Discounted Cash Flow (DCF) Analysis Unlevered

Forrester Research, Inc. (FORR)

$42.74

-1.34 (-3.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 42.89 | 42.74 | 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 337.67357.58461.70448.98494.32546.66604.54668.56739.35817.64
Revenue (%)
EBITDA 34.8032.6442.2461.2361.9359.8666.2073.2180.9689.53
EBITDA (%)
EBIT 27.3723.52-1.5418.2737.4128.4131.4234.7538.4342.50
EBIT (%)
Depreciation 7.439.1243.7842.9624.5231.4434.7738.4642.5347.03
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 134.12140.3067.9090.26134.28154.08170.40188.44208.39230.46
Total Cash (%)
Account Receivables 70.0267.3284.6184.69083.9192.80102.63113.49125.51
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.220.590.500.66-0.530.590.650.720.79
Accounts Payable (%)
Capital Expenditure -7.86-5.05-11.89-8.91-10.74-11.45-12.66-14-15.49-17.13
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 42.74
Beta 0.989
Diluted Shares Outstanding 18.93
Cost of Debt
Tax Rate 25.15
After-tax Cost of Debt 4,213,646.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.506
Total Debt 0
Total Equity 809.28
Total Capital 809.28
Debt Weighting 0.00
Equity Weighting 100.00
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 337.67357.58461.70448.98494.32546.66604.54668.56739.35817.64
EBITDA 34.8032.6442.2461.2361.9359.8666.2073.2180.9689.53
EBIT 27.3723.52-1.5418.2737.4128.4131.4234.7538.4342.50
Tax Rate 44.69%34.62%0.30%22.76%25.15%25.50%25.50%25.50%25.50%25.50%
EBIAT 15.1415.38-1.5414.112821.1723.4125.8928.6331.66
Depreciation 7.439.1243.7842.9624.5231.4434.7738.4642.5347.03
Accounts Receivable -2.71-17.29-0.0984.69-83.91-8.89-9.83-10.87-12.02
Inventories ----------
Accounts Payable -0.37-0.080.15-0.66-0.060.060.070.08
Capital Expenditure -7.86-5.05-11.89-8.90-10.74-11.45-12.66-14-15.49-17.13
UFCF 14.7122.5212.9848.23125.82-42.7536.6940.5844.8749.63
WACC
PV UFCF -39.6231.5232.3033.1133.93
SUM PV UFCF 91.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.90
Free cash flow (t + 1) 50.62
Terminal Value 857.93
Present Value of Terminal Value 586.61

Intrinsic Value

Enterprise Value 677.84
Net Debt -134.28
Equity Value 812.12
Shares Outstanding 18.93
Equity Value Per Share 42.89