Discounted Cash Flow (DCF) Analysis Unlevered

ICF International, Inc. (ICFI)

$98.9

-2.25 (-2.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 130.96 | 98.9 | 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 1,229.161,337.971,478.531,506.881,553.051,647.551,747.801,854.141,966.962,086.65
Revenue (%)
EBITDA 111.12118.74129.07122.31142.31144.74153.54162.89172.80183.31
EBITDA (%)
EBIT 82.5491.54100.8988.56110.34109.93116.62123.72131.25139.23
EBIT (%)
Depreciation 28.5827.2128.1833.7531.9734.8136.9239.1741.5544.08
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 11.8111.696.4813.848.2512.2713.0113.8114.6515.54
Total Cash (%)
Account Receivables 297.11364.16410.83368.20386.38423.38449.14476.47505.47536.22
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 75.07102.60134.5891.36105.65117.78124.95132.55140.62149.17
Accounts Payable (%)
Capital Expenditure -14.51-21.81-26.90-17.68-19.93-23.35-24.77-26.28-27.88-29.58
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 98.9
Beta 0.553
Diluted Shares Outstanding 19.12
Cost of Debt
Tax Rate 28.93
After-tax Cost of Debt 1.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.127
Total Debt 648.31
Total Equity 1,891.36
Total Capital 2,539.67
Debt Weighting 25.53
Equity Weighting 74.47
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 1,229.161,337.971,478.531,506.881,553.051,647.551,747.801,854.141,966.962,086.65
EBITDA 111.12118.74129.07122.31142.31144.74153.54162.89172.80183.31
EBIT 82.5491.54100.8988.56110.34109.93116.62123.72131.25139.23
Tax Rate 15.02%25.87%23.55%26.40%28.93%23.95%23.95%23.95%23.95%23.95%
EBIAT 70.1467.8677.1365.1878.4283.6088.6994.0899.81105.88
Depreciation 28.5827.2128.1833.7531.9734.8136.9239.1741.5544.08
Accounts Receivable --67.05-46.6742.64-18.18-37.01-25.76-27.33-28.99-30.76
Inventories ----------
Accounts Payable -27.5231.98-43.2114.2912.137.177.608.078.56
Capital Expenditure -14.51-21.81-26.90-17.68-19.93-23.35-24.77-26.28-27.88-29.58
UFCF 84.2133.7363.7280.6786.5670.1782.2487.2492.5598.18
WACC
PV UFCF 66.9374.8175.6976.5877.48
SUM PV UFCF 371.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.85
Free cash flow (t + 1) 100.15
Terminal Value 3,513.98
Present Value of Terminal Value 2,773.05

Intrinsic Value

Enterprise Value 3,144.54
Net Debt 640.06
Equity Value 2,504.48
Shares Outstanding 19.12
Equity Value Per Share 130.96