Discounted Cash Flow (DCF) Analysis Unlevered
Evercore Inc. (EVR)
$118.49
+4.25 (+3.72%)
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 | 2,053.24 | 1,995.73 | 2,263.90 | 3,289.50 | 2,762.05 | 3,037.59 | 3,340.62 | 3,673.89 | 4,040.40 | 4,443.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 532.91 | 448.35 | 530.14 | 1,034.38 | 694.65 | 780.25 | 858.08 | 943.69 | 1,037.83 | 1,141.37 |
| EBITDA (%) | ||||||||||
| EBIT | 503.53 | 412.62 | 500.14 | 1,005.73 | 666 | 741.03 | 814.96 | 896.26 | 985.67 | 1,084 |
| EBIT (%) | ||||||||||
| Depreciation | 29.37 | 35.73 | 30 | 28.65 | 28.65 | 39.21 | 43.12 | 47.43 | 52.16 | 57.36 |
| 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 | 1,095.22 | 848.60 | 829.60 | 719.54 | 786.29 | 1,110.83 | 1,221.65 | 1,343.53 | 1,477.56 | 1,624.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 332.91 | 318.77 | 391.94 | 376.88 | 407.04 | 459.85 | 505.72 | 556.18 | 611.66 | 672.68 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 37.95 | 39.73 | 37.96 | 31.63 | 28.81 | 45.69 | 50.24 | 55.26 | 60.77 | 66.83 |
| 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 | 2,053.24 | 1,995.73 | 2,263.90 | 3,289.50 | 2,762.05 | 3,037.59 | 3,340.62 | 3,673.89 | 4,040.40 | 4,443.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 532.91 | 448.35 | 530.14 | 1,034.38 | 694.65 | 780.25 | 858.08 | 943.69 | 1,037.83 | 1,141.37 |
| EBIT | 503.53 | 412.62 | 500.14 | 1,005.73 | 666 | 741.03 | 814.96 | 896.26 | 985.67 | 1,084 |
| Tax Rate | 31.58% | 33.71% | 35.18% | 33.72% | 32.32% | 33.30% | 33.30% | 33.30% | 33.30% | 33.30% |
| EBIAT | 344.51 | 273.52 | 324.20 | 666.63 | 450.77 | 494.26 | 543.57 | 597.79 | 657.43 | 723.02 |
| Depreciation | 29.37 | 35.73 | 30 | 28.65 | 28.65 | 39.21 | 43.12 | 47.43 | 52.16 | 57.36 |
| Accounts Receivable | - | 14.14 | -73.17 | 15.06 | -30.17 | -52.80 | -45.88 | -50.45 | -55.48 | -61.02 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.78 | -1.77 | -6.33 | -2.83 | 16.88 | 4.56 | 5.01 | 5.51 | 6.06 |
| Capital Expenditure | -33.32 | -70.82 | -53.33 | -27.97 | -23.19 | -55.99 | -61.58 | -67.72 | -74.48 | -81.91 |
| UFCF | 340.56 | 254.35 | 225.94 | 676.05 | 423.24 | 441.55 | 483.80 | 532.06 | 585.14 | 643.51 |
| WACC | ||||||||||
| PV UFCF | 402.22 | 401.44 | 402.15 | 402.87 | 403.59 | |||||
| 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 |