Discounted Cash Flow (DCF) Analysis Levered
Interactive Brokers Group, Inc. (IBKR)
$80.61
-0.57 (-0.70%)
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 | 2,208 | 2,459 | 2,420 | 2,940 | 4,085 | 4,802.07 | 5,645.01 | 6,635.92 | 7,800.77 | 9,170.10 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 2,356 | 2,666 | 8,068 | 5,896 | 3,968 | 8,126.92 | 9,553.50 | 11,230.50 | 13,201.87 | 15,519.29 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -36 | -74 | -50 | -77 | -69 | -105.78 | -124.35 | -146.18 | -171.84 | -202 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 2,320 | 2,592 | 8,018 | 5,819 | 3,899 | 8,021.14 | 9,429.15 | 11,084.32 | 13,030.03 | 15,317.29 |
Weighted Average Cost Of Capital
Share price | $ 80.61 |
---|---|
Beta | 0.773 |
Diluted Shares Outstanding | 98.98 |
Cost of Debt | |
Tax Rate | 80.98 |
After-tax Cost of Debt | 0.95% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.433 |
Total Debt | 8,958 |
Total Equity | 7,978.81 |
Total Capital | 16,936.81 |
Debt Weighting | 52.89 |
Equity Weighting | 47.11 |
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 | 2,208 | 2,459 | 2,420 | 2,940 | 4,085 | 4,802.07 | 5,645.01 | 6,635.92 | 7,800.77 | 9,170.10 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 2,356 | 2,666 | 8,068 | 5,896 | 3,968 | 8,126.92 | 9,553.50 | 11,230.50 | 13,201.87 | 15,519.29 |
Capital Expenditure | -36 | -74 | -50 | -77 | -69 | -105.78 | -124.35 | -146.18 | -171.84 | -202 |
Free Cash Flow | 2,320 | 2,592 | 8,018 | 5,819 | 3,899 | 8,021.14 | 9,429.15 | 11,084.32 | 13,030.03 | 15,317.29 |
WACC | ||||||||||
PV LFCF | 6,339.22 | 7,165.38 | 8,099.20 | 9,154.73 | 10,347.81 | |||||
SUM PV LFCF | 50,012.15 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.00 |
Free cash flow (t + 1) | 15,623.63 |
Terminal Value | 781,181.62 |
Present Value of Terminal Value | 642,074.35 |
Intrinsic Value
Enterprise Value | 692,086.50 |
---|---|
Net Debt | 5,522 |
Equity Value | 686,564.50 |
Shares Outstanding | 98.98 |
Equity Value Per Share | 6,936.37 |