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 11,957.9011,541.5011,980.1010,311.307,195.706,407.285,705.255,080.144,523.524,027.88
Revenue (%)
EBITDA 7,635.5016,812.501,634.9017,135.904,552.805,800.215,164.704,598.814,094.933,646.26
EBITDA (%)
EBIT 3,777.3013,160.30-696.4014,782.202,381.404,052.673,608.633,213.242,861.172,547.68
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 ----------
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 $ 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 11,957.9011,541.5011,980.1010,311.307,195.706,407.285,705.255,080.144,523.524,027.88
EBITDA 7,635.5016,812.501,634.9017,135.904,552.805,800.215,164.704,598.814,094.933,646.26
EBIT 3,777.3013,160.30-696.4014,782.202,381.404,052.673,608.633,213.242,861.172,547.68
Tax Rate -348.27%1,096.66%5.55%4.10%-3.44%150.92%150.92%150.92%150.92%150.92%
EBIAT 16,932.48-131,163.56-657.7714,176.162,463.33-2,063.60-1,837.49-1,636.16-1,456.89-1,297.26
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 ----------
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 19,337.68-128,727.56291.7315,300.463,404.93-1,166.20-1,009.34-898.75-800.27-712.59
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