Discounted Cash Flow (DCF) Analysis Levered

Insight Enterprises, Inc. (NSIT)

$140

+0.64 (+0.46%)

All numbers are in Millions, Currency in USD

Stock DCF: 86.77 | 140 | 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	7,080.14	7,731.19	8,340.58	9,436.11	10,431.19	11,494.08	12,665.27	13,955.81	15,377.84	16,944.77
Revenue (%)
Operating Cash Flow	292.65	127.88	355.58	163.71	98.11	292.55	322.36	355.21	391.40	431.28
Operating Cash Flow (%)
Capital Expenditure	-17.25	-69.09	-24.18	-52.08	-70.94	-61.13	-67.36	-74.22	-81.79	-90.12
Capital Expenditure (%)
Free Cash Flow	275.40	58.79	331.40	111.63	27.17	231.42	255	280.98	309.61	341.16

Weighted Average Cost Of Capital

Share price	$ 140
Beta	1.564
Diluted Shares Outstanding	36.62
Cost of Debt
Tax Rate	25.06
After-tax Cost of Debt	4.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.910
Total Debt	637.90
Total Equity	5,126.80
Total Capital	5,764.70
Debt Weighting	11.07
Equity Weighting	88.93
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	7,080.14	7,731.19	8,340.58	9,436.11	10,431.19	11,494.08	12,665.27	13,955.81	15,377.84	16,944.77
Operating Cash Flow	292.65	127.88	355.58	163.71	98.11	292.55	322.36	355.21	391.40	431.28
Capital Expenditure	-17.25	-69.09	-24.18	-52.08	-70.94	-61.13	-67.36	-74.22	-81.79	-90.12
Free Cash Flow	275.40	58.79	331.40	111.63	27.17	231.42	255	280.98	309.61	341.16
WACC
PV LFCF						209.96	209.90	209.85	209.79	209.73
SUM PV LFCF										1,049.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.22
Free cash flow (t + 1)	347.99
Terminal Value	4,233.41
Present Value of Terminal Value	2,602.49

Intrinsic Value

Enterprise Value	3,651.71
Net Debt	474.26
Equity Value	3,177.45
Shares Outstanding	36.62
Equity Value Per Share	86.77