Discounted Cash Flow (DCF) Analysis Levered

TTEC Holdings, Inc. (TTEC)

$47

-0.29 (-0.61%)
All numbers are in Millions, Currency in USD
Stock DCF: 137.69 | 47 | 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 1,477.371,509.171,643.701,949.252,273.062,535.992,829.333,156.603,521.723,929.08
Revenue (%)
Operating Cash Flow 113.15168.35237.99271.92251.30295.69329.89368.05410.62458.12
Operating Cash Flow (%)
Capital Expenditure -51.96-43.45-60.78-59.77-60.36-80.21-89.49-99.84-111.39-124.28
Capital Expenditure (%)
Free Cash Flow 61.19124.90177.21212.15190.94215.47240.40268.20299.23333.84

Weighted Average Cost Of Capital

Share price $ 47
Beta 0.959
Diluted Shares Outstanding 47.39
Cost of Debt
Tax Rate 32.19
After-tax Cost of Debt 0.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.217
Total Debt 899.88
Total Equity 2,227.14
Total Capital 3,127.02
Debt Weighting 28.78
Equity Weighting 71.22
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 1,477.371,509.171,643.701,949.252,273.062,535.992,829.333,156.603,521.723,929.08
Operating Cash Flow 113.15168.35237.99271.92251.30295.69329.89368.05410.62458.12
Capital Expenditure -51.96-43.45-60.78-59.77-60.36-80.21-89.49-99.84-111.39-124.28
Free Cash Flow 61.19124.90177.21212.15190.94215.47240.40268.20299.23333.84
WACC
PV LFCF 191.34201.16211.48222.34233.75
SUM PV LFCF 1,124.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.12
Free cash flow (t + 1) 340.51
Terminal Value 8,264.89
Present Value of Terminal Value 6,141.17

Intrinsic Value

Enterprise Value 7,266.10
Net Debt 741.67
Equity Value 6,524.43
Shares Outstanding 47.39
Equity Value Per Share 137.69