Discounted Cash Flow (DCF) Analysis Levered

Silvercrest Asset Management Group ... (SAMG)

$18.56

-0.58 (-3.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 118.05 | 18.56 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 91.3698.67102.15107.98131.60144.47158.60174.11191.13209.82
Revenue (%)
Operating Cash Flow 29.5928.8618.7826.8544.2840.0243.9448.2352.9558.13
Operating Cash Flow (%)
Capital Expenditure -0.80-1.76-3.81-0.63-2.29-2.52-2.76-3.03-3.33-3.66
Capital Expenditure (%)
Free Cash Flow 28.7827.1014.9626.2241.9837.5141.1745.2049.6254.47

Weighted Average Cost Of Capital

Share price $ 18.56
Beta 0.836
Diluted Shares Outstanding 9.51
Cost of Debt
Tax Rate 53.90
After-tax Cost of Debt 2.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.544
Total Debt 41.65
Total Equity 176.52
Total Capital 218.17
Debt Weighting 19.09
Equity Weighting 80.91
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 91.3698.67102.15107.98131.60144.47158.60174.11191.13209.82
Operating Cash Flow 29.5928.8618.7826.8544.2840.0243.9448.2352.9558.13
Capital Expenditure -0.80-1.76-3.81-0.63-2.29-2.52-2.76-3.03-3.33-3.66
Free Cash Flow 28.7827.1014.9626.2241.9837.5141.1745.2049.6254.47
WACC
PV LFCF 35.2036.2737.3838.5139.68
SUM PV LFCF 187.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.54
Free cash flow (t + 1) 55.56
Terminal Value 1,223.80
Present Value of Terminal Value 891.55

Intrinsic Value

Enterprise Value 1,078.60
Net Debt -44.09
Equity Value 1,122.70
Shares Outstanding 9.51
Equity Value Per Share 118.05