Discounted Cash Flow (DCF) Analysis Unlevered
Evercore Inc. (EVR)
$114.83
-3.28 (-2.78%)
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 | 2,250.31 | 3,277.91 | 2,762.05 | 3,037.44 | 3,340.30 | 3,673.35 | 4,039.61 | 4,442.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 532.91 | 448.35 | 530.14 | 1,034.38 | 693.71 | 781.54 | 859.46 | 945.16 | 1,039.39 | 1,143.03 |
| EBITDA (%) | ||||||||||
| EBIT | 503.53 | 412.62 | 500.14 | 1,005.73 | 665.06 | 742.26 | 816.27 | 897.65 | 987.16 | 1,085.58 |
| EBIT (%) | ||||||||||
| Depreciation | 29.37 | 35.73 | 30 | 28.66 | 28.65 | 39.28 | 43.19 | 47.50 | 52.24 | 57.45 |
| 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 | 1,095.22 | 848.60 | 829.60 | 719.53 | 786.29 | 1,112.59 | 1,223.53 | 1,345.52 | 1,479.68 | 1,627.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 332.91 | 318.77 | 391.94 | 376.88 | 407.04 | 460.71 | 506.64 | 557.16 | 612.71 | 673.81 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 37.95 | 39.73 | 37.96 | 31.63 | 28.81 | 45.77 | 50.33 | 55.35 | 60.87 | 66.93 |
| 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 | 2,053.24 | 1,995.73 | 2,250.31 | 3,277.91 | 2,762.05 | 3,037.44 | 3,340.30 | 3,673.35 | 4,039.61 | 4,442.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 532.91 | 448.35 | 530.14 | 1,034.38 | 693.71 | 781.54 | 859.46 | 945.16 | 1,039.39 | 1,143.03 |
| EBIT | 503.53 | 412.62 | 500.14 | 1,005.73 | 665.06 | 742.26 | 816.27 | 897.65 | 987.16 | 1,085.58 |
| Tax Rate | 31.58% | 33.71% | 35.18% | 33.72% | 32.32% | 33.30% | 33.30% | 33.30% | 33.30% | 33.30% |
| EBIAT | 344.51 | 273.52 | 324.20 | 666.63 | 450.13 | 495.08 | 544.44 | 598.72 | 658.42 | 724.07 |
| Depreciation | 29.37 | 35.73 | 30 | 28.66 | 28.65 | 39.28 | 43.19 | 47.50 | 52.24 | 57.45 |
| Accounts Receivable | - | 14.14 | -73.17 | 15.06 | -30.17 | -53.66 | -45.94 | -50.52 | -55.55 | -61.09 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.78 | -1.77 | -6.33 | -2.83 | 16.96 | 4.56 | 5.02 | 5.52 | 6.07 |
| Capital Expenditure | -33.32 | -70.82 | -53.33 | -27.97 | -23.19 | -56.10 | -61.69 | -67.84 | -74.60 | -82.04 |
| UFCF | 340.56 | 254.35 | 225.94 | 676.05 | 422.60 | 441.55 | 484.57 | 532.89 | 586.02 | 644.45 |
| WACC | ||||||||||
| PV UFCF | 402.84 | 403.33 | 404.66 | 405.99 | 407.32 | |||||
| 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 |