Discounted Cash Flow (DCF) Analysis Levered
InterDigital, Inc. (IDCC)
$73.49
+3.65 (+5.23%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 532.94 | 307.40 | 318.92 | 358.99 | 425.41 | 417.43 | 409.59 | 401.90 | 394.36 | 386.96 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 315.80 | 146.79 | 89.43 | 163.47 | 130.39 | 176.35 | 173.04 | 169.79 | 166.61 | 163.48 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -37 | -36.90 | -37.99 | -42.41 | -38.28 | -43.14 | -42.33 | -41.53 | -40.75 | -39.99 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 278.80 | 109.90 | 51.44 | 121.06 | 92.12 | 133.22 | 130.72 | 128.26 | 125.86 | 123.49 |
Weighted Average Cost Of Capital
Share price | $ 73.49 |
---|---|
Beta | 1.110 |
Diluted Shares Outstanding | 31.25 |
Cost of Debt | |
Tax Rate | 3.93 |
After-tax Cost of Debt | 5.74% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.914 |
Total Debt | 422.75 |
Total Equity | 2,296.78 |
Total Capital | 2,719.53 |
Debt Weighting | 15.54 |
Equity Weighting | 84.46 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 532.94 | 307.40 | 318.92 | 358.99 | 425.41 | 417.43 | 409.59 | 401.90 | 394.36 | 386.96 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 315.80 | 146.79 | 89.43 | 163.47 | 130.39 | 176.35 | 173.04 | 169.79 | 166.61 | 163.48 |
Capital Expenditure | -37 | -36.90 | -37.99 | -42.41 | -38.28 | -43.14 | -42.33 | -41.53 | -40.75 | -39.99 |
Free Cash Flow | 278.80 | 109.90 | 51.44 | 121.06 | 92.12 | 133.22 | 130.72 | 128.26 | 125.86 | 123.49 |
WACC | ||||||||||
PV LFCF | 82.02 | 74.23 | 67.18 | 60.80 | 55.02 | |||||
SUM PV LFCF | 508.23 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.42 |
Free cash flow (t + 1) | 125.96 |
Terminal Value | 1,962.04 |
Present Value of Terminal Value | 1,309.67 |
Intrinsic Value
Enterprise Value | 1,817.90 |
---|---|
Net Debt | -283.54 |
Equity Value | 2,101.43 |
Shares Outstanding | 31.25 |
Equity Value Per Share | 67.24 |