Discounted Cash Flow (DCF) Analysis Unlevered
Liberty Global plc (LBTYB)
$17.9
+0.08 (+0.45%)
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 | 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 |