Discounted Cash Flow (DCF) Analysis Unlevered

NICE Ltd. (NICE)

$198.88

-3.28 (-1.62%)
All numbers are in Millions, Currency in USD
Stock DCF: 237.77 | 198.88 | undervalue

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 1,332.151,444.521,573.911,648.021,921.152,106.902,310.602,534.012,779.013,047.70
Revenue (%)
EBITDA 301.82361.92426.34436.96424.71520.07570.35625.50685.97752.30
EBITDA (%)
EBIT 145.52204.77253.11254.93240.62291.49319.67350.58384.47421.65
EBIT (%)
Depreciation 156.30157.14173.23182.03184.09228.58250.68274.92301.50330.65
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 392.25485.83439.101,463.881,424.751,070.151,173.621,287.091,411.541,548.01
Total Cash (%)
Account Receivables 263.06326.31377.20303.10395.58443.65486.54533.58585.17641.75
Account Receivables (%)
Inventories 9.013.433.396.217.237.938.709.5410.4611.48
Inventories (%)
Accounts Payable 29.4429.6230.3833.1336.1242.4846.5851.0956.0361.45
Accounts Payable (%)
Capital Expenditure -67.83-63.67-61.97-63.28-67.21-87.54-96-105.29-115.47-126.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 198.88
Beta 0.347
Diluted Shares Outstanding 62.71
Cost of Debt
Tax Rate 17.20
After-tax Cost of Debt 4.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.143
Total Debt 878.52
Total Equity 12,471.76
Total Capital 13,350.28
Debt Weighting 6.58
Equity Weighting 93.42
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 1,332.151,444.521,573.911,648.021,921.152,106.902,310.602,534.012,779.013,047.70
EBITDA 301.82361.92426.34436.96424.71520.07570.35625.50685.97752.30
EBIT 145.52204.77253.11254.93240.62291.49319.67350.58384.47421.65
Tax Rate -10.51%14.66%20.65%17.08%17.20%11.82%11.82%11.82%11.82%11.82%
EBIAT 160.82174.75200.85211.39199.22257.05281.90309.15339.04371.82
Depreciation 156.30157.14173.23182.03184.09228.58250.68274.92301.50330.65
Accounts Receivable --63.25-50.8974.10-92.48-48.07-42.89-47.04-51.59-56.58
Inventories -5.580.05-2.82-1.03-0.70-0.77-0.84-0.92-1.01
Accounts Payable -0.180.762.762.996.364.114.504.945.42
Capital Expenditure -67.83-63.67-61.97-63.28-67.21-87.54-96-105.29-115.47-126.63
UFCF 249.29210.73262.02404.17225.58355.68397.02435.40477.50523.67
WACC
PV UFCF 338.48359.56375.26391.65408.75
SUM PV UFCF 1,873.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.08
Free cash flow (t + 1) 534.14
Terminal Value 17,342.28
Present Value of Terminal Value 13,536.48

Intrinsic Value

Enterprise Value 15,410.17
Net Debt 499.86
Equity Value 14,910.31
Shares Outstanding 62.71
Equity Value Per Share 237.77