Discounted Cash Flow (DCF) Analysis Levered

NortonLifeLock Inc. (NLOK)

$21.66

-0.50 (-2.26%)
All numbers are in Millions, Currency in USD
Stock DCF: 17.50 | 21.66 | 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 2,5592,4562,4902,5512,7962,861.802,929.152,998.083,068.633,140.85
Revenue (%)
Operating Cash Flow 9501,495-861706974720.76737.72755.08772.85791.04
Operating Cash Flow (%)
Capital Expenditure -142-207-89-6-6-103.03-105.46-107.94-110.48-113.08
Capital Expenditure (%)
Free Cash Flow 8081,288-950700968617.73632.26647.14662.37677.96

Weighted Average Cost Of Capital

Share price $ 21.66
Beta 0.999
Diluted Shares Outstanding 591
Cost of Debt
Tax Rate 19.77
After-tax Cost of Debt 2.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.427
Total Debt 3,829
Total Equity 12,801.06
Total Capital 16,630.06
Debt Weighting 23.02
Equity Weighting 76.98
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 2,5592,4562,4902,5512,7962,861.802,929.152,998.083,068.633,140.85
Operating Cash Flow 9501,495-861706974720.76737.72755.08772.85791.04
Capital Expenditure -142-207-89-6-6-103.03-105.46-107.94-110.48-113.08
Free Cash Flow 8081,288-950700968617.73632.26647.14662.37677.96
WACC
PV LFCF 576.83551.32526.93503.62481.35
SUM PV LFCF 2,640.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.09
Free cash flow (t + 1) 691.52
Terminal Value 13,585.84
Present Value of Terminal Value 9,645.88

Intrinsic Value

Enterprise Value 12,285.93
Net Debt 1,942
Equity Value 10,343.93
Shares Outstanding 591
Equity Value Per Share 17.50