Discounted Cash Flow (DCF) Analysis Levered

UBS Group AG (UBS)

$28.05

-0.01 (-0.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 186.24 | 28.05 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 28,96933,08435,05933,27039,06342,235.2845,665.1849,373.6253,383.2257,718.44
Revenue (%)
Operating Cash Flow 19,70536,95831,42514,64730,604.8733,090.2735,777.5138,682.9841,824.4045,220.93
Operating Cash Flow (%)
Capital Expenditure -1,584-1,854-1,841-1,643-2,076.33-2,244.95-2,427.26-2,624.38-2,837.50-3,067.93
Capital Expenditure (%)
Free Cash Flow 18,12135,10429,58413,00428,528.5430,845.3233,350.2536,058.6038,986.9042,153

Weighted Average Cost Of Capital

Share price $ 28.05
Beta 1.018
Diluted Shares Outstanding 3,227.94
Cost of Debt
Tax Rate 2.97
After-tax Cost of Debt 7.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.090
Total Debt 366,106
Total Equity 90,543.76
Total Capital 456,649.76
Debt Weighting 80.17
Equity Weighting 19.83
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 28,96933,08435,05933,27039,06342,235.2845,665.1849,373.6253,383.2257,718.44
Operating Cash Flow 19,70536,95831,42514,64730,604.8733,090.2735,777.5138,682.9841,824.4045,220.93
Capital Expenditure -1,584-1,854-1,841-1,643-2,076.33-2,244.95-2,427.26-2,624.38-2,837.50-3,067.93
Free Cash Flow 18,12135,10429,58413,00428,528.5430,845.3233,350.2536,058.6038,986.9042,153
WACC
PV LFCF 19,655.1719,713.6819,772.3719,831.2419,890.28
SUM PV LFCF 143,921.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.80
Free cash flow (t + 1) 42,996.06
Terminal Value 741,311.39
Present Value of Terminal Value 509,221.66

Intrinsic Value

Enterprise Value 653,143.42
Net Debt 51,958
Equity Value 601,185.42
Shares Outstanding 3,227.94
Equity Value Per Share 186.24