Discounted Cash Flow (DCF) Analysis Levered
Blackbaud, Inc. (BLKB)
$61.66
-1.04 (-1.66%)
All numbers are in Millions, Currency in USD
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 | 788.31 | 848.61 | 900.42 | 913.22 | 927.74 | 966.63 | 1,007.15 | 1,049.36 | 1,093.35 | 1,139.18 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 176.29 | 201.38 | 182.48 | 147.96 | 213.66 | 204.14 | 212.69 | 221.61 | 230.90 | 240.58 |
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 | 137.74 | 149.04 | 124.11 | 76.11 | 161.51 | 144.15 | 150.19 | 156.48 | 163.04 | 169.88 |
Weighted Average Cost Of Capital
Share price | $ 61.66 |
---|---|
Beta | 1.103 |
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 | 8.847 |
Total Debt | 1,009.57 |
Total Equity | 3,002.62 |
Total Capital | 4,012.18 |
Debt Weighting | 25.16 |
Equity Weighting | 74.84 |
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 | 788.31 | 848.61 | 900.42 | 913.22 | 927.74 | 966.63 | 1,007.15 | 1,049.36 | 1,093.35 | 1,139.18 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 176.29 | 201.38 | 182.48 | 147.96 | 213.66 | 204.14 | 212.69 | 221.61 | 230.90 | 240.58 |
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 | 137.74 | 149.04 | 124.11 | 76.11 | 161.51 | 144.15 | 150.19 | 156.48 | 163.04 | 169.88 |
WACC | ||||||||||
PV LFCF | 117.73 | 114.66 | 111.68 | 108.76 | 105.93 | |||||
SUM PV LFCF | 639.49 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.98 |
Free cash flow (t + 1) | 173.28 |
Terminal Value | 3,479.42 |
Present Value of Terminal Value | 2,483.10 |
Intrinsic Value
Enterprise Value | 3,122.59 |
---|---|
Net Debt | 954.42 |
Equity Value | 2,168.17 |
Shares Outstanding | 48.70 |
Equity Value Per Share | 44.52 |