Discounted Cash Flow (DCF) Analysis Unlevered

EVERTEC, Inc. (EVTC)

$31

-0.07 (-0.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 55.69 | 31 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 407.14453.87487.37510.59589.80647.50710.85780.40856.75940.57
Revenue (%)
EBITDA 153.94191.98219.50225.91285.43282.03309.62339.92373.17409.68
EBITDA (%)
EBIT 89.69128.91145.26148.51204.50186.47204.72224.75246.74270.88
EBIT (%)
Depreciation 64.2563.0774.2477.4080.9395.56104.91115.17126.44138.81
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 50.4269.97111.03202.65266.35175.38192.54211.38232.06254.77
Total Cash (%)
Account Receivables 84.88102.03108.94100.78117.37136.39149.73164.38180.46198.12
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 41.1447.2739.1643.3528.4854.2359.5365.3671.7578.77
Accounts Payable (%)
Capital Expenditure -33.46-41.32-59.87-48.64-66.91-65.37-71.76-78.79-86.49-94.96
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 31
Beta 0.951
Diluted Shares Outstanding 72.87
Cost of Debt
Tax Rate 11.32
After-tax Cost of Debt 4.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.454
Total Debt 486.57
Total Equity 2,258.99
Total Capital 2,745.56
Debt Weighting 17.72
Equity Weighting 82.28
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 407.14453.87487.37510.59589.80647.50710.85780.40856.75940.57
EBITDA 153.94191.98219.50225.91285.43282.03309.62339.92373.17409.68
EBIT 89.69128.91145.26148.51204.50186.47204.72224.75246.74270.88
Tax Rate 8.55%13.00%11.32%15.68%11.32%11.97%11.97%11.97%11.97%11.97%
EBIAT 82.03112.15128.81125.23181.35164.15180.21197.84217.19238.44
Depreciation 64.2563.0774.2477.4080.9395.56104.91115.17126.44138.81
Accounts Receivable --17.15-6.918.16-16.59-19.02-13.34-14.65-16.08-17.66
Inventories ----------
Accounts Payable -6.14-8.114.18-14.8625.745.315.826.397.02
Capital Expenditure -33.46-41.32-59.87-48.64-66.91-65.37-71.76-78.79-86.49-94.96
UFCF 112.82122.88128.17166.33163.92201.06205.31225.40247.45271.66
WACC
PV UFCF 186.70177.03180.48183.98187.56
SUM PV UFCF 915.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.69
Free cash flow (t + 1) 277.09
Terminal Value 4,869.77
Present Value of Terminal Value 3,362.26

Intrinsic Value

Enterprise Value 4,278.02
Net Debt 220.22
Equity Value 4,057.80
Shares Outstanding 72.87
Equity Value Per Share 55.69