For Delta Air Line do a DCF valuation.

$3.$ Discounted Cash Flows $($DCF$)$ Valuation$1.$ Historical Balance Sheet and Income Statement Analysis$1.$ A brief one$-$page summary format of balance sheet and income statement for the last three years.$2.$ Show the yearly changes in percentages in an additional column for each accounting item $($horizontal analysis$).3.$ Do you see any pattern over the years? Can this pattern be based for future values? Is there any anomaly? Compare CAPX $($Capital Expenditures$)$ with Long$-$term Debt. Does company make wise use of leverage? $($i$.$e$.,$ avoid it$?)4.$ Form a chart of financial ratios for each year. Start with the basic ratios such as current assets$/$total assets, fixed assets$/$total assets as well as CAPX$/$total assets, PPE$/$Total Assets, similarly Net Sales$/$Total Assets, Gross Profit $($Gross$-$margin$)/$Net Sales, EBITDA margin, Marketing & Selling Expenses$/$Sales etc. Then show Liquidity Ratios $($Current Ratio, Quick Ratio, Receivables Turnover, Inventory Turnover$)$ and market performances $($E$/$P$,$ Dividend Yield $($D$/$P$)$ etc.$).$ All these ratios will help you set the future values of your income and balance sheet items through which you will derive equity$/$free cash flows.$2.$ Projections In the light of your historical values of income and balance sheet items and news that you collected from several investment portals regarding the prospect of the company as well as your intuitive assumptions, you will build up forecasted values of cash flow statements for the next five years.$1.$ Beta Calculation$2.$ Cost of Equity or Cost of Capital Calculation$3.$ Discount all the future free cash flows $($or equity cash flows$)$ with the derived cost of capital $($or cost of equity$)4.$ Add the terminal value $($horizon value$)$ to the discounted cash flows. $5.$ Implement a sensitivity analysis $5.$ Implement a sensitivity analysis