Discounted Cash Flow (DCF) Analysis Unlevered

ASGN Incorporated (ASGN)

$104.71

-1.57 (-1.48%)
All numbers are in Millions, Currency in USD
Stock DCF: 92.63 | 104.71 | 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 2,625.923,399.783,923.903,950.604,009.504,481.195,008.385,597.586,256.106,992.09
Revenue (%)
EBITDA 283.14354.85380.80400.10584.70498.62557.28622.84696.12778.01
EBITDA (%)
EBIT 224.54259.87289.60310.40488.27390.85436.83488.22545.65609.85
EBIT (%)
Depreciation 58.6094.9791.2089.7096.43107.77120.45134.62150.46168.16
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 36.6741.8395.20274.40529.60225.92252.49282.20315.40352.50
Total Cash (%)
Account Receivables 441.24628.84662.50678.70695.28777.07868.49970.661,084.851,212.48
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.8743.1239.2039.8035.4539.6244.2849.4955.3161.82
Accounts Payable (%)
Capital Expenditure -24.27-28.70-32.70-32.60-34.35-38.39-42.91-47.95-53.60-59.90
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 104.71
Beta 1.836
Diluted Shares Outstanding 53.30
Cost of Debt
Tax Rate -30.79
After-tax Cost of Debt 3.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.558
Total Debt 1,079
Total Equity 5,581.04
Total Capital 6,660.04
Debt Weighting 16.20
Equity Weighting 83.80
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 2,625.923,399.783,923.903,950.604,009.504,481.195,008.385,597.586,256.106,992.09
EBITDA 283.14354.85380.80400.10584.70498.62557.28622.84696.12778.01
EBIT 224.54259.87289.60310.40488.27390.85436.83488.22545.65609.85
Tax Rate 20.00%22.76%26.22%26.01%-30.79%12.84%12.84%12.84%12.84%12.84%
EBIAT 179.63200.73213.65229.68638.62340.66380.74425.53475.59531.54
Depreciation 58.6094.9791.2089.7096.43107.77120.45134.62150.46168.16
Accounts Receivable --187.60-33.66-16.20-16.58-81.79-91.42-102.17-114.19-127.63
Inventories ----------
Accounts Payable -36.26-3.930.60-4.354.174.665.215.826.51
Capital Expenditure -24.27-28.70-32.70-32.60-34.35-38.39-42.91-47.95-53.60-59.90
UFCF 213.97115.66234.56271.18679.77332.42371.53415.24464.09518.68
WACC
PV UFCF 301.52305.66309.86314.11318.43
SUM PV UFCF 1,549.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.25
Free cash flow (t + 1) 529.06
Terminal Value 6,412.83
Present Value of Terminal Value 3,936.92

Intrinsic Value

Enterprise Value 5,486.49
Net Debt 549.40
Equity Value 4,937.09
Shares Outstanding 53.30
Equity Value Per Share 92.63