Discounted Cash Flow (DCF) Analysis Levered
The Carlyle Group Inc. (CG)
$29.15
+0.71 (+2.50%)
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 | 1,808.60 | 2,702.50 | 1,876.70 | 5,531.80 | 4,438.70 | 6,590.03 | 9,784.04 | 14,526.12 | 21,566.56 | 32,019.33 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -343.50 | 358.60 | -169.20 | 1,791 | -379.30 | 119.83 | 177.91 | 264.14 | 392.16 | 582.23 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -31.30 | -27.80 | -61.20 | -41.40 | -40.60 | -101.27 | -150.35 | -223.22 | -331.41 | -492.04 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -374.80 | 330.80 | -230.40 | 1,749.60 | -419.90 | 18.56 | 27.56 | 40.92 | 60.75 | 90.20 |
Weighted Average Cost Of Capital
| Share price | $ 29.15 |
|---|---|
| Beta | 1.666 |
| Diluted Shares Outstanding | 365.71 |
| Cost of Debt | |
| Tax Rate | 22.10 |
| After-tax Cost of Debt | 3.90% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.566 |
| Total Debt | - |
| Total Equity | 10,660.38 |
| Total Capital | 10,660.38 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 1,808.60 | 2,702.50 | 1,876.70 | 5,531.80 | 4,438.70 | 6,590.03 | 9,784.04 | 14,526.12 | 21,566.56 | 32,019.33 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -343.50 | 358.60 | -169.20 | 1,791 | -379.30 | 119.83 | 177.91 | 264.14 | 392.16 | 582.23 |
| Capital Expenditure | -31.30 | -27.80 | -61.20 | -41.40 | -40.60 | -101.27 | -150.35 | -223.22 | -331.41 | -492.04 |
| Free Cash Flow | -374.80 | 330.80 | -230.40 | 1,749.60 | -419.90 | 18.56 | 27.56 | 40.92 | 60.75 | 90.20 |
| WACC | ||||||||||
| PV LFCF | 16.64 | 22.14 | 29.46 | 39.21 | 52.17 | |||||
| SUM PV LFCF | 159.63 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.57 |
| Free cash flow (t + 1) | 92 |
| Terminal Value | 961.36 |
| Present Value of Terminal Value | 556.10 |
Intrinsic Value
| Enterprise Value | 715.72 |
|---|---|
| Net Debt | -1,360.70 |
| Equity Value | 2,076.42 |
| Shares Outstanding | 365.71 |
| Equity Value Per Share | 5.68 |