Discounted Cash Flow (DCF) Analysis Levered
Newmark Group, Inc. (NMRK)
$6.5
-0.36 (-5.25%)
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 | 2,047.58 | 2,218.13 | 1,905 | 2,906.44 | 2,705.53 | 2,975.19 | 3,271.74 | 3,597.84 | 3,956.45 | 4,350.80 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | -332.37 | 986.76 | -777.69 | -59.91 | 1,196.34 | 176.06 | 193.60 | 212.90 | 234.12 | 257.46 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -24.12 | -36.02 | -19.83 | -37.23 | -34.65 | -38.11 | -41.91 | -46.08 | -50.68 | -55.73 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -356.49 | 950.74 | -797.52 | -97.14 | 1,161.69 | 137.95 | 151.70 | 166.82 | 183.44 | 201.73 |
Weighted Average Cost Of Capital
Share price | $ 6.5 |
---|---|
Beta | 1.719 |
Diluted Shares Outstanding | 245.18 |
Cost of Debt | |
Tax Rate | 45.17 |
After-tax Cost of Debt | 1.29% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.614 |
Total Debt | 1,312.28 |
Total Equity | 1,593.65 |
Total Capital | 2,905.93 |
Debt Weighting | 45.16 |
Equity Weighting | 54.84 |
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 | 2,047.58 | 2,218.13 | 1,905 | 2,906.44 | 2,705.53 | 2,975.19 | 3,271.74 | 3,597.84 | 3,956.45 | 4,350.80 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | -332.37 | 986.76 | -777.69 | -59.91 | 1,196.34 | 176.06 | 193.60 | 212.90 | 234.12 | 257.46 |
Capital Expenditure | -24.12 | -36.02 | -19.83 | -37.23 | -34.65 | -38.11 | -41.91 | -46.08 | -50.68 | -55.73 |
Free Cash Flow | -356.49 | 950.74 | -797.52 | -97.14 | 1,161.69 | 137.95 | 151.70 | 166.82 | 183.44 | 201.73 |
WACC | ||||||||||
PV LFCF | 98.59 | 101.37 | 104.23 | 107.17 | 110.19 | |||||
SUM PV LFCF | 682.35 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.95 |
Free cash flow (t + 1) | 205.76 |
Terminal Value | 4,156.84 |
Present Value of Terminal Value | 2,970.71 |
Intrinsic Value
Enterprise Value | 3,653.05 |
---|---|
Net Debt | 1,079.26 |
Equity Value | 2,573.79 |
Shares Outstanding | 245.18 |
Equity Value Per Share | 10.50 |