Discounted Cash Flow (DCF) Analysis Levered

IES Holdings, Inc. (IESC)

$35.96

+1.38 (+3.99%)
All numbers are in Millions, Currency in USD
Stock DCF: 89.66 | 35.96 | 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 876.831,0771,190.861,536.492,166.802,727.173,432.474,320.175,437.456,843.67
Revenue (%)
Operating Cash Flow 12.2238.7276.7437.9216.3079.93100.60126.62159.36200.58
Operating Cash Flow (%)
Capital Expenditure -4.56-6.30-4.75-7.40-29.30-18.21-22.91-28.84-36.30-45.68
Capital Expenditure (%)
Free Cash Flow 7.6632.427230.52-1361.7277.6997.78123.07154.89

Weighted Average Cost Of Capital

Share price $ 35.96
Beta 1.316
Diluted Shares Outstanding 20.89
Cost of Debt
Tax Rate 34.34
After-tax Cost of Debt 1.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.727
Total Debt 119.70
Total Equity 751.37
Total Capital 871.07
Debt Weighting 13.74
Equity Weighting 86.26
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 876.831,0771,190.861,536.492,166.802,727.173,432.474,320.175,437.456,843.67
Operating Cash Flow 12.2238.7276.7437.9216.3079.93100.60126.62159.36200.58
Capital Expenditure -4.56-6.30-4.75-7.40-29.30-18.21-22.91-28.84-36.30-45.68
Free Cash Flow 7.6632.427230.52-1361.7277.6997.78123.07154.89
WACC
PV LFCF 37.5843.5550.4658.4767.75
SUM PV LFCF 389.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.62
Free cash flow (t + 1) 157.99
Terminal Value 2,386.59
Present Value of Terminal Value 1,578.44

Intrinsic Value

Enterprise Value 1,968.27
Net Debt 94.90
Equity Value 1,873.37
Shares Outstanding 20.89
Equity Value Per Share 89.66