Discounted Cash Flow (DCF) Analysis Levered
AECOM (ACM)
$91.83
+0.24 (+0.26%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 20,173.33 | 13,239.98 | 13,340.85 | 13,148.18 | 14,378.46 | 13,454.85 | 12,590.57 | 11,781.81 | 11,025 | 10,316.81 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 777.62 | 329.62 | 704.67 | 713.64 | 695.98 | 589.17 | 551.33 | 515.91 | 482.77 | 451.76 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -100.66 | -114.59 | -136.26 | -137.02 | -105.60 | -112.01 | -104.81 | -98.08 | -91.78 | -85.89 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 676.95 | 215.03 | 568.41 | 576.62 | 590.38 | 477.16 | 446.51 | 417.83 | 390.99 | 365.87 |
Weighted Average Cost Of Capital
Share price | $ 91.83 |
---|---|
Beta | 1.230 |
Diluted Shares Outstanding | 140.11 |
Cost of Debt | |
Tax Rate | 74.07 |
After-tax Cost of Debt | 1.50% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.125 |
Total Debt | 2,751.67 |
Total Equity | 12,866.21 |
Total Capital | 15,617.88 |
Debt Weighting | 17.62 |
Equity Weighting | 82.38 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 20,173.33 | 13,239.98 | 13,340.85 | 13,148.18 | 14,378.46 | 13,454.85 | 12,590.57 | 11,781.81 | 11,025 | 10,316.81 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 777.62 | 329.62 | 704.67 | 713.64 | 695.98 | 589.17 | 551.33 | 515.91 | 482.77 | 451.76 |
Capital Expenditure | -100.66 | -114.59 | -136.26 | -137.02 | -105.60 | -112.01 | -104.81 | -98.08 | -91.78 | -85.89 |
Free Cash Flow | 676.95 | 215.03 | 568.41 | 576.62 | 590.38 | 477.16 | 446.51 | 417.83 | 390.99 | 365.87 |
WACC | ||||||||||
PV LFCF | 439.34 | 378.52 | 326.13 | 280.99 | 242.09 | |||||
SUM PV LFCF | 1,667.07 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.61 |
Free cash flow (t + 1) | 376.85 |
Terminal Value | 6,717.49 |
Present Value of Terminal Value | 4,444.86 |
Intrinsic Value
Enterprise Value | 6,111.93 |
---|---|
Net Debt | 1,491.47 |
Equity Value | 4,620.46 |
Shares Outstanding | 140.11 |
Equity Value Per Share | 32.98 |