Discounted Cash Flow (DCF) Analysis Levered
Nelnet, Inc. (NNI)
$89.68
-0.12 (-0.13%)
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 | 998.34 | 978.57 | 1,061.09 | 1,232.38 | 1,405.86 | 1,534.75 | 1,675.46 | 1,829.07 | 1,996.76 | 2,179.82 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 270.89 | 298.91 | 212.82 | 544.87 | 684.06 | 523.68 | 571.69 | 624.10 | 681.32 | 743.79 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -125.02 | -92.50 | -113.31 | -58.95 | -59.42 | -127.89 | -139.62 | -152.42 | -166.39 | -181.64 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 145.87 | 206.42 | 99.50 | 485.91 | 624.64 | 395.79 | 432.08 | 471.69 | 514.93 | 562.14 |
Weighted Average Cost Of Capital
Share price | $ 89.68 |
---|---|
Beta | 0.830 |
Diluted Shares Outstanding | 37.60 |
Cost of Debt | |
Tax Rate | 20.04 |
After-tax Cost of Debt | 2.35% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.545 |
Total Debt | 14,637.19 |
Total Equity | 3,372.24 |
Total Capital | 18,009.43 |
Debt Weighting | 81.28 |
Equity Weighting | 18.72 |
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 | 998.34 | 978.57 | 1,061.09 | 1,232.38 | 1,405.86 | 1,534.75 | 1,675.46 | 1,829.07 | 1,996.76 | 2,179.82 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 270.89 | 298.91 | 212.82 | 544.87 | 684.06 | 523.68 | 571.69 | 624.10 | 681.32 | 743.79 |
Capital Expenditure | -125.02 | -92.50 | -113.31 | -58.95 | -59.42 | -127.89 | -139.62 | -152.42 | -166.39 | -181.64 |
Free Cash Flow | 145.87 | 206.42 | 99.50 | 485.91 | 624.64 | 395.79 | 432.08 | 471.69 | 514.93 | 562.14 |
WACC | ||||||||||
PV LFCF | 382.37 | 403.27 | 425.31 | 448.56 | 473.08 | |||||
SUM PV LFCF | 2,132.59 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 3.51 |
Free cash flow (t + 1) | 573.38 |
Terminal Value | 37,972.51 |
Present Value of Terminal Value | 31,956.39 |
Intrinsic Value
Enterprise Value | 34,088.98 |
---|---|
Net Debt | 12,407.13 |
Equity Value | 21,681.85 |
Shares Outstanding | 37.60 |
Equity Value Per Share | 576.60 |