Discounted Cash Flow (DCF) Analysis Levered

Blackbaud, Inc. (BLKB)

$58.63

+0.69 (+1.19%)
All numbers are in Millions, Currency in USD
Stock DCF: 44.92 | 58.63 | 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 788.31848.61900.42913.22927.74966.631,007.151,049.361,093.351,139.18
Revenue (%)
Operating Cash Flow 176.29201.38182.48147.96213.66204.14212.69221.61230.90240.58
Operating Cash Flow (%)
Capital Expenditure -38.55-52.35-58.37-71.85-52.15-59.99-62.50-65.12-67.85-70.70
Capital Expenditure (%)
Free Cash Flow 137.74149.04124.1176.11161.51144.15150.19156.48163.04169.88

Weighted Average Cost Of Capital

Share price $ 58.63
Beta 1.104
Diluted Shares Outstanding 48.70
Cost of Debt
Tax Rate 19.55
After-tax Cost of Debt 1.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.902
Total Debt 1,009.57
Total Equity 2,855.07
Total Capital 3,864.63
Debt Weighting 26.12
Equity Weighting 73.88
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 788.31848.61900.42913.22927.74966.631,007.151,049.361,093.351,139.18
Operating Cash Flow 176.29201.38182.48147.96213.66204.14212.69221.61230.90240.58
Capital Expenditure -38.55-52.35-58.37-71.85-52.15-59.99-62.50-65.12-67.85-70.70
Free Cash Flow 137.74149.04124.1176.11161.51144.15150.19156.48163.04169.88
WACC
PV LFCF 134.78131.30127.92124.62121.40
SUM PV LFCF 640.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.95
Free cash flow (t + 1) 173.28
Terminal Value 3,500.51
Present Value of Terminal Value 2,501.65

Intrinsic Value

Enterprise Value 3,141.67
Net Debt 954.42
Equity Value 2,187.25
Shares Outstanding 48.70
Equity Value Per Share 44.92