Discounted Cash Flow (DCF) Analysis Levered
Invesco Ltd. (IVZ)
$19.52
-0.52 (-2.59%)
All numbers are in Millions, Currency in USD
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 | 5,314.10 | 6,117.40 | 6,145.60 | 6,894.50 | 6,048.90 | 6,283.27 | 6,526.72 | 6,779.61 | 7,042.29 | 7,315.16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 828.80 | 1,116.60 | 1,230.30 | 1,078.10 | 696.20 | 1,018.08 | 1,057.52 | 1,098.50 | 1,141.06 | 1,185.27 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -102.50 | -124.30 | -115 | -108.80 | -112.06 | -116.40 | -120.91 | -125.59 | -130.46 | -135.51 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 726.30 | 992.30 | 1,115.30 | 969.30 | 584.14 | 901.68 | 936.62 | 972.91 | 1,010.60 | 1,049.76 |
Weighted Average Cost Of Capital
| Share price | $ 19.52 |
|---|---|
| Beta | 1.372 |
| Diluted Shares Outstanding | 465.40 |
| Cost of Debt | |
| Tax Rate | 45.19 |
| After-tax Cost of Debt | 2.74% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.094 |
| Total Debt | - |
| Total Equity | 9,084.61 |
| Total Capital | 9,084.61 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 5,314.10 | 6,117.40 | 6,145.60 | 6,894.50 | 6,048.90 | 6,283.27 | 6,526.72 | 6,779.61 | 7,042.29 | 7,315.16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 828.80 | 1,116.60 | 1,230.30 | 1,078.10 | 696.20 | 1,018.08 | 1,057.52 | 1,098.50 | 1,141.06 | 1,185.27 |
| Capital Expenditure | -102.50 | -124.30 | -115 | -108.80 | -112.06 | -116.40 | -120.91 | -125.59 | -130.46 | -135.51 |
| Free Cash Flow | 726.30 | 992.30 | 1,115.30 | 969.30 | 584.14 | 901.68 | 936.62 | 972.91 | 1,010.60 | 1,049.76 |
| WACC | ||||||||||
| PV LFCF | 506.48 | 477.89 | 450.91 | 425.45 | 401.43 | |||||
| SUM PV LFCF | 3,658.16 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.09 |
| Free cash flow (t + 1) | 1,070.75 |
| Terminal Value | 13,235.53 |
| Present Value of Terminal Value | 8,184.69 |
Intrinsic Value
| Enterprise Value | 11,842.85 |
|---|---|
| Net Debt | -1,234.70 |
| Equity Value | 13,077.55 |
| Shares Outstanding | 465.40 |
| Equity Value Per Share | 28.10 |