EFTA01447937.pdf

9 June 2014 Airlines Delta Air Lines, Inc. Model updated:00 June 2014 Fecal year end 2010 2011 2012 2013 2014E 2015E Rini:me:3 the nunityte. rFmenu! North America 08 EPS IUSIR 171 I 41 1 83 314 305 355 Reporbd EPS (U90) 171 1 43 2 49 12 60 306 355 United States DPS XSDI 000 000 0.00 012 024 000 Airlines 8VPS 97SDI 198 -1 67 -2.52 13 72 16130 20 03 Vag tannin Mount Delta Air Lines, Inc. Price/Sebs 01 03 0.2 0.2 04 0.9 0.8 Reuters: DAL .N EilOomborg: DAL US P/E (DEI) lx) 74 66 55 64 139 11 9 p/E (Reported/ Ix) 74 6.5 40 16 13.9 11.9 MU 04 11 7 in nm 20 25 21 Buy FCF yield MAI 14 5 20 3 82 102 6.7 79 Price (6 Jun 141 USD 42.23 Dividend Weld (%I 00 0.0 0.0 0 0.8 0.0 Target Price USD 48.00 EV/Selm 06 04 04 07 11 10 52 Week range USD 17.36 -42.23 EV/EBITCM 45 4.1 40 49 88 69 EV/E8IT 7.1 6.9 83 71 89 78 Market Cap (ml USDm 35.642 Income Statement ILISDnII EURm 2& 132 Sees 31.755 35,115 36670 31.173 40.308 43,070 (c0,01,:y Plottlo EMMA 4.178 3.768 4.186 6,18E 8,823 7.471 EMT 2.667 2.243 2.601 3.528 4.934 6.775 Aaantabesms Delta Air tines. minting more than 160 Pre-tax pnoM t460 1,106 1,5011 2,675 4,213 4.985 million customers each met. is the largest airline in the Net income 1,201 2,114 3.028 1,445 10.813 2.580 wad With its vast global ninvrtek end Peet of 'limey SCO aircraft Delta and the Delta Connection carriers offer C;h5h How Illeirk111 earece to more then 35D destinations In needy 70 countries on sic comment A founding member of the Cash flow from operations 2,832 2.834 2,869 4,658 4,875 5,074 SkyTearn global alliance. Delta participates in one of the Net Cent -1,306 -1.254 -ENS -2.928 -1.300 -2.250 in:Marys leading transatlantic loot minutes with Air Free cash flow 1,518 1,580 70t 1.730 2,375 7974 France-KLM Sonny rereediftetsgM Beal 0 0 0 -250 258 0 Dividends paid 0 0 0 -102 -153 -304 PIIca Pertormance Net 0C/IdeCI n 000011050 -2.592 -1,777 -899 -1.193 -1,500 -1.500 Other mesting/hriencing cash lbws 449 a 150 397 28 ISO SO Net cash flow -1.715 -235 -48 582 752 1.171 40 — °wrenworking 4444141 664 7028 348 634 -7.755 834 30 - - 4404"1" I (tetanal SIbusl (USOrn) 20 Cash and MOM equivalents 4.019 3,920 3.749 3.925 4,628 5,649 10 Property. plant & equipment 20.307 20.773 20.713 21.954 22.456 23.019 0 Goodwill 0 0 0 0 0 0 Jim '2 Dec 12 Jim 13 Dec 13 Other meet, 18.862 19.350 20.088 20.473 28.339 28.407 MA Ail Wet frt. Total assets 43.188 43,499 44,550 51,251 55,432 57,074 Ste503 Me &sem Debt 15,252 13.791 12,709 11.342 9,842 8.342 Other hemlines 27.039 31,104 33.971 19.167 31,411 31.929 Total liabilities 42.291 44.895 48.681 40.009 41,253 40,171 Tout stiersholdwb eclunT 897 -1.396 2.131 11.643 14.179 16.903 Mx debt 11,233 3471 8960 7417 5,214 2693 Itev Company Metrics Sees growth OM 132 106 00 30 89 6.7 08 EPS growth 06) na -17.6 7913 71 8 -3.1 18.5 it Payout ratio 00 0.0 0.0 09 7.9 0.0 owns.' EMITDA MAIN EBfTDA Margin PM 132 107 114 13 7 164 17 3 EMT Margin Cie/ 84 8.4 7.1 93 12.2 13.4 St berth & Molina/ally 110E 00 253 I rwl VIM 127 4 20.1 19.5 14 300 Net debt/EMT/ MI fin rot rim 637 389 159 12 250 Net interest cover (x) 23 2.1 28 41 6.6 74 10 203 150 DuPont Anni12/1al 6 100 4 EMT marg.. OM 84 6.4 7.1 93 12.2 13.4 2 50 x Meal turnover 07 08 08 OS 07 0.8 0 0 x Financial Colt rate PI 06 0.5 013 08 0.8 0.9 x Tax and other effects (x) 10 1.0 13 40 0.8 0.8 e•SegresthtUt0 yliOf IRMA • ROA (poet tax/ PM 33 2.8 48 213 4.8 5,4 x Financial leverage lx) 759 -1737 -250 10 42 30 . ROE lb/ 253 1 481.4 -1199 227 4 20.1 19.5 trawl grown IV no no 75. no -97.7 42 70 X NTA/shant (mg) Ix) 07 -0.3 55 IS.) 18.2 80 50 • Reported EPS 1.71 I 43 2.49 12 60 305 355 40 748 30 annual growth (X pa 468 405 7 -758 765 20 San* Company dem Dartscry Bank moms 10 0 ID 11 12 13 14E ISE =NUM= Pio detgeipaly OXIA 'Mime twee fltHA Page 'I Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0102731 CONFIDENTIAL SDNY_GM_00248915 EFTA01447937