Discounted Cash Flow (DCF) Analysis Unlevered

Ebix, Inc. (EBIX)

$24.14

+0.22 (+0.92%)
All numbers are in Millions, Currency in USD
Stock DCF: 202.85 | 24.14 | undervalue

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 363.97497.83580.62625.61994.941,293.891,682.682,188.292,845.823,700.92
Revenue (%)
EBITDA 128.08166.27163.58152.49138.93349.61454.66591.27768.93999.98
EBITDA (%)
EBIT 114.78152.74139.27129.28116.14306.76398.94518.81674.70877.43
EBIT (%)
Depreciation 13.3013.5324.3123.2122.7942.8555.7272.4694.23122.55
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 89.49178.9677.67130.05116.09275.26357.97465.53605.41787.32
Total Cash (%)
Account Receivables 121.86191.23191.43156.88164.83379.13493.05641.20833.871,084.43
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 69.10103.2574.9756.6470.51177.98231.46301.01391.46509.08
Accounts Payable (%)
Capital Expenditure -10.19-16.11-12.90-9.57-13.16-28.75-37.39-48.62-63.23-82.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.14
Beta 2.604
Diluted Shares Outstanding 30.57
Cost of Debt
Tax Rate 7.26
After-tax Cost of Debt 5.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.129
Total Debt 670.53
Total Equity 737.98
Total Capital 1,408.51
Debt Weighting 47.61
Equity Weighting 52.39
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 363.97497.83580.62625.61994.941,293.891,682.682,188.292,845.823,700.92
EBITDA 128.08166.27163.58152.49138.93349.61454.66591.27768.93999.98
EBIT 114.78152.74139.27129.28116.14306.76398.94518.81674.70877.43
Tax Rate 2.65%25.83%-6.53%1.89%7.26%6.22%6.22%6.22%6.22%6.22%
EBIAT 111.73113.28148.37126.84107.71287.68374.12486.54632.73822.85
Depreciation 13.3013.5324.3123.2122.7942.8555.7272.4694.23122.55
Accounts Receivable --69.37-0.1934.55-7.95-214.31-113.92-148.15-192.67-250.56
Inventories ----------
Accounts Payable -34.15-28.28-18.3313.88107.4753.4869.5590.45117.62
Capital Expenditure -10.19-16.11-12.90-9.57-13.16-28.75-37.39-48.62-63.23-82.23
UFCF 114.8475.47131.30156.70123.27194.94332.01431.77561.51730.23
WACC
PV UFCF 176.18271.18318.71374.59440.25
SUM PV UFCF 1,580.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.65
Free cash flow (t + 1) 744.84
Terminal Value 8,610.83
Present Value of Terminal Value 5,191.44

Intrinsic Value

Enterprise Value 6,772.35
Net Debt 570.90
Equity Value 6,201.45
Shares Outstanding 30.57
Equity Value Per Share 202.85