Discounted Cash Flow (DCF) Analysis Levered
Pershing Square Holdings, Ltd. (PSH.AS)
$40.8
+0.15 (+0.37%)
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 | -83.45 | 2,192.31 | 3,773.30 | 2,550.15 | -1,182.85 | 7,196.86 | -43,787.98 | 266,420.01 | -1,620,984.28 | 9,862,585.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -580 | 882.79 | 336.58 | -914.29 | 366.04 | 9,750.30 | -59,323.92 | 360,945.66 | -2,196,108.46 | 13,361,823.99 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | - | - | - | - | - | 9,750.30 | -59,323.92 | 360,945.66 | -2,196,108.46 | 13,361,823.99 |
Weighted Average Cost Of Capital
| Share price | $ 40.8 |
|---|---|
| Beta | 0.985 |
| Diluted Shares Outstanding | 190.86 |
| Cost of Debt | |
| Tax Rate | 2.22 |
| After-tax Cost of Debt | 4.19% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.905 |
| Total Debt | 2,332.57 |
| Total Equity | 7,787.02 |
| Total Capital | 10,119.59 |
| Debt Weighting | 23.05 |
| Equity Weighting | 76.95 |
| 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 | -83.45 | 2,192.31 | 3,773.30 | 2,550.15 | -1,182.85 | 7,196.86 | -43,787.98 | 266,420.01 | -1,620,984.28 | 9,862,585.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -580 | 882.79 | 336.58 | -914.29 | 366.04 | 9,750.30 | -59,323.92 | 360,945.66 | -2,196,108.46 | 13,361,823.99 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | 9,750.30 | -59,323.92 | 360,945.66 | -2,196,108.46 | 13,361,823.99 |
| WACC | ||||||||||
| PV LFCF | 9,043.13 | -51,030.66 | 287,967.74 | -1,625,011.64 | 9,169,995.22 | |||||
| SUM PV LFCF | 7,790,963.79 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.82 |
| Free cash flow (t + 1) | 13,629,060.47 |
| Terminal Value | 234,176,296.68 |
| Present Value of Terminal Value | 160,711,256.37 |
Intrinsic Value
| Enterprise Value | 168,502,220.15 |
|---|---|
| Net Debt | 1,185.12 |
| Equity Value | 168,501,035.03 |
| Shares Outstanding | 190.86 |
| Equity Value Per Share | 882,858.69 |