Discounted Cash Flow (DCF) Analysis Unlevered
AECOM (ACM)
$91.59
+0.01 (+0.01%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 20,173.33 | 13,239.98 | 13,340.85 | 13,148.18 | 14,378.46 | 13,454.85 | 12,590.57 | 11,781.81 | 11,025 | 10,316.81 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 763.10 | 580.86 | 696 | 768.46 | 561.15 | 622.53 | 582.55 | 545.13 | 510.11 | 477.34 |
EBITDA (%) | ||||||||||
EBIT | 501.92 | 343.49 | 519.60 | 597.57 | 385.42 | 436.01 | 408 | 381.79 | 357.27 | 334.32 |
EBIT (%) | ||||||||||
Depreciation | 261.19 | 237.38 | 176.40 | 170.89 | 175.73 | 186.53 | 174.55 | 163.34 | 152.84 | 143.03 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Total Cash | 1,080.35 | 1,708.33 | 1,229.20 | 1,172.21 | 1,260.21 | 1,215.02 | 1,136.98 | 1,063.94 | 995.60 | 931.65 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 5,826.77 | 4,437.93 | 4,065.89 | 3,812.19 | 4,069.50 | 4,041.20 | 3,781.62 | 3,538.70 | 3,311.39 | 3,098.68 |
Account Receivables (%) | ||||||||||
Inventories | 627.55 | 1,384.12 | 878.47 | 838.40 | 953.52 | 892.27 | 834.95 | 781.32 | 731.13 | 684.17 |
Inventories (%) | ||||||||||
Accounts Payable | 2,954.72 | 2,352.14 | 2,090.48 | 2,027.31 | 2,190.76 | 2,118.80 | 1,982.69 | 1,855.33 | 1,736.16 | 1,624.63 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -100.66 | -114.59 | -136.26 | -137.02 | -105.60 | -112.01 | -104.81 | -98.08 | -91.78 | -85.89 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 91.59 |
---|---|
Beta | 1.230 |
Diluted Shares Outstanding | 140.11 |
Cost of Debt | |
Tax Rate | 74.07 |
After-tax Cost of Debt | 1.50% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.162 |
Total Debt | 2,751.67 |
Total Equity | 12,832.58 |
Total Capital | 15,584.26 |
Debt Weighting | 17.66 |
Equity Weighting | 82.34 |
Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 20,173.33 | 13,239.98 | 13,340.85 | 13,148.18 | 14,378.46 | 13,454.85 | 12,590.57 | 11,781.81 | 11,025 | 10,316.81 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 763.10 | 580.86 | 696 | 768.46 | 561.15 | 622.53 | 582.55 | 545.13 | 510.11 | 477.34 |
EBIT | 501.92 | 343.49 | 519.60 | 597.57 | 385.42 | 436.01 | 408 | 381.79 | 357.27 | 334.32 |
Tax Rate | 0.07% | 19.67% | 21.77% | 24.71% | 74.07% | 28.06% | 28.06% | 28.06% | 28.06% | 28.06% |
EBIAT | 501.56 | 275.92 | 406.46 | 449.94 | 99.93 | 313.67 | 293.52 | 274.67 | 257.02 | 240.51 |
Depreciation | 261.19 | 237.38 | 176.40 | 170.89 | 175.73 | 186.53 | 174.55 | 163.34 | 152.84 | 143.03 |
Accounts Receivable | - | 1,388.84 | 372.04 | 253.70 | -257.32 | 28.30 | 259.59 | 242.91 | 227.31 | 212.71 |
Inventories | - | -756.57 | 505.65 | 40.07 | -115.12 | 61.25 | 57.32 | 53.63 | 50.19 | 46.96 |
Accounts Payable | - | -602.57 | -261.66 | -63.16 | 163.44 | -71.96 | -136.10 | -127.36 | -119.18 | -111.52 |
Capital Expenditure | -100.66 | -114.59 | -136.26 | -137.02 | -105.60 | -112.01 | -104.81 | -98.08 | -91.78 | -85.89 |
UFCF | 662.08 | 428.40 | 1,062.62 | 714.41 | -38.93 | 405.78 | 544.06 | 509.11 | 476.41 | 445.80 |
WACC | ||||||||||
PV UFCF | 373.54 | 461.05 | 397.16 | 342.12 | 294.71 | |||||
SUM PV UFCF | 1,868.58 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.63 |
Free cash flow (t + 1) | 459.18 |
Terminal Value | 8,155.91 |
Present Value of Terminal Value | 5,391.67 |
Intrinsic Value
Enterprise Value | 7,260.25 |
---|---|
Net Debt | 1,491.47 |
Equity Value | 5,768.78 |
Shares Outstanding | 140.11 |
Equity Value Per Share | 41.17 |