Delta Air Lines Inc (DAL)

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DCF Model

Assumptions
Free Cash Flow Forecast
Discount Rate -$3,300
2021 2022 2023 2024 2
Perpetural Growth Rate 1.5% -$3,400
Transaction Date 1/1/2021
-$3,500
First Fiscal Year End 12/31/2021
-$3,600
Current Price
Shares Outstanding -$3,700

Debt -$3,800
"Excess" Cash -$3,900
2021 2022 2023 2024 2025 -$4,000
Tax Rate 23.5% 23.5% 23.5% 23.5% 23.5%
Cost of Services (COGS) 50.4% 50.4% 50.4% 50.4% 50.4%
SG&A expense 25.6% 25.6% 25.6% 25.6% 25.6%
R&D expense - - - - -
D&A expense 5.5% 5.5% 5.5% 5.5% 5.5%
Capex $3,499 $3,835 $3,861 $3,861 $3,861

Discounted Cash Flow 2020 2021 2022 2023 2024 2025 Terminal Value
Date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Growing Perpetuity
Time Periods 0 1 2 3 4
Sales Growth
Sales - - - - - INSTRUCTIONS
Less: COGS - - - - -
After listening to the session, enter the
Less: SG&A - - - - -
inputs in the light blue highlighted boxes
using Bloomberg. If you are struggling to
Less: R&D - - - - - find them in Bloomberg, call over a
Less: D&A - - - - - presenter or see the comments.
EBIT - - - - -
Less: Cash Taxes - - - - -
Plus: D&A - - - - -
Less: Capex 3,499 3,835 3,861 3,861 3,861
Less: Changes in NWC 43 20 12 10 10
Unlevered FCF - (3,542) (3,855) (3,873) (3,871) (3,871) (3,929.06)
261,938
Transaction CF - (3,542) (3,855) (3,873) (3,871) 258,067

Intrinsic Value Current Market Value Rate of Return

Enterprise Value 242,925.67 Market Cap - Target Price Upside/Downside
Plus: Excess Cash - Plus: Debt -
Less: Debt - Less: Excess Cash -
Equity Value 242,926 Enterprise Value - Market Value vs Intrinsic Value
Market Value
Estimated share price #DIV/0! Current share price #DIV/0! Upside
Intrinsic Value
Cash Flow Forecast

2022 2023 2024 2025

261,938

the session, enter the

blue highlighted boxes
If you are struggling to
mberg, call over a
the comments.

#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!