Discounted Cash Flow (DCF) Analysis Levered

Medpace Holdings, Inc. (MEDP)

$168.26

+0.86 (+0.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 221.87 | 168.26 | 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 436.15704.59860.97925.931,142.381,469.851,891.192,433.313,130.834,028.30
Revenue (%)
Operating Cash Flow 97.38156.58201.87258.68263.33349.78450.05579.06745.05958.62
Operating Cash Flow (%)
Capital Expenditure -12.29-16.02-17.91-31.34-28.27-38.31-49.29-63.43-81.61-105
Capital Expenditure (%)
Free Cash Flow 85.09140.56183.95227.34235.06311.47400.76515.63663.44853.62

Weighted Average Cost Of Capital

Share price $ 168.26
Beta 1.467
Diluted Shares Outstanding 37.71
Cost of Debt
Tax Rate 9.91
After-tax Cost of Debt 4.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.752
Total Debt 130.97
Total Equity 6,344.75
Total Capital 6,475.71
Debt Weighting 2.02
Equity Weighting 97.98
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 436.15704.59860.97925.931,142.381,469.851,891.192,433.313,130.834,028.30
Operating Cash Flow 97.38156.58201.87258.68263.33349.78450.05579.06745.05958.62
Capital Expenditure -12.29-16.02-17.91-31.34-28.27-38.31-49.29-63.43-81.61-105
Free Cash Flow 85.09140.56183.95227.34235.06311.47400.76515.63663.44853.62
WACC
PV LFCF 281.54327.44380.82442.91515.11
SUM PV LFCF 1,947.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.63
Free cash flow (t + 1) 870.70
Terminal Value 10,089.19
Present Value of Terminal Value 6,088.24

Intrinsic Value

Enterprise Value 8,036.06
Net Debt -330.34
Equity Value 8,366.40
Shares Outstanding 37.71
Equity Value Per Share 221.87