Discounted Cash Flow (DCF) Analysis Levered
AECOM (ACM)
$76.57
+1.62 (+2.16%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 18,203.40 | 20,155.51 | 20,173.33 | 13,239.98 | 13,340.85 | 12,580.60 | 11,863.67 | 11,187.60 | 10,550.05 | 9,948.84 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 696.65 | 774.55 | 777.62 | 329.62 | 704.67 | 485.52 | 457.85 | 431.76 | 407.15 | 383.95 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -86.35 | -113.28 | -100.66 | -114.59 | -136.26 | -86.11 | -81.20 | -76.57 | -72.21 | -68.10 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 610.30 | 661.27 | 676.95 | 215.03 | 568.41 | 399.41 | 376.65 | 355.18 | 334.94 | 315.86 |
Weighted Average Cost Of Capital
Share price | $ 76.57 |
---|---|
Beta | 1.402 |
Diluted Shares Outstanding | 149.68 |
Cost of Debt | |
Tax Rate | 57.64 |
After-tax Cost of Debt | 2.87% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.467 |
Total Debt | 3,520.23 |
Total Equity | 11,460.69 |
Total Capital | 14,980.92 |
Debt Weighting | 23.50 |
Equity Weighting | 76.50 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 18,203.40 | 20,155.51 | 20,173.33 | 13,239.98 | 13,340.85 | 12,580.60 | 11,863.67 | 11,187.60 | 10,550.05 | 9,948.84 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 696.65 | 774.55 | 777.62 | 329.62 | 704.67 | 485.52 | 457.85 | 431.76 | 407.15 | 383.95 |
Capital Expenditure | -86.35 | -113.28 | -100.66 | -114.59 | -136.26 | -86.11 | -81.20 | -76.57 | -72.21 | -68.10 |
Free Cash Flow | 610.30 | 661.27 | 676.95 | 215.03 | 568.41 | 399.41 | 376.65 | 355.18 | 334.94 | 315.86 |
WACC | ||||||||||
PV LFCF | 370.10 | 323.39 | 282.58 | 246.92 | 215.76 | |||||
SUM PV LFCF | 1,438.76 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.92 |
Free cash flow (t + 1) | 322.17 |
Terminal Value | 5,442.10 |
Present Value of Terminal Value | 3,717.55 |
Intrinsic Value
Enterprise Value | 5,156.31 |
---|---|
Net Debt | 2,291.03 |
Equity Value | 2,865.28 |
Shares Outstanding | 149.68 |
Equity Value Per Share | 19.14 |