Discounted Cash Flow (DCF) Analysis Levered
Forrester Research, Inc. (FORR)
$44.28
-0.41 (-0.92%)
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 | 337.67 | 357.58 | 461.70 | 448.98 | 494.32 | 546.66 | 604.54 | 668.56 | 739.35 | 817.64 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 37.49 | 38.42 | 48.41 | 47.75 | 107.07 | 70.66 | 78.14 | 86.41 | 95.56 | 105.68 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -7.86 | -5.05 | -11.89 | -8.91 | -10.74 | -11.45 | -12.66 | -14 | -15.49 | -17.13 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 29.63 | 33.37 | 36.52 | 38.85 | 96.32 | 59.21 | 65.48 | 72.41 | 80.08 | 88.56 |
Weighted Average Cost Of Capital
Share price | $ 44.28 |
---|---|
Beta | 0.923 |
Diluted Shares Outstanding | 18.93 |
Cost of Debt | |
Tax Rate | 25.15 |
After-tax Cost of Debt | 4,213,646.99% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.248 |
Total Debt | 0 |
Total Equity | 838.44 |
Total Capital | 838.44 |
Debt Weighting | 0.00 |
Equity Weighting | 100.00 |
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 | 337.67 | 357.58 | 461.70 | 448.98 | 494.32 | 546.66 | 604.54 | 668.56 | 739.35 | 817.64 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 37.49 | 38.42 | 48.41 | 47.75 | 107.07 | 70.66 | 78.14 | 86.41 | 95.56 | 105.68 |
Capital Expenditure | -7.86 | -5.05 | -11.89 | -8.91 | -10.74 | -11.45 | -12.66 | -14 | -15.49 | -17.13 |
Free Cash Flow | 29.63 | 33.37 | 36.52 | 38.85 | 96.32 | 59.21 | 65.48 | 72.41 | 80.08 | 88.56 |
WACC | ||||||||||
PV LFCF | 55.01 | 56.52 | 58.08 | 59.67 | 61.31 | |||||
SUM PV LFCF | 290.60 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.63 |
Free cash flow (t + 1) | 90.33 |
Terminal Value | 1,604.44 |
Present Value of Terminal Value | 1,110.85 |
Intrinsic Value
Enterprise Value | 1,401.45 |
---|---|
Net Debt | -134.28 |
Equity Value | 1,535.73 |
Shares Outstanding | 18.93 |
Equity Value Per Share | 81.11 |