Discounted Cash Flow (DCF) Analysis Unlevered

Liberty Global plc (LBTYB)

$16.3001

-0.70 (-4.12%)

All numbers are in Millions, Currency in USD

Stock DCF: -54.57 | 16.3001 | 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	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