Discounted Cash Flow (DCF) Analysis Unlevered

Liberty Global plc (LBTYB)

$17.9

+0.08 (+0.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 83.01 | 17.9 | undervalue

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 11,957.9011,541.5011,980.1010,311.307,195.706,407.285,705.255,080.144,523.524,027.88
Revenue (%)
EBITDA 4,980.204,469.604,378.4014,625.801,269.903,542.103,1542,808.422,500.712,226.71
EBITDA (%)
EBIT 1,122817.402,047.1012,272.10-901.501,794.561,597.931,422.851,266.951,128.13
EBIT (%)
Depreciation 3,858.203,652.202,331.302,353.702,171.401,747.541,556.071,385.571,233.761,098.58
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 1,480.508,142.402,927.403,180.204,347.802,545.352,266.462,018.131,797.011,600.11
Total Cash (%)
Account Receivables 1,342.101,404.801,090.70907.30830.60677.14602.95536.89478.06425.68
Account Receivables (%)
Inventories 922.10331.10633.75545.47380.65338.95301.81268.74239.29213.08
Inventories (%)
Accounts Payable 874.30963.90618.20613.40610.10451.72402.23358.16318.92283.97
Accounts Payable (%)
Capital Expenditure -1,453-1,243.10-1,350.20-1,408-1,303.20-845.22-752.61-670.15-596.72-531.34
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.9
Beta 1.266
Diluted Shares Outstanding 569.11
Cost of Debt
Tax Rate 22.39
After-tax Cost of Debt 2.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.572
Total Debt 15,409.10
Total Equity 10,187.14
Total Capital 25,596.24
Debt Weighting 60.20
Equity Weighting 39.80
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 11,957.9011,541.5011,980.1010,311.307,195.706,407.285,705.255,080.144,523.524,027.88
EBITDA 4,980.204,469.604,378.4014,625.801,269.903,542.103,1542,808.422,500.712,226.71
EBIT 1,122817.402,047.1012,272.10-901.501,794.561,597.931,422.851,266.951,128.13
Tax Rate -348.27%-21.89%14.90%4.10%22.39%-65.75%-65.75%-65.75%-65.75%-65.75%
EBIAT 5,029.58996.291,741.9811,768.97-699.642,974.512,648.602,358.402,099.991,869.90
Depreciation 3,858.203,652.202,331.302,353.702,171.401,747.541,556.071,385.571,233.761,098.58
Accounts Receivable --62.70314.10183.4076.70153.4674.1966.0658.8352.38
Inventories -591-302.6588.28164.8241.7137.1433.0729.4526.22
Accounts Payable -89.60-345.70-4.80-3.30-158.38-49.49-44.07-39.24-34.94
Capital Expenditure -1,453-1,243.10-1,350.20-1,408-1,303.20-845.22-752.61-670.15-596.72-531.34
UFCF 7,434.784,023.292,388.8412,981.55406.773,913.623,513.893,128.882,786.062,480.79
WACC
PV UFCF 3,692.443,127.942,627.812,207.651,854.67
SUM PV UFCF 13,510.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.99
Free cash flow (t + 1) 2,530.41
Terminal Value 63,418.79
Present Value of Terminal Value 47,412.57

Intrinsic Value

Enterprise Value 60,923.08
Net Debt 13,682.90
Equity Value 47,240.18
Shares Outstanding 569.11
Equity Value Per Share 83.01