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	1,337.97	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