Discounted Cash Flow (DCF) Analysis Levered

ManTech International Corporation (MANT)

$95.71

-0.08 (-0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 147.55 | 95.71 | 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 1,717.021,958.562,222.562,518.382,553.962,823.843,122.253,452.183,816.994,220.34
Revenue (%)
Operating Cash Flow 152.9693.44221.41247.24212.17235.88260.81288.37318.84352.53
Operating Cash Flow (%)
Capital Expenditure -38.86-35.13-58.47-76.32-54.92-67.03-74.11-81.95-90.61-100.18
Capital Expenditure (%)
Free Cash Flow 114.1058.31162.93170.92157.25168.85186.69206.42228.23252.35

Weighted Average Cost Of Capital

Share price $ 95.71
Beta 0.703
Diluted Shares Outstanding 40.90
Cost of Debt
Tax Rate 25.65
After-tax Cost of Debt 0.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.084
Total Debt 396.13
Total Equity 3,914.60
Total Capital 4,310.73
Debt Weighting 9.19
Equity Weighting 90.81
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 1,717.021,958.562,222.562,518.382,553.962,823.843,122.253,452.183,816.994,220.34
Operating Cash Flow 152.9693.44221.41247.24212.17235.88260.81288.37318.84352.53
Capital Expenditure -38.86-35.13-58.47-76.32-54.92-67.03-74.11-81.95-90.61-100.18
Free Cash Flow 114.1058.31162.93170.92157.25168.85186.69206.42228.23252.35
WACC
PV LFCF 159.94167.51175.44183.75192.44
SUM PV LFCF 879.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.57
Free cash flow (t + 1) 257.40
Terminal Value 7,210.08
Present Value of Terminal Value 5,498.42

Intrinsic Value

Enterprise Value 6,377.50
Net Debt 342.76
Equity Value 6,034.75
Shares Outstanding 40.90
Equity Value Per Share 147.55