Discounted Cash Flow (DCF) Analysis Unlevered
Ebix, Inc. (EBIX)
$24.14
+0.22 (+0.92%)
All numbers are in Millions, Currency in USD
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 | 363.97 | 497.83 | 580.62 | 625.61 | 994.94 | 1,293.89 | 1,682.68 | 2,188.29 | 2,845.82 | 3,700.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 128.08 | 166.27 | 163.58 | 152.49 | 138.93 | 349.61 | 454.66 | 591.27 | 768.93 | 999.98 |
| EBITDA (%) | ||||||||||
| EBIT | 114.78 | 152.74 | 139.27 | 129.28 | 116.14 | 306.76 | 398.94 | 518.81 | 674.70 | 877.43 |
| EBIT (%) | ||||||||||
| Depreciation | 13.30 | 13.53 | 24.31 | 23.21 | 22.79 | 42.85 | 55.72 | 72.46 | 94.23 | 122.55 |
| 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 | 89.49 | 178.96 | 77.67 | 130.05 | 116.09 | 275.26 | 357.97 | 465.53 | 605.41 | 787.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 121.86 | 191.23 | 191.43 | 156.88 | 164.83 | 379.13 | 493.05 | 641.20 | 833.87 | 1,084.43 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 69.10 | 103.25 | 74.97 | 56.64 | 70.51 | 177.98 | 231.46 | 301.01 | 391.46 | 509.08 |
| 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 | 363.97 | 497.83 | 580.62 | 625.61 | 994.94 | 1,293.89 | 1,682.68 | 2,188.29 | 2,845.82 | 3,700.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 128.08 | 166.27 | 163.58 | 152.49 | 138.93 | 349.61 | 454.66 | 591.27 | 768.93 | 999.98 |
| EBIT | 114.78 | 152.74 | 139.27 | 129.28 | 116.14 | 306.76 | 398.94 | 518.81 | 674.70 | 877.43 |
| Tax Rate | 2.65% | 25.83% | -6.53% | 1.89% | 7.26% | 6.22% | 6.22% | 6.22% | 6.22% | 6.22% |
| EBIAT | 111.73 | 113.28 | 148.37 | 126.84 | 107.71 | 287.68 | 374.12 | 486.54 | 632.73 | 822.85 |
| Depreciation | 13.30 | 13.53 | 24.31 | 23.21 | 22.79 | 42.85 | 55.72 | 72.46 | 94.23 | 122.55 |
| Accounts Receivable | - | -69.37 | -0.19 | 34.55 | -7.95 | -214.31 | -113.92 | -148.15 | -192.67 | -250.56 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 34.15 | -28.28 | -18.33 | 13.88 | 107.47 | 53.48 | 69.55 | 90.45 | 117.62 |
| Capital Expenditure | -10.19 | -16.11 | -12.90 | -9.57 | -13.16 | -28.75 | -37.39 | -48.62 | -63.23 | -82.23 |
| UFCF | 114.84 | 75.47 | 131.30 | 156.70 | 123.27 | 194.94 | 332.01 | 431.77 | 561.51 | 730.23 |
| WACC | ||||||||||
| PV UFCF | 176.18 | 271.18 | 318.71 | 374.59 | 440.25 | |||||
| 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 |