Discounted Cash Flow (DCF) Analysis Unlevered
Amdocs Limited (DOX)
$94.73
-0.15 (-0.16%)
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 | 3,974.84 | 4,086.67 | 4,169.04 | 4,288.64 | 4,576.70 | 4,741.63 | 4,912.50 | 5,089.53 | 5,272.94 | 5,462.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 635.53 | 777.57 | 792.16 | 1,023.14 | 899.33 | 924.84 | 958.17 | 992.70 | 1,028.47 | 1,065.54 |
| EBITDA (%) | ||||||||||
| EBIT | 424.31 | 571.80 | 593.75 | 814.31 | 674.80 | 688.86 | 713.69 | 739.41 | 766.05 | 793.66 |
| EBIT (%) | ||||||||||
| Depreciation | 211.22 | 205.77 | 198.41 | 208.83 | 224.53 | 235.98 | 244.48 | 253.29 | 262.42 | 271.88 |
| 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 | 519.22 | 471.63 | 983.94 | 965.59 | 817.98 | 840.14 | 870.42 | 901.79 | 934.28 | 967.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 971.50 | 987.86 | 861.03 | 866.82 | 946.78 | 1,044.73 | 1,082.38 | 1,121.38 | 1,161.80 | 1,203.66 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 194.74 | 176.51 | 110.14 | 169.55 | 180.94 | 187.46 | 194.21 | 201.21 | 208.46 | 215.97 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -231.15 | -128.09 | -205.51 | -210.44 | -227.22 | -225.23 | -233.35 | -241.76 | -250.47 | -259.50 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 94.73 |
|---|---|
| Beta | 0.657 |
| Diluted Shares Outstanding | 129.28 |
| Cost of Debt | |
| Tax Rate | 15.25 |
| After-tax Cost of Debt | 2.70% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.665 |
| Total Debt | 826.83 |
| Total Equity | 12,247.07 |
| Total Capital | 13,073.90 |
| Debt Weighting | 6.32 |
| Equity Weighting | 93.68 |
| 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 | 3,974.84 | 4,086.67 | 4,169.04 | 4,288.64 | 4,576.70 | 4,741.63 | 4,912.50 | 5,089.53 | 5,272.94 | 5,462.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 635.53 | 777.57 | 792.16 | 1,023.14 | 899.33 | 924.84 | 958.17 | 992.70 | 1,028.47 | 1,065.54 |
| EBIT | 424.31 | 571.80 | 593.75 | 814.31 | 674.80 | 688.86 | 713.69 | 739.41 | 766.05 | 793.66 |
| Tax Rate | 15.93% | 15.57% | 14.65% | 15.46% | 15.25% | 15.38% | 15.38% | 15.38% | 15.38% | 15.38% |
| EBIAT | 356.72 | 482.75 | 506.74 | 688.37 | 571.87 | 582.95 | 603.96 | 625.72 | 648.27 | 671.63 |
| Depreciation | 211.22 | 205.77 | 198.41 | 208.83 | 224.53 | 235.98 | 244.48 | 253.29 | 262.42 | 271.88 |
| Accounts Receivable | - | -16.36 | 126.82 | -5.79 | -79.96 | -97.95 | -37.65 | -39.01 | -40.41 | -41.87 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -18.23 | -66.37 | 59.41 | 11.39 | 6.52 | 6.76 | 7 | 7.25 | 7.51 |
| Capital Expenditure | -231.15 | -128.09 | -205.51 | -210.44 | -227.22 | -225.23 | -233.35 | -241.76 | -250.47 | -259.50 |
| UFCF | 336.80 | 525.85 | 560.10 | 740.39 | 500.61 | 502.27 | 584.20 | 605.25 | 627.06 | 649.66 |
| WACC | ||||||||||
| PV UFCF | 472.01 | 515.94 | 502.33 | 489.08 | 476.18 | |||||
| SUM PV UFCF | 2,455.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.41 |
| Free cash flow (t + 1) | 662.65 |
| Terminal Value | 15,026.19 |
| Present Value of Terminal Value | 11,013.78 |
Intrinsic Value
| Enterprise Value | 13,469.33 |
|---|---|
| Net Debt | 253.45 |
| Equity Value | 13,215.88 |
| Shares Outstanding | 129.28 |
| Equity Value Per Share | 102.22 |