Discounted Cash Flow (DCF) Analysis Unlevered
Envestnet, Inc. (ENV)
$53.08
+0.85 (+1.63%)
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 | 91.99 | 81.62 | 132.46 | 148.65 | 56.67 | 140.04 | 155.81 | 173.36 | 192.89 | 214.61 |
| EBITDA (%) | ||||||||||
| EBIT | 14.36 | -19.65 | 18.80 | 30.88 | -73.88 | -5.21 | -5.80 | -6.45 | -7.18 | -7.98 |
| 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 | 73.63 | 73.37 | 88.32 | 103.61 | 101.70 | 118.62 | 131.99 | 146.85 | 163.39 | 181.80 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 19.57 | 17.28 | 18 | 19.09 | 17.33 | 25.21 | 28.05 | 31.21 | 34.73 | 38.64 |
| 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 | 812.36 | 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 | 91.99 | 81.62 | 132.46 | 148.65 | 56.67 | 140.04 | 155.81 | 173.36 | 192.89 | 214.61 |
| EBIT | 14.36 | -19.65 | 18.80 | 30.88 | -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 | -6.86 | 7.27 | 20.17 | -76.25 | -1.87 | -2.08 | -2.31 | -2.57 | -2.86 |
| Depreciation | 77.63 | 101.27 | 113.66 | 117.77 | 130.55 | 145.25 | 161.61 | 179.81 | 200.06 | 222.60 |
| Accounts Receivable | - | 0.26 | -14.95 | -15.29 | 1.92 | -16.93 | -13.36 | -14.87 | -16.54 | -18.40 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -2.29 | 0.73 | 1.09 | -1.76 | 7.88 | 2.84 | 3.16 | 3.52 | 3.91 |
| Capital Expenditure | -44.59 | -53.94 | -67 | -117.42 | -124.33 | -105.16 | -117.01 | -130.18 | -144.85 | -161.16 |
| UFCF | 24.01 | 38.44 | 39.71 | 6.31 | -69.87 | 29.17 | 32 | 35.61 | 39.62 | 44.08 |
| WACC | ||||||||||
| PV UFCF | 26.93 | 27.27 | 28.01 | 28.77 | 29.55 | |||||
| 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 |