Discounted Cash Flow (DCF) Analysis Unlevered

Fidelity National Information Servi... (FIS)

$72.58

+5.05 (+7.48%)
All numbers are in Millions, Currency in USD
Stock DCF: 174.26 | 72.58 | 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 9,1238,42310,33312,55213,87715,508.7317,332.3319,370.3521,648.0224,193.50
Revenue (%)
EBITDA 2,7502,7883,2314,3075,0195,117.675,719.436,391.957,143.557,983.53
EBITDA (%)
EBIT 1,3591,3687875931,0041,5731,757.961,964.672,195.692,453.87
EBIT (%)
Depreciation 1,3911,4202,4443,7144,0153,544.673,961.474,427.284,947.865,529.66
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 6657031,1521,9592,0101,764.141,971.582,203.402,462.492,752.04
Total Cash (%)
Account Receivables 2,0112,0424,3504,4334,1274,759.365,318.995,944.436,643.407,424.57
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 7766871,3861,5761,8291,731.131,934.682,162.172,416.412,700.55
Accounts Payable (%)
Capital Expenditure -613-622-828-1,129-1,251-1,244.62-1,390.97-1,554.53-1,737.32-1,941.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 72.58
Beta 0.863
Diluted Shares Outstanding 627
Cost of Debt
Tax Rate 47.15
After-tax Cost of Debt 0.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.776
Total Debt 20,877
Total Equity 45,507.66
Total Capital 66,384.66
Debt Weighting 31.45
Equity Weighting 68.55
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 9,1238,42310,33312,55213,87715,508.7317,332.3319,370.3521,648.0224,193.50
EBITDA 2,7502,7883,2314,3075,0195,117.675,719.436,391.957,143.557,983.53
EBIT 1,3591,3687875931,0041,5731,757.961,964.672,195.692,453.87
Tax Rate -27.32%23.37%27.85%40.60%47.15%22.33%22.33%22.33%22.33%22.33%
EBIAT 1,730.231,048.30567.86352.23530.631,221.761,365.421,525.971,705.401,905.93
Depreciation 1,3911,4202,4443,7144,0153,544.673,961.474,427.284,947.865,529.66
Accounts Receivable --31-2,308-83306-632.36-559.63-625.43-698.98-781.17
Inventories ----------
Accounts Payable --89699190253-97.87203.55227.49254.24284.13
Capital Expenditure -613-622-828-1,129-1,251-1,244.62-1,390.97-1,554.53-1,737.32-1,941.60
UFCF 2,508.231,726.30574.863,044.233,853.632,791.573,579.844,000.784,471.214,996.96
WACC
PV UFCF 2,646.043,216.323,407.123,609.233,823.34
SUM PV UFCF 16,702.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.50
Free cash flow (t + 1) 5,096.90
Terminal Value 145,625.60
Present Value of Terminal Value 111,423.15

Intrinsic Value

Enterprise Value 128,125.20
Net Debt 18,867
Equity Value 109,258.20
Shares Outstanding 627
Equity Value Per Share 174.26