EFTA01461846.pdf

9 June 2014 Airlines Delta Air Lines, Inc. Model updated:00 June 2014 Fiscal yew en, 2' >. 2010 2011 2012 2013 2014E 2015E 1i:tr.:rung the nisi,ityke. rt nuinekg S :, North America 0B EPS IUSD) 171 41 1 83 314 305 355 Repotted EPS (USD) 1 71 1 43 249 17 60 306 355 United States DPS (USDI 000 000 0.00 012 024 000 Airlines 8VPS11.401 108 -1 67 -2.52 13 72 113130 20 03 oi ion Morns. Delta Air Lines, Inc. Price/Sobs Oil 03 0.2 0.2 04 0.9 0.8 Reuters: DAL .N Bloomberg: DAL US P/E108)14 74 66 55 64 139 11 9 p/E tRegenedilx) 74 6.5 40 16 13.9 11.9 P/BV1, / 117 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 1961 00 0.0 0,0 09 0.8 0.0 Target Price USD 48.00 EV/Sabs 06 04 4 07 11 0 52 Week range USD 17.36 -42.23 EV/EIIITDA 45 4.1 40 48 88 69 EV/E8IT 7.1 6.9 63 71 89 78 Market Cap (ml USDm 35.642 Ii cos" fitairmiont it/SIMS EURm 26.132 Sees 31.755 35,115 36,670 37.773 40.308 43,070 Profile EBITDA 4178 3.788 4.186 6184 8,823 7,471 EMT 2.667 2,243 2.601 3.528 4.934 6.775 Atkentaberod Delta Air Lines. serving more than 160 Pre-tax pro* 1,460 1,106 1,586 2,675 4,213 4.965 million customers each yew. is the largest airline in the Net income 1.445 1.201 2,114 3.028 vrorld With its vast global ninvrtirk end east of road, 800 10.813 2.580 aircraft Delia and de Delta Connection canners offer (3ish flow II/SC*0 *nem to more then 350 destinations in needy 70 countries on sit conenems A founding member of the Cash flow from operations 2,832 2.834 2,869 4,658 4,675 5,074 SkyTearn global alliance. Delta parsnips*, in one of the Net Cepex -1.345 -1.254 -1.903 -2.928 -2.300 -2.250 sroustry. lead,* transatlantic p.m velum* with Air Free cash flow 1.528 1,580 701 1.733 2,375 2424 France-KLM Sourly resed4beugro Nal 0 0 0 -250 258 0 Dividends paid 0 0 0 -102 -253 -304 PIIca Ferlormancu Net 0140044184 0000W1000 -2.592 -1,777 4199 -1393 -1.500 -1.500 Other mnisting/farcencing cash Rows 449 a 150 397 28 ISO 50 Net cash flow -1.715 -235 -48 582 752 1,171 40 — Chong*In worthy apical 664 7.028 348 634 -1,755 834 30 I Balance .9114,10.60m1 20 Cash and ash equrvalente 4.019 3420 3.749 3.925 4,628 5,649 10 Properly. plant & equipment 20.307 20.723 20.713 21.854 22.466 23.019 0 Goodwill 0 0 0 0 0 0 Jim '2 Ike 12 Jim 13 Dec 13 Other nee* 18.862 19.356 20.088 26.473 28.339 28.407 Dela 44 Lan. at. Total assets 43388 43,499 44550 52352 55,432 57,074 SIA601111091tItbimal Debt 15.252 13.791 12.709 11.342 9,842 8.342 Trendy Other lirooltnes 27.039 31,104 33.972 X.267 31,411 31.829 Total liabilities 42.291 44.895 46.681 40.609 41,253 40,171 Total sharetsrosro *PAY 897 -1.396 -2.131 11.643 14.179 16.903 Mx debt 77,233 8.971 9960 7.417 5,214 2693 hov Cerro:any Metrics Sales growth (3) 132 106 00 30 89 6.7 D8 EPS growth 116) no -17.8 796 71 8 -3.1 16.5 4 Payout ratio OM 00 0.0 0.0 09 7.8 0.0 EBITDA Margin PSI 132 107 114 13 7 164 17 3 EMT Margin 4%) 84 8.4 7.1 93 12.2 13.4 uveth & ProfilottEily ROE (%) 253 I IVe nm 227 4 20.1 19.5 14 300 Net cleteittoety 1%1 nit wit nm 637 368 159 12 250 Net interest cover (x) 23 2.1 28 41 8.6 74 10 200 150 Arlai12/1;i1 6 4 100 EBIT Ter 1%) 84 6.4 7,t 93 12.2 13.4 2 50 x Main turnimer 07 08 08 08 07 0.8 0 0 x Financial cost ratio PI 06 0.5 06 08 0.8 0.9 x Tax and other effects (x) 10 1.0 13 40 0.8 0.8 1144•44444CU4S) • ROA (poet tax)1%) 33 2.8 48 22 3 4.8 5,4 x Finances leverage in 259 -1737 -250 10 2 47 36 . ROE I%) 253 1 481.4 -1199 227 4 20.1 19.5 trawl growth eel 770 na 75./ -97.7 -32 • x NTAishant (anile) 07 -0.3 55 IS.) 18.2 • • Reported EPS 1.71 I 43 2.49 12 60 305 355 4 annual growth RN pa -168 748 405 7 -758 765 2 Saint Company am Dwain Bank moms 0 — 04 44.44.440410. oymoNime 444•4 awe, IRMO Michael I menbrirg .1 212 250-9254 michoel 1menberggedb corn body text Page 2 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0124113 CONFIDENTIAL SDNY_GM_00270297 EFTA01461846