Discounted Cash Flow (DCF) Analysis Unlevered

Broadridge Financial Solutions, Inc... (BR)

$154.44

-2.73 (-1.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 132.27 | 154.44 | overvalue

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 4,329.904,362.204,5294,993.705,709.106,125.246,571.717,050.737,564.678,116.06
Revenue (%)
EBITDA 766.90825.80838.70974.801,092.501,149.311,233.091,322.971,419.401,522.86
EBITDA (%)
EBIT 603.40653.20642753.70759.90875.77939.601,008.091,081.571,160.41
EBIT (%)
Depreciation 163.50172.60196.70221.10332.60273.54293.48314.88337.83362.45
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 201.80195.30476.60274.50224.70356.41382.39410.26440.17472.25
Total Cash (%)
Account Receivables 615664711.30820.30946.90957.291,027.071,101.931,182.251,268.43
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 191.80133.70151.80248.90244.90246.48264.45283.73304.41326.59
Accounts Payable (%)
Capital Expenditure -137.90-72.60-98.70-100.70-73.10-126.49-135.71-145.60-156.22-167.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 154.44
Beta 0.911
Diluted Shares Outstanding 118.50
Cost of Debt
Tax Rate 19.80
After-tax Cost of Debt 1.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.998
Total Debt 4,066.20
Total Equity 18,301.14
Total Capital 22,367.34
Debt Weighting 18.18
Equity Weighting 81.82
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 4,329.904,362.204,5294,993.705,709.106,125.246,571.717,050.737,564.678,116.06
EBITDA 766.90825.80838.70974.801,092.501,149.311,233.091,322.971,419.401,522.86
EBIT 603.40653.20642753.70759.90875.77939.601,008.091,081.571,160.41
Tax Rate 23.73%20.62%20.19%21.36%19.80%21.14%21.14%21.14%21.14%21.14%
EBIAT 460.24518.54512.38592.72609.43690.65740.99795852.95915.12
Depreciation 163.50172.60196.70221.10332.60273.54293.48314.88337.83362.45
Accounts Receivable --49-47.30-109-126.60-10.39-69.78-74.86-80.32-86.18
Inventories ----------
Accounts Payable --58.1018.1097.10-41.5817.9719.2820.6822.19
Capital Expenditure -137.90-72.60-98.70-100.70-73.10-126.49-135.71-145.60-156.22-167.60
UFCF 485.84511.44581.18701.22738.33828.89846.95908.68974.921,045.98
WACC
PV UFCF 775.68741.70744.68747.67750.67
SUM PV UFCF 3,760.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.86
Free cash flow (t + 1) 1,066.90
Terminal Value 21,952.71
Present Value of Terminal Value 15,754.78

Intrinsic Value

Enterprise Value 19,515.17
Net Debt 3,841.50
Equity Value 15,673.67
Shares Outstanding 118.50
Equity Value Per Share 132.27