Discounted Cash Flow (DCF) Analysis Levered

ICF International, Inc. (ICFI)

$106.23

+1.08 (+1.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 186.56 | 106.23 | undervalue

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 1,337.971,478.531,506.881,553.051,779.961,913.902,057.902,212.752,379.242,558.27
Revenue (%)
Operating Cash Flow 74.6791.44173.15110.21162.21151.06162.43174.65187.79201.92
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 52.8664.54155.4690.27137.73123.19132.46142.43153.14164.67

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 1,337.971,478.531,506.881,553.051,779.961,913.902,057.902,212.752,379.242,558.27
Operating Cash Flow 74.6791.44173.15110.21162.21151.06162.43174.65187.79201.92
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 52.8664.54155.4690.27137.73123.19132.46142.43153.14164.67
WACC
PV LFCF 110.74112.90115.10117.34119.63
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