Discounted Cash Flow (DCF) Analysis Levered
Franklin Resources, Inc. (BEN)
$26.3701
+0.22 (+0.84%)
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 | 6,319.10 | 5,774.50 | 5,566.50 | 8,425.50 | 8,275.30 | 9,048.17 | 9,893.22 | 10,817.19 | 11,827.45 | 12,932.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,229.70 | 201.60 | 1,021.40 | 1,245.40 | 1,956.70 | 1,729.14 | 1,890.63 | 2,067.20 | 2,260.27 | 2,471.36 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -106.50 | -233.70 | -103.70 | -79.30 | -90.30 | -174.23 | -190.50 | -208.29 | -227.74 | -249.01 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,123.20 | -32.10 | 917.70 | 1,166.10 | 1,866.40 | 1,554.91 | 1,700.13 | 1,858.91 | 2,032.52 | 2,222.35 |
Weighted Average Cost Of Capital
| Share price | $ 26.3,701 |
|---|---|
| Beta | 1.278 |
| Diluted Shares Outstanding | 490.60 |
| Cost of Debt | |
| Tax Rate | 25.30 |
| After-tax Cost of Debt | 0.78% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.775 |
| Total Debt | 9,362.50 |
| Total Equity | 12,937.17 |
| Total Capital | 22,299.67 |
| Debt Weighting | 41.98 |
| Equity Weighting | 58.02 |
| 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 | 6,319.10 | 5,774.50 | 5,566.50 | 8,425.50 | 8,275.30 | 9,048.17 | 9,893.22 | 10,817.19 | 11,827.45 | 12,932.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,229.70 | 201.60 | 1,021.40 | 1,245.40 | 1,956.70 | 1,729.14 | 1,890.63 | 2,067.20 | 2,260.27 | 2,471.36 |
| Capital Expenditure | -106.50 | -233.70 | -103.70 | -79.30 | -90.30 | -174.23 | -190.50 | -208.29 | -227.74 | -249.01 |
| Free Cash Flow | 2,123.20 | -32.10 | 917.70 | 1,166.10 | 1,866.40 | 1,554.91 | 1,700.13 | 1,858.91 | 2,032.52 | 2,222.35 |
| WACC | ||||||||||
| PV LFCF | 1,466.89 | 1,513.11 | 1,560.78 | 1,609.95 | 1,660.67 | |||||
| SUM PV LFCF | 7,811.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.00 |
| Free cash flow (t + 1) | 2,266.80 |
| Terminal Value | 56,669.90 |
| Present Value of Terminal Value | 42,347.04 |
Intrinsic Value
| Enterprise Value | 50,158.44 |
|---|---|
| Net Debt | 4,580 |
| Equity Value | 45,578.44 |
| Shares Outstanding | 490.60 |
| Equity Value Per Share | 92.90 |