Discounted Cash Flow (DCF) Analysis Levered
IAC Inc. (IAC)
$50.31
-0.94 (-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 | 2,533.05 | 4,757.05 | 2,764.54 | 3,699.63 | 5,235.28 | 6,822.18 | 8,890.11 | 11,584.85 | 15,096.42 | 19,672.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 369.43 | 937.94 | 154.58 | 136.95 | -82.79 | 573.25 | 747.01 | 973.44 | 1,268.50 | 1,653.01 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -54.68 | -136.65 | -60.73 | -90.21 | -139.75 | -168.31 | -219.33 | -285.81 | -372.45 | -485.35 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 314.75 | 801.29 | 93.86 | 46.74 | -222.54 | 404.93 | 527.68 | 687.62 | 896.05 | 1,167.66 |
Weighted Average Cost Of Capital
| Share price | $ 50.31 |
|---|---|
| Beta | 1.246 |
| Diluted Shares Outstanding | 86.35 |
| Cost of Debt | |
| Tax Rate | 21.69 |
| After-tax Cost of Debt | 4.21% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.317 |
| Total Debt | 2,049.76 |
| Total Equity | 4,344.27 |
| Total Capital | 6,394.03 |
| Debt Weighting | 32.06 |
| Equity Weighting | 67.94 |
| 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 | 2,533.05 | 4,757.05 | 2,764.54 | 3,699.63 | 5,235.28 | 6,822.18 | 8,890.11 | 11,584.85 | 15,096.42 | 19,672.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 369.43 | 937.94 | 154.58 | 136.95 | -82.79 | 573.25 | 747.01 | 973.44 | 1,268.50 | 1,653.01 |
| Capital Expenditure | -54.68 | -136.65 | -60.73 | -90.21 | -139.75 | -168.31 | -219.33 | -285.81 | -372.45 | -485.35 |
| Free Cash Flow | 314.75 | 801.29 | 93.86 | 46.74 | -222.54 | 404.93 | 527.68 | 687.62 | 896.05 | 1,167.66 |
| WACC | ||||||||||
| PV LFCF | 373.69 | 449.40 | 540.44 | 649.92 | 781.58 | |||||
| SUM PV LFCF | 2,795.02 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.36 |
| Free cash flow (t + 1) | 1,191.02 |
| Terminal Value | 18,726.67 |
| Present Value of Terminal Value | 12,534.75 |
Intrinsic Value
| Enterprise Value | 15,329.77 |
|---|---|
| Net Debt | 632.37 |
| Equity Value | 14,697.40 |
| Shares Outstanding | 86.35 |
| Equity Value Per Share | 170.21 |