Discounted Cash Flow (DCF) Analysis Unlevered
Ziff Davis, Inc. (JCOM)
$142.84
+4.25 (+3.07%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 874.25 | 1,117.84 | 1,207.29 | 1,372.05 | 1,489.59 | 1,705.87 | 1,953.56 | 2,237.21 | 2,562.04 | 2,934.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 374.90 | 429.78 | 422.61 | 522.43 | 579.77 | 659.60 | 755.37 | 865.05 | 990.65 | 1,134.49 |
| EBITDA (%) | ||||||||||
| EBIT | 252.81 | 267.74 | 235.43 | 268.98 | 351.04 | 394.19 | 451.43 | 516.97 | 592.03 | 677.99 |
| EBIT (%) | ||||||||||
| Depreciation | 122.09 | 162.04 | 187.17 | 253.45 | 228.74 | 265.41 | 303.95 | 348.08 | 398.62 | 456.49 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 124.01 | 350.95 | 209.47 | 575.62 | 243.32 | 413.56 | 473.61 | 542.38 | 621.13 | 711.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 199.87 | 234.19 | 221.62 | 261.93 | 325.62 | 351.82 | 402.90 | 461.40 | 528.39 | 605.11 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 178.07 | 169.84 | 166.52 | 238.06 | 230.65 | 280.41 | 321.12 | 367.75 | 421.14 | 482.29 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -29.07 | -41.83 | -57.05 | -70.63 | -95.67 | -79.71 | -91.28 | -104.54 | -119.71 | -137.10 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 142.84 |
|---|---|
| Beta | 1.033 |
| Diluted Shares Outstanding | 45.64 |
| Cost of Debt | |
| Tax Rate | 34.61 |
| After-tax Cost of Debt | 5.36% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.566 |
| Total Debt | 1,611.23 |
| Total Equity | 6,519.54 |
| Total Capital | 8,130.78 |
| Debt Weighting | 19.82 |
| Equity Weighting | 80.18 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 874.25 | 1,117.84 | 1,207.29 | 1,372.05 | 1,489.59 | 1,705.87 | 1,953.56 | 2,237.21 | 2,562.04 | 2,934.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 374.90 | 429.78 | 422.61 | 522.43 | 579.77 | 659.60 | 755.37 | 865.05 | 990.65 | 1,134.49 |
| EBIT | 252.81 | 267.74 | 235.43 | 268.98 | 351.04 | 394.19 | 451.43 | 516.97 | 592.03 | 677.99 |
| Tax Rate | 27.90% | 30.28% | 27.54% | -9.62% | 34.61% | 22.14% | 22.14% | 22.14% | 22.14% | 22.14% |
| EBIAT | 182.27 | 186.68 | 170.61 | 294.86 | 229.56 | 306.92 | 351.48 | 402.52 | 460.96 | 527.89 |
| Depreciation | 122.09 | 162.04 | 187.17 | 253.45 | 228.74 | 265.41 | 303.95 | 348.08 | 398.62 | 456.49 |
| Accounts Receivable | - | -34.32 | 12.58 | -40.31 | -63.69 | -26.20 | -51.08 | -58.50 | -66.99 | -76.72 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -8.23 | -3.32 | 71.54 | -7.41 | 49.76 | 40.71 | 46.63 | 53.40 | 61.15 |
| Capital Expenditure | -29.07 | -41.84 | -57.05 | -70.63 | -95.67 | -79.71 | -91.28 | -104.54 | -119.71 | -137.10 |
| UFCF | 275.29 | 264.33 | 310 | 508.90 | 291.53 | 516.18 | 553.78 | 634.18 | 726.26 | 831.71 |
| WACC | ||||||||||
| PV UFCF | 478.26 | 475.39 | 504.42 | 535.21 | 567.89 | |||||
| SUM PV UFCF | 2,561.17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.93 |
| Free cash flow (t + 1) | 848.35 |
| Terminal Value | 14,306.05 |
| Present Value of Terminal Value | 9,768.08 |
Intrinsic Value
| Enterprise Value | 12,329.24 |
|---|---|
| Net Debt | 1,368.58 |
| Equity Value | 10,960.66 |
| Shares Outstanding | 45.64 |
| Equity Value Per Share | 240.14 |