Discounted Cash Flow (DCF) Analysis Levered

Evercore Inc. (EVR)

$191.025

+4.74 (+2.54%)
All numbers are in Millions, Currency in USD
Stock DCF: 259.03 | 191.025 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,008.702,263.913,289.502,762.052,442.672,628.372,828.183,043.193,274.553,523.49
Revenue (%)
Operating Cash Flow 504.70978.371,384.90531.38457.95780.25839.57903.40972.071,045.98
Operating Cash Flow (%)
Capital Expenditure -70.82-53.33-27.97-23.19-20.05-44.11-47.47-51.07-54.96-59.14
Capital Expenditure (%)
Free Cash Flow 433.88925.041,356.93508.19437.91736.14792.10852.32917.12986.84

Weighted Average Cost Of Capital

Share price $ 191.025
Beta 1.440
Diluted Shares Outstanding 40.10
Cost of Debt
Tax Rate 30.16
After-tax Cost of Debt 3.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.014
Total Debt 373.90
Total Equity 7,659.91
Total Capital 8,033.81
Debt Weighting 4.65
Equity Weighting 95.35
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,008.702,263.913,289.502,762.052,442.672,628.372,828.183,043.193,274.553,523.49
Operating Cash Flow 504.70978.371,384.90531.38457.95780.25839.57903.40972.071,045.98
Capital Expenditure -70.82-53.33-27.97-23.19-20.05-44.11-47.47-51.07-54.96-59.14
Free Cash Flow 433.88925.041,356.93508.19437.91736.14792.10852.32917.12986.84
WACC
PV LFCF 665.29646.96629.14611.81594.96
SUM PV LFCF 3,148.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.65
Free cash flow (t + 1) 1,006.58
Terminal Value 11,636.72
Present Value of Terminal Value 7,015.74

Intrinsic Value

Enterprise Value 10,163.90
Net Debt -222.98
Equity Value 10,386.88
Shares Outstanding 40.10
Equity Value Per Share 259.03