Discounted Cash Flow (DCF) Analysis Levered
Evercore Inc. (EVR)
$114.83
-3.28 (-2.78%)
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 | 2,053.24 | 1,995.73 | 2,250.31 | 3,277.91 | 2,762.05 | 3,037.44 | 3,340.30 | 3,673.35 | 4,039.61 | 4,442.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 849.57 | 504.70 | 978.37 | 1,384.90 | 531.38 | 1,042.64 | 1,146.60 | 1,260.92 | 1,386.64 | 1,524.90 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -33.32 | -70.82 | -53.33 | -27.97 | -23.19 | -56.10 | -61.69 | -67.84 | -74.60 | -82.04 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 816.25 | 433.88 | 925.04 | 1,356.93 | 508.19 | 986.54 | 1,084.91 | 1,193.08 | 1,312.04 | 1,442.86 |
Weighted Average Cost Of Capital
| Share price | $ 114.83 |
|---|---|
| Beta | 1.527 |
| Diluted Shares Outstanding | 43.32 |
| Cost of Debt | |
| Tax Rate | 32.32 |
| After-tax Cost of Debt | 1.66% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.708 |
| Total Debt | 687.82 |
| Total Equity | 4,974.55 |
| Total Capital | 5,662.37 |
| Debt Weighting | 12.15 |
| Equity Weighting | 87.85 |
| 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 | 2,053.24 | 1,995.73 | 2,250.31 | 3,277.91 | 2,762.05 | 3,037.44 | 3,340.30 | 3,673.35 | 4,039.61 | 4,442.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 849.57 | 504.70 | 978.37 | 1,384.90 | 531.38 | 1,042.64 | 1,146.60 | 1,260.92 | 1,386.64 | 1,524.90 |
| Capital Expenditure | -33.32 | -70.82 | -53.33 | -27.97 | -23.19 | -56.10 | -61.69 | -67.84 | -74.60 | -82.04 |
| Free Cash Flow | 816.25 | 433.88 | 925.04 | 1,356.93 | 508.19 | 986.54 | 1,084.91 | 1,193.08 | 1,312.04 | 1,442.86 |
| WACC | ||||||||||
| PV LFCF | 623.54 | 625.59 | 627.65 | 629.72 | 631.79 | |||||
| SUM PV LFCF | 4,529.96 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.61 |
| Free cash flow (t + 1) | 1,471.72 |
| Terminal Value | 19,339.26 |
| Present Value of Terminal Value | 12,223.31 |
Intrinsic Value
| Enterprise Value | 16,753.28 |
|---|---|
| Net Debt | -98.47 |
| Equity Value | 16,851.75 |
| Shares Outstanding | 43.32 |
| Equity Value Per Share | 389.00 |