Discounted Cash Flow (DCF) Analysis Unlevered
IAC Inc. (IAC)
$51.6
+1.19 (+2.36%)
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 | 2,533.05 | 4,757.05 | 3,047.68 | 3,699.63 | 5,235.28 | 6,737.36 | 8,670.41 | 11,158.08 | 14,359.51 | 18,479.47 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 422.51 | 716.38 | 437.74 | 920.65 | -952.39 | 711.40 | 915.52 | 1,178.19 | 1,516.23 | 1,951.26 |
EBITDA (%) | ||||||||||
EBIT | 273.03 | 535.38 | 226.87 | 770.80 | -1,391.09 | 319.90 | 411.68 | 529.80 | 681.80 | 877.42 |
EBIT (%) | ||||||||||
Depreciation | 149.47 | 180.99 | 210.87 | 149.85 | 438.70 | 391.51 | 503.84 | 648.39 | 834.43 | 1,073.84 |
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 | 2,255.30 | 3,159.29 | 3,701.17 | 2,138.52 | 1,656.76 | 4,936.32 | 6,352.63 | 8,175.29 | 10,520.91 | 13,539.51 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 289.32 | 307.64 | 270.45 | 693.21 | 607.81 | 769.54 | 990.34 | 1,274.48 | 1,640.15 | 2,110.73 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | 30.71 | 43.46 | 55.93 | 71.97 | 92.62 | 119.20 | 153.40 |
Inventories (%) | ||||||||||
Accounts Payable | 74.91 | 94.36 | 92.17 | 203.17 | 133.11 | 215.59 | 277.44 | 357.04 | 459.48 | 591.31 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -54.68 | -136.65 | -61.57 | -90.21 | -139.75 | -163.84 | -210.85 | -271.35 | -349.20 | -449.39 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 51.6 |
---|---|
Beta | 1.146 |
Diluted Shares Outstanding | 94.71 |
Cost of Debt | |
Tax Rate | 23.33 |
After-tax Cost of Debt | 4.12% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.902 |
Total Debt | 2,049.76 |
Total Equity | 4,887.10 |
Total Capital | 6,936.86 |
Debt Weighting | 29.55 |
Equity Weighting | 70.45 |
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 | 2,533.05 | 4,757.05 | 3,047.68 | 3,699.63 | 5,235.28 | 6,737.36 | 8,670.41 | 11,158.08 | 14,359.51 | 18,479.47 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 422.51 | 716.38 | 437.74 | 920.65 | -952.39 | 711.40 | 915.52 | 1,178.19 | 1,516.23 | 1,951.26 |
EBIT | 273.03 | 535.38 | 226.87 | 770.80 | -1,391.09 | 319.90 | 411.68 | 529.80 | 681.80 | 877.42 |
Tax Rate | 19.24% | 12.82% | -28.71% | 18.12% | 23.33% | 8.96% | 8.96% | 8.96% | 8.96% | 8.96% |
EBIAT | 220.49 | 466.77 | 292 | 631.11 | -1,066.55 | 291.23 | 374.79 | 482.32 | 620.71 | 798.80 |
Depreciation | 149.47 | 180.99 | 210.87 | 149.85 | 438.70 | 391.51 | 503.84 | 648.39 | 834.43 | 1,073.84 |
Accounts Receivable | - | -18.32 | 37.19 | -422.75 | 85.40 | -161.73 | -220.79 | -284.14 | -365.67 | -470.58 |
Inventories | - | - | - | - | -12.75 | -12.47 | -16.05 | -20.65 | -26.57 | -34.20 |
Accounts Payable | - | 19.45 | -2.18 | 111 | -70.07 | 82.48 | 61.85 | 79.60 | 102.44 | 131.83 |
Capital Expenditure | -54.68 | -136.65 | -61.57 | -90.21 | -139.75 | -163.84 | -210.85 | -271.35 | -349.20 | -449.39 |
UFCF | 315.29 | 512.24 | 476.30 | 379 | -765.02 | 427.17 | 492.79 | 634.18 | 816.13 | 1,050.29 |
WACC | ||||||||||
PV UFCF | 397.41 | 426.51 | 510.63 | 611.35 | 731.93 | |||||
SUM PV UFCF | 2,677.82 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.49 |
Free cash flow (t + 1) | 1,071.30 |
Terminal Value | 19,513.62 |
Present Value of Terminal Value | 13,598.70 |
Intrinsic Value
Enterprise Value | 16,276.52 |
---|---|
Net Debt | 632.37 |
Equity Value | 15,644.15 |
Shares Outstanding | 94.71 |
Equity Value Per Share | 165.18 |