Discounted Cash Flow (DCF) Analysis Unlevered

AECOM (ACM)

$91.59

+0.01 (+0.01%)
All numbers are in Millions, Currency in USD
Stock DCF: 41.17 | 91.59 | overvalue

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 20,173.3313,239.9813,340.8513,148.1814,378.4613,454.8512,590.5711,781.8111,02510,316.81
Revenue (%)
EBITDA 763.10580.86696768.46561.15622.53582.55545.13510.11477.34
EBITDA (%)
EBIT 501.92343.49519.60597.57385.42436.01408381.79357.27334.32
EBIT (%)
Depreciation 261.19237.38176.40170.89175.73186.53174.55163.34152.84143.03
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 1,080.351,708.331,229.201,172.211,260.211,215.021,136.981,063.94995.60931.65
Total Cash (%)
Account Receivables 5,826.774,437.934,065.893,812.194,069.504,041.203,781.623,538.703,311.393,098.68
Account Receivables (%)
Inventories 627.551,384.12878.47838.40953.52892.27834.95781.32731.13684.17
Inventories (%)
Accounts Payable 2,954.722,352.142,090.482,027.312,190.762,118.801,982.691,855.331,736.161,624.63
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 20,173.3313,239.9813,340.8513,148.1814,378.4613,454.8512,590.5711,781.8111,02510,316.81
EBITDA 763.10580.86696768.46561.15622.53582.55545.13510.11477.34
EBIT 501.92343.49519.60597.57385.42436.01408381.79357.27334.32
Tax Rate 0.07%19.67%21.77%24.71%74.07%28.06%28.06%28.06%28.06%28.06%
EBIAT 501.56275.92406.46449.9499.93313.67293.52274.67257.02240.51
Depreciation 261.19237.38176.40170.89175.73186.53174.55163.34152.84143.03
Accounts Receivable -1,388.84372.04253.70-257.3228.30259.59242.91227.31212.71
Inventories --756.57505.6540.07-115.1261.2557.3253.6350.1946.96
Accounts Payable --602.57-261.66-63.16163.44-71.96-136.10-127.36-119.18-111.52
Capital Expenditure -100.66-114.59-136.26-137.02-105.60-112.01-104.81-98.08-91.78-85.89
UFCF 662.08428.401,062.62714.41-38.93405.78544.06509.11476.41445.80
WACC
PV UFCF 373.54461.05397.16342.12294.71
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