Discounted Cash Flow (DCF) Analysis Levered

Fiserv, Inc. (FISV)

$114.23

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 206.75 | 114.23 | 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 10,18714,85216,22617,73719,09322,529.8426,585.3431,370.8537,017.7743,681.17
Revenue (%)
Operating Cash Flow 2,7954,1474,0344,6185,2986,038.217,125.138,407.699,921.1211,706.97
Operating Cash Flow (%)
Capital Expenditure -721-900-1,160-1,479-1,388-1,617.40-1,908.54-2,252.09-2,657.48-3,135.84
Capital Expenditure (%)
Free Cash Flow 2,0743,2472,8743,1393,9104,420.815,216.586,155.607,263.648,571.13

Weighted Average Cost Of Capital

Share price $ 114.23
Beta 0.854
Diluted Shares Outstanding 615.90
Cost of Debt
Tax Rate 21.29
After-tax Cost of Debt 3.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.249
Total Debt 23,901
Total Equity 70,354.26
Total Capital 94,255.26
Debt Weighting 25.36
Equity Weighting 74.64
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 10,18714,85216,22617,73719,09322,529.8426,585.3431,370.8537,017.7743,681.17
Operating Cash Flow 2,7954,1474,0344,6185,2986,038.217,125.138,407.699,921.1211,706.97
Capital Expenditure -721-900-1,160-1,479-1,388-1,617.40-1,908.54-2,252.09-2,657.48-3,135.84
Free Cash Flow 2,0743,2472,8743,1393,9104,420.815,216.586,155.607,263.648,571.13
WACC
PV LFCF 4,131.604,556.375,024.805,541.396,111.10
SUM PV LFCF 25,365.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.00
Free cash flow (t + 1) 8,742.56
Terminal Value 174,851.10
Present Value of Terminal Value 124,666.42

Intrinsic Value

Enterprise Value 150,031.68
Net Debt 22,697
Equity Value 127,334.68
Shares Outstanding 615.90
Equity Value Per Share 206.75