Discounted Cash Flow (DCF) Analysis Levered
Liberty Global plc (LBTYA)
$23.09
+0.09 (+0.39%)
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 | 15,048.90 | 11,957.90 | 11,541.50 | 11,980.10 | 10,311.30 | 9,430.93 | 8,625.73 | 7,889.28 | 7,215.70 | 6,599.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,708.50 | 5,963.10 | 4,585.40 | 4,185.80 | 3,549 | 3,713.68 | 3,396.61 | 3,106.61 | 2,841.37 | 2,598.78 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,953.10 | -1,453 | -1,243.10 | -1,350.20 | -1,408 | -1,147.28 | -1,049.33 | -959.74 | -877.79 | -802.85 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 3,755.40 | 4,510.10 | 3,342.30 | 2,835.60 | 2,141 | 2,566.40 | 2,347.29 | 2,146.88 | 1,963.58 | 1,795.93 |
Weighted Average Cost Of Capital
| Share price | $ 23.09 |
|---|---|
| Beta | 1.181 |
| Diluted Shares Outstanding | 565.04 |
| Cost of Debt | |
| Tax Rate | 4.10 |
| After-tax Cost of Debt | 5.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.451 |
| Total Debt | 16,051.20 |
| Total Equity | 13,046.88 |
| Total Capital | 29,098.08 |
| Debt Weighting | 55.16 |
| Equity Weighting | 44.84 |
| 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 | 15,048.90 | 11,957.90 | 11,541.50 | 11,980.10 | 10,311.30 | 9,430.93 | 8,625.73 | 7,889.28 | 7,215.70 | 6,599.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,708.50 | 5,963.10 | 4,585.40 | 4,185.80 | 3,549 | 3,713.68 | 3,396.61 | 3,106.61 | 2,841.37 | 2,598.78 |
| Capital Expenditure | -1,953.10 | -1,453 | -1,243.10 | -1,350.20 | -1,408 | -1,147.28 | -1,049.33 | -959.74 | -877.79 | -802.85 |
| Free Cash Flow | 3,755.40 | 4,510.10 | 3,342.30 | 2,835.60 | 2,141 | 2,566.40 | 2,347.29 | 2,146.88 | 1,963.58 | 1,795.93 |
| WACC | ||||||||||
| PV LFCF | 2,405.25 | 2,061.76 | 1,767.32 | 1,514.92 | 1,298.58 | |||||
| SUM PV LFCF | 9,047.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.70 |
| Free cash flow (t + 1) | 1,831.85 |
| Terminal Value | 38,975.55 |
| Present Value of Terminal Value | 28,181.89 |
Intrinsic Value
| Enterprise Value | 37,229.71 |
|---|---|
| Net Debt | 15,140.60 |
| Equity Value | 22,089.11 |
| Shares Outstanding | 565.04 |
| Equity Value Per Share | 39.09 |