Discounted Cash Flow (DCF) Analysis Levered

FTI Consulting, Inc. (FCN)

$169.86

-1.59 (-0.93%)
All numbers are in Millions, Currency in USD
Stock DCF: 428.32 | 169.86 | undervalue

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 1,807.732,027.882,352.722,461.282,776.223,092.763,445.393,838.224,275.854,763.37
Revenue (%)
Operating Cash Flow 147.62230.67217.89327.07355.48339.56378.27421.40469.45522.98
Operating Cash Flow (%)
Capital Expenditure -32-32.27-42.07-34.87-68.66-55.92-62.29-69.39-77.31-86.12
Capital Expenditure (%)
Free Cash Flow 115.62198.40175.81292.20286.82283.64315.98352.01392.14436.85

Weighted Average Cost Of Capital

Share price $ 169.86
Beta 0.218
Diluted Shares Outstanding 37.15
Cost of Debt
Tax Rate 21.14
After-tax Cost of Debt 2.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.626
Total Debt 564.01
Total Equity 6,310.13
Total Capital 6,874.14
Debt Weighting 8.20
Equity Weighting 91.80
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 1,807.732,027.882,352.722,461.282,776.223,092.763,445.393,838.224,275.854,763.37
Operating Cash Flow 147.62230.67217.89327.07355.48339.56378.27421.40469.45522.98
Capital Expenditure -32-32.27-42.07-34.87-68.66-55.92-62.29-69.39-77.31-86.12
Free Cash Flow 115.62198.40175.81292.20286.82283.64315.98352.01392.14436.85
WACC
PV LFCF 271.48289.46308.64329.09350.89
SUM PV LFCF 1,549.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.48
Free cash flow (t + 1) 445.59
Terminal Value 17,967.42
Present Value of Terminal Value 14,431.78

Intrinsic Value

Enterprise Value 15,981.34
Net Debt 69.53
Equity Value 15,911.82
Shares Outstanding 37.15
Equity Value Per Share 428.32