Discounted Cash Flow (DCF) Analysis Unlevered

PTC Inc. (PTC)

$181.67

+0.73 (+0.40%)
All numbers are in Millions, Currency in USD
Stock DCF: 39.07 | 181.67 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,255.631,458.421,807.161,933.352,097.052,388.092,719.513,096.933,526.724,016.17
Revenue (%)
EBITDA 195.48363.35507.70641.87594.72621.55707.81806.05917.911,045.30
EBITDA (%)
EBIT 117.66243.85385.17519.83457.55459.04522.75595.30677.91771.99
EBIT (%)
Depreciation 77.82119.50122.53122.04137.16162.51185.07210.75240273.31
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 297.47303.59326.53272.18288.10431.73491.65559.88637.58726.06
Total Cash (%)
Account Receivables 372.74415.22541.07636.56811.40762.82868.69989.251,126.541,282.88
Account Receivables (%)
Inventories 52.7069.41-135.41-71.07-177.86-51.08-58.17-66.24-75.43-85.90
Inventories (%)
Accounts Payable 42.4424.9133.3840.1543.4852.9560.2968.6678.1989.04
Accounts Payable (%)
Capital Expenditure -64.41-31.25-25.26-25.95-24.61-53.43-60.84-69.28-78.90-89.85
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 181.67
Beta 1.191
Diluted Shares Outstanding 120.11
Cost of Debt
Tax Rate 26.17
After-tax Cost of Debt 3.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.949
Total Debt 1,888.98
Total Equity 21,820.75
Total Capital 23,709.72
Debt Weighting 7.97
Equity Weighting 92.03
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,255.631,458.421,807.161,933.352,097.052,388.092,719.513,096.933,526.724,016.17
EBITDA 195.48363.35507.70641.87594.72621.55707.81806.05917.911,045.30
EBIT 117.66243.85385.17519.83457.55459.04522.75595.30677.91771.99
Tax Rate 235.27%2.98%-21.74%21.16%26.17%52.77%52.77%52.77%52.77%52.77%
EBIAT -159.16236.59468.91409.85337.82216.82246.91281.18320.20364.64
Depreciation 77.82119.50122.53122.04137.16162.51185.07210.75240273.31
Accounts Receivable --42.48-125.85-95.48-174.8448.58-105.87-120.56-137.29-156.34
Inventories --16.71204.82-64.35106.80-126.797.098.079.1910.47
Accounts Payable --17.538.476.773.339.477.358.379.5310.85
Capital Expenditure -64.41-31.25-25.26-25.95-24.61-53.43-60.84-69.28-78.90-89.85
UFCF -145.75248.13653.62352.88385.65257.16279.71318.53362.73413.07
WACC
PV UFCF 235.04233.66243.21253.14263.48
SUM PV UFCF 1,228.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.41
Free cash flow (t + 1) 429.59
Terminal Value 7,940.73
Present Value of Terminal Value 5,064.96

Intrinsic Value

Enterprise Value 6,293.48
Net Debt 1,600.87
Equity Value 4,692.60
Shares Outstanding 120.11
Equity Value Per Share 39.07