Discounted Cash Flow (DCF) Analysis Unlevered
Fidelity National Financial, Inc. (FNF)
$33.93
+0.61 (+1.83%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 7,594 | 8,469 | 10,778 | 15,054 | 11,446 | 13,005.31 | 14,777.05 | 16,790.15 | 19,077.51 | 21,676.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 973 | 1,595 | 1,705.41 | 2,382 | 1,811.11 | 2,057.84 | 2,338.18 | 2,656.72 | 3,018.65 | 3,429.88 |
| EBITDA (%) | ||||||||||
| EBIT | 791 | 1,417 | 1,409.41 | 1,737 | 1,315.11 | 1,645.24 | 1,869.37 | 2,124.04 | 2,413.41 | 2,742.19 |
| EBIT (%) | ||||||||||
| Depreciation | 182 | 178 | 296 | 645 | 496 | 412.60 | 468.81 | 532.67 | 605.24 | 687.70 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 3,735 | 3,958 | 30,805 | 36,361 | 37,729 | 24,785.41 | 28,161.97 | 31,998.53 | 36,357.75 | 41,310.83 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 310 | 346 | 3,648 | 4,295 | 6,055 | 3,210.90 | 3,648.32 | 4,145.34 | 4,710.07 | 5,351.73 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 35 | 44 | 115 | 129 | 156 | 110.99 | 126.11 | 143.30 | 162.82 | 185 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -83 | -96 | -110 | -131 | -138 | -138.45 | -157.32 | -178.75 | -203.10 | -230.77 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 33.93 |
|---|---|
| Beta | 1.398 |
| Diluted Shares Outstanding | 277 |
| Cost of Debt | |
| Tax Rate | 25.99 |
| After-tax Cost of Debt | 2.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.125 |
| Total Debt | 3,656 |
| Total Equity | 9,398.61 |
| Total Capital | 13,054.61 |
| Debt Weighting | 28.01 |
| Equity Weighting | 71.99 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 7,594 | 8,469 | 10,778 | 15,054 | 11,446 | 13,005.31 | 14,777.05 | 16,790.15 | 19,077.51 | 21,676.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 973 | 1,595 | 1,705.41 | 2,382 | 1,811.11 | 2,057.84 | 2,338.18 | 2,656.72 | 3,018.65 | 3,429.88 |
| EBIT | 791 | 1,417 | 1,409.41 | 1,737 | 1,315.11 | 1,645.24 | 1,869.37 | 2,124.04 | 2,413.41 | 2,742.19 |
| Tax Rate | 16.27% | 22.43% | 20.01% | 21.44% | 25.99% | 21.23% | 21.23% | 21.23% | 21.23% | 21.23% |
| EBIAT | 662.33 | 1,099.24 | 1,127.37 | 1,364.59 | 973.27 | 1,296 | 1,472.56 | 1,673.17 | 1,901.10 | 2,160.09 |
| Depreciation | 182 | 178 | 296 | 645 | 496 | 412.60 | 468.81 | 532.67 | 605.24 | 687.70 |
| Accounts Receivable | - | -36 | -3,302 | -647 | -1,760 | 2,844.10 | -437.43 | -497.02 | -564.73 | -641.66 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 9 | 71 | 14 | 27 | -45.01 | 15.12 | 17.18 | 19.52 | 22.18 |
| Capital Expenditure | -83 | -96 | -110 | -131 | -138 | -138.45 | -157.32 | -178.75 | -203.10 | -230.77 |
| UFCF | 761.33 | 1,154.24 | -1,917.63 | 1,245.59 | -401.73 | 4,369.24 | 1,361.74 | 1,547.26 | 1,758.04 | 1,997.54 |
| WACC | ||||||||||
| PV UFCF | 4,047.84 | 1,168.77 | 1,230.31 | 1,295.09 | 1,363.28 | |||||
| SUM PV UFCF | 9,105.29 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.94 |
| Free cash flow (t + 1) | 2,037.49 |
| Terminal Value | 34,301.24 |
| Present Value of Terminal Value | 23,409.80 |
Intrinsic Value
| Enterprise Value | 32,515.10 |
|---|---|
| Net Debt | 1,194 |
| Equity Value | 31,321.10 |
| Shares Outstanding | 277 |
| Equity Value Per Share | 113.07 |