Discounted Cash Flow (DCF) Analysis Levered

Envestnet, Inc. (ENV)

$43.16

-1.50 (-3.36%)

All numbers are in Millions, Currency in USD

Stock DCF: 33.14 | 43.16 | overvalue

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	812.36	900.13	998.23	1,186.52	1,239.78	1,379.43	1,534.80	1,707.67	1,900.01	2,114.02
Revenue (%)
Operating Cash Flow	117.38	108.73	169.84	250.58	117.04	204.43	227.46	253.08	281.59	313.30
Operating Cash Flow (%)
Capital Expenditure	-44.59	-53.94	-67	-117.42	-124.33	-105.16	-117.01	-130.18	-144.85	-161.16
Capital Expenditure (%)
Free Cash Flow	72.79	54.78	102.84	133.16	-7.29	99.27	110.46	122.90	136.74	152.14

Weighted Average Cost Of Capital

Share price	$ 43.16
Beta	1.259
Diluted Shares Outstanding	56.84
Cost of Debt
Tax Rate	-9.00
After-tax Cost of Debt	-1.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.541
Total Debt	1,039.26
Total Equity	2,453.31
Total Capital	3,492.56
Debt Weighting	29.76
Equity Weighting	70.24
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	812.36	900.13	998.23	1,186.52	1,239.78	1,379.43	1,534.80	1,707.67	1,900.01	2,114.02
Operating Cash Flow	117.38	108.73	169.84	250.58	117.04	204.43	227.46	253.08	281.59	313.30
Capital Expenditure	-44.59	-53.94	-67	-117.42	-124.33	-105.16	-117.01	-130.18	-144.85	-161.16
Free Cash Flow	72.79	54.78	102.84	133.16	-7.29	99.27	110.46	122.90	136.74	152.14
WACC
PV LFCF						92.85	96.62	100.55	104.63	108.88
SUM PV LFCF										503.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.92
Free cash flow (t + 1)	155.18
Terminal Value	3,154.14
Present Value of Terminal Value	2,257.29

Intrinsic Value

Enterprise Value	2,760.81
Net Debt	877.08
Equity Value	1,883.73
Shares Outstanding	56.84
Equity Value Per Share	33.14