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	11,957.90	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	4,980.20	4,469.60	4,378.40	14,625.80	1,269.90	3,542.10	3,154	2,808.42	2,500.71	2,226.71
EBITDA (%)
EBIT	1,122	817.40	2,047.10	12,272.10	-901.50	1,794.56	1,597.93	1,422.85	1,266.95	1,128.13
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	922.10	331.10	633.75	545.47	380.65	338.95	301.81	268.74	239.29	213.08
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	$ 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	11,957.90	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	4,980.20	4,469.60	4,378.40	14,625.80	1,269.90	3,542.10	3,154	2,808.42	2,500.71	2,226.71
EBIT	1,122	817.40	2,047.10	12,272.10	-901.50	1,794.56	1,597.93	1,422.85	1,266.95	1,128.13
Tax Rate	-348.27%	-21.89%	14.90%	4.10%	22.39%	-65.75%	-65.75%	-65.75%	-65.75%	-65.75%
EBIAT	5,029.58	996.29	1,741.98	11,768.97	-699.64	2,974.51	2,648.60	2,358.40	2,099.99	1,869.90
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	-	591	-302.65	88.28	164.82	41.71	37.14	33.07	29.45	26.22
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	7,434.78	4,023.29	2,388.84	12,981.55	406.77	3,913.62	3,513.89	3,128.88	2,786.06	2,480.79
WACC
PV UFCF						3,692.44	3,127.94	2,627.81	2,207.65	1,854.67
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