Discounted Cash Flow (DCF) Analysis Levered

Nasdaq, Inc. (NDAQ)

$190.42

+3.85 (+2.06%)
All numbers are in Millions, Currency in USD
Stock DCF: 195.25 | 190.42 | 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 3,9654,2774,2625,6275,8866,535.647,256.988,057.948,947.309,934.81
Revenue (%)
Operating Cash Flow 9091,0289631,2521,0831,440.531,599.521,776.061,972.082,189.74
Operating Cash Flow (%)
Capital Expenditure -144-111-127-188-163-200.22-222.31-246.85-274.09-304.35
Capital Expenditure (%)
Free Cash Flow 7659178361,0649201,240.311,377.211,529.211,697.991,885.40

Weighted Average Cost Of Capital

Share price $ 190.42
Beta 0.959
Diluted Shares Outstanding 166.90
Cost of Debt
Tax Rate 22.62
After-tax Cost of Debt 1.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.373
Total Debt 6,216
Total Equity 31,781.10
Total Capital 37,997.10
Debt Weighting 16.36
Equity Weighting 83.64
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 3,9654,2774,2625,6275,8866,535.647,256.988,057.948,947.309,934.81
Operating Cash Flow 9091,0289631,2521,0831,440.531,599.521,776.061,972.082,189.74
Capital Expenditure -144-111-127-188-163-200.22-222.31-246.85-274.09-304.35
Free Cash Flow 7659178361,0649201,240.311,377.211,529.211,697.991,885.40
WACC
PV LFCF 1,165.711,216.511,269.531,324.861,382.59
SUM PV LFCF 6,359.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.40
Free cash flow (t + 1) 1,923.11
Terminal Value 43,706.94
Present Value of Terminal Value 32,051.05

Intrinsic Value

Enterprise Value 38,410.25
Net Debt 5,823
Equity Value 32,587.25
Shares Outstanding 166.90
Equity Value Per Share 195.25