Discounted Cash Flow (DCF) Analysis Unlevered
IQVIA Holdings Inc. (IQV)
$240.62
-4.09 (-1.67%)
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 | 9,739 | 10,412 | 11,088 | 11,359 | 13,874 | 15,191.61 | 16,634.36 | 18,214.13 | 19,943.92 | 21,837.99 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 1,679 | 1,873 | 1,956 | 2,054 | 2,768 | 2,761.93 | 3,024.23 | 3,311.44 | 3,625.93 | 3,970.28 |
EBITDA (%) | ||||||||||
EBIT | 668 | 732 | 754 | 767 | 1,504 | 1,163.14 | 1,273.60 | 1,394.56 | 1,527 | 1,672.02 |
EBIT (%) | ||||||||||
Depreciation | 1,011 | 1,141 | 1,202 | 1,287 | 1,264 | 1,598.79 | 1,750.63 | 1,916.88 | 2,098.93 | 2,298.26 |
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 | 1,005 | 938 | 899 | 1,902 | 1,477 | 1,665.80 | 1,824 | 1,997.23 | 2,186.90 | 2,394.59 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 2,040 | 2,463 | 2,638 | 2,466 | 2,609 | 3,308.98 | 3,623.24 | 3,967.34 | 4,344.11 | 4,756.67 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 322 | 437 | 2,512 | 2,813 | 621 | 1,804.73 | 1,976.13 | 2,163.80 | 2,369.30 | 2,594.31 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -369 | -459 | -582 | -616 | -640 | -713.46 | -781.22 | -855.41 | -936.65 | -1,025.61 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 240.62 |
---|---|
Beta | 1.320 |
Diluted Shares Outstanding | 191.30 |
Cost of Debt | |
Tax Rate | 14.36 |
After-tax Cost of Debt | 2.58% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.124 |
Total Debt | 12,438 |
Total Equity | 46,030.61 |
Total Capital | 58,468.61 |
Debt Weighting | 21.27 |
Equity Weighting | 78.73 |
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 | 9,739 | 10,412 | 11,088 | 11,359 | 13,874 | 15,191.61 | 16,634.36 | 18,214.13 | 19,943.92 | 21,837.99 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 1,679 | 1,873 | 1,956 | 2,054 | 2,768 | 2,761.93 | 3,024.23 | 3,311.44 | 3,625.93 | 3,970.28 |
EBIT | 668 | 732 | 754 | 767 | 1,504 | 1,163.14 | 1,273.60 | 1,394.56 | 1,527 | 1,672.02 |
Tax Rate | -295.47% | 21.04% | 45.74% | 25.20% | 14.36% | -37.83% | -37.83% | -37.83% | -37.83% | -37.83% |
EBIAT | 2,641.73 | 578.01 | 409.13 | 573.71 | 1,288 | 1,603.11 | 1,755.36 | 1,922.06 | 2,104.60 | 2,304.47 |
Depreciation | 1,011 | 1,141 | 1,202 | 1,287 | 1,264 | 1,598.79 | 1,750.63 | 1,916.88 | 2,098.93 | 2,298.26 |
Accounts Receivable | - | -423 | -175 | 172 | -143 | -699.98 | -314.25 | -344.10 | -376.78 | -412.56 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 115 | 2,075 | 301 | -2,192 | 1,183.73 | 171.40 | 187.67 | 205.50 | 225.01 |
Capital Expenditure | -369 | -459 | -582 | -616 | -640 | -713.46 | -781.22 | -855.41 | -936.65 | -1,025.61 |
UFCF | 3,283.73 | 952.01 | 2,929.13 | 1,717.71 | -423 | 2,972.19 | 2,581.90 | 2,827.11 | 3,095.60 | 3,389.59 |
WACC | ||||||||||
PV UFCF | 2,758.92 | 2,224.68 | 2,261.17 | 2,298.25 | 2,335.95 | |||||
SUM PV UFCF | 11,878.96 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.73 |
Free cash flow (t + 1) | 3,457.38 |
Terminal Value | 60,338.18 |
Present Value of Terminal Value | 41,582.34 |
Intrinsic Value
Enterprise Value | 53,461.30 |
---|---|
Net Debt | 11,072 |
Equity Value | 42,389.30 |
Shares Outstanding | 191.30 |
Equity Value Per Share | 221.59 |