Discounted Cash Flow (DCF) Analysis Levered
NetScout Systems, Inc. (NTCT)
$35.295
-0.80 (-2.20%)
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 | 986.79 | 909.92 | 891.82 | 831.28 | 855.58 | 826.39 | 798.20 | 770.97 | 744.67 | 719.27 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 222.45 | 149.84 | 225.02 | 213.92 | 296.01 | 205.89 | 198.87 | 192.09 | 185.53 | 179.21 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -16.59 | -23.53 | -19.92 | -16.52 | -10.35 | -16.03 | -15.48 | -14.95 | -14.44 | -13.95 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 205.86 | 126.31 | 205.10 | 197.40 | 285.66 | 189.86 | 183.39 | 177.13 | 171.09 | 165.25 |
Weighted Average Cost Of Capital
Share price | $ 35.295 |
---|---|
Beta | 0.664 |
Diluted Shares Outstanding | 73.82 |
Cost of Debt | |
Tax Rate | 15.95 |
After-tax Cost of Debt | 1.16% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 5.878 |
Total Debt | 415.34 |
Total Equity | 2,605.55 |
Total Capital | 3,020.89 |
Debt Weighting | 13.75 |
Equity Weighting | 86.25 |
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 | 986.79 | 909.92 | 891.82 | 831.28 | 855.58 | 826.39 | 798.20 | 770.97 | 744.67 | 719.27 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 222.45 | 149.84 | 225.02 | 213.92 | 296.01 | 205.89 | 198.87 | 192.09 | 185.53 | 179.21 |
Capital Expenditure | -16.59 | -23.53 | -19.92 | -16.52 | -10.35 | -16.03 | -15.48 | -14.95 | -14.44 | -13.95 |
Free Cash Flow | 205.86 | 126.31 | 205.10 | 197.40 | 285.66 | 189.86 | 183.39 | 177.13 | 171.09 | 165.25 |
WACC | ||||||||||
PV LFCF | 180.43 | 165.61 | 152.01 | 139.53 | 128.07 | |||||
SUM PV LFCF | 765.66 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 5.23 |
Free cash flow (t + 1) | 168.56 |
Terminal Value | 5,218.55 |
Present Value of Terminal Value | 4,044.38 |
Intrinsic Value
Enterprise Value | 4,810.04 |
---|---|
Net Debt | -220.82 |
Equity Value | 5,030.86 |
Shares Outstanding | 73.82 |
Equity Value Per Share | 68.15 |