Discounted Cash Flow (DCF) Analysis Levered
Cannae Holdings, Inc. (CNNE)
$20.28
-0.23 (-1.12%)
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 | 1,205.40 | 1,070 | 585.70 | 742.20 | 662.10 | 594.95 | 534.61 | 480.40 | 431.68 | 387.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -22.90 | -84.20 | -113.90 | -176.10 | -205.10 | -99.86 | -89.73 | -80.63 | -72.45 | -65.10 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -15.90 | -28.30 | -22.30 | -13.70 | -14.30 | -14.01 | -12.59 | -11.32 | -10.17 | -9.14 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -38.80 | -112.50 | -136.20 | -189.80 | -219.40 | -113.87 | -102.32 | -91.94 | -82.62 | -74.24 |
Weighted Average Cost Of Capital
| Share price | $ 20.28 |
|---|---|
| Beta | 0.871 |
| Diluted Shares Outstanding | 81.60 |
| Cost of Debt | |
| Tax Rate | -27.56 |
| After-tax Cost of Debt | 4.10% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.803 |
| Total Debt | 300 |
| Total Equity | 1,654.85 |
| Total Capital | 1,954.85 |
| Debt Weighting | 15.35 |
| Equity Weighting | 84.65 |
| 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 | 1,205.40 | 1,070 | 585.70 | 742.20 | 662.10 | 594.95 | 534.61 | 480.40 | 431.68 | 387.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -22.90 | -84.20 | -113.90 | -176.10 | -205.10 | -99.86 | -89.73 | -80.63 | -72.45 | -65.10 |
| Capital Expenditure | -15.90 | -28.30 | -22.30 | -13.70 | -14.30 | -14.01 | -12.59 | -11.32 | -10.17 | -9.14 |
| Free Cash Flow | -38.80 | -112.50 | -136.20 | -189.80 | -219.40 | -113.87 | -102.32 | -91.94 | -82.62 | -74.24 |
| WACC | ||||||||||
| PV LFCF | -106.18 | -88.97 | -74.55 | -62.47 | -52.34 | |||||
| SUM PV LFCF | -384.52 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.24 |
| Free cash flow (t + 1) | -75.73 |
| Terminal Value | -1,445.15 |
| Present Value of Terminal Value | -1,018.89 |
Intrinsic Value
| Enterprise Value | -1,403.41 |
|---|---|
| Net Debt | 52.30 |
| Equity Value | -1,455.71 |
| Shares Outstanding | 81.60 |
| Equity Value Per Share | -17.84 |