Discounted Cash Flow (DCF) Analysis Levered

Newmark Group, Inc. (NMRK)

$8.4

-0.16 (-1.87%)
All numbers are in Millions, Currency in USD
Stock DCF: 57.66 | 8.4 | 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 1,596.452,047.582,218.131,9052,906.443,451.694,099.234,868.255,781.536,866.15
Revenue (%)
Operating Cash Flow 852.22-332.37986.76-777.69-59.91267.51317.70377.30448.08532.14
Operating Cash Flow (%)
Capital Expenditure -21.12-24.12-36.02-19.83-37.53-44.58-52.94-62.87-74.66-88.67
Capital Expenditure (%)
Free Cash Flow 831.09-356.49950.74-797.52-97.44222.94264.76314.43373.41443.47

Weighted Average Cost Of Capital

Share price $ 8.4
Beta 1.736
Diluted Shares Outstanding 179.69
Cost of Debt
Tax Rate 38.52
After-tax Cost of Debt 0.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.745
Total Debt 2,322.52
Total Equity 1,509.40
Total Capital 3,831.92
Debt Weighting 60.61
Equity Weighting 39.39
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 1,596.452,047.582,218.131,9052,906.443,451.694,099.234,868.255,781.536,866.15
Operating Cash Flow 852.22-332.37986.76-777.69-59.91267.51317.70377.30448.08532.14
Capital Expenditure -21.12-24.12-36.02-19.83-37.53-44.58-52.94-62.87-74.66-88.67
Free Cash Flow 831.09-356.49950.74-797.52-97.44222.94264.76314.43373.41443.47
WACC
PV LFCF 212239.41270.38305.34344.83
SUM PV LFCF 1,371.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.16
Free cash flow (t + 1) 452.33
Terminal Value 14,314.39
Present Value of Terminal Value 11,130.63

Intrinsic Value

Enterprise Value 12,502.59
Net Debt 2,142.39
Equity Value 10,360.20
Shares Outstanding 179.69
Equity Value Per Share 57.66