Discounted Cash Flow (DCF) Analysis Levered
Fidelity National Financial, Inc. (FNF)
$33.93
+0.61 (+1.83%)
All numbers are in Millions, Currency in USD
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 | 7,594 | 8,469 | 10,778 | 15,054 | 11,446 | 13,005.31 | 14,777.05 | 16,790.15 | 19,077.51 | 21,676.47 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 943 | 1,121 | 1,578 | 4,090 | 4,355 | 2,744.44 | 3,118.32 | 3,543.13 | 4,025.82 | 4,574.27 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -83 | -96 | -110 | -131 | -138 | -138.45 | -157.32 | -178.75 | -203.10 | -230.77 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 860 | 1,025 | 1,468 | 3,959 | 4,217 | 2,605.98 | 2,961 | 3,364.39 | 3,822.72 | 4,343.50 |
Weighted Average Cost Of Capital
Share price | $ 33.93 |
---|---|
Beta | 1.398 |
Diluted Shares Outstanding | 277 |
Cost of Debt | |
Tax Rate | 25.99 |
After-tax Cost of Debt | 2.33% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.125 |
Total Debt | 3,656 |
Total Equity | 9,398.61 |
Total Capital | 13,054.61 |
Debt Weighting | 28.01 |
Equity Weighting | 71.99 |
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 | 7,594 | 8,469 | 10,778 | 15,054 | 11,446 | 13,005.31 | 14,777.05 | 16,790.15 | 19,077.51 | 21,676.47 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 943 | 1,121 | 1,578 | 4,090 | 4,355 | 2,744.44 | 3,118.32 | 3,543.13 | 4,025.82 | 4,574.27 |
Capital Expenditure | -83 | -96 | -110 | -131 | -138 | -138.45 | -157.32 | -178.75 | -203.10 | -230.77 |
Free Cash Flow | 860 | 1,025 | 1,468 | 3,959 | 4,217 | 2,605.98 | 2,961 | 3,364.39 | 3,822.72 | 4,343.50 |
WACC | ||||||||||
PV LFCF | 2,414.29 | 2,541.41 | 2,675.21 | 2,816.07 | 2,964.34 | |||||
SUM PV LFCF | 13,411.32 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.94 |
Free cash flow (t + 1) | 4,430.37 |
Terminal Value | 74,585.34 |
Present Value of Terminal Value | 50,902.77 |
Intrinsic Value
Enterprise Value | 64,314.08 |
---|---|
Net Debt | 1,194 |
Equity Value | 63,120.08 |
Shares Outstanding | 277 |
Equity Value Per Share | 227.87 |