Discounted Cash Flow (DCF) Analysis Levered

ManTech International Corporation (MANT)

$95.98

-0.01 (-0.01%)

All numbers are in Millions, Currency in USD

Stock DCF: 119.27 | 95.98 | 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	1,717.02	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