Discounted Cash Flow (DCF) Analysis Levered

Liberty Global plc (LBTYK)

$23.51

-0.19 (-0.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 39.63 | 23.51 | undervalue

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 15,048.9011,957.9011,541.5011,980.1010,311.309,430.938,625.737,889.287,215.706,599.63
Revenue (%)
Operating Cash Flow 5,708.505,963.104,585.404,185.803,5493,713.683,396.613,106.612,841.372,598.78
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 3,755.404,510.103,342.302,835.602,1412,566.402,347.292,146.881,963.581,795.93

Weighted Average Cost Of Capital

Share price $ 23.51
Beta 1.173
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 8.335
Total Debt 16,051.20
Total Equity 13,284.20
Total Capital 29,335.40
Debt Weighting 54.72
Equity Weighting 45.28
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 15,048.9011,957.9011,541.5011,980.1010,311.309,430.938,625.737,889.287,215.706,599.63
Operating Cash Flow 5,708.505,963.104,585.404,185.803,5493,713.683,396.613,106.612,841.372,598.78
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 3,755.404,510.103,342.302,835.602,1412,566.402,347.292,146.881,963.581,795.93
WACC
PV LFCF 2,406.152,063.301,769.301,517.201,301.01
SUM PV LFCF 9,056.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.66
Free cash flow (t + 1) 1,831.85
Terminal Value 39,310.10
Present Value of Terminal Value 28,477.13

Intrinsic Value

Enterprise Value 37,534.10
Net Debt 15,140.60
Equity Value 22,393.50
Shares Outstanding 565.04
Equity Value Per Share 39.63