Discounted Cash Flow (DCF) Analysis Unlevered

Fiserv, Inc. (FISV)

$95.83

+0.69 (+0.73%)
All numbers are in Millions, Currency in USD
Stock DCF: 363.55 | 95.83 | 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 5,6965,82310,18714,85216,22621,589.4528,725.7838,22150,854.8367,664.74
Revenue (%)
EBITDA 2,0132,3143,2155,0735,5867,565.9210,066.8113,394.3717,821.8323,712.79
EBITDA (%)
EBIT 1,5801,7581,5641,8632,3904,341.885,777.077,686.6610,227.4713,608.12
EBIT (%)
Depreciation 4335561,6513,2103,1963,224.054,289.745,707.707,594.3710,104.66
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 3254158939068351,418.211,8872,510.743,340.654,444.90
Total Cash (%)
Account Receivables 9971,0492,7822,4822,8604,195.495,582.297,427.509,882.6413,149.31
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 80127392437420.90560.03745.14991.441,319.161,755.21
Accounts Payable (%)
Capital Expenditure -287-360-721-900-1,160-1,360.46-1,810.15-2,408.49-3,204.61-4,263.89
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 95.83
Beta 0.877
Diluted Shares Outstanding 669.70
Cost of Debt
Tax Rate 19.93
After-tax Cost of Debt 2.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.918
Total Debt 21,237
Total Equity 64,177.35
Total Capital 85,414.35
Debt Weighting 24.86
Equity Weighting 75.14
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 5,6965,82310,18714,85216,22621,589.4528,725.7838,22150,854.8367,664.74
EBITDA 2,0132,3143,2155,0735,5867,565.9210,066.8113,394.3717,821.8323,712.79
EBIT 1,5801,7581,5641,8632,3904,341.885,777.077,686.6610,227.4713,608.12
Tax Rate 8.25%23.67%17.54%18.19%19.93%17.51%17.51%17.51%17.51%17.51%
EBIAT 1,449.691,341.961,289.611,524.131,913.723,581.404,765.226,340.358,436.1411,224.68
Depreciation 4335561,6513,2103,1963,224.054,289.745,707.707,594.3710,104.66
Accounts Receivable --52-1,733300-378-1,335.49-1,386.81-1,845.21-2,455.14-3,266.68
Inventories ----------
Accounts Payable -4726545-16.10139.13185.11246.30327.72436.05
Capital Expenditure -287-360-721-900-1,160-1,360.46-1,810.15-2,408.49-3,204.61-4,263.89
UFCF 1,595.691,532.96751.614,179.133,555.624,248.636,043.128,040.6610,698.4714,234.82
WACC
PV UFCF 3,985.585,317.986,637.748,285.0110,341.08
SUM PV UFCF 34,567.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.60
Free cash flow (t + 1) 14,519.52
Terminal Value 315,641.69
Present Value of Terminal Value 229,302.26

Intrinsic Value

Enterprise Value 263,869.66
Net Debt 20,402
Equity Value 243,467.66
Shares Outstanding 669.70
Equity Value Per Share 363.55