Discounted Cash Flow (DCF) Analysis Unlevered
IAC Inc. (IAC)
$55.92
+1.62 (+2.98%)
All numbers are in Millions, Currency in USD
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 | 3,307.24 | 2,533.05 | 4,757.05 | 3,047.68 | 3,699.63 | 4,160.68 | 4,679.19 | 5,262.32 | 5,918.12 | 6,655.65 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 235.58 | 422.51 | 716.38 | 437.74 | 920.65 | 649.98 | 730.99 | 822.08 | 924.53 | 1,039.75 |
EBITDA (%) | ||||||||||
EBIT | 119.17 | 273.03 | 535.38 | 226.87 | 770.80 | 448.65 | 504.56 | 567.44 | 638.15 | 717.68 |
EBIT (%) | ||||||||||
Depreciation | 116.41 | 149.47 | 180.99 | 210.87 | 149.85 | 201.33 | 226.43 | 254.64 | 286.38 | 322.07 |
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 | 1,635.80 | 2,255.30 | 3,159.29 | 3,701.17 | 2,138.52 | 3,196.69 | 3,595.07 | 4,043.09 | 4,546.95 | 5,113.60 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 337.27 | 289.32 | 307.64 | 270.45 | 693.21 | 463.48 | 521.24 | 586.20 | 659.26 | 741.41 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | 30.71 | 34.54 | 38.84 | 43.68 | 49.13 | 55.25 |
Inventories (%) | ||||||||||
Accounts Payable | 76.57 | 74.91 | 94.36 | 92.17 | 203.17 | 131.24 | 147.60 | 165.99 | 186.68 | 209.95 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -75.52 | -54.68 | -136.65 | -61.57 | -90.21 | -97.97 | -110.18 | -123.91 | -139.35 | -156.72 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 55.92 |
---|---|
Beta | 0.991 |
Diluted Shares Outstanding | 94.71 |
Cost of Debt | |
Tax Rate | 18.12 |
After-tax Cost of Debt | 1.35% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.212 |
Total Debt | 2,076.24 |
Total Equity | 5,296.26 |
Total Capital | 7,372.49 |
Debt Weighting | 28.16 |
Equity Weighting | 71.84 |
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 | 3,307.24 | 2,533.05 | 4,757.05 | 3,047.68 | 3,699.63 | 4,160.68 | 4,679.19 | 5,262.32 | 5,918.12 | 6,655.65 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 235.58 | 422.51 | 716.38 | 437.74 | 920.65 | 649.98 | 730.99 | 822.08 | 924.53 | 1,039.75 |
EBIT | 119.17 | 273.03 | 535.38 | 226.87 | 770.80 | 448.65 | 504.56 | 567.44 | 638.15 | 717.68 |
Tax Rate | -355.40% | 19.24% | 12.82% | -28.71% | 18.12% | -66.78% | -66.78% | -66.78% | -66.78% | -66.78% |
EBIAT | 542.69 | 220.49 | 466.77 | 292 | 631.11 | 748.27 | 841.53 | 946.40 | 1,064.34 | 1,196.98 |
Depreciation | 116.41 | 149.47 | 180.99 | 210.87 | 149.85 | 201.33 | 226.43 | 254.64 | 286.38 | 322.07 |
Accounts Receivable | - | 47.95 | -18.32 | 37.19 | -422.75 | 229.72 | -57.76 | -64.96 | -73.05 | -82.16 |
Inventories | - | - | - | - | - | -3.83 | -4.30 | -4.84 | -5.44 | -6.12 |
Accounts Payable | - | -1.66 | 19.45 | -2.18 | 111 | -71.93 | 16.36 | 18.39 | 20.69 | 23.26 |
Capital Expenditure | -75.52 | -54.68 | -136.65 | -61.57 | -90.21 | -97.97 | -110.18 | -123.91 | -139.35 | -156.72 |
UFCF | 583.58 | 361.57 | 512.24 | 476.30 | 379 | 1,005.61 | 912.06 | 1,025.73 | 1,153.55 | 1,297.31 |
WACC | ||||||||||
PV UFCF | 946.19 | 807.46 | 854.43 | 904.13 | 956.72 | |||||
SUM PV UFCF | 4,468.93 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.28 |
Free cash flow (t + 1) | 1,323.26 |
Terminal Value | 30,917.24 |
Present Value of Terminal Value | 22,800.43 |
Intrinsic Value
Enterprise Value | 27,269.36 |
---|---|
Net Debt | -42.49 |
Equity Value | 27,311.86 |
Shares Outstanding | 94.71 |
Equity Value Per Share | 288.37 |