Discounted Cash Flow (DCF) Analysis Unlevered
Nasdaq, Inc. (NDAQ)
$54.09
+1.15 (+2.17%)
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 | 4,277 | 4,262 | 5,627 | 5,886 | 6,226 | 6,880.60 | 7,604.02 | 8,403.50 | 9,287.04 | 10,263.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1,414 | 1,324 | 1,507 | 1,927 | 1,855 | 2,111.52 | 2,333.53 | 2,578.87 | 2,850.02 | 3,149.66 |
| EBITDA (%) | ||||||||||
| EBIT | 1,204 | 1,134 | 1,305 | 1,649 | 1,597 | 1,811.19 | 2,001.62 | 2,212.06 | 2,444.64 | 2,701.67 |
| EBIT (%) | ||||||||||
| Depreciation | 210 | 190 | 202 | 278 | 258 | 300.34 | 331.91 | 366.81 | 405.38 | 448 |
| 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 | 813 | 623 | 2,940 | 601 | 683 | 1,473.21 | 1,628.10 | 1,799.27 | 1,988.45 | 2,197.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 384 | 422 | 566 | 588 | 677 | 685.33 | 757.39 | 837.02 | 925.02 | 1,022.28 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 198 | 148 | 175 | 185 | 185 | 238.43 | 263.50 | 291.21 | 321.82 | 355.66 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -111 | -127 | -188 | -163 | -152 | -194.40 | -214.84 | -237.43 | -262.39 | -289.98 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 54.09 |
|---|---|
| Beta | 0.966 |
| Diluted Shares Outstanding | 500.70 |
| Cost of Debt | |
| Tax Rate | 23.73 |
| After-tax Cost of Debt | 1.56% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.124 |
| Total Debt | 5,851 |
| Total Equity | 27,082.86 |
| Total Capital | 32,933.86 |
| Debt Weighting | 17.77 |
| Equity Weighting | 82.23 |
| 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 | 4,277 | 4,262 | 5,627 | 5,886 | 6,226 | 6,880.60 | 7,604.02 | 8,403.50 | 9,287.04 | 10,263.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1,414 | 1,324 | 1,507 | 1,927 | 1,855 | 2,111.52 | 2,333.53 | 2,578.87 | 2,850.02 | 3,149.66 |
| EBIT | 1,204 | 1,134 | 1,305 | 1,649 | 1,597 | 1,811.19 | 2,001.62 | 2,212.06 | 2,444.64 | 2,701.67 |
| Tax Rate | 56.95% | 24.04% | 23.02% | 22.62% | 23.73% | 30.07% | 30.07% | 30.07% | 30.07% | 30.07% |
| EBIAT | 518.26 | 861.35 | 1,004.59 | 1,275.99 | 1,218.05 | 1,266.50 | 1,399.66 | 1,546.82 | 1,709.45 | 1,889.18 |
| Depreciation | 210 | 190 | 202 | 278 | 258 | 300.34 | 331.91 | 366.81 | 405.38 | 448 |
| Accounts Receivable | - | -38 | -144 | -22 | -89 | -8.33 | -72.06 | -79.63 | -88 | -97.26 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -50 | 27 | 10 | 0 | 53.43 | 25.07 | 27.70 | 30.62 | 33.84 |
| Capital Expenditure | -111 | -127 | -188 | -163 | -152 | -194.40 | -214.84 | -237.43 | -262.39 | -289.98 |
| UFCF | 617.26 | 836.35 | 901.59 | 1,378.99 | 1,235.05 | 1,417.53 | 1,469.75 | 1,624.27 | 1,795.05 | 1,983.78 |
| WACC | ||||||||||
| PV UFCF | 1,325.29 | 1,284.69 | 1,327.38 | 1,371.48 | 1,417.05 | |||||
| SUM PV UFCF | 6,725.90 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.96 |
| Free cash flow (t + 1) | 2,023.45 |
| Terminal Value | 40,795.46 |
| Present Value of Terminal Value | 29,141.03 |
Intrinsic Value
| Enterprise Value | 35,866.93 |
|---|---|
| Net Debt | 5,349 |
| Equity Value | 30,517.93 |
| Shares Outstanding | 500.70 |
| Equity Value Per Share | 60.95 |