Discounted Cash Flow (DCF) Analysis Levered

Medpace Holdings, Inc. (MEDP)

$275.41

+4.69 (+1.73%)

All numbers are in Millions, Currency in USD

Stock DCF: 233.96 | 275.41 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	704.59	860.97	925.93	1,142.38	1,460	1,755.35	2,110.45	2,537.39	3,050.70	3,667.86
Revenue (%)
Operating Cash Flow	156.58	201.87	258.68	263.33	388.05	432.65	520.17	625.40	751.92	904.03
Operating Cash Flow (%)
Capital Expenditure	-16.02	-17.91	-31.34	-28.27	-36.88	-44.73	-53.77	-64.65	-77.73	-93.46
Capital Expenditure (%)
Free Cash Flow	140.56	183.95	227.34	235.06	351.17	387.92	466.40	560.75	674.18	810.57

Weighted Average Cost Of Capital

Share price	$ 275.41
Beta	1.366
Diluted Shares Outstanding	33.67
Cost of Debt
Tax Rate	13.25
After-tax Cost of Debt	3.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.604
Total Debt	188.87
Total Equity	9,273.33
Total Capital	9,462.20
Debt Weighting	2.00
Equity Weighting	98.00
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	704.59	860.97	925.93	1,142.38	1,460	1,755.35	2,110.45	2,537.39	3,050.70	3,667.86
Operating Cash Flow	156.58	201.87	258.68	263.33	388.05	432.65	520.17	625.40	751.92	904.03
Capital Expenditure	-16.02	-17.91	-31.34	-28.27	-36.88	-44.73	-53.77	-64.65	-77.73	-93.46
Free Cash Flow	140.56	183.95	227.34	235.06	351.17	387.92	466.40	560.75	674.18	810.57
WACC
PV LFCF						351.19	382.25	416.06	452.85	492.91
SUM PV LFCF										2,095.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.46
Free cash flow (t + 1)	826.78
Terminal Value	9,772.84
Present Value of Terminal Value	5,942.86

Intrinsic Value

Enterprise Value	8,038.11
Net Debt	160.60
Equity Value	7,877.51
Shares Outstanding	33.67
Equity Value Per Share	233.96