Discounted Cash Flow (DCF) Analysis Levered
ManTech International Corporation (MANT)
$95.98
-0.01 (-0.01%)
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 | 1,717.02 | 1,958.56 | 2,222.56 | 2,518.38 | 2,553.96 | 2,823.84 | 3,122.25 | 3,452.18 | 3,816.99 | 4,220.34 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 152.96 | 93.44 | 221.41 | 247.24 | 212.17 | 235.88 | 260.81 | 288.37 | 318.84 | 352.53 |
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 | 114.10 | 58.31 | 162.93 | 170.92 | 157.25 | 168.85 | 186.69 | 206.42 | 228.23 | 252.35 |
Weighted Average Cost Of Capital
Share price | $ 95.98 |
---|---|
Beta | 0.662 |
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 | 6.935 |
Total Debt | 396.13 |
Total Equity | 3,925.64 |
Total Capital | 4,321.77 |
Debt Weighting | 9.17 |
Equity Weighting | 90.83 |
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 | 1,717.02 | 1,958.56 | 2,222.56 | 2,518.38 | 2,553.96 | 2,823.84 | 3,122.25 | 3,452.18 | 3,816.99 | 4,220.34 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 152.96 | 93.44 | 221.41 | 247.24 | 212.17 | 235.88 | 260.81 | 288.37 | 318.84 | 352.53 |
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 | 114.10 | 58.31 | 162.93 | 170.92 | 157.25 | 168.85 | 186.69 | 206.42 | 228.23 | 252.35 |
WACC | ||||||||||
PV LFCF | 158.78 | 165.10 | 171.66 | 178.48 | 185.58 | |||||
SUM PV LFCF | 859.60 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.34 |
Free cash flow (t + 1) | 257.40 |
Terminal Value | 5,930.88 |
Present Value of Terminal Value | 4,361.50 |
Intrinsic Value
Enterprise Value | 5,221.09 |
---|---|
Net Debt | 342.76 |
Equity Value | 4,878.34 |
Shares Outstanding | 40.90 |
Equity Value Per Share | 119.27 |