Discounted Cash Flow (DCF) Analysis Levered

Fidelity National Information Servi... (FIS)

$65.98

+0.05 (+0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 169.78 | 65.98 | 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 9,1238,42310,33312,55213,87715,508.7317,332.3319,370.3521,648.0224,193.50
Revenue (%)
Operating Cash Flow 1,7411,9932,4104,4424,8104,222.064,718.515,273.345,893.406,586.38
Operating Cash Flow (%)
Capital Expenditure -613-622-828-1,129-1,251-1,244.62-1,390.97-1,554.53-1,737.32-1,941.60
Capital Expenditure (%)
Free Cash Flow 1,1281,3711,5823,3133,5592,977.443,327.543,718.814,156.094,644.78

Weighted Average Cost Of Capital

Share price $ 65.98
Beta 0.863
Diluted Shares Outstanding 627
Cost of Debt
Tax Rate 47.15
After-tax Cost of Debt 0.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.764
Total Debt 20,877
Total Equity 41,369.46
Total Capital 62,246.46
Debt Weighting 33.54
Equity Weighting 66.46
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 9,1238,42310,33312,55213,87715,508.7317,332.3319,370.3521,648.0224,193.50
Operating Cash Flow 1,7411,9932,4104,4424,8104,222.064,718.515,273.345,893.406,586.38
Capital Expenditure -613-622-828-1,129-1,251-1,244.62-1,390.97-1,554.53-1,737.32-1,941.60
Free Cash Flow 1,1281,3711,5823,3133,5592,977.443,327.543,718.814,156.094,644.78
WACC
PV LFCF 2,826.502,998.733,181.443,375.293,580.95
SUM PV LFCF 15,962.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.34
Free cash flow (t + 1) 4,737.68
Terminal Value 141,846.62
Present Value of Terminal Value 109,358.47

Intrinsic Value

Enterprise Value 125,321.39
Net Debt 18,867
Equity Value 106,454.39
Shares Outstanding 627
Equity Value Per Share 169.78