Discounted Cash Flow (DCF) Analysis Levered
Autodesk, Inc. (ADSK)
$209.12
-1.76 (-0.83%)
All numbers are in Millions, Currency in USD
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 | 2,056.60 | 2,569.80 | 3,274.30 | 3,790.40 | 4,386.40 | 5,305.95 | 6,418.27 | 7,763.77 | 9,391.33 | 11,360.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 0.90 | 377.10 | 1,415.10 | 1,437.20 | 1,531.30 | 1,387.65 | 1,678.55 | 2,030.43 | 2,456.09 | 2,970.97 |
| 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 | -49.80 | 310.10 | 1,361.90 | 1,341.30 | 1,464.80 | 1,273.64 | 1,540.64 | 1,863.62 | 2,254.30 | 2,726.88 |
Weighted Average Cost Of Capital
| Share price | $ 209.12 |
|---|---|
| Beta | 1.467 |
| 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 | 10.474 |
| Total Debt | 3,060 |
| Total Equity | 46,424.64 |
| Total Capital | 49,484.64 |
| Debt Weighting | 6.18 |
| Equity Weighting | 93.82 |
| 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 | 2,056.60 | 2,569.80 | 3,274.30 | 3,790.40 | 4,386.40 | 5,305.95 | 6,418.27 | 7,763.77 | 9,391.33 | 11,360.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 0.90 | 377.10 | 1,415.10 | 1,437.20 | 1,531.30 | 1,387.65 | 1,678.55 | 2,030.43 | 2,456.09 | 2,970.97 |
| Capital Expenditure | -50.70 | -67 | -53.20 | -95.90 | -66.50 | -114.01 | -137.91 | -166.82 | -201.79 | -244.09 |
| Free Cash Flow | -49.80 | 310.10 | 1,361.90 | 1,341.30 | 1,464.80 | 1,273.64 | 1,540.64 | 1,863.62 | 2,254.30 | 2,726.88 |
| WACC | ||||||||||
| PV LFCF | 1,156.80 | 1,270.95 | 1,396.35 | 1,534.13 | 1,685.50 | |||||
| SUM PV LFCF | 7,043.73 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.10 |
| Free cash flow (t + 1) | 2,781.42 |
| Terminal Value | 34,338.50 |
| Present Value of Terminal Value | 21,224.85 |
Intrinsic Value
| Enterprise Value | 28,268.59 |
|---|---|
| Net Debt | 1,531.60 |
| Equity Value | 26,736.99 |
| Shares Outstanding | 222 |
| Equity Value Per Share | 120.44 |