Discounted Cash Flow (DCF) Analysis Unlevered

AECOM (ACM)

$76.28

-1.18 (-1.52%)

All numbers are in Millions, Currency in USD

Stock DCF: 12.42 | 76.28 | overvalue

Operating Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	18,203.40	20,155.51	20,173.33	13,239.98	13,340.85	12,580.60	11,863.67	11,187.60	10,550.05	9,948.84
Revenue (%)
EBITDA	857.04	651.91	226	256.67	676.95	404.48	381.43	359.70	339.20	319.87
EBITDA (%)
EBIT	578.41	384.34	-35.19	19.30	500.55	221.61	208.98	197.07	185.84	175.25
EBIT (%)
Depreciation	278.63	267.57	261.18	237.38	176.40	182.87	172.45	162.62	153.36	144.62
Depreciation (%)

Balance Sheet Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Total Cash	802.36	886.73	1,080.35	1,708.33	1,229.20	912.83	860.81	811.75	765.49	721.87
Total Cash (%)
Account Receivables	5,183.10	5,595.62	5,826.77	4,437.93	3,956.83	3,731.35	3,518.71	3,318.19	3,129.10	2,950.78
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	2,249.87	2,726.05	2,954.72	2,352.14	1,944.32	1,833.52	1,729.04	1,630.50	1,537.59	1,449.96
Accounts Payable (%)
Capital Expenditure	-86.35	-113.28	-100.66	-114.59	-136.26	-86.11	-81.20	-76.57	-72.21	-68.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 76.28
Beta	1.402
Diluted Shares Outstanding	149.68
Cost of Debt
Tax Rate	57.64
After-tax Cost of Debt	2.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.612
Total Debt	3,520.23
Total Equity	11,417.29
Total Capital	14,937.51
Debt Weighting	23.57
Equity Weighting	76.43
Wacc

Build Up Free Cash

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	18,203.40	20,155.51	20,173.33	13,239.98	13,340.85	12,580.60	11,863.67	11,187.60	10,550.05	9,948.84
EBITDA	857.04	651.91	226	256.67	676.95	404.48	381.43	359.70	339.20	319.87
EBIT	578.41	384.34	-35.19	19.30	500.55	221.61	208.98	197.07	185.84	175.25
Tax Rate	20.92%	23.11%	-41.78%	180.12%	57.64%	48.00%	48.00%	48.00%	48.00%	48.00%
EBIAT	457.39	295.52	-49.89	-15.46	212.05	115.23	108.67	102.47	96.64	91.13
Depreciation	278.63	267.57	261.18	237.38	176.40	182.87	172.45	162.62	153.36	144.62
Accounts Receivable	-	-412.52	-231.15	1,388.84	481.09	225.49	212.64	200.52	189.09	178.32
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	476.17	228.67	-602.57	-407.82	-110.80	-104.49	-98.53	-92.92	-87.62
Capital Expenditure	-86.35	-113.28	-100.66	-114.59	-136.26	-86.11	-81.20	-76.57	-72.21	-68.10
UFCF	649.67	513.47	108.15	893.59	325.46	326.68	308.07	290.51	273.96	258.34
WACC
PV UFCF						302.43	264.02	230.49	201.22	175.66
SUM PV UFCF										1,173.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.02
Free cash flow (t + 1)	263.51
Terminal Value	4,377.26
Present Value of Terminal Value	2,976.33

Intrinsic Value

Enterprise Value	4,150.15
Net Debt	2,291.03
Equity Value	1,859.12
Shares Outstanding	149.68
Equity Value Per Share	12.42