Discounted Cash Flow (DCF) Analysis Unlevered
IQVIA Holdings Inc. (IQV)
$216.91
+2.81 (+1.31%)
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 | 10,412 | 11,088 | 11,359 | 13,874 | 14,410 | 15,668.75 | 17,037.45 | 18,525.71 | 20,143.98 | 21,903.61 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 1,953 | 2,100 | 2,141 | 2,813 | 2,937 | 3,046.07 | 3,312.15 | 3,601.48 | 3,916.07 | 4,258.15 |
EBITDA (%) | ||||||||||
EBIT | 812 | 898 | 854 | 1,549 | 1,807 | 1,476.64 | 1,605.63 | 1,745.88 | 1,898.39 | 2,064.22 |
EBIT (%) | ||||||||||
Depreciation | 1,141 | 1,202 | 1,287 | 1,264 | 1,130 | 1,569.43 | 1,706.53 | 1,855.60 | 2,017.69 | 2,193.94 |
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 | 938 | 899 | 1,902 | 1,477 | 1,309 | 1,679.41 | 1,826.11 | 1,985.62 | 2,159.07 | 2,347.67 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 2,463 | 2,638 | 2,466 | 2,609 | 2,960 | 3,400.21 | 3,697.22 | 4,020.18 | 4,371.36 | 4,753.20 |
Account Receivables (%) | ||||||||||
Inventories | 151 | 138 | 159 | 156 | 151 | 196.39 | 213.54 | 232.20 | 252.48 | 274.54 |
Inventories (%) | ||||||||||
Accounts Payable | 437 | 2,512 | 2,813 | 2,981 | 3,316 | 3,012 | 3,275.10 | 3,561.19 | 3,872.27 | 4,210.52 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -459 | -582 | -616 | -640 | -674 | -763.71 | -830.42 | -902.96 | -981.84 | -1,067.61 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 216.91 |
---|---|
Beta | 1.418 |
Diluted Shares Outstanding | 190.60 |
Cost of Debt | |
Tax Rate | 19.96 |
After-tax Cost of Debt | 3.33% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.849 |
Total Debt | 13,011 |
Total Equity | 41,343.05 |
Total Capital | 54,354.05 |
Debt Weighting | 23.94 |
Equity Weighting | 76.06 |
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 | 10,412 | 11,088 | 11,359 | 13,874 | 14,410 | 15,668.75 | 17,037.45 | 18,525.71 | 20,143.98 | 21,903.61 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 1,953 | 2,100 | 2,141 | 2,813 | 2,937 | 3,046.07 | 3,312.15 | 3,601.48 | 3,916.07 | 4,258.15 |
EBIT | 812 | 898 | 854 | 1,549 | 1,807 | 1,476.64 | 1,605.63 | 1,745.88 | 1,898.39 | 2,064.22 |
Tax Rate | 21.04% | 45.74% | 25.20% | 14.36% | 19.96% | 25.26% | 25.26% | 25.26% | 25.26% | 25.26% |
EBIAT | 641.18 | 487.27 | 638.78 | 1,326.54 | 1,446.40 | 1,103.66 | 1,200.06 | 1,304.89 | 1,418.88 | 1,542.82 |
Depreciation | 1,141 | 1,202 | 1,287 | 1,264 | 1,130 | 1,569.43 | 1,706.53 | 1,855.60 | 2,017.69 | 2,193.94 |
Accounts Receivable | - | -175 | 172 | -143 | -351 | -440.21 | -297.02 | -322.96 | -351.17 | -381.85 |
Inventories | - | 13 | -21 | 3 | 5 | -45.39 | -17.16 | -18.65 | -20.28 | -22.05 |
Accounts Payable | - | 2,075 | 301 | 168 | 335 | -304 | 263.11 | 286.09 | 311.08 | 338.25 |
Capital Expenditure | -459 | -582 | -616 | -640 | -674 | -763.71 | -830.42 | -902.96 | -981.84 | -1,067.61 |
UFCF | 1,323.18 | 3,020.27 | 1,761.78 | 1,978.54 | 1,891.40 | 1,119.78 | 2,025.10 | 2,202 | 2,394.35 | 2,603.50 |
WACC | ||||||||||
PV UFCF | 1,026.85 | 1,702.92 | 1,698.01 | 1,693.11 | 1,688.22 | |||||
SUM PV UFCF | 7,809.11 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.05 |
Free cash flow (t + 1) | 2,655.57 |
Terminal Value | 37,667.64 |
Present Value of Terminal Value | 24,425.31 |
Intrinsic Value
Enterprise Value | 32,234.42 |
---|---|
Net Debt | 11,795 |
Equity Value | 20,439.42 |
Shares Outstanding | 190.60 |
Equity Value Per Share | 107.24 |