Discounted Cash Flow (DCF) Analysis Levered

Autodesk, Inc. (ADSK)

$257.2

+0.22 (+0.09%)
All numbers are in Millions, Currency in USD
Stock DCF: 200.44 | 257.2 | overvalue

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 2,569.803,274.303,790.404,386.405,0055,918.456,998.628,275.939,786.3611,572.45
Revenue (%)
Operating Cash Flow 377.101,415.101,437.201,531.302,0712,037.112,408.902,848.553,368.433,983.20
Operating Cash Flow (%)
Capital Expenditure -67-53.20-95.90-66.50-46-108.87-128.74-152.23-180.01-212.87
Capital Expenditure (%)
Free Cash Flow 310.101,361.901,341.301,464.802,0251,928.252,280.172,696.323,188.423,770.33

Weighted Average Cost Of Capital

Share price $ 257.2
Beta 1.454
Diluted Shares Outstanding 218
Cost of Debt
Tax Rate 13.00
After-tax Cost of Debt 3.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.148
Total Debt 2,666
Total Equity 56,069.60
Total Capital 58,735.60
Debt Weighting 4.54
Equity Weighting 95.46
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 2,569.803,274.303,790.404,386.405,0055,918.456,998.628,275.939,786.3611,572.45
Operating Cash Flow 377.101,415.101,437.201,531.302,0712,037.112,408.902,848.553,368.433,983.20
Capital Expenditure -67-53.20-95.90-66.50-46-108.87-128.74-152.23-180.01-212.87
Free Cash Flow 310.101,361.901,341.301,464.802,0251,928.252,280.172,696.323,188.423,770.33
WACC
PV LFCF 1,740.141,856.991,981.682,114.752,256.76
SUM PV LFCF 9,950.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.81
Free cash flow (t + 1) 3,921.14
Terminal Value 57,579.19
Present Value of Terminal Value 34,464.40

Intrinsic Value

Enterprise Value 44,414.72
Net Debt 719
Equity Value 43,695.72
Shares Outstanding 218
Equity Value Per Share 200.44