Discounted Cash Flow (DCF) Analysis Levered
Artisan Partners Asset Management I... (APAM)
$38.03
+0.89 (+2.40%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 795.62 | 828.63 | 798.95 | 899.57 | 1,227.24 | 1,379.37 | 1,550.36 | 1,742.55 | 1,958.56 | 2,201.35 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 204.07 | 333.32 | 292.79 | 318.68 | 398.55 | 470.15 | 528.43 | 593.94 | 667.57 | 750.32 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -5.84 | -13.84 | -17.78 | -3.10 | -5.97 | -15.06 | -16.93 | -19.03 | -21.39 | -24.04 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 198.24 | 319.48 | 275.01 | 315.58 | 392.58 | 455.09 | 511.50 | 574.91 | 646.18 | 726.28 |
Weighted Average Cost Of Capital
Share price | $ 38.03 |
---|---|
Beta | 1.790 |
Diluted Shares Outstanding | 55.60 |
Cost of Debt | |
Tax Rate | 38.99 |
After-tax Cost of Debt | 2.20% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.845 |
Total Debt | 299.75 |
Total Equity | 2,114.47 |
Total Capital | 2,414.22 |
Debt Weighting | 12.42 |
Equity Weighting | 87.58 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 795.62 | 828.63 | 798.95 | 899.57 | 1,227.24 | 1,379.37 | 1,550.36 | 1,742.55 | 1,958.56 | 2,201.35 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 204.07 | 333.32 | 292.79 | 318.68 | 398.55 | 470.15 | 528.43 | 593.94 | 667.57 | 750.32 |
Capital Expenditure | -5.84 | -13.84 | -17.78 | -3.10 | -5.97 | -15.06 | -16.93 | -19.03 | -21.39 | -24.04 |
Free Cash Flow | 198.24 | 319.48 | 275.01 | 315.58 | 392.58 | 455.09 | 511.50 | 574.91 | 646.18 | 726.28 |
WACC | ||||||||||
PV LFCF | 411.29 | 417.78 | 424.37 | 431.07 | 437.87 | |||||
SUM PV LFCF | 2,122.38 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.65 |
Free cash flow (t + 1) | 740.81 |
Terminal Value | 8,564.25 |
Present Value of Terminal Value | 5,163.36 |
Intrinsic Value
Enterprise Value | 7,285.74 |
---|---|
Net Debt | 99.61 |
Equity Value | 7,186.13 |
Shares Outstanding | 55.60 |
Equity Value Per Share | 129.25 |