Discounted Cash Flow (DCF) Analysis Unlevered

Northern Trust Corporation (NTRSO)

$24.44

+0.14 (+0.58%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 24.44 | 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 4,706.905,220.805,298.605,337.706,464.507,018.137,619.168,271.688,980.079,749.13
Revenue (%)
EBITDA 2,395.803,117.403,2252,328.202,549.503,572.683,878.654,210.824,571.444,962.94
EBITDA (%)
EBIT 1,974.102,656.502,766.101,827.902,033.902,957.943,211.263,486.273,784.844,108.98
EBIT (%)
Depreciation 421.70460.90458.90500.30515.60614.74667.39724.55786.60853.96
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 84,351.2075,814.8082,098.6083,45883,214.80107,300.10116,489.38126,465.63137,296.26149,054.43
Total Cash (%)
Account Receivables 1,6471,646.10845.701,171.601,952.201,889.702,051.542,227.232,417.972,625.05
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -472.80-506-599.80-560.40-515.10-695.13-754.66-819.29-889.46-965.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.44
Beta 1.128
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 23.12
After-tax Cost of Debt 0.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.114
Total Debt 7,898.10
Total Equity -
Total Capital -
Debt Weighting -
Equity Weighting -
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 4,706.905,220.805,298.605,337.706,464.507,018.137,619.168,271.688,980.079,749.13
EBITDA 2,395.803,117.403,2252,328.202,549.503,572.683,878.654,210.824,571.444,962.94
EBIT 1,974.102,656.502,766.101,827.902,033.902,957.943,211.263,486.273,784.844,108.98
Tax Rate 26.62%20.50%23.24%25.70%23.12%23.84%23.84%23.84%23.84%23.84%
EBIAT 1,448.652,111.852,123.131,358.121,563.602,252.842,445.772,655.232,882.623,129.49
Depreciation 421.70460.90458.90500.30515.60614.74667.39724.55786.60853.96
Accounts Receivable -0.90800.40-325.90-780.6062.50-161.84-175.70-190.74-207.08
Inventories ----------
Accounts Payable ----------
Capital Expenditure -472.80-506-599.80-560.40-515.10-695.13-754.66-819.29-889.46-965.63
UFCF 1,397.552,067.652,782.63972.12783.502,234.952,196.672,384.792,589.032,810.75
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 2,866.97
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -61,690.30
Equity Value -
Shares Outstanding -
Equity Value Per Share -