Discounted Cash Flow (DCF) Analysis Levered
Artisan Partners Asset Management I... (APAM)
$30.17
-0.78 (-2.52%)
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 | 828.63 | 798.95 | 899.57 | 1,227.24 | 993.30 | 1,058.79 | 1,128.61 | 1,203.02 | 1,282.35 | 1,366.90 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 333.32 | 292.79 | 318.68 | 398.55 | 312.61 | 373.22 | 397.82 | 424.05 | 452.02 | 481.82 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -13.84 | -17.78 | -3.10 | -5.97 | -6.64 | -11.42 | -12.18 | -12.98 | -13.84 | -14.75 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 319.48 | 275.01 | 315.58 | 392.58 | 305.97 | 361.79 | 385.65 | 411.07 | 438.18 | 467.07 |
Weighted Average Cost Of Capital
Share price | $ 30.17 |
---|---|
Beta | 1.828 |
Diluted Shares Outstanding | 62.50 |
Cost of Debt | |
Tax Rate | 33.68 |
After-tax Cost of Debt | 2.05% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.127 |
Total Debt | 319.90 |
Total Equity | 1,885.58 |
Total Capital | 2,205.48 |
Debt Weighting | 14.50 |
Equity Weighting | 85.50 |
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 | 828.63 | 798.95 | 899.57 | 1,227.24 | 993.30 | 1,058.79 | 1,128.61 | 1,203.02 | 1,282.35 | 1,366.90 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 333.32 | 292.79 | 318.68 | 398.55 | 312.61 | 373.22 | 397.82 | 424.05 | 452.02 | 481.82 |
Capital Expenditure | -13.84 | -17.78 | -3.10 | -5.97 | -6.64 | -11.42 | -12.18 | -12.98 | -13.84 | -14.75 |
Free Cash Flow | 319.48 | 275.01 | 315.58 | 392.58 | 305.97 | 361.79 | 385.65 | 411.07 | 438.18 | 467.07 |
WACC | ||||||||||
PV LFCF | 326.91 | 314.87 | 303.27 | 292.10 | 281.34 | |||||
SUM PV LFCF | 1,518.49 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.67 |
Free cash flow (t + 1) | 476.41 |
Terminal Value | 5,494.94 |
Present Value of Terminal Value | 3,309.89 |
Intrinsic Value
Enterprise Value | 4,828.38 |
---|---|
Net Debt | 205.10 |
Equity Value | 4,623.28 |
Shares Outstanding | 62.50 |
Equity Value Per Share | 73.97 |