DCF Tool

AER

Aercap Holdings N.V. – Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing
aercap is the global leader in aircraft leasing and aviation finance. aercap’s high quality and well diversified portfolio of aircraft, one of the largest in the world, provides a global network of airline customers with comprehensive fleet solutions. aercap has one of the most attractive order books of the most modern, fuel-efficient aircraft in the industry. the company is funded by a robust long-term capital structure that generates strong profitability and cash flow. aercap is listed on the new york stock exchange (aer) and has its headquarters in dublin with offices in amsterdam, los angeles, shannon, fort lauderdale, singapore, shanghai, abu dhabi, seattle and toulouse. disclaimer: www.aercap.com/terms/disclaimers
Analysis Results
Intrinsic Value $687.97
Latest Price $63.02
Relative Value 91% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Billions)
Analysis Parameters
%
%
%
New Ticker
Ad
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 25.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 25.0%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 2.55 2.44
2024 3.19 2.91
2025 3.98 3.48
2026 4.98 4.15
2027 6.22 4.95
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 187 billion. This corresponds to a present value of 142 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 17.9 billion. Adding in the terminal value gives a total present value of 160 billion.

There are presently 233.0 million outstanding shares, so the intrinsic value per share is 687.97.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 7,981,919,000
Current Cash 1,597,147,000
Current Liabilities 4,669,595,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,715,177,000
Change in NCWC 254,313,000
EBIT 3,034,774,000
Tax Provision -164,097,000
Depreciation and Amortization 2,389,807,000
Capital Expenditure -3,871,572,000
Unlevered Free Cash Flow 1,807,322,000
Current Assets 8,648,563,000
Current Cash 1,728,794,000
Current Liabilities 5,458,905,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,460,864,000
Change in NCWC 3,672,553,000
EBIT 2,061,219,000
Tax Provision 162,537,000
Depreciation and Amortization 1,737,925,000
Capital Expenditure -1,789,781,000
Unlevered Free Cash Flow 5,396,051,238
Current Assets 2,447,701,000
Current Cash 1,248,772,000
Current Liabilities 3,410,618,000
Current Debt 0
Non-Cash Working Capital (NCWC) -2,211,689,000
Change in NCWC -1,564,527,000
EBIT 2,112,401,000
Tax Provision -17,231,000
Depreciation and Amortization 1,645,373,000
Capital Expenditure -778,547,000
Unlevered Free Cash Flow 1,414,700,000
Current Assets 4,393,662,000
Current Cash 1,121,396,000
Current Liabilities 3,919,428,000
Current Debt 0
Non-Cash Working Capital (NCWC) -647,162,000
Change in NCWC -418,469,000
EBIT 2,645,866,000
Tax Provision 167,714,000
Depreciation and Amortization 1,676,121,000
Capital Expenditure -4,728,492,000
Unlevered Free Cash Flow -1,157,496,864
Current Assets 4,569,899,000
Current Cash 1,204,018,000
Current Liabilities 3,594,574,000
Current Debt 0
Non-Cash Working Capital (NCWC) -228,693,000
Change in NCWC 194,999,000
EBIT 2,332,811,000
Tax Provision 144,079,000
Depreciation and Amortization 1,691,388,000
Capital Expenditure -5,948,409,000
Unlevered Free Cash Flow -2,018,567,078
Current Assets 5,089,774,000
Current Cash 1,659,669,000
Current Liabilities 3,853,797,000
Current Debt 0
Non-Cash Working Capital (NCWC) -423,692,000
Change in NCWC 119,315,000
EBIT 2,352,181,000
Tax Provision 164,718,000
Depreciation and Amortization 1,740,928,000
Capital Expenditure -5,225,256,000
Unlevered Free Cash Flow -1,324,016,301
Current Assets 5,771,561,000
Current Cash 2,035,447,000
Current Liabilities 4,279,121,000
Current Debt 0
Non-Cash Working Capital (NCWC) -543,007,000
Change in NCWC 107,119,000
EBIT 2,312,181,000
Tax Provision 173,496,000
Depreciation and Amortization 1,811,172,000
Capital Expenditure -3,840,150,000
Unlevered Free Cash Flow 59,612,860
Current Assets 6,606,231,000
Current Cash 2,403,098,000
Current Liabilities 4,853,259,000
Current Debt 0
Non-Cash Working Capital (NCWC) -650,126,000
Change in NCWC -620,330,000
EBIT 2,542,109,000
Tax Provision 189,805,000
Depreciation and Amortization 1,866,045,000
Capital Expenditure -3,563,656,000
Unlevered Free Cash Flow -128,804,287
Current Assets 6,305,369,000
Current Cash 1,490,369,000
Current Liabilities 4,844,796,000
Current Debt 0
Non-Cash Working Capital (NCWC) -29,796,000
Change in NCWC 54,798,000
EBIT 1,896,840,000
Tax Provision 137,373,000
Depreciation and Amortization 1,300,195,000
Capital Expenditure -2,546,618,000
Unlevered Free Cash Flow 429,728,595
Current Assets 879,164,000
Current Cash 295,514,000
Current Liabilities 668,244,000
Current Debt 0
Non-Cash Working Capital (NCWC) -84,594,000
Change in NCWC 93,269,000
EBIT 579,346,000
Tax Provision 26,026,000
Depreciation and Amortization 346,476,000
Capital Expenditure -2,009,339,000
Unlevered Free Cash Flow -1,037,157,600
Current Assets 943,327,000
Current Cash 520,401,000
Current Liabilities 600,789,000
Current Debt 0
Non-Cash Working Capital (NCWC) -177,863,000
Change in NCWC 83,402,000
EBIT 462,682,000
Tax Provision 8,067,000
Depreciation and Amortization 368,924,000
Capital Expenditure -1,038,657,000
Unlevered Free Cash Flow -146,064,939

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.