Discounted Cash Flow (DCF) Analysis Levered
NCR Corporation (NCR)
$27.1
+0.35 (+1.31%)
All numbers are in Millions, Currency in USD
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 | 6,405 | 6,915 | 6,207 | 7,156 | 7,844 | 8,287.72 | 8,756.55 | 9,251.89 | 9,775.26 | 10,328.23 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 536 | 628 | 641 | 1,077 | 447 | 804.34 | 849.84 | 897.92 | 948.71 | 1,002.38 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -313 | -329 | -263 | -348 | -377 | -390.37 | -412.45 | -435.78 | -460.43 | -486.48 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 223 | 299 | 378 | 729 | 70 | 413.97 | 437.39 | 462.13 | 488.28 | 515.90 |
Weighted Average Cost Of Capital
Share price | $ 27.1 |
---|---|
Beta | 1.634 |
Diluted Shares Outstanding | 141.20 |
Cost of Debt | |
Tax Rate | 71.56 |
After-tax Cost of Debt | 1.35% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.310 |
Total Debt | 6,018 |
Total Equity | 3,826.52 |
Total Capital | 9,844.52 |
Debt Weighting | 61.13 |
Equity Weighting | 38.87 |
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 | 6,405 | 6,915 | 6,207 | 7,156 | 7,844 | 8,287.72 | 8,756.55 | 9,251.89 | 9,775.26 | 10,328.23 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 536 | 628 | 641 | 1,077 | 447 | 804.34 | 849.84 | 897.92 | 948.71 | 1,002.38 |
Capital Expenditure | -313 | -329 | -263 | -348 | -377 | -390.37 | -412.45 | -435.78 | -460.43 | -486.48 |
Free Cash Flow | 223 | 299 | 378 | 729 | 70 | 413.97 | 437.39 | 462.13 | 488.28 | 515.90 |
WACC | ||||||||||
PV LFCF | 391.98 | 392.16 | 392.33 | 392.51 | 392.68 | |||||
SUM PV LFCF | 1,961.66 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.61 |
Free cash flow (t + 1) | 526.22 |
Terminal Value | 14,576.62 |
Present Value of Terminal Value | 11,095.11 |
Intrinsic Value
Enterprise Value | 13,056.77 |
---|---|
Net Debt | 5,513 |
Equity Value | 7,543.77 |
Shares Outstanding | 141.20 |
Equity Value Per Share | 53.43 |