Discounted Cash Flow (DCF) Analysis Unlevered

NICE Ltd. (NICE)

$245.17

+6.97 (+2.93%)
All numbers are in Millions, Currency in USD
Stock DCF: 188.38 | 245.17 | 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 1,444.521,573.911,648.021,921.152,181.292,420.042,684.912,978.783,304.813,666.52
Revenue (%)
EBITDA 354.76411.95424.07448511.72596.51661.80734.23814.59903.75
EBITDA (%)
EBIT 197.62238.72242.05263.91335.17351.57390.05432.74480.11532.65
EBIT (%)
Depreciation 157.14173.23182.03184.09176.55244.94271.75301.49334.49371.10
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 485.83439.091,463.881,424.751,571.541,435.401,592.501,766.801,960.182,174.73
Total Cash (%)
Account Receivables 287.96319.62303.10395.58515.73497.89552.39612.84679.92754.34
Account Receivables (%)
Inventories 3.433.39168.30427.10122.32186.36206.76229.39254.50282.36
Inventories (%)
Accounts Payable 29.6230.3833.1336.1256.0250.5356.0662.196976.55
Accounts Payable (%)
Capital Expenditure -63.67-61.97-63.28-67.21-81.89-94.08-104.38-115.80-128.48-142.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 245.17
Beta 0.383
Diluted Shares Outstanding 66.47
Cost of Debt
Tax Rate 22.99
After-tax Cost of Debt 3.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.131
Total Debt 777.46
Total Equity 16,295.22
Total Capital 17,072.68
Debt Weighting 4.55
Equity Weighting 95.45
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 1,444.521,573.911,648.021,921.152,181.292,420.042,684.912,978.783,304.813,666.52
EBITDA 354.76411.95424.07448511.72596.51661.80734.23814.59903.75
EBIT 197.62238.72242.05263.91335.17351.57390.05432.74480.11532.65
Tax Rate 14.66%20.65%17.22%17.20%22.99%18.54%18.54%18.54%18.54%18.54%
EBIAT 168.64189.43200.37218.51258.12286.38317.72352.49391.07433.88
Depreciation 157.14173.23182.03184.09176.55244.94271.75301.49334.49371.10
Accounts Receivable --31.6616.52-92.48-120.1517.84-54.49-60.46-67.08-74.42
Inventories -0.05-164.91-258.80304.77-64.04-20.40-22.63-25.11-27.86
Accounts Payable -0.762.762.9919.90-5.495.536.146.817.55
Capital Expenditure -63.67-61.97-63.28-67.21-81.89-94.08-104.38-115.80-128.48-142.54
UFCF 262.12269.83173.48-12.90557.30385.54415.73461.23511.71567.72
WACC
PV UFCF 363.71369.99387.26405.32424.23
SUM PV UFCF 1,950.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.00
Free cash flow (t + 1) 579.07
Terminal Value 14,476.75
Present Value of Terminal Value 10,817.87

Intrinsic Value

Enterprise Value 12,768.39
Net Debt 247.86
Equity Value 12,520.52
Shares Outstanding 66.47
Equity Value Per Share 188.38