Discounted Cash Flow (DCF) Analysis Unlevered

LiveRamp Holdings, Inc. (RAMP)

$24.97

+1.33 (+5.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 351.53 | 24.97 | undervalue

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 917.41285.62380.57443.03528.66528.81528.97529.12529.27529.43
Revenue (%)
EBITDA 97.211,016.92-128.89-93.06-10.83327.56327.66327.75327.85327.95
EBITDA (%)
EBIT 10.84983.14-164.79-120.80-35.08283.65283.73283.81283.89283.98
EBIT (%)
Depreciation 86.3733.7835.9027.7424.2543.9243.9343.9443.9643.97
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 142.281,061.47717.81580.29607.66869.04869.29869.54869.80870.05
Total Cash (%)
Account Receivables 176.92106.57139.41189.90178.70179.69179.74179.79179.84179.90
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 46.6931.2042.2039.9683.2054.8554.8654.8854.9054.91
Accounts Payable (%)
Capital Expenditure -57.94-8.64-11.71-2.18-4.50-14.55-14.56-14.56-14.57-14.57
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.97
Beta 1.102
Diluted Shares Outstanding 68.21
Cost of Debt
Tax Rate 3.54
After-tax Cost of Debt 4.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.012
Total Debt 61.23
Total Equity 1,703.23
Total Capital 1,764.45
Debt Weighting 3.47
Equity Weighting 96.53
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 917.41285.62380.57443.03528.66528.81528.97529.12529.27529.43
EBITDA 97.211,016.92-128.89-93.06-10.83327.56327.66327.75327.85327.95
EBIT 10.84983.14-164.79-120.80-35.08283.65283.73283.81283.89283.98
Tax Rate -3,211.71%673.47%24.78%25.27%3.54%-496.93%-496.93%-496.93%-496.93%-496.93%
EBIAT 358.99-5,637.97-123.95-90.27-33.831,693.161,693.661,694.151,694.651,695.14
Depreciation 86.3733.7835.9027.7424.2543.9243.9343.9443.9643.97
Accounts Receivable -70.35-32.83-50.4911.20-0.99-0.05-0.05-0.05-0.05
Inventories ----------
Accounts Payable --15.4911-2.2543.24-28.350.020.020.020.02
Capital Expenditure -57.94-8.64-11.71-2.18-4.50-14.55-14.56-14.56-14.57-14.57
UFCF 387.42-5,557.97-121.59-117.4540.361,693.191,722.991,723.491,7241,724.50
WACC
PV UFCF 1,555.241,453.671,335.631,227.171,127.51
SUM PV UFCF 6,699.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.87
Free cash flow (t + 1) 1,758.99
Terminal Value 25,603.94
Present Value of Terminal Value 16,740.40

Intrinsic Value

Enterprise Value 23,439.62
Net Debt -538.94
Equity Value 23,978.55
Shares Outstanding 68.21
Equity Value Per Share 351.53