Discounted Cash Flow (DCF) Analysis Unlevered
FactSet Research Systems Inc. (FDS)
$415.09
+4.41 (+1.07%)
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 | 1,350.14 | 1,435.35 | 1,494.11 | 1,591.44 | 1,843.89 | 1,995.01 | 2,158.51 | 2,335.41 | 2,526.81 | 2,733.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 409.12 | 482.43 | 537.76 | 581.33 | 602.83 | 674.82 | 730.12 | 789.96 | 854.70 | 924.75 |
| EBITDA (%) | ||||||||||
| EBIT | 351.84 | 421.97 | 436.96 | 474.01 | 473.12 | 559.19 | 605.01 | 654.60 | 708.25 | 766.29 |
| EBIT (%) | ||||||||||
| Depreciation | 57.29 | 60.46 | 100.80 | 107.32 | 129.71 | 115.63 | 125.11 | 135.36 | 146.45 | 158.46 |
| 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 | 237.88 | 385.61 | 605.18 | 717.85 | 536.49 | 635.17 | 687.23 | 743.55 | 804.49 | 870.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 156.64 | 146.31 | 155.01 | 151.19 | 204.10 | 210.43 | 227.67 | 246.33 | 266.52 | 288.36 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 72.06 | 79.62 | 82.09 | 85.78 | 108.39 | 110.31 | 119.35 | 129.13 | 139.72 | 151.17 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -33.52 | -59.37 | -77.64 | -61.32 | -51.16 | -73.59 | -79.62 | -86.15 | -93.21 | -100.84 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 415.09 |
|---|---|
| Beta | 0.835 |
| Diluted Shares Outstanding | 38.74 |
| Cost of Debt | |
| Tax Rate | 10.52 |
| After-tax Cost of Debt | 1.19% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.438 |
| Total Debt | 2,220.23 |
| Total Equity | 16,078.93 |
| Total Capital | 18,299.16 |
| Debt Weighting | 12.13 |
| Equity Weighting | 87.87 |
| 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 | 1,350.14 | 1,435.35 | 1,494.11 | 1,591.44 | 1,843.89 | 1,995.01 | 2,158.51 | 2,335.41 | 2,526.81 | 2,733.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 409.12 | 482.43 | 537.76 | 581.33 | 602.83 | 674.82 | 730.12 | 789.96 | 854.70 | 924.75 |
| EBIT | 351.84 | 421.97 | 436.96 | 474.01 | 473.12 | 559.19 | 605.01 | 654.60 | 708.25 | 766.29 |
| Tax Rate | 24.09% | 16.39% | 12.69% | 14.55% | 10.52% | 15.65% | 15.65% | 15.65% | 15.65% | 15.65% |
| EBIAT | 267.08 | 352.79 | 381.52 | 405.05 | 423.33 | 471.68 | 510.34 | 552.17 | 597.42 | 646.38 |
| Depreciation | 57.29 | 60.46 | 100.80 | 107.32 | 129.71 | 115.63 | 125.11 | 135.36 | 146.45 | 158.46 |
| Accounts Receivable | - | 10.33 | -8.70 | 3.82 | -52.91 | -6.33 | -17.25 | -18.66 | -20.19 | -21.84 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 7.56 | 2.47 | 3.68 | 22.62 | 1.92 | 9.04 | 9.78 | 10.58 | 11.45 |
| Capital Expenditure | -33.52 | -59.37 | -77.64 | -61.33 | -51.16 | -73.59 | -79.62 | -86.15 | -93.21 | -100.84 |
| UFCF | 290.85 | 371.77 | 398.45 | 458.56 | 471.59 | 509.32 | 547.62 | 592.51 | 641.06 | 693.60 |
| WACC | ||||||||||
| PV UFCF | 477.43 | 481.19 | 488.03 | 494.96 | 501.99 | |||||
| SUM PV UFCF | 2,443.59 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.68 |
| Free cash flow (t + 1) | 707.47 |
| Terminal Value | 15,116.97 |
| Present Value of Terminal Value | 10,940.81 |
Intrinsic Value
| Enterprise Value | 13,384.41 |
|---|---|
| Net Debt | 1,716.96 |
| Equity Value | 11,667.45 |
| Shares Outstanding | 38.74 |
| Equity Value Per Share | 301.20 |