Discounted Cash Flow (DCF) Analysis Levered
FTI Consulting, Inc. (FCN)
$158.24
-2.76 (-1.71%)
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 | 1,807.73 | 2,027.88 | 2,352.72 | 2,461.28 | 2,776.22 | 3,092.76 | 3,445.39 | 3,838.22 | 4,275.85 | 4,763.37 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 147.62 | 230.67 | 217.89 | 327.07 | 355.48 | 339.56 | 378.27 | 421.40 | 469.45 | 522.98 |
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 | 115.62 | 198.40 | 175.81 | 292.20 | 286.82 | 283.64 | 315.98 | 352.01 | 392.14 | 436.85 |
Weighted Average Cost Of Capital
Share price | $ 158.24 |
---|---|
Beta | 0.284 |
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 | 4.860 |
Total Debt | 564.01 |
Total Equity | 5,878.46 |
Total Capital | 6,442.47 |
Debt Weighting | 8.75 |
Equity Weighting | 91.25 |
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 | 1,807.73 | 2,027.88 | 2,352.72 | 2,461.28 | 2,776.22 | 3,092.76 | 3,445.39 | 3,838.22 | 4,275.85 | 4,763.37 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 147.62 | 230.67 | 217.89 | 327.07 | 355.48 | 339.56 | 378.27 | 421.40 | 469.45 | 522.98 |
Capital Expenditure | -32 | -32.27 | -42.07 | -34.87 | -68.66 | -55.92 | -62.29 | -69.39 | -77.31 | -86.12 |
Free Cash Flow | 115.62 | 198.40 | 175.81 | 292.20 | 286.82 | 283.64 | 315.98 | 352.01 | 392.14 | 436.85 |
WACC | ||||||||||
PV LFCF | 247.27 | 263.15 | 280.05 | 298.03 | 317.17 | |||||
SUM PV LFCF | 1,540.33 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.68 |
Free cash flow (t + 1) | 445.59 |
Terminal Value | 16,626.57 |
Present Value of Terminal Value | 13,227.69 |
Intrinsic Value
Enterprise Value | 14,768.02 |
---|---|
Net Debt | 69.53 |
Equity Value | 14,698.49 |
Shares Outstanding | 37.15 |
Equity Value Per Share | 395.66 |