Discounted Cash Flow (DCF) Analysis Levered
The Brink's Company (BCO)
$72.64
-0.83 (-1.13%)
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 | 3,488.90 | 3,683.20 | 3,690.90 | 4,200.20 | 4,535.50 | 4,847.99 | 5,182.02 | 5,539.06 | 5,920.70 | 6,328.64 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 364.10 | 368.60 | 317.70 | 478 | 479.90 | 494.62 | 528.70 | 565.12 | 604.06 | 645.68 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -155.10 | -164.80 | -118.50 | -167.90 | -182.60 | -195.41 | -208.88 | -223.27 | -238.65 | -255.09 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 209 | 203.80 | 199.20 | 310.10 | 297.30 | 299.21 | 319.82 | 341.86 | 365.41 | 390.59 |
Weighted Average Cost Of Capital
| Share price | $ 72.64 |
|---|---|
| Beta | 1.336 |
| Diluted Shares Outstanding | 47.80 |
| Cost of Debt | |
| Tax Rate | 24.58 |
| After-tax Cost of Debt | 2.87% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.878 |
| Total Debt | 3,652.70 |
| Total Equity | 3,472.19 |
| Total Capital | 7,124.89 |
| Debt Weighting | 51.27 |
| Equity Weighting | 48.73 |
| 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 | 3,488.90 | 3,683.20 | 3,690.90 | 4,200.20 | 4,535.50 | 4,847.99 | 5,182.02 | 5,539.06 | 5,920.70 | 6,328.64 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 364.10 | 368.60 | 317.70 | 478 | 479.90 | 494.62 | 528.70 | 565.12 | 604.06 | 645.68 |
| Capital Expenditure | -155.10 | -164.80 | -118.50 | -167.90 | -182.60 | -195.41 | -208.88 | -223.27 | -238.65 | -255.09 |
| Free Cash Flow | 209 | 203.80 | 199.20 | 310.10 | 297.30 | 299.21 | 319.82 | 341.86 | 365.41 | 390.59 |
| WACC | ||||||||||
| PV LFCF | 280.23 | 280.55 | 280.86 | 281.18 | 281.50 | |||||
| SUM PV LFCF | 1,404.32 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.77 |
| Free cash flow (t + 1) | 398.40 |
| Terminal Value | 8,352.16 |
| Present Value of Terminal Value | 6,019.39 |
Intrinsic Value
| Enterprise Value | 7,423.71 |
|---|---|
| Net Debt | 2,680.70 |
| Equity Value | 4,743.01 |
| Shares Outstanding | 47.80 |
| Equity Value Per Share | 99.23 |