Discounted Cash Flow (DCF) Analysis Levered

FTI Consulting, Inc. (FCN)

$178.19

-2.13 (-1.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 357.61 | 178.19 | undervalue

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 2,027.882,352.722,461.282,776.223,028.913,350.963,707.264,101.444,537.535,020
Revenue (%)
Operating Cash Flow 230.67217.89327.07355.48188.79354.95392.69434.44480.64531.74
Operating Cash Flow (%)
Capital Expenditure -32.27-42.07-34.87-68.66-53.32-60.52-66.95-74.07-81.95-90.66
Capital Expenditure (%)
Free Cash Flow 198.40175.81292.20286.82135.47294.43325.74360.37398.69441.08

Weighted Average Cost Of Capital

Share price $ 178.19
Beta 0.209
Diluted Shares Outstanding 35.78
Cost of Debt
Tax Rate 20.90
After-tax Cost of Debt 1.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.425
Total Debt 568.70
Total Equity 6,376.17
Total Capital 6,944.87
Debt Weighting 8.19
Equity Weighting 91.81
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 2,027.882,352.722,461.282,776.223,028.913,350.963,707.264,101.444,537.535,020
Operating Cash Flow 230.67217.89327.07355.48188.79354.95392.69434.44480.64531.74
Capital Expenditure -32.27-42.07-34.87-68.66-53.32-60.52-66.95-74.07-81.95-90.66
Free Cash Flow 198.40175.81292.20286.82135.47294.43325.74360.37398.69441.08
WACC
PV LFCF 280.15294.89310.42326.76343.96
SUM PV LFCF 1,556.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.10
Free cash flow (t + 1) 449.90
Terminal Value 14,513.03
Present Value of Terminal Value 11,317.34

Intrinsic Value

Enterprise Value 12,873.51
Net Debt 77.01
Equity Value 12,796.50
Shares Outstanding 35.78
Equity Value Per Share 357.61