|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intrinsic Valuation of: UAL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow Average and Growth over past 5Y |
|
Key Statistics |
|
|
Year |
|
FCF |
FCF (FCF/Revenue) |
|
|
|
|
|
|
|
|
2020 |
|
- |
- |
|
EPS (FY) |
10 |
|
Market Cap |
$34B |
|
|
2021 |
|
- |
- (-) |
|
P/E Ratio |
11 |
|
Total Asset |
$74B |
|
|
2022 |
|
$-40M |
- (-) |
|
Net Income |
$3B |
|
Total Debt |
$25B |
|
|
2023 |
|
$1B |
3217.5% (1808.3%) |
|
EBITDA |
$8B |
|
Total Liab |
$61B |
|
|
2024 |
|
$-260M |
-120.9% (-117.4%) |
|
Opr Margin |
0.09 |
|
Debt/Equity |
1.99 |
|
|
2025 |
|
$4B |
1573.1% (1486.7%) |
|
PreTax Margin |
6.67 |
|
BV/Share |
17 |
|
|
5Y Average FCF |
|
$1B |
1556.6% (1059.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Market Assumptions: |
|
|
Assumptions: |
|
|
|
P/E for No-Growth Company: |
7.0 |
|
|
|
Perpetual Growth Rate (g): |
2.5% |
|
|
|
Historical US Bond Yield: |
4.4% |
|
|
|
Discount Rate (WACC): |
7.4% |
|
|
|
Current US Bond Yield: |
3.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forcasting Future Free Cash Flow for next 6Y |
|
Modified Benjamin Graham's Intrinsic Value |
|
|
Year |
|
FCF Projection (25.0%) |
|
|
|
|
|
|
|
|
|
2026 |
|
$5B |
|
|
MBG Intrinsic Value |
$89 |
|
|
2027 |
|
$6B |
|
|
|
|
|
|
|
|
|
2028 |
|
$7B |
|
|
|
|
|
|
|
|
|
2029 |
|
$9B |
|
|
|
|
|
|
|
|
|
2030 |
|
$12B |
|
|
|
|
|
|
|
|
|
2031 |
|
$15B |
|
|
|
|
|
|
|
|
|
Terminal Value |
|
$304B |
|
|
Net Worth/Share |
$39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DCF Valuation |
|
DCF Valuation "What If" Scenario Table |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Enterprise Value |
$238B |
|
|
|
Growth Rate |
|
|
(+) Cash & Cash Equivalents |
$9B |
|
|
$684 |
1.5% |
2.0% |
2.5% |
3.0% |
3.5% |
|
|
(-) Total Debt |
$25B |
|
WACC |
7.3% |
588 |
639 |
701 |
777 |
872 |
|
|
Equity Value |
$222B |
|
7.4% |
582 |
632 |
693 |
766 |
859 |
|
|
Shares Outstanding |
323,732,000 |
|
7.4% |
576 |
625 |
684 |
757 |
847 |
|
|
|
|
|
7.9% |
522 |
563 |
611 |
668 |
739 |
|
|
DCF Intrinsic Value |
$684 |
|
8.4% |
476 |
510 |
549 |
596 |
652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analyzed by QuantJuice (2025) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|