Discounted Cash Flow (DCF) Analysis Unlevered
Envestnet, Inc. (ENV)
$43.16
-1.50 (-3.36%)
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 | 812.36 | 900.13 | 998.23 | 1,186.52 | 1,239.78 | 1,379.43 | 1,534.80 | 1,707.67 | 1,900.01 | 2,114.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 91.79 | 85.20 | 133.10 | 158.31 | 64.52 | 145.24 | 161.60 | 179.80 | 200.05 | 222.58 |
| EBITDA (%) | ||||||||||
| EBIT | 14.17 | -16.07 | 19.44 | 40.54 | -66.02 | -0.01 | -0.01 | -0.01 | -0.01 | -0.01 |
| EBIT (%) | ||||||||||
| Depreciation | 77.63 | 101.27 | 113.66 | 117.77 | 130.55 | 145.25 | 161.61 | 179.81 | 200.06 | 222.60 |
| 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 | 289.35 | 82.51 | 384.57 | 429.28 | 162.17 | 365.74 | 406.93 | 452.77 | 503.76 | 560.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 68 | 67.82 | 80.06 | 95.29 | 101.70 | 110.79 | 123.27 | 137.16 | 152.61 | 169.80 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 152.87 | 155.22 | 176.55 | 243.51 | 17.33 | 208.76 | 232.27 | 258.44 | 287.54 | 319.93 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -44.59 | -53.94 | -67 | -117.42 | -124.33 | -105.16 | -117.01 | -130.18 | -144.85 | -161.16 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 43.16 |
|---|---|
| Beta | 1.259 |
| Diluted Shares Outstanding | 56.84 |
| Cost of Debt | |
| Tax Rate | -9.00 |
| After-tax Cost of Debt | -1.62% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.541 |
| Total Debt | 1,039.26 |
| Total Equity | 2,453.31 |
| Total Capital | 3,492.56 |
| Debt Weighting | 29.76 |
| Equity Weighting | 70.24 |
| 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 | 812.36 | 900.13 | 998.23 | 1,186.52 | 1,239.78 | 1,379.43 | 1,534.80 | 1,707.67 | 1,900.01 | 2,114.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 91.79 | 85.20 | 133.10 | 158.31 | 64.52 | 145.24 | 161.60 | 179.80 | 200.05 | 222.58 |
| EBIT | 14.17 | -16.07 | 19.44 | 40.54 | -66.02 | -0.01 | -0.01 | -0.01 | -0.01 | -0.01 |
| Tax Rate | 162.81% | 64.23% | 67.13% | 34.70% | -9.00% | 63.98% | 63.98% | 63.98% | 63.98% | 63.98% |
| EBIAT | -8.90 | -5.75 | 6.39 | 26.47 | -71.97 | -0 | -0 | -0 | -0 | -0 |
| Depreciation | 77.63 | 101.27 | 113.66 | 117.77 | 130.55 | 145.25 | 161.61 | 179.81 | 200.06 | 222.60 |
| Accounts Receivable | - | 0.19 | -12.25 | -15.23 | -6.41 | -9.10 | -12.48 | -13.88 | -15.45 | -17.19 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.36 | 21.33 | 66.96 | -226.17 | 191.43 | 23.51 | 26.16 | 29.11 | 32.39 |
| Capital Expenditure | -44.59 | -53.94 | -67 | -117.42 | -124.33 | -105.16 | -117.01 | -130.18 | -144.85 | -161.16 |
| UFCF | 24.14 | 44.12 | 62.14 | 78.55 | -298.32 | 222.41 | 55.63 | 61.90 | 68.87 | 76.63 |
| WACC | ||||||||||
| PV UFCF | 208.02 | 48.67 | 50.64 | 52.70 | 54.84 | |||||
| SUM PV UFCF | 414.86 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.92 |
| Free cash flow (t + 1) | 78.16 |
| Terminal Value | 1,588.66 |
| Present Value of Terminal Value | 1,136.93 |
Intrinsic Value
| Enterprise Value | 1,551.80 |
|---|---|
| Net Debt | 877.08 |
| Equity Value | 674.71 |
| Shares Outstanding | 56.84 |
| Equity Value Per Share | 11.87 |