Discounted Cash Flow (DCF) Analysis Levered
ICF International, Inc. (ICFI)
$106.23
+1.08 (+1.03%)
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 | 1,337.97 | 1,478.53 | 1,506.88 | 1,553.05 | 1,779.96 | 1,913.90 | 2,057.90 | 2,212.75 | 2,379.24 | 2,558.27 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 74.67 | 91.44 | 173.15 | 110.21 | 162.21 | 151.06 | 162.43 | 174.65 | 187.79 | 201.92 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -21.81 | -26.90 | -17.68 | -19.93 | -24.48 | -27.87 | -29.97 | -32.22 | -34.65 | -37.26 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 52.86 | 64.54 | 155.46 | 90.27 | 137.73 | 123.19 | 132.46 | 142.43 | 153.14 | 164.67 |
Weighted Average Cost Of Capital
Share price | $ 106.23 |
---|---|
Beta | 0.577 |
Diluted Shares Outstanding | 19.03 |
Cost of Debt | |
Tax Rate | 23.50 |
After-tax Cost of Debt | 3.82% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.102 |
Total Debt | 776.39 |
Total Equity | 2,021.88 |
Total Capital | 2,798.26 |
Debt Weighting | 27.75 |
Equity Weighting | 72.25 |
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 | 1,337.97 | 1,478.53 | 1,506.88 | 1,553.05 | 1,779.96 | 1,913.90 | 2,057.90 | 2,212.75 | 2,379.24 | 2,558.27 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 74.67 | 91.44 | 173.15 | 110.21 | 162.21 | 151.06 | 162.43 | 174.65 | 187.79 | 201.92 |
Capital Expenditure | -21.81 | -26.90 | -17.68 | -19.93 | -24.48 | -27.87 | -29.97 | -32.22 | -34.65 | -37.26 |
Free Cash Flow | 52.86 | 64.54 | 155.46 | 90.27 | 137.73 | 123.19 | 132.46 | 142.43 | 153.14 | 164.67 |
WACC | ||||||||||
PV LFCF | 110.74 | 112.90 | 115.10 | 117.34 | 119.63 | |||||
SUM PV LFCF | 607.20 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.47 |
Free cash flow (t + 1) | 167.96 |
Terminal Value | 4,840.31 |
Present Value of Terminal Value | 3,708.76 |
Intrinsic Value
Enterprise Value | 4,315.96 |
---|---|
Net Debt | 765.13 |
Equity Value | 3,550.83 |
Shares Outstanding | 19.03 |
Equity Value Per Share | 186.56 |