Discounted Cash Flow (DCF) Analysis Unlevered

Insight Enterprises, Inc. (NSIT)

$139.36

+0.59 (+0.43%)

All numbers are in Millions, Currency in USD

Stock DCF: 66.18 | 139.36 | 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	7,080.14	7,731.19	8,340.58	9,436.11	10,431.19	11,494.08	12,665.27	13,955.81	15,377.84	16,944.77
Revenue (%)
EBITDA	272.17	286.40	335.61	388.49	470.54	464.37	511.69	563.83	621.28	684.58
EBITDA (%)
EBIT	234.71	240.19	270.05	333.07	413.93	394.42	434.61	478.90	527.69	581.46
EBIT (%)
Depreciation	37.46	46.21	65.56	55.42	56.61	69.95	77.08	84.93	93.59	103.12
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	142.65	114.67	128.31	103.84	163.64	177.14	195.19	215.08	236.99	261.14
Total Cash (%)
Account Receivables	1,931.74	2,511.38	2,685.45	2,936.73	3,272.37	3,550.71	3,912.51	4,311.18	4,750.47	5,234.52
Account Receivables (%)
Inventories	148.50	190.83	185.65	328.10	265.15	294.49	324.50	357.57	394	434.15
Inventories (%)
Accounts Payable	1,282.23	1,529.63	1,818.24	2,091.73	1,785.08	2,275.27	2,507.11	2,762.57	3,044.06	3,354.24
Accounts Payable (%)
Capital Expenditure	-17.25	-69.09	-24.18	-52.08	-70.94	-61.13	-67.36	-74.22	-81.79	-90.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 139.36
Beta	1.564
Diluted Shares Outstanding	36.62
Cost of Debt
Tax Rate	25.06
After-tax Cost of Debt	4.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.762
Total Debt	637.90
Total Equity	5,103.36
Total Capital	5,741.26
Debt Weighting	11.11
Equity Weighting	88.89
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	7,080.14	7,731.19	8,340.58	9,436.11	10,431.19	11,494.08	12,665.27	13,955.81	15,377.84	16,944.77
EBITDA	272.17	286.40	335.61	388.49	470.54	464.37	511.69	563.83	621.28	684.58
EBIT	234.71	240.19	270.05	333.07	413.93	394.42	434.61	478.90	527.69	581.46
Tax Rate	22.76%	24.71%	24.43%	25.02%	25.06%	24.40%	24.40%	24.40%	24.40%	24.40%
EBIAT	181.30	180.85	204.07	249.72	310.21	298.20	328.59	362.07	398.96	439.61
Depreciation	37.46	46.21	65.56	55.42	56.61	69.95	77.08	84.93	93.59	103.12
Accounts Receivable	-	-579.65	-174.07	-251.28	-335.64	-278.34	-361.80	-398.67	-439.29	-484.05
Inventories	-	-42.33	5.18	-142.45	62.95	-29.34	-30.01	-33.07	-36.43	-40.15
Accounts Payable	-	247.40	288.61	273.49	-306.66	490.19	231.84	255.46	281.49	310.18
Capital Expenditure	-17.25	-69.09	-24.18	-52.08	-70.94	-61.13	-67.36	-74.22	-81.79	-90.12
UFCF	201.50	-216.61	365.18	132.82	-283.47	489.53	178.33	196.51	216.53	238.59
WACC
PV UFCF						444.70	147.17	147.32	147.46	147.61
SUM PV UFCF										1,034.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.08
Free cash flow (t + 1)	243.36
Terminal Value	3,011.93
Present Value of Terminal Value	1,863.39

Intrinsic Value

Enterprise Value	2,897.65
Net Debt	474.26
Equity Value	2,423.38
Shares Outstanding	36.62
Equity Value Per Share	66.18