Discounted Cash Flow (DCF) Analysis Unlevered

InterContinental Hotels Group PLC (IHG)

$61.83

-0.30 (-0.48%)
All numbers are in Millions, Currency in USD
Stock DCF: -578,749.14 | 61.83 | overvalue

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 1,784-1634,3372,3942,907-18,119.66112,941.86-703,979.304,387,982.07-27,350,785.33
Revenue (%)
EBITDA 84-7.67204.21112.72136.88-853.175,317.89-33,147.01206,609.01-1,287,817.20
EBITDA (%)
EBIT 84-7.67204.21-59.28-55.12396.13-2,469.1015,390.17-95,928.66597,934.12
EBIT (%)
Depreciation ---172192-1,249.297,786.99-48,537.18302,537.67-1,885,751.31
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 1687041951,6271,45210,874.64-67,782.88422,498.31-2,633,479.4316,414,773.20
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 3565487.50-545.403,399.55-21,189.78132,078.31
Inventories (%)
Accounts Payable ---80579-2,107.2413,134.65-81,869.72510,303.18-3,180,777.08
Accounts Payable (%)
Capital Expenditure -44-468-76-52-760.144,738.04-29,532.72184,080.76-1,147,396.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 61.83
Beta 0.996
Diluted Shares Outstanding 183
Cost of Debt
Tax Rate 26.32
After-tax Cost of Debt 3.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.582
Total Debt 3,264
Total Equity 11,314.89
Total Capital 14,578.89
Debt Weighting 22.39
Equity Weighting 77.61
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 1,784-1634,3372,3942,907-18,119.66112,941.86-703,979.304,387,982.07-27,350,785.33
EBITDA 84-7.67204.21112.72136.88-853.175,317.89-33,147.01206,609.01-1,287,817.20
EBIT 84-7.67204.21-59.28-55.12396.13-2,469.1015,390.17-95,928.66597,934.12
Tax Rate 16.73%16.73%16.73%7.14%26.32%16.73%16.73%16.73%16.73%16.73%
EBIAT 69.95-6.39170.05-55.04-40.62329.86-2,056.0412,815.50-79,880.44497,903.79
Depreciation ---172192-1,249.297,786.99-48,537.18302,537.67-1,885,751.31
Accounts Receivable ----------
Inventories --2-111-83.50632.90-3,944.9524,589.34-153,268.09
Accounts Payable ----499-2,686.2415,241.88-95,004.37592,172.91-3,691,080.27
Capital Expenditure -44-468-76-52-760.144,738.04-29,532.72184,080.76-1,147,396.08
UFCF 25.95-54.39177.0541.96599.38-4,449.3126,343.78-164,203.721,023,500.23-6,379,591.97
WACC
PV UFCF -4,172.6723,169.64-135,439.32791,717.62-4,628,026.71
SUM PV UFCF -3,952,751.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.63
Free cash flow (t + 1) -6,507,183.81
Terminal Value -140,543,926.73
Present Value of Terminal Value -101,956,527.91

Intrinsic Value

Enterprise Value -105,909,279.35
Net Debt 1,814
Equity Value -105,911,093.35
Shares Outstanding 183
Equity Value Per Share -578,749.14