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  • Airbus Calulation Template

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    Kumar Vikas
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    Give information about calculating the

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    Airbus calulation template.xls

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    2K visualizzazioni4 pagine

    Airbus Calulation Template

    Caricato da

    Kumar Vikas
    Give information about calculating the

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Scarica in formato XLS, PDF, TXT o leggi online su Scribd
    Segnala contenuti inappropriati
    di 4

    Simplified Valuation Analysis for Airbus A3XX

    $ millions
    2001

    2002

    2003

    2004

    2005

    2006

    Research and Dev


    Capital Exp.
    Net Working Capital
    Required Investment
    From Ex 10

    1100
    0
    0
    1100

    2200
    250
    150
    2600

    2200
    350
    300
    2850

    2200
    350
    300
    2850

    1320
    50
    200
    1570

    880
    0
    50
    930

    Find C. I for R&D


    Find C. I for Cap Exp
    Find C. I for NWC
    Cumulative investment
    From Ex 10

    1100
    0
    0

    3300
    250
    150

    5500
    600
    450

    7700
    950
    750

    9020
    1000
    950

    9900
    1000
    1000

    Cash Flows (A)


    R & D Expense
    Depreciation (B)

    -1100
    0

    -2200
    -25

    -2200
    -60

    -2200
    -95

    -1320
    -100

    -880
    -100

    EBT

    -1100

    -2225

    -2260

    -2295

    -1420

    -980

    -418

    -845.5

    -858.8

    -872.1

    -539.6

    -372.4

    -682

    -1379.5

    -1401.2

    -1422.9

    -880.4

    -607.6

    0
    0
    0

    25
    250
    150

    60
    350
    300

    95
    350
    300

    100
    50
    200

    100
    100
    50

    -682

    -1754.5

    -1991.2

    -1977.9

    -1030.4

    -657.6

    Year

    2000

    Taxes (C)

    38%

    EBAT
    Depreciation
    add
    Capital Expenditure (D) subtract
    increase in NWC
    subtract
    Free Cash Flow
    Discount Rate (E)
    0.11
    PV of Investment
    A3XX sales
    Revenues
    Price per plane
    No. of planes
    Operating margin
    Operating Profit
    Dep. Adjustment (F)
    Adj Op. Profit
    Tax rate
    Cash flows
    Growing Perpetuity
    value in 2007
    growth rate (pg 8)

    Rf (pg 8)
    beta (pg 8) risk Prem
    0.06
    0.84
    0.06
    ($6,132.57)

    0.18

    0.38

    0.02

    present value
    NPV

    $6,244.65
    $112.08

    A) The cashflows ignore the tax impact of launch aid, which is taxable when received. It also ignoress cashflow associated with

    B) Assumes straight line depreciation over 10 yrs (pg 8). After 2005 Depriciation equals net working capital. The co. is in full ca
    C) Assume Airbus can use tax loss. The tax rate is 38%
    D) After 2005 Depriciation equals net working capital.
    E) Cost of capital assumption are in page 8 and computed above.
    F) Add back depriciation to avoid double counting.

    2007

    2008 Total

    660
    0
    0
    660

    440
    0
    0
    440

    10560
    1000
    1000

    11000
    1000
    1000

    -660
    -100

    -440
    -100

    -760

    -540

    -288.8

    -205.2

    -471.2

    -334.8

    100
    100
    0

    100
    100
    0

    -471.2

    -334.8

    9900
    225
    44
    1782
    100
    1882
    715.16
    1166.84

    12964.89

    11000
    1000
    1000
    13000

    noress cashflow associated with pre-payments and progress payments of for planes.

    king capital. The co. is in full capacity in 2008 and hrowth comes from inflation 2%.

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