BOEING'S COMPREHENSIVE VALUATION

The objective of this work is a comprehensive fundamental assessment of the intrinsic (fair) value of The Boeing Company and its shares, which will allow for a substantiated conclusion regarding their investment attractiveness at the current stage.

To achieve this objective, the following tasks need to be accomplished:

1. Analyze Boeing's business model, competitive position, and corporate governance, identifying the key forces determining its ability to generate cash flows.

2. Conduct a detailed analysis of the company's financial statements over the past five years (2019–2023), paying special attention to the dynamics of profitability, liquidity, and financial stability during the crisis period.

3. Based on the analysis, formulate realistic assumptions and build a financial model for future cash flows.

4. Perform a valuation of the company using three classic methods: the discounted free cash flow to the firm (DCF) model, the dividend discount model (DDM) – considering its limitations for Boeing – and a relative valuation based on multiples compared to a peer group.

5. Analyze the spectrum of investment risks and quantitatively assess the uncertainty associated with key assumptions through scenario analysis (optimistic, base, pessimistic scenarios) and sensitivity analysis.

6. Based on a synthesis of the obtained results, determine a target share price and formulate a well–argued investment recommendation.

Introduction 3

1 Company Overview and Competitive Position  6

1.1 Company General Information    6

1.2 Business Description 7

1.3 Industry Overview and Competitive Analysis 12

2 Financial Analysis      15

2.1 Analysis of Historical Financial Statements    15

2.2 Company Valuation 21

2.3 Relative Valuation   29

3 Risk Analysis and Modeling 33

3.1 Identification of Key Risks 33

3.2 Sensitivity Analysis of the DCF Model 38

3.3Conclusions and Recommendations      41

Conclusion 51

References 53

Appendices 1–10 55

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