Discounted Cash Flow Calculation for DB:KLH using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for
is arrived at by discounting future cash flows to their present value using the 2 stage method.
We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Note: Free cash flow to equity valuations ignore the company's cash or debt.
DB:KLH DCF 1st Stage: Next 10 year cash flow forecast
The current share price of
is above its future cash flow value.
Often investors are willing to pay a
for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.
The amount the stock market is willing to pay for
is considered below, and whether this is a fair price.
Price based on past earnings
Københavns Lufthavne's earnings available for a low price, and how does
this compare to other companies in the same industry?
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Københavns Lufthavne has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.
Show me the analysis anyway
The future performance of a company is measured in the same way as past
performance, by looking at estimated
and how much profit it is expected to make.
Future estimates come from
professional analysts. Just like forecasting the weather, they don’t always get
Expected Infrastructure industry annual growth in earnings.
Earnings growth vs Low Risk Savings
expected to grow at an
Unable to compare Københavns Lufthavne's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
Unable to compare Københavns Lufthavne's earnings growth to the Germany market average as no estimate data is available.
Unable to compare Københavns Lufthavne's revenue growth to the Germany market average as no estimate data is available.
Unable to determine if Københavns Lufthavne is high growth as no earnings estimate data is available.
Unable to determine if Københavns Lufthavne is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can
be gauged below. We look back 3 years and see if they were any good at
predicting what actually occurred. We also show the highest and lowest estimates
looking forward to see if there is a wide range.
Københavns Lufthavne's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent
earnings report. Some checks require at least 3 or 5 years worth of data.
has a total score of
2/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
A company's financial position is much like your own financial position,
it includes everything you own
The boxes below represent the relative size of what makes up
Københavns Lufthavne's finances.
The net worth of a company is the difference between its assets and liabilities.
Københavns Lufthavne's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
Københavns Lufthavne's long term commitments exceed its cash and other short term assets.
This treemap shows a more detailed breakdown of
Københavns Lufthavne's finances. If any of them are yellow this
indicates they may be out of proportion and red means they relate to one of the
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
High level of physical assets or inventory.
Debt is not covered by short term assets, assets are 0.1x debt.
Nearly all companies have debt. Debt in itself isn’t
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.
The graphic below shows equity (available funds) and debt, we ideally want to
see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and
whether the level has increased over the past 5 years.
Management is one of the most important areas of a company. We look at
unreasonable CEO compensation, how long the team and board of directors have
been around for and insider trading.
TENURE AS CEO
Mr. Thomas Woldbye has been the Chief Executive Officer of Copenhagen Airports International A/S since May 1, 2011 and serves as its President. Mr. Woldbye has been the Chief Executive Officer at Københavns Lufthavne A/S since May 1, 2011. He works closely with all of Københavns' stakeholders to ensure ongoing competitiveness, accessibility and quality of service. He served as President of Københavns Lufthavne A/S. He served as Management Trainee at A.P.Moeller-Maersk since 1983. He held senior management positions at the corporate APMM HQ in Copenhagen, as well as in Indonesia, Singapore, China, Hong Kong and Europe from 1985 to 2005. He served as Group Chief Executive Officer of Norfolkline Group since 2004, where he focused on providing extraordinary customer experiences, efficient operations and competitiveness. He served as Group Senior Vice President at A.P. Moeller-Maersk's central European headquarters in Holland since 2001. He began his career with A.P. Moller-Maersk. He has wide-ranging experience as a seasoned leader in the aviation and transportation sectors. His extensive management experience at Norfolkline Group has included roles in infrastructure development, operations and commercial areas. He served as Chairman of Copenhagen Airports International A/S and Copenhagen Airports’ Hotel and Real Estate Company A/S. He serves on the boards of Wonderful Copenhagen and the Center for Leadership, Denmark. He serves as Director of SITA Information Networking Computing N.V. Mr. Woldbye served as a Director of Maersk Company Limited(The) from April 20, 2005 to May 1, 2006. He holds Bachelor's degree in Finance from the Copenhagen Business School and management training at London Business School as well as IMD, Switzerland.
Insufficient data for Thomas to compare compensation growth.
Insufficient data for Thomas to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure
Average tenure and age of the
management team in years:
The average tenure for the Københavns Lufthavne management team is over 5 years, this suggests they are a seasoned and experienced team.
Chief Executive Officer
Chief Financial Officer
CTO & CIO
Communication Director and VP of Corporate Responsibility
Head of Environmental Affairs
Chief Commercial Officer
Board of Directors Tenure
Average tenure and age of the
board of directors in years:
The tenure for the Københavns Lufthavne board of directors is about average.
Board of Directors
Ulrik Dan Weuder
Employee Representative Director
Employee Representative Director
Employee Representative Director
Who owns this company?
Recent Insider Trading
No 3 month open market individual insider trading information.
Københavns Lufthavne A/S develops, owns, and operates Roskilde Airport at Roskilde and Copenhagen Airport at Kastrup in Denmark. The company operates in two segments, Aeronautical and Non-Aeronautical. The Aeronautical segment comprises infrastructure and services relating to air traffic, including route development, baggage systems, and security; and operation and development of technical systems, terminals, IT, aircraft stands, taxiways, and runways. The Non-Aeronautical segment comprises activities, such as parking; terminal services, such as restaurants and shops; hotel activities; and letting in the airport area. This segment is also involved in leasing company’s buildings, premises, and land, as well as the provision of consulting services concerning airport operation and other services. The company also serves concessionaires in the shopping center, as well as tenants. The company was founded in 1990 and is based in Kastrup, Denmark. Københavns Lufthavne A/S is a subsidiary of Copenhagen Airports Denmark ApS.
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