Discounted Cash Flow (DCF) Analysis Unlevered

Laureate Education, Inc. (LAUR)

$13.14

-0.01 (-0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.45 | 13.14 | overvalue

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 3,350.203,250.301,024.901,086.701,242.301,083.59945.16824.41719.09627.23
Revenue (%)
EBITDA 568664.20246.20215.80366.90240.13209.45182.70159.36139
EBITDA (%)
EBIT 328348.1022.5070.50278.40111.8197.5385.0774.2064.72
EBIT (%)
Depreciation 240316.10223.70145.3088.50128.32111.9397.6385.1674.28
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 388.50339.60750.10324.8085.20286.02249.48217.61189.81165.56
Total Cash (%)
Account Receivables 249.30260.50111.9015280.70101.5588.5877.2667.3958.78
Account Receivables (%)
Inventories 306.4083.80435196.21224.31195.65170.66148.85129.84113.25
Inventories (%)
Accounts Payable 491.30516.4041.07183178.60142.55124.34108.4594.6082.51
Accounts Payable (%)
Capital Expenditure -238-155.60-74.60-50.40-52.80-60.81-53.04-46.26-40.35-35.20
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.14
Beta 0.771
Diluted Shares Outstanding 168.27
Cost of Debt
Tax Rate 71.71
After-tax Cost of Debt 1.21%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.924
Total Debt 648
Total Equity 2,211.04
Total Capital 2,859.04
Debt Weighting 22.66
Equity Weighting 77.34
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 3,350.203,250.301,024.901,086.701,242.301,083.59945.16824.41719.09627.23
EBITDA 568664.20246.20215.80366.90240.13209.45182.70159.36139
EBIT 328348.1022.5070.50278.40111.8197.5385.0774.2064.72
Tax Rate -188.24%85.49%28.86%-105.89%71.71%-21.62%-21.62%-21.62%-21.62%-21.62%
EBIAT 945.4350.5216.01145.1578.77135.98118.61103.4690.2478.71
Depreciation 240316.10223.70145.3088.50128.32111.9397.6385.1674.28
Accounts Receivable --11.20148.60-40.1071.30-20.8512.9711.329.878.61
Inventories -222.60-351.20238.79-28.0928.6624.9921.8019.0216.59
Accounts Payable -25.10-475.33141.93-4.40-36.05-18.21-15.88-13.86-12.09
Capital Expenditure -238-155.60-74.60-50.40-52.80-60.81-53.04-46.26-40.35-35.20
UFCF 947.43447.52-512.82580.67153.27175.25197.25172.05150.07130.90
WACC
PV UFCF 164.71174.24142.84117.0995.99
SUM PV UFCF 694.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.40
Free cash flow (t + 1) 132.21
Terminal Value 2,448.33
Present Value of Terminal Value 1,795.40

Intrinsic Value

Enterprise Value 2,490.27
Net Debt 562.80
Equity Value 1,927.47
Shares Outstanding 168.27
Equity Value Per Share 11.45