Discounted Cash Flow (DCF) Analysis Unlevered

Evercore Inc. (EVR)

$118.49

+4.25 (+3.72%)
All numbers are in Millions, Currency in USD
Stock DCF: 170.86 | 118.49 | undervalue

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 2,053.241,995.732,263.903,289.502,762.053,037.593,340.623,673.894,040.404,443.47
Revenue (%)
EBITDA 532.91448.35530.141,034.38694.65780.25858.08943.691,037.831,141.37
EBITDA (%)
EBIT 503.53412.62500.141,005.73666741.03814.96896.26985.671,084
EBIT (%)
Depreciation 29.3735.733028.6528.6539.2143.1247.4352.1657.36
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 1,095.22848.60829.60719.54786.291,110.831,221.651,343.531,477.561,624.96
Total Cash (%)
Account Receivables 332.91318.77391.94376.88407.04459.85505.72556.18611.66672.68
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 37.9539.7337.9631.6328.8145.6950.2455.2660.7766.83
Accounts Payable (%)
Capital Expenditure -33.32-70.82-53.33-27.97-23.19-55.99-61.58-67.72-74.48-81.91
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 118.49
Beta 1.501
Diluted Shares Outstanding 43.32
Cost of Debt
Tax Rate 32.32
After-tax Cost of Debt 1.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.867
Total Debt 687.82
Total Equity 5,133.11
Total Capital 5,820.93
Debt Weighting 11.82
Equity Weighting 88.18
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 2,053.241,995.732,263.903,289.502,762.053,037.593,340.623,673.894,040.404,443.47
EBITDA 532.91448.35530.141,034.38694.65780.25858.08943.691,037.831,141.37
EBIT 503.53412.62500.141,005.73666741.03814.96896.26985.671,084
Tax Rate 31.58%33.71%35.18%33.72%32.32%33.30%33.30%33.30%33.30%33.30%
EBIAT 344.51273.52324.20666.63450.77494.26543.57597.79657.43723.02
Depreciation 29.3735.733028.6528.6539.2143.1247.4352.1657.36
Accounts Receivable -14.14-73.1715.06-30.17-52.80-45.88-50.45-55.48-61.02
Inventories ----------
Accounts Payable -1.78-1.77-6.33-2.8316.884.565.015.516.06
Capital Expenditure -33.32-70.82-53.33-27.97-23.19-55.99-61.58-67.72-74.48-81.91
UFCF 340.56254.35225.94676.05423.24441.55483.80532.06585.14643.51
WACC
PV UFCF 402.22401.44402.15402.87403.59
SUM PV UFCF 2,012.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.78
Free cash flow (t + 1) 656.38
Terminal Value 8,436.79
Present Value of Terminal Value 5,291.28

Intrinsic Value

Enterprise Value 7,303.55
Net Debt -98.47
Equity Value 7,402.02
Shares Outstanding 43.32
Equity Value Per Share 170.86