Discounted Cash Flow (DCF) Analysis Unlevered
Fidelity National Information Servi... (FIS)
$69.3
+0.18 (+0.26%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 10,333 | 12,552 | 13,877 | 14,528 | 9,821 | 9,927.13 | 10,034.41 | 10,142.85 | 10,252.46 | 10,363.26 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 3,281 | 4,450 | 5,220 | 5,499 | 3,323 | 3,504.44 | 3,542.31 | 3,580.59 | 3,619.28 | 3,658.40 |
EBITDA (%) | ||||||||||
EBIT | 837 | 736 | 1,205 | 1,653 | 1,580 | 994.96 | 1,005.72 | 1,016.58 | 1,027.57 | 1,038.67 |
EBIT (%) | ||||||||||
Depreciation | 2,444 | 3,714 | 4,015 | 3,846 | 1,743 | 2,509.48 | 2,536.59 | 2,564.01 | 2,591.71 | 2,619.72 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Total Cash | 1,152 | 1,959 | 2,010 | 2,188 | 440 | 1,206.76 | 1,219.80 | 1,232.99 | 1,246.31 | 1,259.78 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 4,350 | 4,433 | 4,127 | 4,192 | 2,017 | 3,108.13 | 3,141.72 | 3,175.67 | 3,209.99 | 3,244.68 |
Account Receivables (%) | ||||||||||
Inventories | 2,882 | 3,252 | 551 | 2,797.61 | 1,891.20 | 1,911.64 | 1,932.29 | 1,953.18 | 1,974.28 | 1,995.62 |
Inventories (%) | ||||||||||
Accounts Payable | 2,374 | 2,482 | 2,864 | 2,754 | 1,859 | 2,010.69 | 2,032.42 | 2,054.38 | 2,076.58 | 2,099.03 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -828 | -1,129 | -1,251 | -1,390 | -1,122 | -933.45 | -943.53 | -953.73 | -964.04 | -974.45 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 69.3 |
---|---|
Beta | 0.972 |
Diluted Shares Outstanding | 591 |
Cost of Debt | |
Tax Rate | 1,103.62 |
After-tax Cost of Debt | -43.72% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.944 |
Total Debt | 19,341 |
Total Equity | 40,956.30 |
Total Capital | 60,297.30 |
Debt Weighting | 32.08 |
Equity Weighting | 67.92 |
Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 10,333 | 12,552 | 13,877 | 14,528 | 9,821 | 9,927.13 | 10,034.41 | 10,142.85 | 10,252.46 | 10,363.26 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 3,281 | 4,450 | 5,220 | 5,499 | 3,323 | 3,504.44 | 3,542.31 | 3,580.59 | 3,619.28 | 3,658.40 |
EBIT | 837 | 736 | 1,205 | 1,653 | 1,580 | 994.96 | 1,005.72 | 1,016.58 | 1,027.57 | 1,038.67 |
Tax Rate | 27.85% | 40.60% | 47.15% | -2.31% | 1,103.62% | 243.38% | 243.38% | 243.38% | 243.38% | 243.38% |
EBIAT | 603.94 | 437.17 | 636.86 | 1,691.16 | -15,857.19 | -1,426.59 | -1,442.01 | -1,457.59 | -1,473.34 | -1,489.26 |
Depreciation | 2,444 | 3,714 | 4,015 | 3,846 | 1,743 | 2,509.48 | 2,536.59 | 2,564.01 | 2,591.71 | 2,619.72 |
Accounts Receivable | - | -83 | 306 | -65 | 2,175 | -1,091.13 | -33.59 | -33.95 | -34.32 | -34.69 |
Inventories | - | -370 | 2,701 | -2,246.61 | 906.41 | -20.44 | -20.66 | -20.88 | -21.11 | -21.34 |
Accounts Payable | - | 108 | 382 | -110 | -895 | 151.69 | 21.73 | 21.96 | 22.20 | 22.44 |
Capital Expenditure | -828 | -1,129 | -1,251 | -1,390 | -1,122 | -933.45 | -943.53 | -953.73 | -964.04 | -974.45 |
UFCF | 2,219.94 | 2,677.17 | 6,789.86 | 1,725.55 | -13,049.78 | -810.44 | 118.54 | 119.82 | 121.11 | 122.42 |
WACC | ||||||||||
PV UFCF | -880.44 | 139.89 | 153.62 | 168.69 | 185.24 | |||||
SUM PV UFCF | -232.99 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | -7.95 |
Free cash flow (t + 1) | 124.87 |
Terminal Value | -1,254.96 |
Present Value of Terminal Value | -1,898.94 |
Intrinsic Value
Enterprise Value | -2,131.93 |
---|---|
Net Debt | 18,901 |
Equity Value | -21,032.93 |
Shares Outstanding | 591 |
Equity Value Per Share | -35.59 |