Discounted Cash Flow (DCF) Analysis Unlevered

PTC Inc. (PTC)

$104.6

-1.07 (-1.01%)
All numbers are in Millions, Currency in USD
Stock DCF: -15.53 | 104.6 | overvalue

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 1,164.041,241.821,255.631,458.411,807.162,023.372,265.452,536.492,839.963,179.74
Revenue (%)
EBITDA 127.74157.74141.17330.64564.77359.52402.53450.69504.61564.98
EBITDA (%)
EBIT 40.9970.3363.35211.13442.23215.20240.95269.77302.05338.19
EBIT (%)
Depreciation 86.7487.4177.82119.50122.53144.32161.59180.92202.56226.80
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 298.41285.78297.47303.59326.53450.10503.95564.24631.75707.33
Total Cash (%)
Account Receivables 152.30129.30372.74415.22541.07451.59505.61566.11633.84709.67
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 35.1653.4742.4424.9133.3857.7164.6272.3581.0190.70
Accounts Payable (%)
Capital Expenditure -25.44-39.04-64.41-31.25-25.26-56.65-63.43-71.02-79.52-89.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 104.6
Beta 1.170
Diluted Shares Outstanding 118.37
Cost of Debt
Tax Rate -21.74
After-tax Cost of Debt 3.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.325
Total Debt 1,648.27
Total Equity 12,381.19
Total Capital 14,029.46
Debt Weighting 11.75
Equity Weighting 88.25
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 1,164.041,241.821,255.631,458.411,807.162,023.372,265.452,536.492,839.963,179.74
EBITDA 127.74157.74141.17330.64564.77359.52402.53450.69504.61564.98
EBIT 40.9970.3363.35211.13442.23215.20240.95269.77302.05338.19
Tax Rate 543.74%-81.42%235.27%2.98%-21.74%135.77%135.77%135.77%135.77%135.77%
EBIAT -181.91127.59-85.69204.85538.37-76.97-86.18-96.49-108.03-120.96
Depreciation 86.7487.4177.82119.50122.53144.32161.59180.92202.56226.80
Accounts Receivable -23-243.45-42.48-125.8589.49-54.03-60.49-67.73-75.83
Inventories ----------
Accounts Payable -18.31-11.03-17.538.4724.336.907.738.669.69
Capital Expenditure -25.44-39.04-64.41-31.25-25.26-56.65-63.43-71.02-79.52-89.03
UFCF -120.61217.27-326.75233.10518.27124.52-35.15-39.35-44.06-49.33
WACC
PV UFCF 114.67-29.81-30.73-31.69-32.67
SUM PV UFCF -10.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.59
Free cash flow (t + 1) -50.32
Terminal Value -763.56
Present Value of Terminal Value -505.70

Intrinsic Value

Enterprise Value -515.93
Net Debt 1,321.74
Equity Value -1,837.67
Shares Outstanding 118.37
Equity Value Per Share -15.53