Discounted Cash Flow (DCF) Analysis Levered
Plantronics, Inc. (POLY)
$39.82
+0.01 (+0.03%)
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 | 856.90 | 1,674.54 | 1,696.99 | 1,727.61 | 1,681.14 | 2,084.08 | 2,583.60 | 3,202.84 | 3,970.51 | 4,922.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 121.15 | 116.05 | 78.02 | 145.18 | -7.77 | 140.08 | 173.65 | 215.28 | 266.87 | 330.84 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -12.47 | -26.80 | -22.88 | -22.72 | -29.72 | -31.20 | -38.68 | -47.96 | -59.45 | -73.70 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 108.68 | 89.25 | 55.14 | 122.46 | -37.49 | 108.87 | 134.97 | 167.32 | 207.42 | 257.14 |
Weighted Average Cost Of Capital
| Share price | $ 39.82 |
|---|---|
| Beta | 1.610 |
| Diluted Shares Outstanding | 43.94 |
| Cost of Debt | |
| Tax Rate | 117.52 |
| After-tax Cost of Debt | -0.81% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.409 |
| Total Debt | 1,514.16 |
| Total Equity | 1,749.77 |
| Total Capital | 3,263.93 |
| Debt Weighting | 46.39 |
| Equity Weighting | 53.61 |
| 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 | 856.90 | 1,674.54 | 1,696.99 | 1,727.61 | 1,681.14 | 2,084.08 | 2,583.60 | 3,202.84 | 3,970.51 | 4,922.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 121.15 | 116.05 | 78.02 | 145.18 | -7.77 | 140.08 | 173.65 | 215.28 | 266.87 | 330.84 |
| Capital Expenditure | -12.47 | -26.80 | -22.88 | -22.72 | -29.72 | -31.20 | -38.68 | -47.96 | -59.45 | -73.70 |
| Free Cash Flow | 108.68 | 89.25 | 55.14 | 122.46 | -37.49 | 108.87 | 134.97 | 167.32 | 207.42 | 257.14 |
| WACC | ||||||||||
| PV LFCF | 97.38 | 114.16 | 133.84 | 156.91 | 183.96 | |||||
| SUM PV LFCF | 725.65 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.74 |
| Free cash flow (t + 1) | 262.28 |
| Terminal Value | 7,012.90 |
| Present Value of Terminal Value | 5,305.19 |
Intrinsic Value
| Enterprise Value | 6,030.84 |
|---|---|
| Net Debt | 1,344.16 |
| Equity Value | 4,686.68 |
| Shares Outstanding | 43.94 |
| Equity Value Per Share | 106.66 |