Discounted Cash Flow (DCF) Analysis Levered
IHS Markit Ltd. (INFO)
$108.61
+0.80 (+0.74%)
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 | 3,599.70 | 4,009.20 | 4,414.60 | 4,287.80 | 4,658.10 | 4,975.45 | 5,314.42 | 5,676.49 | 6,063.22 | 6,476.30 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 961.50 | 1,289.50 | 1,251.30 | 1,138.80 | 1,486.20 | 1,449.68 | 1,548.45 | 1,653.94 | 1,766.62 | 1,886.98 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -260.20 | -222.70 | -278.10 | -274.80 | -294.30 | -316.53 | -338.10 | -361.13 | -385.74 | -412.02 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 701.30 | 1,066.80 | 973.20 | 864 | 1,191.90 | 1,133.15 | 1,210.35 | 1,292.81 | 1,380.88 | 1,474.96 |
Weighted Average Cost Of Capital
Share price | $ 108.61 |
---|---|
Beta | 1.046 |
Diluted Shares Outstanding | 401.30 |
Cost of Debt | |
Tax Rate | 10.04 |
After-tax Cost of Debt | 3.99% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.316 |
Total Debt | 4,957.40 |
Total Equity | 43,585.19 |
Total Capital | 48,542.59 |
Debt Weighting | 10.21 |
Equity Weighting | 89.79 |
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 | 3,599.70 | 4,009.20 | 4,414.60 | 4,287.80 | 4,658.10 | 4,975.45 | 5,314.42 | 5,676.49 | 6,063.22 | 6,476.30 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 961.50 | 1,289.50 | 1,251.30 | 1,138.80 | 1,486.20 | 1,449.68 | 1,548.45 | 1,653.94 | 1,766.62 | 1,886.98 |
Capital Expenditure | -260.20 | -222.70 | -278.10 | -274.80 | -294.30 | -316.53 | -338.10 | -361.13 | -385.74 | -412.02 |
Free Cash Flow | 701.30 | 1,066.80 | 973.20 | 864 | 1,191.90 | 1,133.15 | 1,210.35 | 1,292.81 | 1,380.88 | 1,474.96 |
WACC | ||||||||||
PV LFCF | 973.83 | 964.29 | 954.84 | 945.48 | 936.22 | |||||
SUM PV LFCF | 5,150.44 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.87 |
Free cash flow (t + 1) | 1,504.46 |
Terminal Value | 25,629.68 |
Present Value of Terminal Value | 17,548.49 |
Intrinsic Value
Enterprise Value | 22,698.93 |
---|---|
Net Debt | 4,664.30 |
Equity Value | 18,034.63 |
Shares Outstanding | 401.30 |
Equity Value Per Share | 44.94 |