Discounted Cash Flow (DCF) Analysis Unlevered
LiveRamp Holdings, Inc. (RAMP)
$24.34
-0.07 (-0.29%)
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 | 917.41 | 285.62 | 380.57 | 443.03 | 528.66 | 528.81 | 528.97 | 529.12 | 529.27 | 529.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 97.21 | 1,016.92 | -128.89 | -93.06 | -10.83 | 327.56 | 327.66 | 327.75 | 327.85 | 327.95 |
| EBITDA (%) | ||||||||||
| EBIT | 10.84 | 983.14 | -164.79 | -120.80 | -35.08 | 283.65 | 283.73 | 283.81 | 283.89 | 283.98 |
| EBIT (%) | ||||||||||
| Depreciation | 86.37 | 33.78 | 35.90 | 27.74 | 24.25 | 43.92 | 43.93 | 43.94 | 43.96 | 43.97 |
| 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 | 142.28 | 1,061.47 | 717.81 | 580.29 | 607.66 | 869.04 | 869.29 | 869.54 | 869.80 | 870.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 176.92 | 106.57 | 139.41 | 189.90 | 178.70 | 179.69 | 179.74 | 179.79 | 179.84 | 179.90 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 46.69 | 31.20 | 42.20 | 39.96 | 83.20 | 54.85 | 54.86 | 54.88 | 54.90 | 54.91 |
| 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 | $ 24.34 |
|---|---|
| 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 | 8.839 |
| Total Debt | 61.23 |
| Total Equity | 1,660.26 |
| Total Capital | 1,721.48 |
| Debt Weighting | 3.56 |
| Equity Weighting | 96.44 |
| 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 | 917.41 | 285.62 | 380.57 | 443.03 | 528.66 | 528.81 | 528.97 | 529.12 | 529.27 | 529.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 97.21 | 1,016.92 | -128.89 | -93.06 | -10.83 | 327.56 | 327.66 | 327.75 | 327.85 | 327.95 |
| EBIT | 10.84 | 983.14 | -164.79 | -120.80 | -35.08 | 283.65 | 283.73 | 283.81 | 283.89 | 283.98 |
| 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 | -33.83 | 1,693.16 | 1,693.66 | 1,694.15 | 1,694.65 | 1,695.14 |
| Depreciation | 86.37 | 33.78 | 35.90 | 27.74 | 24.25 | 43.92 | 43.93 | 43.94 | 43.96 | 43.97 |
| Accounts Receivable | - | 70.35 | -32.83 | -50.49 | 11.20 | -0.99 | -0.05 | -0.05 | -0.05 | -0.05 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -15.49 | 11 | -2.25 | 43.24 | -28.35 | 0.02 | 0.02 | 0.02 | 0.02 |
| 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 | -117.45 | 40.36 | 1,693.19 | 1,722.99 | 1,723.49 | 1,724 | 1,724.50 |
| WACC | ||||||||||
| PV UFCF | 1,557.67 | 1,458.22 | 1,341.90 | 1,234.86 | 1,136.36 | |||||
| SUM PV UFCF | 6,729.02 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.70 |
| Free cash flow (t + 1) | 1,758.99 |
| Terminal Value | 26,253.60 |
| Present Value of Terminal Value | 17,299.80 |
Intrinsic Value
| Enterprise Value | 24,028.82 |
|---|---|
| Net Debt | -538.94 |
| Equity Value | 24,567.75 |
| Shares Outstanding | 68.21 |
| Equity Value Per Share | 360.17 |