Discounted Cash Flow (DCF) Analysis Levered
Fidelity National Financial, Inc. (FNF)
$33.32
+0.29 (+0.88%)
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 | 11,556 | 13,151.41 | 14,967.07 | 17,033.40 | 19,385.01 | 22,061.28 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 943 | 1,121 | 1,578 | 4,090 | 688 | 1,931.09 | 2,197.69 | 2,501.10 | 2,846.40 | 3,239.37 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -83 | -96 | -110 | -131 | -118.95 | -135.37 | -154.06 | -175.33 | -199.54 | -227.08 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 860 | 1,025 | 1,468 | 3,959 | 569.05 | 1,795.72 | 2,043.63 | 2,325.77 | 2,646.87 | 3,012.29 |
Weighted Average Cost Of Capital
Share price | $ 33.32 |
---|---|
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 | 9.977 |
Total Debt | 3,656 |
Total Equity | 9,229.64 |
Total Capital | 12,885.64 |
Debt Weighting | 28.37 |
Equity Weighting | 71.63 |
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 | 11,556 | 13,151.41 | 14,967.07 | 17,033.40 | 19,385.01 | 22,061.28 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 943 | 1,121 | 1,578 | 4,090 | 688 | 1,931.09 | 2,197.69 | 2,501.10 | 2,846.40 | 3,239.37 |
Capital Expenditure | -83 | -96 | -110 | -131 | -118.95 | -135.37 | -154.06 | -175.33 | -199.54 | -227.08 |
Free Cash Flow | 860 | 1,025 | 1,468 | 3,959 | 569.05 | 1,795.72 | 2,043.63 | 2,325.77 | 2,646.87 | 3,012.29 |
WACC | ||||||||||
PV LFCF | 1,544.97 | 1,630.89 | 1,721.60 | 1,817.34 | 1,918.42 | |||||
SUM PV LFCF | 9,307.47 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.81 |
Free cash flow (t + 1) | 3,072.54 |
Terminal Value | 52,883.58 |
Present Value of Terminal Value | 36,309.95 |
Intrinsic Value
Enterprise Value | 45,617.42 |
---|---|
Net Debt | 1,370 |
Equity Value | 44,247.42 |
Shares Outstanding | 277 |
Equity Value Per Share | 159.74 |