Discounted Cash Flow (DCF) Analysis Levered
Autodesk, Inc. (ADSK)
$198.38
-8.77 (-4.23%)
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 | 2,569.80 | 3,274.30 | 3,790.40 | 4,386.40 | 5,005 | 5,918.45 | 6,998.62 | 8,275.93 | 9,786.36 | 11,572.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 377.10 | 1,415.10 | 1,437.20 | 1,531.30 | 2,071 | 2,037.11 | 2,408.90 | 2,848.55 | 3,368.43 | 3,983.20 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -67 | -53.20 | -95.90 | -66.50 | -40 | -107.45 | -127.06 | -150.25 | -177.67 | -210.09 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 310.10 | 1,361.90 | 1,341.30 | 1,464.80 | 2,031 | 1,929.66 | 2,281.84 | 2,698.30 | 3,190.76 | 3,773.10 |
Weighted Average Cost Of Capital
| Share price | $ 198.38 |
|---|---|
| Beta | 1.512 |
| Diluted Shares Outstanding | 218 |
| Cost of Debt | |
| Tax Rate | 13.00 |
| After-tax Cost of Debt | 1.40% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.637 |
| Total Debt | 2,666 |
| Total Equity | 43,246.84 |
| Total Capital | 45,912.84 |
| Debt Weighting | 5.81 |
| Equity Weighting | 94.19 |
| 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 | 2,569.80 | 3,274.30 | 3,790.40 | 4,386.40 | 5,005 | 5,918.45 | 6,998.62 | 8,275.93 | 9,786.36 | 11,572.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 377.10 | 1,415.10 | 1,437.20 | 1,531.30 | 2,071 | 2,037.11 | 2,408.90 | 2,848.55 | 3,368.43 | 3,983.20 |
| Capital Expenditure | -67 | -53.20 | -95.90 | -66.50 | -40 | -107.45 | -127.06 | -150.25 | -177.67 | -210.09 |
| Free Cash Flow | 310.10 | 1,361.90 | 1,341.30 | 1,464.80 | 2,031 | 1,929.66 | 2,281.84 | 2,698.30 | 3,190.76 | 3,773.10 |
| WACC | ||||||||||
| PV LFCF | 1,752.65 | 1,882.40 | 2,021.75 | 2,171.43 | 2,332.18 | |||||
| SUM PV LFCF | 10,160.41 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.10 |
| Free cash flow (t + 1) | 3,848.57 |
| Terminal Value | 47,513.16 |
| Present Value of Terminal Value | 29,368.20 |
Intrinsic Value
| Enterprise Value | 39,528.61 |
|---|---|
| Net Debt | 719 |
| Equity Value | 38,809.61 |
| Shares Outstanding | 218 |
| Equity Value Per Share | 178.03 |