Discounted Cash Flow (DCF) Analysis Levered

MSCI Inc. (MSCI)

$558.37

-7.11 (-1.26%)
All numbers are in Millions, Currency in USD
Stock DCF: 284.70 | 558.37 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,557.801,695.392,043.542,248.602,528.922,856.853,227.303,645.794,118.554,652.61
Revenue (%)
Operating Cash Flow 709.52811.11936.071,095.371,236.031,352.911,528.351,726.531,950.412,203.33
Operating Cash Flow (%)
Capital Expenditure -53.77-50.98-52.79-72.90-90.85-90.71-102.47-115.76-130.77-147.73
Capital Expenditure (%)
Free Cash Flow 655.75760.13883.271,022.471,145.181,262.201,425.871,610.771,819.642,055.60

Weighted Average Cost Of Capital

Share price $ 558.37
Beta 1.066
Diluted Shares Outstanding 79.84
Cost of Debt
Tax Rate 16.10
After-tax Cost of Debt 3.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.242
Total Debt 4,627.86
Total Equity 44,581.94
Total Capital 49,209.80
Debt Weighting 9.40
Equity Weighting 90.60
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,557.801,695.392,043.542,248.602,528.922,856.853,227.303,645.794,118.554,652.61
Operating Cash Flow 709.52811.11936.071,095.371,236.031,352.911,528.351,726.531,950.412,203.33
Capital Expenditure -53.77-50.98-52.79-72.90-90.85-90.71-102.47-115.76-130.77-147.73
Free Cash Flow 655.75760.13883.271,022.471,145.181,262.201,425.871,610.771,819.642,055.60
WACC
PV LFCF 1,161.181,206.761,254.141,303.371,354.53
SUM PV LFCF 6,279.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.70
Free cash flow (t + 1) 2,096.71
Terminal Value 31,294.14
Present Value of Terminal Value 20,621.26

Intrinsic Value

Enterprise Value 26,901.24
Net Debt 4,170.05
Equity Value 22,731.20
Shares Outstanding 79.84
Equity Value Per Share 284.70