Discounted Cash Flow (DCF) Analysis Levered
AssetMark Financial Holdings, Inc. (AMK)
$30.61
+0.19 (+0.62%)
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 | 363.63 | 417.94 | 432.08 | 530.30 | 618.31 | 707.41 | 809.36 | 926 | 1,059.44 | 1,212.12 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 61.66 | 55.08 | 76.95 | 128.98 | 140.30 | 134.35 | 153.71 | 175.86 | 201.21 | 230.20 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -17.41 | -22.50 | -29.06 | -34.65 | -39.06 | -42.09 | -48.16 | -55.10 | -63.04 | -72.12 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 44.25 | 32.59 | 47.88 | 94.32 | 101.24 | 92.26 | 105.55 | 120.77 | 138.17 | 158.08 |
Weighted Average Cost Of Capital
Share price | $ 30.61 |
---|---|
Beta | 1.038 |
Diluted Shares Outstanding | 73.87 |
Cost of Debt | |
Tax Rate | 24.49 |
After-tax Cost of Debt | 3.52% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.306 |
Total Debt | 140.06 |
Total Equity | 2,261.25 |
Total Capital | 2,401.31 |
Debt Weighting | 5.83 |
Equity Weighting | 94.17 |
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 | 363.63 | 417.94 | 432.08 | 530.30 | 618.31 | 707.41 | 809.36 | 926 | 1,059.44 | 1,212.12 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 61.66 | 55.08 | 76.95 | 128.98 | 140.30 | 134.35 | 153.71 | 175.86 | 201.21 | 230.20 |
Capital Expenditure | -17.41 | -22.50 | -29.06 | -34.65 | -39.06 | -42.09 | -48.16 | -55.10 | -63.04 | -72.12 |
Free Cash Flow | 44.25 | 32.59 | 47.88 | 94.32 | 101.24 | 92.26 | 105.55 | 120.77 | 138.17 | 158.08 |
WACC | ||||||||||
PV LFCF | 58.04 | 61.47 | 65.10 | 68.95 | 73.02 | |||||
SUM PV LFCF | 480.52 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.03 |
Free cash flow (t + 1) | 161.24 |
Terminal Value | 2,674.02 |
Present Value of Terminal Value | 1,817.37 |
Intrinsic Value
Enterprise Value | 2,297.89 |
---|---|
Net Debt | 16.79 |
Equity Value | 2,281.10 |
Shares Outstanding | 73.87 |
Equity Value Per Share | 30.88 |