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
Stock DCF: -35.59 | 69.3 | overvalue

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 10,33312,55213,87714,5289,8219,927.1310,034.4110,142.8510,252.4610,363.26
Revenue (%)
EBITDA 3,2814,4505,2205,4993,3233,504.443,542.313,580.593,619.283,658.40
EBITDA (%)
EBIT 8377361,2051,6531,580994.961,005.721,016.581,027.571,038.67
EBIT (%)
Depreciation 2,4443,7144,0153,8461,7432,509.482,536.592,564.012,591.712,619.72
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 1,1521,9592,0102,1884401,206.761,219.801,232.991,246.311,259.78
Total Cash (%)
Account Receivables 4,3504,4334,1274,1922,0173,108.133,141.723,175.673,209.993,244.68
Account Receivables (%)
Inventories 2,8823,2525512,797.611,891.201,911.641,932.291,953.181,974.281,995.62
Inventories (%)
Accounts Payable 2,3742,4822,8642,7541,8592,010.692,032.422,054.382,076.582,099.03
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 10,33312,55213,87714,5289,8219,927.1310,034.4110,142.8510,252.4610,363.26
EBITDA 3,2814,4505,2205,4993,3233,504.443,542.313,580.593,619.283,658.40
EBIT 8377361,2051,6531,580994.961,005.721,016.581,027.571,038.67
Tax Rate 27.85%40.60%47.15%-2.31%1,103.62%243.38%243.38%243.38%243.38%243.38%
EBIAT 603.94437.17636.861,691.16-15,857.19-1,426.59-1,442.01-1,457.59-1,473.34-1,489.26
Depreciation 2,4443,7144,0153,8461,7432,509.482,536.592,564.012,591.712,619.72
Accounts Receivable --83306-652,175-1,091.13-33.59-33.95-34.32-34.69
Inventories --3702,701-2,246.61906.41-20.44-20.66-20.88-21.11-21.34
Accounts Payable -108382-110-895151.6921.7321.9622.2022.44
Capital Expenditure -828-1,129-1,251-1,390-1,122-933.45-943.53-953.73-964.04-974.45
UFCF 2,219.942,677.176,789.861,725.55-13,049.78-810.44118.54119.82121.11122.42
WACC
PV UFCF -880.44139.89153.62168.69185.24
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