Discounted Cash Flow (DCF) Analysis Levered
Liberty Global plc (LBTYK)
$17.08
-0.06 (-0.35%)
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 | 11,957.90 | 11,541.50 | 11,980.10 | 10,311.30 | 7,195.70 | 6,407.28 | 5,705.25 | 5,080.14 | 4,523.52 | 4,027.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,963.10 | 4,585.40 | 4,185.80 | 3,549 | 2,837.80 | 2,542.32 | 2,263.76 | 2,015.72 | 1,794.87 | 1,598.21 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,453 | -1,243.10 | -1,350.20 | -1,408 | -1,303.20 | -845.22 | -752.61 | -670.15 | -596.72 | -531.34 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 4,510.10 | 3,342.30 | 2,835.60 | 2,141 | 1,534.60 | 1,697.10 | 1,511.15 | 1,345.58 | 1,198.14 | 1,066.87 |
Weighted Average Cost Of Capital
| Share price | $ 17.08 |
|---|---|
| Beta | 1.241 |
| Diluted Shares Outstanding | 569.11 |
| Cost of Debt | |
| Tax Rate | 22.39 |
| After-tax Cost of Debt | 3.30% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.113 |
| Total Debt | 15,409.10 |
| Total Equity | 9,720.47 |
| Total Capital | 25,129.57 |
| Debt Weighting | 61.32 |
| Equity Weighting | 38.68 |
| 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 | 11,957.90 | 11,541.50 | 11,980.10 | 10,311.30 | 7,195.70 | 6,407.28 | 5,705.25 | 5,080.14 | 4,523.52 | 4,027.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,963.10 | 4,585.40 | 4,185.80 | 3,549 | 2,837.80 | 2,542.32 | 2,263.76 | 2,015.72 | 1,794.87 | 1,598.21 |
| Capital Expenditure | -1,453 | -1,243.10 | -1,350.20 | -1,408 | -1,303.20 | -845.22 | -752.61 | -670.15 | -596.72 | -531.34 |
| Free Cash Flow | 4,510.10 | 3,342.30 | 2,835.60 | 2,141 | 1,534.60 | 1,697.10 | 1,511.15 | 1,345.58 | 1,198.14 | 1,066.87 |
| WACC | ||||||||||
| PV LFCF | 1,601.94 | 1,346.44 | 1,131.69 | 951.19 | 799.48 | |||||
| SUM PV LFCF | 5,830.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.94 |
| Free cash flow (t + 1) | 1,088.20 |
| Terminal Value | 27,619.36 |
| Present Value of Terminal Value | 20,697.30 |
Intrinsic Value
| Enterprise Value | 26,528.05 |
|---|---|
| Net Debt | 13,682.90 |
| Equity Value | 12,845.15 |
| Shares Outstanding | 569.11 |
| Equity Value Per Share | 22.57 |