Discounted Cash Flow (DCF) Analysis Levered

IES Holdings, Inc. (IESC)

$28.14

+1.52 (+5.71%)
All numbers are in Millions, Currency in USD
Stock DCF: 56.40 | 28.14 | undervalue

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 810.74876.831,0771,190.861,536.491,807.592,126.522,501.732,943.133,462.42
Revenue (%)
Operating Cash Flow 22.3512.2238.7276.7437.9260.2270.8583.3598.06115.36
Operating Cash Flow (%)
Capital Expenditure -4.59-4.56-6.30-4.75-7.40-9.22-10.85-12.77-15.02-17.67
Capital Expenditure (%)
Free Cash Flow 17.767.6632.427230.52516070.5883.0497.69

Weighted Average Cost Of Capital

Share price $ 28.14
Beta 1.303
Diluted Shares Outstanding 21.09
Cost of Debt
Tax Rate 21.49
After-tax Cost of Debt 0.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.856
Total Debt 82.37
Total Equity 593.36
Total Capital 675.73
Debt Weighting 12.19
Equity Weighting 87.81
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 810.74876.831,0771,190.861,536.491,807.592,126.522,501.732,943.133,462.42
Operating Cash Flow 22.3512.2238.7276.7437.9260.2270.8583.3598.06115.36
Capital Expenditure -4.59-4.56-6.30-4.75-7.40-9.22-10.85-12.77-15.02-17.67
Free Cash Flow 17.767.6632.427230.52516070.5883.0497.69
WACC
PV LFCF 46.9050.7454.9059.3964.25
SUM PV LFCF 276.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.74
Free cash flow (t + 1) 99.64
Terminal Value 1,478.39
Present Value of Terminal Value 972.39

Intrinsic Value

Enterprise Value 1,248.58
Net Debt 59.26
Equity Value 1,189.32
Shares Outstanding 21.09
Equity Value Per Share 56.40