Discounted Cash Flow (DCF) Analysis Unlevered
PTC Inc. (PTC)
$119.12
+0.41 (+0.35%)
All numbers are in Millions, Currency in USD
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 | 1,241.82 | 1,255.63 | 1,458.42 | 1,807.16 | 1,933.35 | 2,166.11 | 2,426.89 | 2,719.07 | 3,046.43 | 3,413.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 157.74 | 141.17 | 330.64 | 564.77 | 573.41 | 465.83 | 521.91 | 584.74 | 655.14 | 734.02 |
| EBITDA (%) | ||||||||||
| EBIT | 70.33 | 63.35 | 211.13 | 442.23 | 451.37 | 316.26 | 354.34 | 397 | 444.80 | 498.35 |
| EBIT (%) | ||||||||||
| Depreciation | 87.41 | 77.82 | 119.50 | 122.53 | 122.04 | 149.56 | 167.57 | 187.74 | 210.35 | 235.67 |
| 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 | 285.78 | 297.47 | 303.59 | 326.53 | 272.18 | 431.78 | 483.76 | 542 | 607.26 | 680.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 129.30 | 372.74 | 415.22 | 541.07 | 636.56 | 569.40 | 637.95 | 714.76 | 800.81 | 897.22 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 53.47 | 42.44 | 24.91 | 33.38 | 40.15 | 57.70 | 64.64 | 72.43 | 81.15 | 90.91 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -39.04 | -64.41 | -31.25 | -25.26 | -25.95 | -57 | -63.86 | -71.54 | -80.16 | -89.81 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 119.12 |
|---|---|
| Beta | 1.176 |
| Diluted Shares Outstanding | 118.37 |
| Cost of Debt | |
| Tax Rate | 21.16 |
| After-tax Cost of Debt | 2.78% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.032 |
| Total Debt | 1,540.20 |
| Total Equity | 14,099.88 |
| Total Capital | 15,640.08 |
| Debt Weighting | 9.85 |
| Equity Weighting | 90.15 |
| 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 | 1,241.82 | 1,255.63 | 1,458.42 | 1,807.16 | 1,933.35 | 2,166.11 | 2,426.89 | 2,719.07 | 3,046.43 | 3,413.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 157.74 | 141.17 | 330.64 | 564.77 | 573.41 | 465.83 | 521.91 | 584.74 | 655.14 | 734.02 |
| EBIT | 70.33 | 63.35 | 211.13 | 442.23 | 451.37 | 316.26 | 354.34 | 397 | 444.80 | 498.35 |
| Tax Rate | -81.42% | 235.27% | 2.98% | -21.74% | 21.16% | 31.25% | 31.25% | 31.25% | 31.25% | 31.25% |
| EBIAT | 127.59 | -85.69 | 204.85 | 538.37 | 355.87 | 217.43 | 243.61 | 272.94 | 305.80 | 342.61 |
| Depreciation | 87.41 | 77.82 | 119.50 | 122.53 | 122.04 | 149.56 | 167.57 | 187.74 | 210.35 | 235.67 |
| Accounts Receivable | - | -243.45 | -42.48 | -125.85 | -95.48 | 67.16 | -68.55 | -76.80 | -86.05 | -96.41 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -11.03 | -17.53 | 8.47 | 6.77 | 17.54 | 6.95 | 7.78 | 8.72 | 9.77 |
| Capital Expenditure | -39.04 | -64.41 | -31.25 | -25.26 | -25.95 | -57 | -63.86 | -71.54 | -80.16 | -89.81 |
| UFCF | 175.96 | -326.75 | 233.10 | 518.27 | 363.25 | 394.70 | 285.72 | 320.12 | 358.66 | 401.84 |
| WACC | ||||||||||
| PV UFCF | 364.05 | 243.06 | 251.18 | 259.56 | 268.23 | |||||
| SUM PV UFCF | 1,386.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.42 |
| Free cash flow (t + 1) | 409.87 |
| Terminal Value | 6,384.30 |
| Present Value of Terminal Value | 4,261.54 |
Intrinsic Value
| Enterprise Value | 5,647.61 |
|---|---|
| Net Debt | 1,268.02 |
| Equity Value | 4,379.59 |
| Shares Outstanding | 118.37 |
| Equity Value Per Share | 37.00 |