Discounted Cash Flow (DCF) Analysis Levered

Consensus Cloud Solutions, Inc. (CCSI)

$59.44

-0.10 (-0.17%)

All numbers are in Millions, Currency in USD

Stock DCF: 1,170.81 | 59.44 | undervalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	661.84	678.46	617.89	598.08	578.89	560.33	542.35	524.96
Revenue (%)
Operating Cash Flow	226.70	238.79	250.22	219.18	212.15	205.35	198.76	192.39
Operating Cash Flow (%)
Capital Expenditure	-22.94	-35.57	-34.57	-28.52	-27.60	-26.72	-25.86	-25.03
Capital Expenditure (%)
Free Cash Flow	203.76	203.22	215.64	190.67	184.55	178.63	172.90	167.36

Weighted Average Cost Of Capital

Share price	$ 59.44
Beta	0.000
Diluted Shares Outstanding	20.06
Cost of Debt
Tax Rate	17.66
After-tax Cost of Debt	1.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.518
Total Debt	822.68
Total Equity	1,192.42
Total Capital	2,015.09
Debt Weighting	40.83
Equity Weighting	59.17
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	661.84	678.46	617.89	598.08	578.89	560.33	542.35	524.96
Operating Cash Flow	226.70	238.79	250.22	219.18	212.15	205.35	198.76	192.39
Capital Expenditure	-22.94	-35.57	-34.57	-28.52	-27.60	-26.72	-25.86	-25.03
Free Cash Flow	203.76	203.22	215.64	190.67	184.55	178.63	172.90	167.36
WACC
PV LFCF				185.76	175.18	165.20	155.79	146.91
SUM PV LFCF								828.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.64
Free cash flow (t + 1)	170.70
Terminal Value	26,672.26
Present Value of Terminal Value	23,414.06

Intrinsic Value

Enterprise Value	24,242.89
Net Debt	755.48
Equity Value	23,487.41
Shares Outstanding	20.06
Equity Value Per Share	1,170.81