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 812.36900.13998.231,186.521,239.781,379.431,534.801,707.671,900.012,114.02
Revenue (%)
Operating Cash Flow 117.38108.73169.84250.58117.04204.43227.46253.08281.59313.30
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 72.7954.78102.84133.16-7.2999.27110.46122.90136.74152.14

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 812.36900.13998.231,186.521,239.781,379.431,534.801,707.671,900.012,114.02
Operating Cash Flow 117.38108.73169.84250.58117.04204.43227.46253.08281.59313.30
Capital Expenditure -44.59-53.94-67-117.42-124.33-105.16-117.01-130.18-144.85-161.16
Free Cash Flow 72.7954.78102.84133.16-7.2999.27110.46122.90136.74152.14
WACC
PV LFCF 92.8596.62100.55104.63108.88
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