Discounted Cash Flow (DCF) Analysis Unlevered

Fidelity National Information Servi... (FIS)

$69.21

+0.02 (+0.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 113.43 | 69.21 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 10,33312,55213,87714,52816,306.3318,302.3520,542.6923,057.2625,879.6429,047.50
Revenue (%)
EBITDA 3,2814,4505,2205,4995035,335.395,988.486,721.527,544.288,467.76
EBITDA (%)
EBIT 8377361,2051,653-2,172757.91850.69954.821,071.691,202.88
EBIT (%)
Depreciation 2,4443,7144,0153,8462,6754,577.485,137.805,766.706,472.597,264.88
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 1,1521,9592,0102,1881,3802,370.662,660.842,986.553,352.133,762.45
Total Cash (%)
Account Receivables 4,3504,4334,1274,1921,8435,392.316,052.376,793.237,624.778,558.09
Account Receivables (%)
Inventories 2,8823,2525512,797.613,140.063,524.423,955.844,440.064,983.565,593.58
Inventories (%)
Accounts Payable 2,3742,4822,8642,7543,356.813,767.704,228.904,746.555,327.565,979.69
Accounts Payable (%)
Capital Expenditure -828-1,129-1,251-1,390-142-1,334.65-1,498.02-1,681.39-1,887.21-2,118.21
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 69.21
Beta 0.956
Diluted Shares Outstanding 591
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.671
Total Debt -
Total Equity 40,903.11
Total Capital 40,903.11
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 10,33312,55213,87714,52816,306.3318,302.3520,542.6923,057.2625,879.6429,047.50
EBITDA 3,2814,4505,2205,4995035,335.395,988.486,721.527,544.288,467.76
EBIT 8377361,2051,653-2,172757.91850.69954.821,071.691,202.88
Tax Rate 27.85%40.60%47.15%-2.31%0.00%22.66%22.66%22.66%22.66%22.66%
EBIAT 603.94437.17636.861,691.16-2,172586.19657.94738.48828.88930.34
Depreciation 2,4443,7144,0153,8462,6754,577.485,137.805,766.706,472.597,264.88
Accounts Receivable --83306-652,349-3,549.31-660.06-740.85-831.54-933.33
Inventories --3702,701-2,246.61-342.45-384.37-431.42-484.22-543.50-610.02
Accounts Payable -108382-110602.81410.90461.19517.65581.01652.13
Capital Expenditure -828-1,129-1,251-1,390-142-1,334.65-1,498.02-1,681.39-1,887.21-2,118.21
UFCF 2,219.942,677.176,789.861,725.552,970.36306.243,667.444,116.364,620.235,185.79
WACC
PV UFCF 2,970.36281.813,105.593,207.633,313.033,421.89
SUM PV UFCF 13,329.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.67
Free cash flow (t + 1) 5,289.50
Terminal Value 79,302.86
Present Value of Terminal Value 52,328.77

Intrinsic Value

Enterprise Value 65,658.71
Net Debt -1,380
Equity Value 67,038.71
Shares Outstanding 591
Equity Value Per Share 113.43