Discounted Cash Flow (DCF) Analysis Unlevered

Envestnet, Inc. (ENV)

$53.08

+0.85 (+1.63%)
All numbers are in Millions, Currency in USD
Stock DCF: -4.58 | 53.08 | 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 812.36900.13998.231,186.521,239.781,379.431,534.801,707.671,900.012,114.02
Revenue (%)
EBITDA 91.9981.62132.46148.6556.67140.04155.81173.36192.89214.61
EBITDA (%)
EBIT 14.36-19.6518.8030.88-73.88-5.21-5.80-6.45-7.18-7.98
EBIT (%)
Depreciation 77.63101.27113.66117.77130.55145.25161.61179.81200.06222.60
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 289.3582.51384.57429.28162.17365.74406.93452.77503.76560.51
Total Cash (%)
Account Receivables 73.6373.3788.32103.61101.70118.62131.99146.85163.39181.80
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 19.5717.281819.0917.3325.2128.0531.2134.7338.64
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 $ 53.08
Beta 1.224
Diluted Shares Outstanding 56.84
Cost of Debt
Tax Rate -3.21
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.475
Total Debt 1,039.26
Total Equity 3,017.18
Total Capital 4,056.44
Debt Weighting 25.62
Equity Weighting 74.38
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 812.36900.13998.231,186.521,239.781,379.431,534.801,707.671,900.012,114.02
EBITDA 91.9981.62132.46148.6556.67140.04155.81173.36192.89214.61
EBIT 14.36-19.6518.8030.88-73.88-5.21-5.80-6.45-7.18-7.98
Tax Rate 162.81%65.11%61.34%34.70%-3.21%64.15%64.15%64.15%64.15%64.15%
EBIAT -9.02-6.867.2720.17-76.25-1.87-2.08-2.31-2.57-2.86
Depreciation 77.63101.27113.66117.77130.55145.25161.61179.81200.06222.60
Accounts Receivable -0.26-14.95-15.291.92-16.93-13.36-14.87-16.54-18.40
Inventories ----------
Accounts Payable --2.290.731.09-1.767.882.843.163.523.91
Capital Expenditure -44.59-53.94-67-117.42-124.33-105.16-117.01-130.18-144.85-161.16
UFCF 24.0138.4439.716.31-69.8729.173235.6139.6244.08
WACC
PV UFCF 26.9327.2728.0128.7729.55
SUM PV UFCF 140.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.33
Free cash flow (t + 1) 44.96
Terminal Value 710.31
Present Value of Terminal Value 476.11

Intrinsic Value

Enterprise Value 616.63
Net Debt 877.08
Equity Value -260.46
Shares Outstanding 56.84
Equity Value Per Share -4.58