Discounted Cash Flow (DCF) Analysis Unlevered
Micro Focus International plc (MFGP)
$6.48
-0.03 (-0.46%)
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 | 1,380.70 | 3,208.68 | 3,348.40 | 3,001 | 2,899.90 | 3,791.66 | 4,957.64 | 6,482.18 | 8,475.53 | 11,081.86 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 526.40 | 872.85 | 2,204.70 | -1,935.10 | 810.20 | 717.60 | 938.27 | 1,226.80 | 1,604.05 | 2,097.32 |
EBITDA (%) | ||||||||||
EBIT | 278.17 | 243.87 | 1,682.60 | -2,744.20 | -253.20 | -168.17 | -219.88 | -287.50 | -375.91 | -491.51 |
EBIT (%) | ||||||||||
Depreciation | 248.23 | 628.98 | 522.10 | 809.10 | 1,063.40 | 885.77 | 1,158.15 | 1,514.30 | 1,979.96 | 2,588.83 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Projected | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Total Cash | 150.98 | 350.88 | 366.16 | 328.17 | 317.11 | 414.63 | 542.13 | 708.84 | 926.82 | 1,211.83 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | - | 1,019.10 | 776.70 | 816.57 | 1,067.67 | 1,395.99 | 1,825.28 | 2,386.57 | 3,120.48 |
Account Receivables (%) | ||||||||||
Inventories | 0.06 | 0.15 | 0.16 | 0.14 | 0.13 | 0.18 | 0.23 | 0.30 | 0.39 | 0.51 |
Inventories (%) | ||||||||||
Accounts Payable | 16.89 | 39.25 | 40.96 | 36.71 | 35.48 | 46.39 | 60.65 | 79.30 | 103.69 | 135.57 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -43.16 | -122.50 | -56.30 | -26.30 | -65.20 | -89.11 | -116.51 | -152.33 | -199.18 | -260.43 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 6.48 |
---|---|
Beta | 0.000 |
Diluted Shares Outstanding | 336.50 |
Cost of Debt | |
Tax Rate | 18.04 |
After-tax Cost of Debt | 4.38% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 3.745 |
Total Debt | 4,742.90 |
Total Equity | 2,180.52 |
Total Capital | 6,923.42 |
Debt Weighting | 68.51 |
Equity Weighting | 31.49 |
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 | 1,380.70 | 3,208.68 | 3,348.40 | 3,001 | 2,899.90 | 3,791.66 | 4,957.64 | 6,482.18 | 8,475.53 | 11,081.86 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 526.40 | 872.85 | 2,204.70 | -1,935.10 | 810.20 | 717.60 | 938.27 | 1,226.80 | 1,604.05 | 2,097.32 |
EBIT | 278.17 | 243.87 | 1,682.60 | -2,744.20 | -253.20 | -168.17 | -219.88 | -287.50 | -375.91 | -491.51 |
Tax Rate | 19.58% | -840.46% | 4,407.33% | -0.99% | 18.04% | 720.70% | 720.70% | 720.70% | 720.70% | 720.70% |
EBIAT | 223.71 | 2,293.48 | -72,475.16 | -2,771.36 | -207.53 | 1,043.82 | 1,364.81 | 1,784.51 | 2,333.27 | 3,050.77 |
Depreciation | 248.23 | 628.98 | 522.10 | 809.10 | 1,063.40 | 885.77 | 1,158.15 | 1,514.30 | 1,979.96 | 2,588.83 |
Accounts Receivable | - | - | - | 242.40 | -39.87 | -251.10 | -328.32 | -429.29 | -561.30 | -733.90 |
Inventories | - | -0.08 | -0.01 | 0.02 | 0 | -0.04 | -0.05 | -0.07 | -0.09 | -0.12 |
Accounts Payable | - | 22.36 | 1.71 | -4.25 | -1.24 | 10.91 | 14.26 | 18.65 | 24.39 | 31.88 |
Capital Expenditure | -43.16 | -122.50 | -56.30 | -26.30 | -65.20 | -89.11 | -116.51 | -152.33 | -199.18 | -260.43 |
UFCF | 428.78 | 2,822.23 | -72,007.66 | -1,750.39 | 749.57 | 1,600.25 | 2,092.34 | 2,735.76 | 3,577.05 | 4,677.03 |
WACC | ||||||||||
PV UFCF | 1,536.04 | 1,927.81 | 2,419.50 | 3,036.60 | 3,811.09 | |||||
SUM PV UFCF | 12,731.03 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.18 |
Free cash flow (t + 1) | 4,770.57 |
Terminal Value | 218,833.65 |
Present Value of Terminal Value | 178,316.83 |
Intrinsic Value
Enterprise Value | 191,047.86 |
---|---|
Net Debt | 4,184.50 |
Equity Value | 186,863.36 |
Shares Outstanding | 336.50 |
Equity Value Per Share | 555.31 |