Discounted Cash Flow (DCF) Analysis Levered

ASGN Incorporated (ASGN)

$102.74

+0.27 (+0.26%)
All numbers are in Millions, Currency in USD
Stock DCF: 88.18 | 102.74 | overvalue

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 2,625.923,399.783,923.903,950.604,009.504,481.195,008.385,597.586,256.106,992.09
Revenue (%)
Operating Cash Flow 196.45287.45313.20424.80193.70354.03395.68442.23494.25552.40
Operating Cash Flow (%)
Capital Expenditure -24.27-28.70-32.70-32.60-34.35-38.39-42.91-47.95-53.60-59.90
Capital Expenditure (%)
Free Cash Flow 172.18258.75280.50392.20159.35315.64352.77394.27440.66492.50

Weighted Average Cost Of Capital

Share price $ 102.74
Beta 1.837
Diluted Shares Outstanding 53.30
Cost of Debt
Tax Rate -30.79
After-tax Cost of Debt 3.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.512
Total Debt 1,079
Total Equity 5,476.04
Total Capital 6,555.04
Debt Weighting 16.46
Equity Weighting 83.54
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 2,625.923,399.783,923.903,950.604,009.504,481.195,008.385,597.586,256.106,992.09
Operating Cash Flow 196.45287.45313.20424.80193.70354.03395.68442.23494.25552.40
Capital Expenditure -24.27-28.70-32.70-32.60-34.35-38.39-42.91-47.95-53.60-59.90
Free Cash Flow 172.18258.75280.50392.20159.35315.64352.77394.27440.66492.50
WACC
PV LFCF 259.96263.67267.44271.26275.14
SUM PV LFCF 1,473.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.19
Free cash flow (t + 1) 502.35
Terminal Value 6,133.67
Present Value of Terminal Value 3,775.80

Intrinsic Value

Enterprise Value 5,249.57
Net Debt 549.40
Equity Value 4,700.17
Shares Outstanding 53.30
Equity Value Per Share 88.18