Discounted Cash Flow (DCF) Analysis Levered
Liberty Global plc (LBTYA)
$20.475
-0.68 (-3.24%)
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 | $ 20.475 |
|---|---|
| Beta | 1.253 |
| Diluted Shares Outstanding | 569.11 |
| Cost of Debt | |
| Tax Rate | 4.10 |
| After-tax Cost of Debt | 5.27% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.533 |
| Total Debt | 16,051.20 |
| Total Equity | 11,652.61 |
| Total Capital | 27,703.81 |
| Debt Weighting | 57.94 |
| Equity Weighting | 42.06 |
| 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 | 1,703.40 | 1,455.10 | 1,242.98 | 1,061.79 | 907.01 | |||||
| SUM PV LFCF | 8,963.91 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.07 |
| Free cash flow (t + 1) | 1,831.85 |
| Terminal Value | 36,131.18 |
| Present Value of Terminal Value | 25,676.93 |
Intrinsic Value
| Enterprise Value | 34,640.84 |
|---|---|
| Net Debt | 15,140.60 |
| Equity Value | 19,500.24 |
| Shares Outstanding | 569.11 |
| Equity Value Per Share | 34.26 |