Discounted Cash Flow (DCF) Analysis Unlevered

Oracle Corporation (ORC.DE)

75.49 €

+0.34 (+0.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 69.84 | 75.49 | 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 39,83139,50639,06840,47942,44043,132.9943,837.3044,553.1145,280.6046,019.98
Revenue (%)
EBITDA 17,70117,26917,02618,41113,52618,037.0718,331.6018,630.9318,935.1519,244.34
EBITDA (%)
EBIT 14,91614,35014,05815,49510,40414,885.1015,128.1615,375.1815,626.2415,881.40
EBIT (%)
Depreciation 2,7852,9192,9682,9163,1223,151.973,203.443,255.753,308.913,362.94
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 67,26137,82743,05746,55421,90246,707.9547,470.6348,245.7749,033.5649,834.22
Total Cash (%)
Account Receivables 5,2795,1345,5515,4095,9535,852.885,948.456,045.586,144.306,244.63
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5295806377451,317808.35821.55834.96848.59862.45
Accounts Payable (%)
Capital Expenditure -1,736-1,660-1,564-2,135-4,511-2,455.74-2,495.84-2,536.59-2,578.01-2,620.11
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 75.49
Beta 1.015
Diluted Shares Outstanding 2,786
Cost of Debt
Tax Rate 12.18
After-tax Cost of Debt 3.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.279
Total Debt 75,859
Total Equity 210,315.14
Total Capital 286,174.14
Debt Weighting 26.51
Equity Weighting 73.49
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 39,83139,50639,06840,47942,44043,132.9943,837.3044,553.1145,280.6046,019.98
EBITDA 17,70117,26917,02618,41113,52618,037.0718,331.6018,630.9318,935.1519,244.34
EBIT 14,91614,35014,05815,49510,40414,885.1015,128.1615,375.1815,626.2415,881.40
Tax Rate 70.33%9.66%15.98%-5.75%12.18%20.48%20.48%20.48%20.48%20.48%
EBIAT 4,425.8612,963.8911,811.1416,385.449,136.3111,836.3912,029.6712,226.0912,425.7312,628.63
Depreciation 2,7852,9192,9682,9163,1223,151.973,203.443,255.753,308.913,362.94
Accounts Receivable -145-417142-544100.12-95.57-97.13-98.72-100.33
Inventories ----------
Accounts Payable -5157108572-508.6513.2013.4113.6313.86
Capital Expenditure -1,736-1,660-1,564-2,135-4,511-2,455.74-2,495.84-2,536.59-2,578.01-2,620.11
UFCF 5,474.8614,418.8912,855.1417,416.437,775.3212,124.0912,654.9012,861.5313,071.5513,284.99
WACC
PV UFCF 11,338.3411,067.7510,519.479,998.369,503.06
SUM PV UFCF 52,426.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.93
Free cash flow (t + 1) 13,550.69
Terminal Value 274,861.83
Present Value of Terminal Value 196,614.98

Intrinsic Value

Enterprise Value 249,041.97
Net Debt 54,476
Equity Value 194,565.97
Shares Outstanding 2,786
Equity Value Per Share 69.84