Discounted Cash Flow (DCF) Analysis Levered

Autodesk, Inc. (ADSK)

$200.66

+3.59 (+1.82%)
All numbers are in Millions, Currency in USD
Stock DCF: 116.62 | 200.66 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 2,056.602,569.803,274.303,790.404,386.405,305.956,418.277,763.779,391.3311,360.10
Revenue (%)
Operating Cash Flow 0.90377.101,415.101,437.201,531.301,387.651,678.552,030.432,456.092,970.97
Operating Cash Flow (%)
Capital Expenditure -50.70-67-53.20-95.90-66.50-114.01-137.91-166.82-201.79-244.09
Capital Expenditure (%)
Free Cash Flow -49.80310.101,361.901,341.301,464.801,273.641,540.641,863.622,254.302,726.88

Weighted Average Cost Of Capital

Share price $ 200.66
Beta 1.493
Diluted Shares Outstanding 222
Cost of Debt
Tax Rate 11.99
After-tax Cost of Debt 4.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.736
Total Debt 3,060
Total Equity 44,546.52
Total Capital 47,606.52
Debt Weighting 6.43
Equity Weighting 93.57
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 2,056.602,569.803,274.303,790.404,386.405,305.956,418.277,763.779,391.3311,360.10
Operating Cash Flow 0.90377.101,415.101,437.201,531.301,387.651,678.552,030.432,456.092,970.97
Capital Expenditure -50.70-67-53.20-95.90-66.50-114.01-137.91-166.82-201.79-244.09
Free Cash Flow -49.80310.101,361.901,341.301,464.801,273.641,540.641,863.622,254.302,726.88
WACC
PV LFCF 1,154.391,265.651,387.641,521.381,668.01
SUM PV LFCF 6,997.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.33
Free cash flow (t + 1) 2,781.42
Terminal Value 33,390.38
Present Value of Terminal Value 20,424.59

Intrinsic Value

Enterprise Value 27,421.65
Net Debt 1,531.60
Equity Value 25,890.05
Shares Outstanding 222
Equity Value Per Share 116.62