Discounted Cash Flow (DCF) Analysis Unlevered

IQVIA Holdings Inc. (IQV)

$240.62

-4.09 (-1.67%)
All numbers are in Millions, Currency in USD
Stock DCF: 221.59 | 240.62 | 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 9,73910,41211,08811,35913,87415,191.6116,634.3618,214.1319,943.9221,837.99
Revenue (%)
EBITDA 1,6791,8731,9562,0542,7682,761.933,024.233,311.443,625.933,970.28
EBITDA (%)
EBIT 6687327547671,5041,163.141,273.601,394.561,5271,672.02
EBIT (%)
Depreciation 1,0111,1411,2021,2871,2641,598.791,750.631,916.882,098.932,298.26
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 1,0059388991,9021,4771,665.801,8241,997.232,186.902,394.59
Total Cash (%)
Account Receivables 2,0402,4632,6382,4662,6093,308.983,623.243,967.344,344.114,756.67
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3224372,5122,8136211,804.731,976.132,163.802,369.302,594.31
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 9,73910,41211,08811,35913,87415,191.6116,634.3618,214.1319,943.9221,837.99
EBITDA 1,6791,8731,9562,0542,7682,761.933,024.233,311.443,625.933,970.28
EBIT 6687327547671,5041,163.141,273.601,394.561,5271,672.02
Tax Rate -295.47%21.04%45.74%25.20%14.36%-37.83%-37.83%-37.83%-37.83%-37.83%
EBIAT 2,641.73578.01409.13573.711,2881,603.111,755.361,922.062,104.602,304.47
Depreciation 1,0111,1411,2021,2871,2641,598.791,750.631,916.882,098.932,298.26
Accounts Receivable --423-175172-143-699.98-314.25-344.10-376.78-412.56
Inventories ----------
Accounts Payable -1152,075301-2,1921,183.73171.40187.67205.50225.01
Capital Expenditure -369-459-582-616-640-713.46-781.22-855.41-936.65-1,025.61
UFCF 3,283.73952.012,929.131,717.71-4232,972.192,581.902,827.113,095.603,389.59
WACC
PV UFCF 2,758.922,224.682,261.172,298.252,335.95
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