Discounted Cash Flow (DCF) Analysis Levered

NCR Corporation (NCR)

$32.88

-2.48 (-7.01%)
All numbers are in Millions, Currency in USD
Stock DCF: 61.77 | 32.88 | 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 6,5166,4056,9156,2077,1567,358.337,566.387,780.318,000.298,226.49
Revenue (%)
Operating Cash Flow 7475366046411,077793.88816.33839.41863.14887.55
Operating Cash Flow (%)
Capital Expenditure -294-313-329-263-348-342.26-351.94-361.89-372.12-382.64
Capital Expenditure (%)
Free Cash Flow 453223275378729451.62464.39477.52491.02504.91

Weighted Average Cost Of Capital

Share price $ 32.88
Beta 1.616
Diluted Shares Outstanding 137.80
Cost of Debt
Tax Rate 65.85
After-tax Cost of Debt 1.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.514
Total Debt 5,950
Total Equity 4,530.86
Total Capital 10,480.86
Debt Weighting 56.77
Equity Weighting 43.23
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 6,5166,4056,9156,2077,1567,358.337,566.387,780.318,000.298,226.49
Operating Cash Flow 7475366046411,077793.88816.33839.41863.14887.55
Capital Expenditure -294-313-329-263-348-342.26-351.94-361.89-372.12-382.64
Free Cash Flow 453223275378729451.62464.39477.52491.02504.91
WACC
PV LFCF 348.51340.27332.21324.35316.67
SUM PV LFCF 2,044.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.32
Free cash flow (t + 1) 515
Terminal Value 15,512.16
Present Value of Terminal Value 11,970.66

Intrinsic Value

Enterprise Value 14,015.59
Net Debt 5,503
Equity Value 8,512.59
Shares Outstanding 137.80
Equity Value Per Share 61.77