Discounted Cash Flow (DCF) Analysis Unlevered
Liberty Global plc (LBTYB)
$16.3001
-0.70 (-4.12%)
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 | 11,957.90 | 11,541.50 | 11,980.10 | 10,311.30 | 7,195.70 | 6,407.28 | 5,705.25 | 5,080.14 | 4,523.52 | 4,027.88 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 7,635.50 | 16,812.50 | 1,634.90 | 17,135.90 | 4,552.80 | 5,800.21 | 5,164.70 | 4,598.81 | 4,094.93 | 3,646.26 |
EBITDA (%) | ||||||||||
EBIT | 3,777.30 | 13,160.30 | -696.40 | 14,782.20 | 2,381.40 | 4,052.67 | 3,608.63 | 3,213.24 | 2,861.17 | 2,547.68 |
EBIT (%) | ||||||||||
Depreciation | 3,858.20 | 3,652.20 | 2,331.30 | 2,353.70 | 2,171.40 | 1,747.54 | 1,556.07 | 1,385.57 | 1,233.76 | 1,098.58 |
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 | 1,480.50 | 8,142.40 | 2,927.40 | 3,180.20 | 4,347.80 | 2,545.35 | 2,266.46 | 2,018.13 | 1,797.01 | 1,600.11 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,342.10 | 1,404.80 | 1,090.70 | 907.30 | 830.60 | 677.14 | 602.95 | 536.89 | 478.06 | 425.68 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 874.30 | 963.90 | 618.20 | 613.40 | 610.10 | 451.72 | 402.23 | 358.16 | 318.92 | 283.97 |
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 | $ 16.3,001 |
---|---|
Beta | 1.251 |
Diluted Shares Outstanding | 569.11 |
Cost of Debt | |
Tax Rate | -3.44 |
After-tax Cost of Debt | 3.82% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.690 |
Total Debt | 15,409.10 |
Total Equity | 9,276.62 |
Total Capital | 24,685.72 |
Debt Weighting | 62.42 |
Equity Weighting | 37.58 |
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 | 11,957.90 | 11,541.50 | 11,980.10 | 10,311.30 | 7,195.70 | 6,407.28 | 5,705.25 | 5,080.14 | 4,523.52 | 4,027.88 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 7,635.50 | 16,812.50 | 1,634.90 | 17,135.90 | 4,552.80 | 5,800.21 | 5,164.70 | 4,598.81 | 4,094.93 | 3,646.26 |
EBIT | 3,777.30 | 13,160.30 | -696.40 | 14,782.20 | 2,381.40 | 4,052.67 | 3,608.63 | 3,213.24 | 2,861.17 | 2,547.68 |
Tax Rate | -348.27% | 1,096.66% | 5.55% | 4.10% | -3.44% | 150.92% | 150.92% | 150.92% | 150.92% | 150.92% |
EBIAT | 16,932.48 | -131,163.56 | -657.77 | 14,176.16 | 2,463.33 | -2,063.60 | -1,837.49 | -1,636.16 | -1,456.89 | -1,297.26 |
Depreciation | 3,858.20 | 3,652.20 | 2,331.30 | 2,353.70 | 2,171.40 | 1,747.54 | 1,556.07 | 1,385.57 | 1,233.76 | 1,098.58 |
Accounts Receivable | - | -62.70 | 314.10 | 183.40 | 76.70 | 153.46 | 74.19 | 66.06 | 58.83 | 52.38 |
Inventories | - | - | - | - | - | - | - | - | - | - |
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 | 19,337.68 | -128,727.56 | 291.73 | 15,300.46 | 3,404.93 | -1,166.20 | -1,009.34 | -898.75 | -800.27 | -712.59 |
WACC | ||||||||||
PV UFCF | -1,099.87 | -897.80 | -753.97 | -633.18 | -531.74 | |||||
SUM PV UFCF | -3,916.55 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.03 |
Free cash flow (t + 1) | -726.84 |
Terminal Value | -18,035.78 |
Present Value of Terminal Value | -13,458.33 |
Intrinsic Value
Enterprise Value | -17,374.88 |
---|---|
Net Debt | 13,682.90 |
Equity Value | -31,057.78 |
Shares Outstanding | 569.11 |
Equity Value Per Share | -54.57 |