Discounted Cash Flow (DCF) Analysis Levered
Syneos Health, Inc. (SYNH)
$70.56
-0.91 (-1.27%)
All numbers are in Millions, Currency in USD
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 | 2,672.06 | 4,390.12 | 4,675.81 | 4,415.78 | 5,212.97 | 6,298.53 | 7,610.14 | 9,194.89 | 11,109.64 | 13,423.13 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 198.26 | 303.45 | 318.48 | 425.49 | 450.28 | 496.53 | 599.93 | 724.86 | 875.80 | 1,058.18 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -43.90 | -54.59 | -63.97 | -50.01 | -56.84 | -81.60 | -98.59 | -119.12 | -143.92 | -173.89 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 154.36 | 248.85 | 254.51 | 375.48 | 393.44 | 414.93 | 501.34 | 605.74 | 731.88 | 884.29 |
Weighted Average Cost Of Capital
Share price | $ 70.56 |
---|---|
Beta | 1.788 |
Diluted Shares Outstanding | 105.47 |
Cost of Debt | |
Tax Rate | 25.49 |
After-tax Cost of Debt | 1.91% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.199 |
Total Debt | 3,079.39 |
Total Equity | 7,441.61 |
Total Capital | 10,521 |
Debt Weighting | 29.27 |
Equity Weighting | 70.73 |
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 | 2,672.06 | 4,390.12 | 4,675.81 | 4,415.78 | 5,212.97 | 6,298.53 | 7,610.14 | 9,194.89 | 11,109.64 | 13,423.13 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 198.26 | 303.45 | 318.48 | 425.49 | 450.28 | 496.53 | 599.93 | 724.86 | 875.80 | 1,058.18 |
Capital Expenditure | -43.90 | -54.59 | -63.97 | -50.01 | -56.84 | -81.60 | -98.59 | -119.12 | -143.92 | -173.89 |
Free Cash Flow | 154.36 | 248.85 | 254.51 | 375.48 | 393.44 | 414.93 | 501.34 | 605.74 | 731.88 | 884.29 |
WACC | ||||||||||
PV LFCF | 382.50 | 426.02 | 474.50 | 528.49 | 588.63 | |||||
SUM PV LFCF | 2,400.15 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.48 |
Free cash flow (t + 1) | 901.97 |
Terminal Value | 13,919.33 |
Present Value of Terminal Value | 9,265.52 |
Intrinsic Value
Enterprise Value | 11,665.67 |
---|---|
Net Debt | 2,972.91 |
Equity Value | 8,692.76 |
Shares Outstanding | 105.47 |
Equity Value Per Share | 82.42 |