Discounted Cash Flow (DCF) Analysis Unlevered
Artisan Partners Asset Management I... (APAM)
$31.98
+0.81 (+2.60%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 828.63 | 798.95 | 899.57 | 1,227.24 | 993.28 | 1,058.78 | 1,128.58 | 1,202.99 | 1,282.31 | 1,366.86 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 222.80 | 201.63 | 290.84 | 461.28 | 287.91 | 319.81 | 340.90 | 363.37 | 387.33 | 412.87 |
EBITDA (%) | ||||||||||
EBIT | 217.13 | 195.40 | 284.22 | 454.35 | 280.12 | 312.29 | 332.88 | 354.83 | 378.23 | 403.16 |
EBIT (%) | ||||||||||
Depreciation | 5.67 | 6.23 | 6.62 | 6.93 | 7.80 | 7.52 | 8.01 | 8.54 | 9.11 | 9.71 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 193.01 | 143.63 | 198.82 | 200.14 | 143.25 | 199.26 | 212.40 | 226.41 | 241.33 | 257.24 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 73.26 | 83.51 | 103.47 | 122.26 | 103.61 | 108.40 | 115.54 | 123.16 | 131.28 | 139.94 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 21.48 | 54.08 | 134.09 | 49.18 | 50.77 | 70.70 | 75.36 | 80.33 | 85.62 | 91.27 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -13.84 | -17.78 | -3.10 | -5.97 | -19.56 | -14.18 | -15.11 | -16.11 | -17.17 | -18.30 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 31.98 |
---|---|
Beta | 1.828 |
Diluted Shares Outstanding | 62.50 |
Cost of Debt | |
Tax Rate | 33.70 |
After-tax Cost of Debt | 2.06% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.121 |
Total Debt | 319.90 |
Total Equity | 1,998.70 |
Total Capital | 2,318.60 |
Debt Weighting | 13.80 |
Equity Weighting | 86.20 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 828.63 | 798.95 | 899.57 | 1,227.24 | 993.28 | 1,058.78 | 1,128.58 | 1,202.99 | 1,282.31 | 1,366.86 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 222.80 | 201.63 | 290.84 | 461.28 | 287.91 | 319.81 | 340.90 | 363.37 | 387.33 | 412.87 |
EBIT | 217.13 | 195.40 | 284.22 | 454.35 | 280.12 | 312.29 | 332.88 | 354.83 | 378.23 | 403.16 |
Tax Rate | 47.54% | 41.87% | 42.43% | 38.99% | 33.70% | 40.90% | 40.90% | 40.90% | 40.90% | 40.90% |
EBIAT | 113.90 | 113.59 | 163.63 | 277.21 | 185.73 | 184.55 | 196.72 | 209.69 | 223.52 | 238.25 |
Depreciation | 5.67 | 6.23 | 6.62 | 6.93 | 7.80 | 7.52 | 8.01 | 8.54 | 9.11 | 9.71 |
Accounts Receivable | - | -10.26 | -19.96 | -18.78 | 18.65 | -4.79 | -7.15 | -7.62 | -8.12 | -8.66 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 32.60 | 80.01 | -84.91 | 1.59 | 19.93 | 4.66 | 4.97 | 5.30 | 5.65 |
Capital Expenditure | -13.84 | -17.78 | -3.10 | -5.97 | -19.56 | -14.18 | -15.11 | -16.11 | -17.17 | -18.30 |
UFCF | 105.73 | 124.38 | 227.21 | 174.48 | 194.21 | 193.03 | 187.13 | 199.47 | 212.62 | 226.64 |
WACC | ||||||||||
PV UFCF | 174.33 | 152.62 | 146.92 | 141.43 | 136.15 | |||||
SUM PV UFCF | 751.46 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.73 |
Free cash flow (t + 1) | 231.18 |
Terminal Value | 2,648.07 |
Present Value of Terminal Value | 1,590.75 |
Intrinsic Value
Enterprise Value | 2,342.21 |
---|---|
Net Debt | 176.65 |
Equity Value | 2,165.56 |
Shares Outstanding | 62.50 |
Equity Value Per Share | 34.65 |