Discounted Cash Flow (DCF) Analysis Levered
Syneos Health, Inc. (SYNH)
$42.985
+0.01 (+0.03%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 4,675.81 | 4,415.78 | 5,212.97 | 5,393.08 | 5,679.76 | 5,981.68 | 6,299.64 | 6,634.51 | 6,987.18 | 7,358.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 318.48 | 425.49 | 450.28 | 426.98 | 468.61 | 493.52 | 519.75 | 547.38 | 576.47 | 607.12 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -63.97 | -50.01 | -56.84 | -93.46 | -75.60 | -79.62 | -83.85 | -88.31 | -93 | -97.94 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 254.51 | 375.48 | 393.44 | 333.52 | 393.01 | 413.90 | 435.90 | 459.07 | 483.47 | 509.17 |
Weighted Average Cost Of Capital
| Share price | $ 42.985 |
|---|---|
| Beta | 1.580 |
| Diluted Shares Outstanding | 103.48 |
| Cost of Debt | |
| Tax Rate | 15.28 |
| After-tax Cost of Debt | 2.36% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.040 |
| Total Debt | 2,898.85 |
| Total Equity | 4,447.96 |
| Total Capital | 7,346.81 |
| Debt Weighting | 39.46 |
| Equity Weighting | 60.54 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 4,675.81 | 4,415.78 | 5,212.97 | 5,393.08 | 5,679.76 | 5,981.68 | 6,299.64 | 6,634.51 | 6,987.18 | 7,358.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 318.48 | 425.49 | 450.28 | 426.98 | 468.61 | 493.52 | 519.75 | 547.38 | 576.47 | 607.12 |
| Capital Expenditure | -63.97 | -50.01 | -56.84 | -93.46 | -75.60 | -79.62 | -83.85 | -88.31 | -93 | -97.94 |
| Free Cash Flow | 254.51 | 375.48 | 393.44 | 333.52 | 393.01 | 413.90 | 435.90 | 459.07 | 483.47 | 509.17 |
| WACC | ||||||||||
| PV LFCF | 393.01 | 382.46 | 372.20 | 362.21 | 352.49 | 343.03 | ||||
| SUM PV LFCF | 1,812.38 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.22 |
| Free cash flow (t + 1) | 519.36 |
| Terminal Value | 8,349.81 |
| Present Value of Terminal Value | 5,625.21 |
Intrinsic Value
| Enterprise Value | 7,437.60 |
|---|---|
| Net Debt | 2,786.85 |
| Equity Value | 4,650.75 |
| Shares Outstanding | 103.48 |
| Equity Value Per Share | 44.94 |