Discounted Cash Flow (DCF) Analysis Unlevered

Envestnet, Inc. (ENV)

$43.16

-1.50 (-3.36%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.87 | 43.16 | 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 91.7985.20133.10158.3164.52145.24161.60179.80200.05222.58
EBITDA (%)
EBIT 14.17-16.0719.4440.54-66.02-0.01-0.01-0.01-0.01-0.01
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 6867.8280.0695.29101.70110.79123.27137.16152.61169.80
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 152.87155.22176.55243.5117.33208.76232.27258.44287.54319.93
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 812.36900.13998.231,186.521,239.781,379.431,534.801,707.671,900.012,114.02
EBITDA 91.7985.20133.10158.3164.52145.24161.60179.80200.05222.58
EBIT 14.17-16.0719.4440.54-66.02-0.01-0.01-0.01-0.01-0.01
Tax Rate 162.81%64.23%67.13%34.70%-9.00%63.98%63.98%63.98%63.98%63.98%
EBIAT -8.90-5.756.3926.47-71.97-0-0-0-0-0
Depreciation 77.63101.27113.66117.77130.55145.25161.61179.81200.06222.60
Accounts Receivable -0.19-12.25-15.23-6.41-9.10-12.48-13.88-15.45-17.19
Inventories ----------
Accounts Payable -2.3621.3366.96-226.17191.4323.5126.1629.1132.39
Capital Expenditure -44.59-53.94-67-117.42-124.33-105.16-117.01-130.18-144.85-161.16
UFCF 24.1444.1262.1478.55-298.32222.4155.6361.9068.8776.63
WACC
PV UFCF 208.0248.6750.6452.7054.84
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