 11,890.7 | 11,890.7 |
EBIT Margin | 9.9% | 11.8% | 7.9% | |||||
Tax Rate | 21% | 28.8% | 30% | |||||
NOPAT | 11,112.5 | 13,065.1 | 7,921.6 | 7,146.3 | 7,538.7 | 8,404.1 | 8,404.1 | 8,404.1 |
NOPAT Margin | 7.8% | 8.4% | 5.6% | 5.2% | 5.3% | 5.7% | 5.7% | 5.7% |
D&A | 6,301 | 6,587 | 6,561 | 9,080.7 | 9,453.6 | 9,633.9 | 9,633.9 | 9,633.9 |
D&A / Revenue | 4.4% | 4.2% | 4.6% | |||||
Capex | -9,050 | -10,881 | -12,205 | -10,315.2 | -9,707.9 | -9,440 | -9,440 | -9,440 |
Capex / Revenue | -6.3% | -7% | -8.6% | |||||
Chg. NWC | -1,677 | 636 | 550 | -175.8 | -179.9 | -185.7 | -185.7 | -185.7 |
Chg. NWC / Revenue | -1.2% | 0.4% | 0.4% | |||||
Unlevered FCF (UFCF) | 6,686.5 | 9,407.1 | 2,827.6 | 5,735.9 | 7,104.4 | 8,412.3 | 8,412.3 | 8,412.3 |
UFCF % Chg. | -8.7% | 40.7% | -69.9% | 102.9% | 23.9% | 18.4% | — | — |
PV of UFCF | — | — | — | 5,570.4 | 6,700.2 | 7,704.7 | 7,482.3 | 7,266.4 |
Sum of PV of UFCF | — | — | — | 5,570.4 | 12,270.6 | 19,975.3 | 27,457.6 | 34,724 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 0.4% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 111,261 |
| Market Cap | 50,062.3 |
| Total Capital | 161,323.3 |
| Debt Weighting | 69% |
| Equity Weighting | 31% |
| WACC | 3% |
| Exit Multiple EV/FCF | |
| Terminal Value | 130,706.3 |
| PV of Terminal Value | 109,643 |
| Cumulative PV of UFCF | 34,724 |
| Net Debt | 91,724 |
| Equity Value | 52,643 |
| Shares Outstanding | 615.8 |
| Implied Share Price | 85.5 |
| Current Share Price | 92.3 |
| Implied Upside / (Downside) | -7.4% |