Discounted Cash Flow (DCF) Analysis Unlevered

Evercore Inc. (EVR)

$114.83

-3.28 (-2.78%)
All numbers are in Millions, Currency in USD
Stock DCF: 175.02 | 114.83 | 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 2,053.241,995.732,250.313,277.912,762.053,037.443,340.303,673.354,039.614,442.38
Revenue (%)
EBITDA 532.91448.35530.141,034.38693.71781.54859.46945.161,039.391,143.03
EBITDA (%)
EBIT 503.53412.62500.141,005.73665.06742.26816.27897.65987.161,085.58
EBIT (%)
Depreciation 29.3735.733028.6628.6539.2843.1947.5052.2457.45
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 1,095.22848.60829.60719.53786.291,112.591,223.531,345.521,479.681,627.21
Total Cash (%)
Account Receivables 332.91318.77391.94376.88407.04460.71506.64557.16612.71673.81
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 37.9539.7337.9631.6328.8145.7750.3355.3560.8766.93
Accounts Payable (%)
Capital Expenditure -33.32-70.82-53.33-27.97-23.19-56.10-61.69-67.84-74.60-82.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 114.83
Beta 1.527
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 10.708
Total Debt 687.82
Total Equity 4,974.55
Total Capital 5,662.37
Debt Weighting 12.15
Equity Weighting 87.85
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 2,053.241,995.732,250.313,277.912,762.053,037.443,340.303,673.354,039.614,442.38
EBITDA 532.91448.35530.141,034.38693.71781.54859.46945.161,039.391,143.03
EBIT 503.53412.62500.141,005.73665.06742.26816.27897.65987.161,085.58
Tax Rate 31.58%33.71%35.18%33.72%32.32%33.30%33.30%33.30%33.30%33.30%
EBIAT 344.51273.52324.20666.63450.13495.08544.44598.72658.42724.07
Depreciation 29.3735.733028.6628.6539.2843.1947.5052.2457.45
Accounts Receivable -14.14-73.1715.06-30.17-53.66-45.94-50.52-55.55-61.09
Inventories ----------
Accounts Payable -1.78-1.77-6.33-2.8316.964.565.025.526.07
Capital Expenditure -33.32-70.82-53.33-27.97-23.19-56.10-61.69-67.84-74.60-82.04
UFCF 340.56254.35225.94676.05422.60441.55484.57532.89586.02644.45
WACC
PV UFCF 402.84403.33404.66405.99407.32
SUM PV UFCF 2,024.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.61
Free cash flow (t + 1) 657.34
Terminal Value 8,637.84
Present Value of Terminal Value 5,459.52

Intrinsic Value

Enterprise Value 7,483.65
Net Debt -98.47
Equity Value 7,582.12
Shares Outstanding 43.32
Equity Value Per Share 175.02