Discounted Cash Flow (DCF) Analysis Levered
Evercore Inc. (EVR)
$127
-0.76 (-0.59%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1,704.35 | 2,053.24 | 1,995.73 | 2,250.31 | 3,277.91 | 3,901.46 | 4,643.62 | 5,526.96 | 6,578.33 | 7,829.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 516.55 | 849.57 | 504.70 | 978.37 | 1,384.90 | 1,425.60 | 1,696.78 | 2,019.56 | 2,403.73 | 2,860.98 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -31.30 | -33.32 | -70.82 | -53.33 | -27.97 | -79.83 | -95.02 | -113.09 | -134.61 | -160.21 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 485.25 | 816.25 | 433.88 | 925.04 | 1,356.93 | 1,345.76 | 1,601.76 | 1,906.46 | 2,269.12 | 2,700.77 |
Weighted Average Cost Of Capital
| Share price | $ 127 |
|---|---|
| Beta | 1.510 |
| Diluted Shares Outstanding | 43.32 |
| Cost of Debt | |
| Tax Rate | 33.72 |
| After-tax Cost of Debt | 1.62% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.676 |
| Total Debt | 721.04 |
| Total Equity | 5,501.77 |
| Total Capital | 6,222.80 |
| Debt Weighting | 11.59 |
| Equity Weighting | 88.41 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1,704.35 | 2,053.24 | 1,995.73 | 2,250.31 | 3,277.91 | 3,901.46 | 4,643.62 | 5,526.96 | 6,578.33 | 7,829.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 516.55 | 849.57 | 504.70 | 978.37 | 1,384.90 | 1,425.60 | 1,696.78 | 2,019.56 | 2,403.73 | 2,860.98 |
| Capital Expenditure | -31.30 | -33.32 | -70.82 | -53.33 | -27.97 | -79.83 | -95.02 | -113.09 | -134.61 | -160.21 |
| Free Cash Flow | 485.25 | 816.25 | 433.88 | 925.04 | 1,356.93 | 1,345.76 | 1,601.76 | 1,906.46 | 2,269.12 | 2,700.77 |
| WACC | ||||||||||
| PV LFCF | 1,227.55 | 1,332.72 | 1,446.91 | 1,570.87 | 1,705.46 | |||||
| SUM PV LFCF | 7,283.51 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.63 |
| Free cash flow (t + 1) | 2,754.79 |
| Terminal Value | 36,104.67 |
| Present Value of Terminal Value | 22,799.03 |
Intrinsic Value
| Enterprise Value | 30,082.53 |
|---|---|
| Net Debt | 1.50 |
| Equity Value | 30,081.03 |
| Shares Outstanding | 43.32 |
| Equity Value Per Share | 694.38 |