Discounted Cash Flow (DCF) Analysis Unlevered
ManTech International Corporation (MANT)
$95.98
-0.01 (-0.01%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1,717.02 | 1,958.56 | 2,222.56 | 2,518.38 | 2,553.96 | 2,823.84 | 3,122.25 | 3,452.18 | 3,816.99 | 4,220.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 132.45 | 165.57 | 194.57 | 228.60 | 264.02 | 250.40 | 276.86 | 306.12 | 338.47 | 374.24 |
| EBITDA (%) | ||||||||||
| EBIT | 98.66 | 113 | 138.70 | 158.29 | 186.95 | 177.12 | 195.84 | 216.53 | 239.41 | 264.71 |
| EBIT (%) | ||||||||||
| Depreciation | 33.79 | 52.57 | 55.88 | 70.30 | 77.07 | 73.28 | 81.03 | 89.59 | 99.06 | 109.52 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 9.45 | 5.29 | 8.85 | 41.19 | 53.37 | 27.93 | 30.88 | 34.14 | 37.75 | 41.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 311.41 | 405.38 | 420.97 | 422.59 | 498.17 | 531.23 | 587.37 | 649.44 | 718.06 | 793.94 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.10 | 0.11 | 0.12 | 0.14 | 0.14 | 0.16 | 0.17 | 0.19 | 0.21 | 0.24 |
| Inventories (%) | ||||||||||
| Accounts Payable | 122.40 | 126.07 | 146.02 | 142.36 | 169.14 | 183.05 | 202.39 | 223.78 | 247.42 | 273.57 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -38.86 | -35.13 | -58.47 | -76.32 | -54.92 | -67.03 | -74.11 | -81.95 | -90.61 | -100.18 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 95.98 |
|---|---|
| Beta | 0.662 |
| Diluted Shares Outstanding | 40.90 |
| Cost of Debt | |
| Tax Rate | 25.65 |
| After-tax Cost of Debt | 0.45% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.818 |
| Total Debt | 396.13 |
| Total Equity | 3,925.64 |
| Total Capital | 4,321.77 |
| Debt Weighting | 9.17 |
| Equity Weighting | 90.83 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1,717.02 | 1,958.56 | 2,222.56 | 2,518.38 | 2,553.96 | 2,823.84 | 3,122.25 | 3,452.18 | 3,816.99 | 4,220.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 132.45 | 165.57 | 194.57 | 228.60 | 264.02 | 250.40 | 276.86 | 306.12 | 338.47 | 374.24 |
| EBIT | 98.66 | 113 | 138.70 | 158.29 | 186.95 | 177.12 | 195.84 | 216.53 | 239.41 | 264.71 |
| Tax Rate | -17.38% | 25.77% | 16.32% | 22.93% | 25.65% | 14.66% | 14.66% | 14.66% | 14.66% | 14.66% |
| EBIAT | 115.80 | 83.88 | 116.06 | 121.99 | 139 | 151.16 | 167.13 | 184.79 | 204.32 | 225.91 |
| Depreciation | 33.79 | 52.57 | 55.88 | 70.30 | 77.07 | 73.28 | 81.03 | 89.59 | 99.06 | 109.52 |
| Accounts Receivable | - | -93.97 | -15.59 | -1.62 | -75.59 | -33.05 | -56.14 | -62.07 | -68.63 | -75.88 |
| Inventories | - | -0.01 | -0.01 | -0.02 | -0 | -0.02 | -0.02 | -0.02 | -0.02 | -0.02 |
| Accounts Payable | - | 3.66 | 19.95 | -3.66 | 26.78 | 13.91 | 19.34 | 21.39 | 23.65 | 26.15 |
| Capital Expenditure | -38.86 | -35.13 | -58.47 | -76.32 | -54.92 | -67.03 | -74.11 | -81.95 | -90.61 | -100.18 |
| UFCF | 110.73 | 10.99 | 117.81 | 110.68 | 112.35 | 138.24 | 137.23 | 151.73 | 167.77 | 185.49 |
| WACC | ||||||||||
| PV UFCF | 130.14 | 121.61 | 126.57 | 131.74 | 137.12 | |||||
| SUM PV UFCF | 647.17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.23 |
| Free cash flow (t + 1) | 189.20 |
| Terminal Value | 4,472.92 |
| Present Value of Terminal Value | 3,306.40 |
Intrinsic Value
| Enterprise Value | 3,953.57 |
|---|---|
| Net Debt | 342.76 |
| Equity Value | 3,610.81 |
| Shares Outstanding | 40.90 |
| Equity Value Per Share | 88.28 |