Discounted Cash Flow (DCF) Analysis Levered

Syneos Health, Inc. (SYNH)

$41.66

+0.01 (+0.02%)

All numbers are in Millions, Currency in USD

Stock DCF: 44.85 | 41.66 | undervalue

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	4,390.12	4,675.82	4,415.78	5,212.97	5,393.08	5,695.83	6,015.58	6,353.28	6,709.93	7,086.61
Revenue (%)
Operating Cash Flow	303.45	318.48	425.49	450.28	426.98	454.69	480.21	507.17	535.64	565.71
Operating Cash Flow (%)
Capital Expenditure	-54.59	-63.97	-50.01	-56.84	-93.46	-74.82	-79.02	-83.45	-88.14	-93.08
Capital Expenditure (%)
Free Cash Flow	248.85	254.51	375.48	393.44	333.52	379.87	401.19	423.72	447.50	472.62

Weighted Average Cost Of Capital

Share price	$ 41.66
Beta	1.622
Diluted Shares Outstanding	103.48
Cost of Debt
Tax Rate	15.28
After-tax Cost of Debt	2.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.400
Total Debt	2,898.85
Total Equity	4,310.85
Total Capital	7,209.70
Debt Weighting	40.21
Equity Weighting	59.79
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	4,390.12	4,675.82	4,415.78	5,212.97	5,393.08	5,695.83	6,015.58	6,353.28	6,709.93	7,086.61
Operating Cash Flow	303.45	318.48	425.49	450.28	426.98	454.69	480.21	507.17	535.64	565.71
Capital Expenditure	-54.59	-63.97	-50.01	-56.84	-93.46	-74.82	-79.02	-83.45	-88.14	-93.08
Free Cash Flow	248.85	254.51	375.48	393.44	333.52	379.87	401.19	423.72	447.50	472.62
WACC
PV LFCF						327.01	320.44	313.99	307.68	301.50
SUM PV LFCF										1,692.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.78
Free cash flow (t + 1)	482.08
Terminal Value	8,340.43
Present Value of Terminal Value	5,734.52

Intrinsic Value

Enterprise Value	7,427.34
Net Debt	2,786.85
Equity Value	4,640.49
Shares Outstanding	103.48
Equity Value Per Share	44.85